Textron Slides After Forecast Cut on Cessna Deliveries
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Textron Inc. tumbled the most in about four years after cutting its 2013 profit forecast as demand for Cessna jets declined.
The maker of aircraft, auto parts and military equipment forecast earnings from continuing operations of $1.90 to $2.10 a share, down from a January prediction of $2.10 to $2.30. Cessna’s first-quarter shipments slid to 32 from 38, and the unit posted an $8 million loss.