Textron Inc. TXT reported third-quarter 2018 adjusted earnings from continuing operations of 61 cents per share, which missed the Zacks Consensus Estimate of 76 cents by 19.7%. The bottom line also decreased 6.2% from 65 cents in the year-ago quarter.This year-over-year decline can be attributed to drop in revenues during the reported quarter.Including one-time gain of $1.65, the company reported GAAP earnings of $2.26 per share, compared with 60 cents registered in third-quarter 2017.Textron Inc. Price, Consensus and EPS Surprise Textron Inc. Price, Consensus and EPS Surprise | Textron Inc. QuoteRevenuesTotal revenues in the quarter were $3,200 million, which fell short of the Zacks Consensus Estimate of $3,531 million by 9.4%. The reported figure also declined 8.2% from the year-ago figure of $3,466 million due to lower contribution from all the four segments.Manufacturing revenues were down 9.8% to $3,185 million, while revenues at the Finance division declined 16.7% to $15 million.Segmental PerformanceTextron Aviation: In the quarter under review, revenues at this segment dropped 1.8% to $1,133 million from $1,154 million in the year-ago quarter. The decline can be attributed to lower volume and mix reflecting lower turboprop volume.The company delivered 41 jets, flat with last year; and 43 commercial turboprops, down from 53 in the previous year.The segment registered profits of $99 million in the third quarter, up from $93 million in the year-ago quarter owing to favorable price and performance. Order backlog at the end of the quarter was $1.8 billion, slightly up from the prior quarter’s $1.6 billion.Bell: Revenues from this segment summed $770 million, down 5.2% from the year-ago level of $812 million. Unfavorable commercial mix led to the downside.Segment profits were up by 6.6% to $113 million. Bell’s order backlog at the end of the quarter was $5.7 billion, up $0.2 billion from the preceding quarter.Textron Systems: Revenues at this segment came in at $352 million, down from $458 million a year ago mainly due to lower volume in the Simulation, Training & Other product line. Also, lower TAPV deliveries at Textron Marine & Land Systems dented this segment’s top-line performance.Additionally, segmental profits decreased to $29 million from $40 million on lower net volume.Textron Systems’ backlog at the end of the third quarter summed $1.1 billion, slightly lower than $1.2 billion in the second quarter of 2018.Industrial: Revenues at this segment fell 10.7% to $930 million, mainly on account of the divestiture of the company’s Tools & Test product line.Moreover, segmental profits were down by $48 million, primarily due to unfavorable pricing and performance. Also, sell out of the Tools & Test product line affected profit.Finance: Revenues at this segment slipped to $15 million from $18 million in the year-ago quarter. Segmental profits also dropped to $3 million.FinancialsAs of Sep 29, 2018, cash and cash equivalents were $1,150 million compared with $1,079 million as of Dec 31, 2017.Cash flow from operating activities totaled $734 million at the end of the reported quarter compared with $327 million at the end of third-quarter 2017.Capital expenditures amounted to $74 million compared with $115 million in the prior-year quarter.Long-term debt was $3,069 million as of Sep 29, 2018, compared with $3,074 million as of Dec 31, 2017.GuidanceTextron narrowed its guidance for 2018. The company currently expects full-year adjusted earnings per share from continuing operations in the range of $3.20-$3.30 per share compared with $3.15-$3.35 projected earlier.Zacks RankTextron currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Upcoming Defense ReleasesGeneral Dynamics GD is expected to report third-quarter 2018 results on Oct 24.Boeing BA is also slated to report third-quarter results on Oct 24.Huntington Ingalls HII is expected to report third-quarter results on Nov 8.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Huntington Ingalls Industries, Inc. (HII): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report The Boeing Company (BA): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research