Textron Expects 1st-Qtr Profit to Beat Guidance As Other Units Offset Finance Segment Weakness

PROVIDENCE, R.I. (AP) -- Textron Inc. said Friday that it expects first-quarter earnings to beat previous expectations, as the industrial conglomerate's other businesses more than offset weaker-than-expected finance segment profit.

The news comes after fellow conglomerate General Electric Co. said challenges in its financial-services divisions hurt first-quarter profit, driving the company to lower full-year guidance.

Textron previously predicted first-quarter earnings between 75 cents and 85 cents per share. Analysts surveyed by Thomson Financial forecast first-quarter profit of 83 cents per share.

The company also expects its full-year profit to meet or exceed its previous target of $3.75 to $3.95 per share. Analysts currently expect 2008 earnings of $3.93 per share.

Textron shares gained 24 cents to $57.64 in morning trading.