Financial Data 2013 – 2009
2013 |
2012 |
2011 |
2010 |
2009 |
|||||||||||||||||||||||
(Dollars in millions, except per share amounts) |
Q1 |
Q2 |
Q3 |
Q4 |
Year |
Q1 |
Q2 |
Q3 |
Q4 |
Year |
|||||||||||||||||
Revenues |
|||||||||||||||||||||||||||
Cessna |
$ |
708 |
$ |
560 |
$ |
593 |
$ |
923 |
$ |
2,784 |
$ |
669 |
$ |
763 |
$ |
778 |
$ |
901 |
$ |
3,111 |
$ |
2,990 |
$ |
2,563 |
$ |
3,320 |
|
Bell |
949 |
1,025 |
1,162 |
1,375 |
4,511 |
994 |
1,056 |
1,075 |
1,149 |
4,274 |
3,525 |
3,241 |
2,842 |
||||||||||||||
Textron Systems |
429 |
422 |
405 |
409 |
1,665 |
377 |
389 |
400 |
571 |
1,737 |
1,872 |
1,979 |
1,899 |
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Industrial |
727 |
801 |
711 |
773 |
3,012 |
755 |
756 |
683 |
706 |
2,900 |
2,785 |
2,524 |
2,078 |
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Finance |
42 |
31 |
33 |
26 |
132 |
61 |
55 |
64 |
35 |
215 |
103 |
218 |
361 |
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Total Revenues |
$ |
2,855 |
$ |
2,839 |
$ |
2,904 |
$ |
3,506 |
$ |
12,104 |
$ |
2,856 |
$ |
3,019 |
$ |
3,000 |
$ |
3,362 |
$ |
12,237 |
$ |
11,275 |
$ |
10,525 |
$ |
10,500 |
|
Segment Profit1 |
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Cessna2 |
$ |
(8) |
$ |
(50) |
$ |
(23) |
$ |
33 |
$ |
(48) |
$ |
(6) |
$ |
35 |
$ |
30 |
$ |
23 |
$ |
82 |
$ |
60 |
$ |
(29) |
$ |
198 |
|
Bell |
129 |
135 |
131 |
178 |
573 |
145 |
152 |
165 |
177 |
639 |
521 |
427 |
304 |
||||||||||||||
Textron Systems3 |
38 |
34 |
35 |
40 |
147 |
35 |
40 |
21 |
36 |
132 |
141 |
230 |
240 |
||||||||||||||
Industrial |
57 |
79 |
52 |
54 |
242 |
73 |
61 |
38 |
43 |
215 |
202 |
162 |
27 |
||||||||||||||
Finance4 |
19 |
15 |
13 |
2 |
49 |
12 |
22 |
28 |
2 |
64 |
(333) |
(237) |
(294) |
||||||||||||||
Total Segment Profit |
$ |
235 |
$ |
213 |
$ |
208 |
$ |
307 |
$ |
963 |
$ |
259 |
$ |
310 |
$ |
282 |
$ |
281 |
$ |
1,132 |
$ |
591 |
$ |
553 |
$ |
475 |
|
Segment Profit Margins |
|||||||||||||||||||||||||||
Cessna |
(1.1)% |
(8.9)% |
(3.9)% |
3.6% |
(1.7)% |
(0.9)% |
4.6% |
3.9% |
2.6% |
2.6% |
2.0% |
(1.1)% |
6.0% |
||||||||||||||
Bell |
13.6% |
13.2% |
11.3% |
12.9% |
12.7% |
14.6% |
14.4% |
15.3% |
15.4% |
15.0% |
14.8% |
13.2% |
10.7% |
||||||||||||||
Textron Systems |
8.9% |
8.1% |
8.6% |
9.8% |
8.8% |
9.3% |
10.3% |
5.3% |
6.3% |
7.6% |
7.5% |
11.6% |
12.6% |
||||||||||||||
Industrial |
7.8% |
9.9% |
7.3% |
7.0% |
8.0% |
9.7% |
8.1% |
5.6% |
6.1% |
7.4% |
7.3% |
6.4% |
1.3% |
||||||||||||||
Finance |
45.2% |
48.4% |
39.4% |
7.7% |
37.1% |
19.7% |
40.0% |
43.8% |
5.7% |
29.8% |
(323.3)% |
(108.7)% |
(81.4)% |
||||||||||||||
Total Profit Margin |
8.2% |
7.5% |
7.2% |
8.8% |
8.0% |
9.1% |
10.3% |
9.4% |
8.4% |
9.3% |
5.2% |
5.3% |
4.5% |
||||||||||||||
Special charges5 |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
(190) |
(317) |
||||||||||||||
Corporate expenses and other, net |
(55) |
(20) |
(34) |
(57) |
(166) |
(47) |
(20) |
(38) |
(43) |
(148) |
(114) |
(137) |
(164) |
||||||||||||||
Interest expense, net for Manufacturing group |
(37) |
(30) |
(29) |
(27) |
(123) |
(35) |
(35) |
(35) |
(38) |
(143) |
(140) |
(140) |
(143) |
||||||||||||||
Income tax benefit (expense) |
(28) |
(49) |
(47) |
(52) |
(176) |
(57) |
(82) |
(67) |
(54) |
(260) |
(95) |
6 |
76 |
||||||||||||||
Income (loss) from Continuing Operations |
$ |
115 |
$ |
114 |
$ |
98 |
$ |
171 |
$ |
498 |
$ |
120 |
$ |
173 |
$ |
142 |
$ |
146 |
$ |
581 |
$ |
242 |
$ |
92 |
$ |
(73) |
|
EPS from Continuing Operations – Diluted6 |
$ |
0.40 |
$ |
0.40 |
$ |
0.35 |
$ |
0.60 |
$ |
1.75 |
$ |
0.41 |
$ |
0.58 |
$ |
0.48 |
$ |
0.50 |
$ |
1.97 |
$ |
0.79 |
$ |
0.30 |
$ |
(0.28) |
|
Effective Income Tax Rate |
19.6% |
30.1% |
32.4% |
23.3% |
26.1% |
32.2% |
32.2% |
32.1% |
27.0% |
28.1% |
30.9% |
(6.4)% |
(51.0)% |
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Common Stock Information6 |
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Price range: |
|||||||||||||||||||||||||||
High |
$ |
31.30 |
$ |
30.22 |
$ |
29.81 |
$ |
37.43 |
$ |
37.43 |
$ |
28.29 |
$ |
29.18 |
$ |
28.80 |
$ |
26.75 |
$ |
29.18 |
$ |
28.87 |
$ |
25.30 |
$ |
21.00 |
|
Low |
$ |
23.94 |
$ |
24.87 |
$ |
25.36 |
$ |
26.17 |
$ |
23.94 |
$ |
18.37 |
$ |
21.97 |
$ |
22.15 |
$ |
22.84 |
$ |
18.37 |
$ |
14.66 |
$ |
15.88 |
$ |
3.57 |
|
Dividends declared per share |
$ |
0.02 |
$ |
0.02 |
$ |
0.02 |
$ |
0.02 |
$ |
0.08 |
$ |
0.02 |
$ |
0.02 |
$ |
0.02 |
$ |
0.02 |
$ |
0.08 |
$ |
0.08 |
$ |
0.08 |
$ |
0.08 |
|
Diluted average shares outstanding (in thousands)7 |
288,978 |
283,824 |
281,710 |
282,707 |
284,428 |
294,632 |
295,547 |
296,920 |
291,562 |
294,663 |
307,255 |
302,555 |
262,923 |
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|
1 Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the manufacturing segments excludes interest expense and certain corporate expenses. The measurement for the Finance segment includes interest income and expense along with intercompany interest expense.
2 The second quarter of 2013 includes $28 million in severance costs. The fourth quarter of 2012 includes a $27 million charge related to an award against Cessna in an arbitration proceeding.
3 For 2011, includes a $41 million impairment charge to write down certain intangible assets and approximately $19 million in severance costs related to a workforce reduction at the segment.
4 For 2011, includes a $186 million initial mark-to-market adjustment for remaining finance receivables in the Golf Mortgage portfolio that were transferred to the held for sale classification.
5 Special charges include restructuring charges of $99 million and $237 million in 2010 and 2009, respectively, primarily related to severance and asset impairment charges. In 2010, special charges also include a $91 million non-cash pre-tax charge to reclassify a foreign exchange loss from equity to the income statement as a result of substantially liquidating a Finance segment entity. In 2009, special charges include a goodwill impairment charge of $80 million in the Industrial segment.
6 For 2009, the potential dilutive effect of stock options, restricted stock units and the shares that could be issued upon the conversion of our convertible notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations.
7 Diluted average shares outstanding assumes the exercise of stock options, the vesting of restricted stock units and the issuance of shares that could have been issued upon the conversion of our convertible notes and upon the exercise of the related warrants. The Company’s convertible notes matured on May 1, 2013.
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