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2014 INVESTOR FACT BOOK
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Financial Data 2014–2010
| 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in millions, except per share amounts) | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | |||
| Revenues | |||||||||||||
| Textron Aviation | $785 | $1,183 | $1,080 | $1,520 | $4,568 | $708 | $560 | $593 | $923 | $2,784 | $3,111 | $2,990 | $2,563 |
| Bell | 873 | 1,119 | 1,182 | 1,071 | 4,245 | 949 | 1,025 | 1,162 | 1,375 | 4,511 | 4,274 | 3,525 | 3,241 |
| Textron Systems | 363 | 282 | 358 | 621 | 1,624 | 429 | 422 | 405 | 409 | 1,665 | 1,737 | 1,872 | 1,979 |
| Industrial | 797 | 894 | 785 | 862 | 3,338 | 727 | 801 | 711 | 773 | 3,012 | 2,900 | 2,785 | 2,524 |
| Finance | 29 | 27 | 25 | 22 | 103 | 42 | 31 | 33 | 26 | 132 | 215 | 103 | 218 |
| Total Revenues | $2,847 | $3,505 | 3,430 | $4,096 | $13,878 | $2,855 | $2,839 | $2,904 | $3,506 | $12,104 | $12,237 | $11,275 | $10,525 |
| Segment Profit1 | |||||||||||||
| Textron Aviation2 | $14 | $28 | $62 | $130 | $234 | $(8) | $(50) | $(23) | $33 | $(48) | $82 | $60 | $(29) |
| Bell | 96 | 141 | 146 | 146 | 529 | 129 | 135 | 131 | 178 | 573 | 639 | 521 | 427 |
| Textron Systems3 | 39 | 34 | 27 | 50 | 150 | 38 | 34 | 35 | 40 | 147 | 132 | 141 | 230 |
| Industrial | 66 | 94 | 53 | 67 | 280 | 57 | 79 | 52 | 54 | 242 | 215 | 202 | 162 |
| Finance4 | 4 | 7 | 5 | 5 | 21 | 19 | 15 | 13 | 2 | 49 | 64 | (333) | (237) |
| Total Segment Profit | $219 | $304 | $293 | $398 | $1,214 | $235 | $213 | $208 | $307 | $963 | $1,132 | $591 | $553 |
| Segment Profit Margins | |||||||||||||
| Textron Aviation | 1.8% | 2.4% | 5.7% | 8.6% | 5.1% | (1.1%) | (8.9%) | (3.9%) | 3.6% | (1.7%) | 2.6% | 2.0% | (1.1%) |
| Bell | 11.0% | 12.6% | 12.4% | 13.6% | 12.5% | 13.6% | 13.2% | 11.3% | 12.9% | 12.7% | 15.0% | 14.8% | 13.2% |
| Textron Systems | 10.7% | 12.1% | 7.5% | 8.1% | 9.2% | 8.9% | 8.1% | 8.6% | 9.8% | 8.8% | 7.6% | 7.0% | 11.6% |
| Industrial | 8.3% | 10.5% | 6.8% | 7.8% | 8.4% | 7.8% | 9.9% | 7.3% | 7.0% | 8.0% | 7.4% | 7.3% | 6.4% |
| Finance | 13.8% | 25.9% | 20.0% | 22.7% | 20.4% | 45.2% | 48.4% | 39.4% | 7.7% | 37.1% | 29.8% | (323.3%) | (108.7%) |
| Total Profit Margin | 7.7% | 8.7% | 8.5% | 9.7% | 8.7% | 8.2% | 7.5% | 7.2% | 8.8% | 8.0% | 9.3% | 5.2% | 5.3% |
| Corporate expenses and other, net | (43) | (38) | (22) | (58) | (161) | (55) | (20) | (34) | (57) | (166) | (148) | (114) | (137) |
| Interest expense, net for the Manufacturing group | (35) | (36) | (37) | (40) | (148) | (37) | (30) | (29) | (27) | (123) | (143) | (140) | (140) |
| Acquisition and restructuring costs5 | (16) | (20) | (3) | (13) | (52) | — | — | — | — | — | — | — | — |
| Special charges6 | — | — | — | — | — | — | — | — | — | — | — | — | (190) |
| Income tax (expense) benefit | (38) | (65) | (71) | (74) | (248) | (28) | (49) | (47) | (52) | (176) | (260) | (95) | 6 |
| Income (loss) from Continuing Operations | $87 | $145 | $160 | $213 | $605 | $115 | $114 | $98 | $171 | $498 | $581 | $242 | $92 |
| EPS from Continuing Operations—Diluted | $0.31 | $0.51 | $0.57 | $0.76 | $2.15 | $0.40 | $0.40 | $0.35 | $0.60 | $1.75 | $1.97 | $0.79 | $0.30 |
| Effective Income Tax Rate | 30.4% | 31.0% | 30.7% | 25.8% | 29.1% | 19.6% | 30.1% | 32.4% | 23.3% | 26.1% | 30.9% | 28.1% | (6.4%) |
| Common Stock Information | |||||||||||||
| Price Range: High | $40.18 | $40.93 | $39.03 | $44.23 | $44.23 | $31.30 | $30.22 | $29.81 | $37.43 | $37.43 | $ 29.18 | $28.87 | $25.30 |
| Low | $34.28 | $36.96 | $35.54 | $32.28 | $32.28 | $23.94 | $24.87 | $25.36 | $26.17 | $23.94 | $ 18.37 | $14.66 | $15.88 |
| 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 |
283,327 | 282,764 | 281,030 | 279,771 | 281,790 | 288,978 | 283,824 | 281,710 | 282,707 | 284,428 | 294,663 | 307,255 | 302,555 |
- Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the manufacturing segments excludes interest expense, certain corporate expenses and acquisition and restructuring costs related to the Beechcraft acquisition. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense.
- Included amortization of $12 million, $33 million, $10 million and $8 million for the first, second, third and fourth quarters of 2014, respectively, related to fair value step-up adjustments of acquired inventories sold during the periods. The second quarter of 2013 includes $28 million in severance costs. For 2012, includes a $27 million charge related to an award against Cessna in an arbitration proceeding.
- 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.
- 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.
- Acquisition and restructuring costs in 2014 are related to the acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, which was completed on March 14, 2014. Restructuring charges of $5 million, $20 million, $3 million and $13 million were recorded in the first, second, third and fourth quarters of 2014, respectively. Transaction costs of $11 million are also included in the first quarter of 2014.
- In 2010, special charges include restructuring charges of $99 million primarily related to severance and asset impairment charges and 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.
- Diluted average shares outstanding assumes the exercise of stock options, restricted stock units and the issuance of shares that could be 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.