Textron Inc. (TXT:NYSE)

Textron Inc. announced that effective on December 31, 2009 Executive Vice President Mary Howell will retire from Textron after 30 years of service to the company, after which she plans to remain active in the national defense and foreign policy arena. Howell joined Textron in 1980 and has been an officer of the corporation for 24 years. She has served on the Management Committee, comprised of Textron's top executives responsible for the management of the company, for the past 15 years.

Textron Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended October 3, 2009. For the quarter, the company reported net income of $4 million or $0.01 per share on total revenues of $2,549 million compared to net income of $206 million or $0.83 per share on total revenues of $3,471 million in the same period of previous year. Loss from continuing operations before income taxes was $5 million against income from continuing operations before income taxes of $321 million in the same period of previous year. Income from continuing operations before income taxes was $6 million or $0.02 per share against income from continuing operations before income taxes of $205 million or $0.83 per share in the same period of last year. Net cash from operating activities of continuing operations was $547 million against $259 million in the same period of last year. Capital expenditures were $52 million against $124 million in the same period of last year. For the nine months ended October 3, 2009, the company reported net income of $32 million or $0.12 per share on total revenues of $7,687 million compared to net income of $695 million or $2.76 per share on total revenues of $10,461 million in the same period of previous year. Loss from continuing operations before income taxes was $84 million against income from continuing operations before income taxes of $1,035 million in the same period of previous year. Income from continuing operations before income taxes was $13 million or $0.05 per share against income from continuing operations before income taxes of $680 million or $2.70 per share in the same period of last year. Net cash from operating activities of continuing operations was $555 million against $653 million in the same period of last year. Capital expenditures were $165 million against $318 million in the same period of last year. The company provided earnings guidance for the full year 2009. For the year, the company expects net cash from operating activities of continuing operations-GAAP to be $590 million to $690 million, capital expenditures to be $250 million, manufacturing free cash flow-non-GAAP to be $300 million to $400 million. It expects income from continuing operations, excluding special charges-non-GAAP to be $0.33 per share to $0.63 per share. The company expects loss from continuing operations-GAAP of $0.23 per share to income from continuing operations-GAAP of $0.07 per share. Net loss-GAAP to be $0.07 per share to net income-GAAP of $0.23 per share.

The Board of Directors of Textron Inc. declared a quarterly dividend of $0.02 per share on the company's common stock. The Board of Directors also declared a quarterly dividend of $0.52 per share on the company's $2.08 Cumulative Convertible Preferred Stock, Series A, and $0.35 per share on the company's $1.40 Convertible Preferred Dividend Stock, Series B. All dividends will be paid on January 1, 2010, to holders of record at the close of business on December 11, 2009.