By News staff
PROVIDENCE, R.I. (AP) -- Textron Inc. reported Wednesday that it returned to profitability in the fourth quarter on higher sales of Bell helicopters and unmanned drones, weapons and sensors.
But the results fell short of Wall Street expectations, and the company's shares slipped 8 cents to $27 in trading before the market opened.
Textron, which is based in Providence, reported fourth-quarter net income of $148 million, or 51 cents per share, in the three months that ended Dec. 29. It lost $19 million, or 7 cents per share, a year earlier due to employee severance costs and a write-down of intangible assets.
Excluding income from discontinued operations, Textron earned 50 cents per share.