Financial Data 2023-2022
| (Dollars in millions, except per share amounts) | 2023 | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year | |
| Revenues | ||||||||||
| Textron Aviation | 1,149 | 1,362 | 1,338 | 1,524 | 5,373 | 1,040 | 1,284 | 1,167 | 1,582 | 5,073 |
| Bell | 621 | 701 | 754 | 1,071 | 3,147 | 834 | 687 | 754 | 816 | 3,091 |
| Textron Systems | 306 | 306 | 309 | 314 | 1,235 | 273 | 293 | 292 | 314 | 1,172 |
| Industrial | 932 | 1,026 | 922 | 961 | 3,841 | 838 | 871 | 849 | 907 | 3,465 |
| eAviation(1) | 4 | 11 | 7 | 10 | 32 | — | 5 | 5 | 6 | 16 |
| Finance | 12 | 18 | 13 | 12 | 55 | 16 | 14 | 11 | 11 | 52 |
| Total Revenues | 3,024 | 3,424 | 3,343 | 3,892 | 13,683 | 3,001 | 3,154 | 3,078 | 3,636 | 12,869 |
| Segment Profit (Loss) | ||||||||||
| Textron Aviation | 125 | 171 | 160 | 193 | 649 | 110 | 149 | 131 | 170 | 560 |
| Bell | 60 | 65 | 77 | 118 | 320 | 91 | 54 | 74 | 63 | 282 |
| Textron Systems | 34 | 37 | 41 | 35 | 147 | 28 | 38 | 31 | 35 | 132 |
| Industrial | 41 | 79 | 51 | 57 | 228 | 39 | 37 | 36 | 43 | 155 |
| eAviation(1) | (9) | (12) | (19) | (23) | (63) | — | (7) | (7) | (10) | (24) |
| Finance | 8 | 12 | 22 | 4 | 46 | 9 | 10 | 7 | 5 | 31 |
| Total Segment Profit(2) | 259 | 352 | 332 | 384 | 1,327 | 277 | 281 | 272 | 306 | 1,136 |
| Segment Profit (Loss) Margins | ||||||||||
| Textron Aviation | 10.9% | 12.6% | 12.0% | 12.7% | 12.1% | 10.6% | 11.6% | 11.2% | 10.7% | 11.0% |
| Bell | 9.7% | 9.3% | 10.2% | 11.0% | 10.2% | 10.9% | 7.9% | 9.8% | 7.7% | 9.1% |
| Textron Systems | 11.1% | 12.1% | 13.3% | 11.1% | 11.9% | 10.3% | 13.0% | 10.6% | 11.1% | 11.3% |
| Industrial | 4.4% | 7.7% | 5.5% | 5.9% | 5.9% | 4.7% | 4.2% | 4.2% | 4.7% | 4.5% |
| eAviation | N/M | N/M | N/M | N/M | N/M | N/M | N/M | N/M | N/M | N/M |
| Finance | 66.7% | 66.7% | 169.2% | 33.3% | 83.6% | 56.3% | 71.4% | 63.6% | 45.5% | 59.6% |
| Total Profit Margin | 8.6% | 10.3% | 9.9% | 9.9% | 9.7% | 9.2% | 8.9% | 8.8% | 8.4% | 8.8% |
| Corporate expenses and other, net | (39) | (21) | (38) | (45) | (143) | (52) | (20) | (21) | (50) | (143) |
| Interest expense, net for the Manufacturing Group | (17) | (16) | (16) | (13) | (62) | (28) | (28) | (21) | (17) | (94) |
| LIFO inventory provision | (25) | (35) | (26) | (21) | (107) | (12) | (17) | (13) | (29) | (71) |
| Intangible asset amortization | (10) | (10) | (10) | (9) | (39) | (13) | (13) | (13) | (13) | (52) |
| Non-service components of pension and postretirement income, net | 59 | 59 | 59 | 60 | 237 | 60 | 60 | 60 | 60 | 240 |
| Special charges(3) | — | — | — | (126) | (126) | — | — | — | — | — |
| Income tax expense | (36) | (66) | (32) | (31) | (165) | (39) | (45) | (39) | (31) | (154) |
| Income from continuing operations—GAAP | 191 | 263 | 269 | 199 | 922 | 193 | 218 | 225 | 226 | 862 |
| LIFO inventory provision, net of tax | 19 | 26 | 20 | 16 | 81 | 9 | 13 | 10 | 22 | 54 |
| Intangible asset amortization, net of tax | 8 | 7 | 8 | 7 | 30 | 10 | 9 | 11 | 10 | 40 |
| Special charges, net of tax(3) | — | — | — | 94 | 94 | — | — | — | — | — |
| Adjusted income from continuing operations—Non-GAAP(2) | 218 | 296 | 297 | 316 | 1,127 | 212 | 240 | 246 | 258 | 956 |
| Diluted EPS - GAAP | 0.92 | 1.30 | 1.35 | 1.01 | 4.57 | 0.88 | 1.00 | 1.06 | 1.07 | 4.01 |
| LIFO inventory provision, net of tax | 0.09 | 0.13 | 0.10 | 0.08 | 0.40 | 0.04 | 0.06 | 0.04 | 0.11 | 0.25 |
| Intangible asset amortization, net of tax | 0.04 | 0.03 | 0.04 | 0.04 | 0.15 | 0.05 | 0.05 | 0.05 | 0.05 | 0.19 |
| Special charges, net of tax(3) | — | — | — | 0.47 | 0.47 | — | — | — | — | — |
| Adjusted Diluted EPS—Non-GAAP(2) | 1.05 | 1.46 | 1.49 | 1.60 | 5.59 | 0.97 | 1.11 | 1.15 | 1.23 | 4.45 |
In the second quarter of 2022, we acquired Pipistrel, a manufacturer of electrically powered aircraft and formed a new reporting segment, Textron eAviation. This segment combines the operating results of Pipistrel along with other research and development initiatives related to sustainable aviation solutions.
See page 17 for segment profit and other non-GAAP definitions.
In the fourth quarter of 2023, we initiated a restructuring plan to reduce operating expenses through headcount reductions at the Industrial, Bell and Textron Systems segments. In connection with this plan, we recorded special charges of $126 million ($94 million, net of tax).