E-Z-Go owner turns 1Q profit

Textron Inc., the parent company of Augusta-based E-Z-Go, reported Wednesday that its first quarter profit was $29 million, or 10 cents per share, compared to an $8 million loss of a year ago, which was partially caused by restructuring costs.

Revenues in the quarter were $2.5 billion, up 12.2 percent from the year-ago quarter, as a 14.9 percent growth in manufacturing revenues more than offset lower revenues at the finance segment.

Manufacturing segment profit was $167 million, up $13 million from the first quarter of 2010.

"First quarter results benefited from strong execution and cost performance at Bell, Systems and Industrial," said Textron Chairman and CEO Scott Donnelly.

Revenues in the industrial segment, which includes E-Z-Go, was $703 million, up from $625 million in the first quarter of 2010.

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