Textron Inc. reported record third-quarter net income...

Textron Inc. reported record third-quarter net income of $70.8 million, including an extraordinary gain of $16.4 million on the exchange of Textron’s 7.75% subordinated debentures for shares of common stock of Allied Corp. held by Textron. Income before the extraordinary gain was $54.4 million, up 115% from the $25.3 million reported in the 1984 third quarter, the highest for any quarter in the company’s history. Revenue of $1.6 billion in the third quarter of 1985 was more than twice the $760 million for the same period a year ago.