Canadian liquidation assets hurt Textron's earnings

10/20/2010 | Bloomberg Businessweek

Textron said that the liquidation of its Canadian finance assets resulted in a loss of $48 million, or 17 cents a share, for the third quarter. Revenue from the company's Cessna business segment declined by $290 million year-over-year due in large part to lagging demand for new aircraft. Textron's Bell Helicopter revenues, however, increased $197 million, helped by transactions with the U.S. government.

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