Attached files
| file | filename |
|---|---|
| 8-K - 8-K - TEXTRON INC | a14-3884_38k.htm |
| EX-99.2 - EX-99.2 - TEXTRON INC | a14-3884_3ex99d2.htm |
Exhibit 99.1
TEXTRON INC.
Revenues by Segment and Reconciliation of Segment Profit to Net Income
(Dollars in millions, except per share amounts)
(Unaudited)
|
|
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Three Months Ended |
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Twelve Months Ended |
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December 28, 2013 |
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December 29, 2012 |
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December 28, 2013 |
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December 29, 2012 |
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REVENUES |
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|
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|
|
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MANUFACTURING: |
|
|
|
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|
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Cessna |
|
$ |
923 |
|
$ |
901 |
|
$ |
2,784 |
|
$ |
3,111 |
|
|
Bell |
|
1,375 |
|
1,149 |
|
4,511 |
|
4,274 |
| ||||
|
Textron Systems |
|
409 |
|
571 |
|
1,665 |
|
1,737 |
| ||||
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Industrial |
|
773 |
|
706 |
|
3,012 |
|
2,900 |
| ||||
|
|
|
3,480 |
|
3,327 |
|
11,972 |
|
12,022 |
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|
|
|
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|
|
|
|
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FINANCE |
|
26 |
|
35 |
|
132 |
|
215 |
| ||||
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Total revenues |
|
$ |
3,506 |
|
$ |
3,362 |
|
$ |
12,104 |
|
$ |
12,237 |
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|
|
|
|
|
|
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|
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SEGMENT PROFIT |
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|
|
|
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|
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MANUFACTURING: |
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Cessna (a) |
|
$ |
33 |
|
$ |
23 |
|
$ |
(48 |
) |
$ |
82 |
|
|
Bell |
|
178 |
|
177 |
|
573 |
|
639 |
| ||||
|
Textron Systems |
|
40 |
|
36 |
|
147 |
|
132 |
| ||||
|
Industrial |
|
54 |
|
43 |
|
242 |
|
215 |
| ||||
|
|
|
305 |
|
279 |
|
914 |
|
1,068 |
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|
|
|
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|
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|
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FINANCE |
|
2 |
|
2 |
|
49 |
|
64 |
| ||||
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Segment Profit |
|
307 |
|
281 |
|
963 |
|
1,132 |
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|
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Corporate expenses and other, net |
|
(57 |
) |
(43 |
) |
(166 |
) |
(148 |
) | ||||
|
Interest expense, net for Manufacturing group |
|
(27 |
) |
(38 |
) |
(123 |
) |
(143 |
) | ||||
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|
|
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Income from continuing operations before income taxes |
|
223 |
|
200 |
|
674 |
|
841 |
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Income tax expense |
|
(52 |
) |
(54 |
) |
(176 |
) |
(260 |
) | ||||
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Income from continuing operations |
|
171 |
|
146 |
|
498 |
|
581 |
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Discontinued operations, net of income taxes |
|
(4 |
) |
2 |
|
— |
|
8 |
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Net income |
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$ |
167 |
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$ |
148 |
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$ |
498 |
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$ |
589 |
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Earnings per share: |
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Income from continuing operations |
|
$ |
0.60 |
|
$ |
0.50 |
|
$ |
1.75 |
|
$ |
1.97 |
|
|
Discontinued operations, net of income taxes |
|
(0.01 |
) |
0.01 |
|
— |
|
0.03 |
| ||||
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Net income |
|
$ |
0.59 |
|
$ |
0.51 |
|
$ |
1.75 |
|
$ |
2.00 |
|
|
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|
|
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Diluted average shares outstanding |
|
282,707,000 |
|
291,562,000 |
|
284,428,000 |
|
294,663,000 |
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(a) Full year 2013 includes $28 million in severance costs. Fourth quarter of 2012 includes a $27 million charge related to an award against Cessna in an arbitration proceeding.
TEXTRON INC.
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
|
|
|
December 28, |
|
December 29, |
| ||
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Assets |
|
|
|
|
| ||
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Cash and equivalents |
|
$ |
1,163 |
|
$ |
1,378 |
|
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Accounts receivable, net |
|
979 |
|
829 |
| ||
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Inventories |
|
2,963 |
|
2,712 |
| ||
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Other current assets |
|
467 |
|
470 |
| ||
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Net property, plant and equipment |
|
2,215 |
|
2,149 |
| ||
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Other assets |
|
3,432 |
|
3,173 |
| ||
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Finance group assets |
|
1,725 |
|
2,322 |
| ||
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Total Assets |
|
$ |
12,944 |
|
$ |
13,033 |
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Liabilities and Shareholders’ Equity |
|
|
|
|
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Current portion of long-term debt |
|
$ |
8 |
|
$ |
535 |
|
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Other current liabilities |
|
2,995 |
|
2,977 |
| ||
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Other liabilities |
|
2,118 |
|
2,798 |
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Long-term debt |
|
1,923 |
|
1,766 |
| ||
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Finance group liabilities |
|
1,516 |
|
1,966 |
| ||
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Total Liabilities |
|
8,560 |
|
10,042 |
| ||
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|
|
|
|
|
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Total Shareholders’ Equity |
|
4,384 |
|
2,991 |
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Total Liabilities and Shareholders’ Equity |
|
$ |
12,944 |
|
$ |
13,033 |
|
TEXTRON INC.
Condensed Consolidated Schedule of Cash Flows
(In millions)
(Unaudited)
|
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|
Three Months Ended |
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Twelve Months Ended |
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|
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December 28, |
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December 29, |
|
December 28, |
|
December 29, |
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2013 |
|
2012 |
|
2013 |
|
2012 |
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Cash flows from operating activities: |
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|
|
|
|
|
|
|
| ||||
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Income from continuing operations |
|
$ |
171 |
|
$ |
146 |
|
$ |
498 |
|
$ |
581 |
|
|
Depreciation and amortization |
|
104 |
|
106 |
|
389 |
|
383 |
| ||||
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Changes in working capital |
|
537 |
|
381 |
|
(87 |
) |
28 |
| ||||
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Changes in other assets and liabilities and non-cash items |
|
104 |
|
(100 |
) |
13 |
|
(57 |
) | ||||
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Net cash from operating activities of continuing operations |
|
916 |
|
533 |
|
813 |
|
935 |
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Cash flows from investing activities: |
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|
|
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Capital expenditures |
|
(144 |
) |
(166 |
) |
(444 |
) |
(480 |
) | ||||
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Net cash used in acquisitions |
|
(143 |
) |
(3 |
) |
(196 |
) |
(11 |
) | ||||
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Finance receivables repaid |
|
33 |
|
121 |
|
190 |
|
599 |
| ||||
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Proceeds from sales of receivables and other finance assets |
|
26 |
|
65 |
|
178 |
|
249 |
| ||||
|
Other investing activities, net |
|
(5 |
) |
22 |
|
8 |
|
21 |
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Net cash from investing activities |
|
(233 |
) |
39 |
|
(264 |
) |
378 |
| ||||
|
Cash flows from financing activities: |
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|
|
|
|
|
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Principal payments on long-term and nonrecourse debt |
|
(59 |
) |
(141 |
) |
(1,056 |
) |
(615 |
) | ||||
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Proceeds from long-term debt |
|
36 |
|
18 |
|
448 |
|
106 |
| ||||
|
Settlement of convertible debt |
|
— |
|
— |
|
(215 |
) |
(2 |
) | ||||
|
Proceeds from settlement of capped call |
|
— |
|
— |
|
75 |
|
— |
| ||||
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Purchases of Textron common stock |
|
— |
|
(272 |
) |
— |
|
(272 |
) | ||||
|
Decrease in short-term debt |
|
(96 |
) |
— |
|
— |
|
— |
| ||||
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Other financing activities, net |
|
6 |
|
2 |
|
6 |
|
2 |
| ||||
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Net cash from financing activities |
|
(113 |
) |
(393 |
) |
(742 |
) |
(781 |
) | ||||
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Total cash flows from continuing operations |
|
570 |
|
179 |
|
(193 |
) |
532 |
| ||||
|
Total cash flows from discontinued operations |
|
2 |
|
(3 |
) |
(3 |
) |
(8 |
) | ||||
|
Effect of exchange rate changes on cash and equivalents |
|
2 |
|
(1 |
) |
(6 |
) |
4 |
| ||||
|
Net change in cash and equivalents |
|
574 |
|
175 |
|
(202 |
) |
528 |
| ||||
|
Cash and equivalents at beginning of period |
|
637 |
|
1,238 |
|
1,413 |
|
885 |
| ||||
|
Cash and equivalents at end of period |
|
$ |
1,211 |
|
$ |
1,413 |
|
$ |
1,211 |
|
$ |
1,413 |
|