Textron higher despite 3d-quarter plunge

Providence-based Textron Inc. said third-quarter profit plunged 98 percent as the company continues to face reduced sales at its corporate jet and helicopter businesses. But the numbers beat analyst expectations, sending shares higher. The maker of EZ-Go golf carts said profit fell to $4 million, or 1 cent per share, down sharply from $206 million, or 83 cents per share, a year ago. Analysts on average expected a loss of 3 cents per share. But revenue remained under pressure, falling 27 percent, to $2.55 billion. Scott Donnelly, Textron’s president, said demand for Textron’s products “continues to show signs of stabilization,’’ but recovery “likely will be slow and modest.’’ In addition to the downturn in business jets, Textron had significant problems when capital markets locked up last year. Its finance arm, which makes loans to buyers of Cessna business jets, golf courses, and vacation resort developments, was hard hit.