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.