Shares of Textron (TXT) plunged Wednesday after the industrial conglomerate reported fourth-quarter results. It provided a cautious outlook for 2017 and unveiled its acquisition of snowmobile and off-road vehicle maker Arctic Cat. The company, a maker of Bell helicopters, Cessna aircraft and a range of other products, said it has a deal to acquire Arctic Cat for $247 million, or $18.50 a share, a premium of 41% to its Tuesday close. Textron cited weakness in the business-jet and commercial-helicopter markets, when explaining the miss. It also notes 14.9% quarterly sales growth at its Textron Systems aerospace and defense unit.
Providence, R.I.-based Textron said it earned a profit of 78 cents a share for the quarter or 80 cents a share adjusted for one-time gains and costs, and sales of $3.825 billion. Analysts had expected earnings of 87 cents a share, according to FactSet, on revenue of $4.01 billion.