E-Z-GO parent posts lower earnings on acquisition costs

Textron, parent company to Augusta-based E-Z-GO, said Thursday that its first-quarter profit fell because of lower sales and costs from the company’s acquisition of Beechcraft Corp.

Textron posted quarterly earnings of $85 million, or 30 cents a share, down from $119 million, or 41 cents a share, in the 2013 quarter. Total revenue declined slightly to $2.85 billion.

For the company’s industrial segement, which includes E-Z-GO, results showed revenues increased $70 million compared to a year ago. Segment profit increased $9 million reflecting higher production volume.

The Rhode Island-based company makes Bell helicopters and Cessna planes and bought Beechcraft for $1.4 billion in March. Textron combined Beechcraft and Cessna to form a new segment called Textron Aviation.



Thu, 08/17/2017 - 11:59

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