Textron Inc. reported that its first-quarter net...

Textron Inc. reported that its first-quarter net income declined 16% from a year earlier. However, the company noted that its first-quarter earnings from continuing operations rose 16% from a year earlier. Textron’s 1985 net income included an $11.8-million gain from an accounting change. The results for 1986 reflect strong performance in the turbine engine and industrial products businesses and gains from the sales of securities. The quarter was adversely affected by the expected decline in management services business in Saudi Arabia and by losses in the casualty insurance business.