India, April 25 -- Shares of Textron inc. (TXT) are falling over 12 percent on Thursday after the company's first-quarter earnings missed the analysts' estimates. The company also announced lay-offs.
For the quarter, profit stood at $201 million, or $1.03 per share compared to $191 million, or $0.92 per share, in last year's quarter.
On adjusted-basis, earnings rose to $233 million or $1.20 per share from $218 million or $1.05 per share. However, it was lower than analysts' estimate of $1.23 per share.
The company's revenue for the quarter increased 4 percent to $3.14 billion from $3.02 billion last year.
The Rhode Island-based company also announced its plan to layoff around 4 percent of its global workforce or 1,500 employees due to i...