News Summary
Textron Inc. reported a third-quarter net income of $234 million, exceeding earnings expectations at $1.31 per share, despite revenue falling below forecasts at $3.6 billion. As the company navigates its financial performance, over 200 protesters demonstrated outside its Providence headquarters, demanding an end to arms sales related to the ongoing Israel-Hamas conflict. The protest highlighted a growing tension between corporate interests and social justice activism, raising concerns about the implications of Textron’s role in the arms trade.
Providence, Rhode Island – Textron Inc. (TXT) reported a net income of $234 million for the third quarter of the fiscal year, translating to earnings of $1.31 per share. Adjusted earnings, which account for non-recurring and amortization costs, reached $1.55 per share, surpassing Wall Street’s expectations of $1.47 per share based on an average estimate from five analysts surveyed by Zacks Investment Research. Despite these positive earnings, Textron’s revenue for the period totaled $3.6 billion, which was below analyst forecasts that anticipated $3.71 billion in revenue.
Looking ahead, Textron expects its full-year earnings to range between $6 and $6.20 per share. The company, headquartered in Providence, Rhode Island, is involved in various sectors including the defense, aviation, and industrial markets, which can significantly impact its earnings performance.
On the same day that Textron released its earnings report, over 200 protesters gathered outside the company’s headquarters in Providence. The demonstration was part of a nationwide Day of Action that called for a cease-fire in the ongoing Israel-Hamas conflict. The protest was organized by the Rhode Island Party for Socialism and Liberation along with RISD Students for Justice in Palestine. Protesters accused Textron of profiting from arms sales to the Israeli military, alleging that the company contributes to the deaths of Palestinians, including children.
Demonstrators held signs and chanted messages for approximately four hours, and the protest was conducted peacefully. The demonstration occurred amidst heightened tensions surrounding the Israel-Palestine conflict, and the protesters emphasized their demands for an end to military aid and arms sales to Israel while calling for increased scrutiny of corporate complicity in international violence. They sought to raise awareness regarding Textron’s significant role in the global arms trade and its extensive history of weapon supply to Israel.
In response to the protest, Rabbi Jeffrey Gladstone countered claims made by the protesters by stating that not only is Israel under attack, but Jews also face threats, labeling the demonstrations as antisemitic. The protests also followed recent incidents of vandalism at Textron’s facility, where two Rhode Island School of Design students faced charges for graffiti that depicted antisemitic messages.
The organizers highlighted the historical context of Palestinian suffering in their speeches and called for solidarity and action against perceived injustices related to the ongoing conflicts in the region. Activists criticized Textron’s extensive financial ties to the arms industry, raising concerns about the responsibilities of both Textron and local institutions such as RISD in relation to the arms trade.
This series of events surrounding Textron’s financial performance and the resultant protests reflects a growing tension between corporate interests and activism related to social justice and human rights issues. As the situation continues to evolve, the intertwined nature of business, politics, and social advocacy remains a focal point of discussion and concern not only in Rhode Island but across the nation.
Deeper Dive: News & Info About This Topic
HERE Resources
Textron Reports Robust Second-Quarter Profit
Additional Resources
- San Francisco Chronicle: Textron Q3 Earnings Snapshot
- Wikipedia: Textron
- Business Wire: Textron Declares Quarterly Dividend
- Google Search: Textron Inc.
- Providence Journal: Obituary
- Google Scholar: Textron
- GoLocalProv: Watch Live Textron Protest in Downtown Providence
- Encyclopedia Britannica: Textron
- Turn to 10: Protestors to Picket Outside Textron Headquarters
- Google News: Textron Protests
Author: STAFF HERE PROVIDENCE WRITER
The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
