FINANCIAL DATA 2015-2011
| (Dollars in millions, except per share amounts) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||
| Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | Year | Year | Year | |
| Revenues | |||||||||||||
| Textron Aviation | $1,051 | $1,124 | $1,159 | $1,488 | $ 4,822 | $ 785 | $1,183 | $1,080 | $1,520 | $ 4,568 | $ 2,784 | $ 3,111 | $ 2,990 |
| Bell | 813 | 850 | 756 | 1,035 | 3,454 | 873 | 1,119 | 1,182 | 1,071 | 4,245 | 4,511 | 4,274 | 3,525 |
| Textron Systems | 315 | 322 | 420 | 463 | 1,520 | 363 | 282 | 358 | 621 | 1,624 | 1,665 | 1,737 | 1,872 |
| Industrial | 872 | 927 | 828 | 917 | 3,544 | 797 | 894 | 785 | 862 | 3,338 | 3,012 | 2,900 | 2,785 |
| Finance | 22 | 24 | 17 | 20 | 83 | 29 | 27 | 25 | 22 | 103 | 132 | 215 | 103 |
| Total Revenues | $3,073 | $3,247 | $3,180 | $3,923 | $13,423 | $2,847 | $3,505 | $3,430 | $4,096 | $13,878 | $12,104 | $12,237 | $11,275 |
| Segment Profit 1 | |||||||||||||
| Textron Aviation 2 | $ 67 | $ 88 | $ 107 | $ 138 | $ 400 | $ 14 | $ 28 | $ 62 | $ 130 | $ 234 | $ (48) | $ 82 | $ 60 |
| Bell | 76 | 101 | 99 | 124 | 400 | 96 | 141 | 146 | 146 | 529 | 573 | 639 | 521 |
| Textron Systems3 | 28 | 21 | 39 | 41 | 129 | 39 | 34 | 27 | 50 | 150 | 147 | 132 | 141 |
| Industrial | 82 | 86 | 61 | 73 | 302 | 66 | 94 | 53 | 67 | 280 | 242 | 215 | 202 |
| Finance4 | 6 | 10 | 6 | 2 | 24 | 4 | 7 | 5 | 5 | 21 | 49 | 64 | (333) |
| Total Segment Profit | $ 259 | $ 306 | $ 312 | $ 378 | $ 1,255 | $ 219 | $ 304 | $ 293 | $ 398 | $ 1,214 | $ 963 | $ 1,132 | $ 591 |
| Segment Profit Margins | |||||||||||||
| Textron Aviation | 6.4% | 7.8% | 9.2% | 9.3% | 8.3% | 1.8% | 2.4% | 5.7% | 8.6% | 5.1% | (1.7)% | 2.6% | 2.0% |
| Bell | 9.3% | 11.9% | 13.1% | 12.0% | 11.6% | 11.0% | 12.6% | 12.4% | 13.6% | 12.5% | 12.7% | 15.0% | 14.8% |
| Textron Systems | 8.9% | 6.5% | 9.3% | 8.9% | 8.5% | 10.7% | 12.1% | 7.5% | 8.1% | 9.2% | 8.8% | 7.6% | 7.5% |
| Industrial | 9.4% | 9.3% | 7.4% | 8.0% | 8.5% | 8.3% | 10.5% | 6.8% | 7.8% | 8.4% | 8.0% | 7.4% | 7,3% |
| Finance | 27.3% | 41.7% | 35.3% | 10.0% | 28.9% | 13.8% | 25.9% | 20.0% | 22.7% | 20.4% | 37.1% | 29.8% | (323.3)% |
| Total Profit Margin | 8.4% | 9.4% | 9.8% | 9.6% | 9.3% | 7.7% | 8.7% | 8.5% | 9.7% | 8.7% | 8.0% | 9.3% | 5.2% |
| Corporate expenses
and other, net |
$ (42) | $ (33) | $ (27) | $ (52) | $ (154) | $ (43) | $ (38) | $ (22) | $ (58) | $ (161) | $ (166) | $ (148) | $ (114) |
| Interest expense, net
for the Manufacturing group |
(33) | (32) | (33) | (32) | (130) | (35) | (36) | (37) | (40) | (148) | (123) | (143) | (140) |
| Acquisition and
restructuring costs5 |
– | – | – | – | – | (16) | (20) | (3) | (13) | (52) | – | – | – |
| Income tax expense | (56) | (72) | (76) | (69) | (273) | (38) | (65) | (71) | (74) | (248) | (176) | (260) | (95) |
| Income from Continuing
Operations |
$ 128 | $ 169 | $ 176 | $ 225 | $ 698 | $ 87 | $145 | $ 160 | $ 213 | $ 605 | $ 498 | $ 581 | $ 242 |
| EPS from Continuing
Operations—Diluted |
$ 0.46 | $ 0.60 | $ 0.63 | $ 0.81 | $ 2.50 | $ 0.31 | $ 0.51 | $ 0.57 | $ 0.76 | $ 2.15 | $ 1.75 | $ 1.97 | $ 0.79 |
| Effective Income
Tax Rate |
30.4% | 29.9% | 30.2% | 23.5% | 28.1% | 30.4% | 31.0% | 30.7% | 25.8% | 29.1% | 26.1% | 30.9% | 28.1% |
| Common Stock Information | |||||||||||||
| Price Range: | |||||||||||||
| High | $45.61 | $46.93 | $44.98 | $43.93 | $46.93 | $40.18 | $40.93 | $39.03 | $44.23 | $44.23 | $37.43 | $29.18 | $28.87 |
| Low | $40.95 | $42.97 | $32.20 | $38.18 | $32.20 | $34.28 | $36.96 | $35.54 | $32.28 | $32.28 | $23.94 | $18.37 | $ 14.66 |
| 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)6 |
280,077 | 279,935 | 278,039 | 276,653 | 278,727 | 283,327 | 282,764 | 281,030 | 279,771 | 281,790 | 284,428 | 294,663 | 307,255 |
- 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.
- Includes amortization of $5 million, $6 million and $1 million for the first, second and third quarters of 2015, respectively, and $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 Beechcraft acquired inventories sold during the periods. For 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 include restructuring costs of $5 million, $20 million, $3 million and $13 million for the first, second, third and fourth quarters of 2014, respectively, related to the acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, which was completed on March 14, 2014. Transaction costs of $11 million related to the Beechcraft acquisition are also included in the first quarter of 2014.
- 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.