Shares of Textron Inc. soared 6.8% in premarket trade said Wednesday, after the industrial manufacturing company said it agreed to sell its tools and test business to Emerson Electric Co. for $810 million in cash, and reported a first-quarter profit and sales beat. Textron said as part of the business divestiture, which is expected to close during the third quarter, it has authorized the repurchase of 40 million shares, which replaces previous buyback program announced in January 2017. Separately, Textron reported first-quarter net income of $189 million, or 72 cents a share, compared with $101 million, or 37 cents a share, in the same period a year ago. That beat the average analyst estimate of 48 cents, according to FactSet. Revenue rose to $3.30 billion from $3.09 billion, above the FactSet consensus of $3.07 billion, as all of its manufacturing business segments beat revenue expectations. The stock has rallied 5.9% year to date through Tuesday, while the S&P 500 has gained 1.2%.