By Dave Sebastian

 

Shares of Textron Inc. (TXT) fell more than 6% Wednesday after it reported lower second-quarter profit and revenue.

The aircraft, defense and industrial provider saw a sales decline in its Textron Aviation segment as volume and mix across the commercial turboprop and defense product lines were lower in the second quarter.

The price decline also came after the Textron-owned Cessna's initial contract with France's Safran SA (SAF.FR) was terminated after Textron decided to put on hold its Hemisphere aircraft program, for which Safran Aircraft Engines' Silvercrest had been selected.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

July 17, 2019 11:31 ET (15:31 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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