Exhibit 99.1

 

 

NEWS Release

 

Corporate Communications

 

 

Department

 

 

 

Investor Contacts:

 

Doug Wilburne — 401-457-2288

FOR IMMEDIATE RELEASE

Justin Bourdon — 401-457-2288

 

 

 

Media Contact:

 

David Sylvestre — 401-457-2362

 

 

 

Textron Reports 20% Increase in Fourth Quarter Earnings Per Share and Strong Cash Flow

 

 

Initiates 2014 Financial Outlook

 

Providence, Rhode Island — January 22, 2014

— Textron Inc. (NYSE: TXT) today reported fourth quarter 2013 income from continuing operations of $0.60 per share, up from $0.50 per share in the fourth quarter of 2012. Revenues in the quarter were $3.5 billion, up four percent from the fourth quarter of 2012.  Manufacturing segment profit was $305 million compared to $279 million in the fourth quarter of 2012.  Manufacturing cash flow before pension contributions was $774 million compared to $625 million during last year’s fourth quarter.

 

Full-year income from continuing operations was $1.75 per share, compared to $1.97 in 2012. Full-year revenues were $12.1 billion, down one percent.  Manufacturing cash flow before pension contributions was $256 million, compared to $793 million in 2012.

 

Textron’s consolidated net debt ended the year at $1.98 billion, down $598 million from the end of 2012.

 

“Overall, we had a good fourth quarter to close out the year, with revenue growth at Cessna, Bell and Industrial and solid cash generation across all of our businesses,” said Textron Chairman and CEO, Scott C. Donnelly.

 

Outlook

 

Textron is forecasting 2014 revenues of approximately $13.2 billion, up about 9% from 2013.  Earnings per share from continuing operations are expected to be in the range of $2.00 to $2.20.  Cash flow from continuing operations of the manufacturing group before pension contributions is estimated to be between $600 and $700 million with planned pension contributions of about $80 million. These projections do not include the impact of the planned acquisition of Beechcraft, which is expected to close during the first half of the year.

 

Donnelly continued, “2013 was an important year with significant new product introductions and investments for future growth of our businesses.  Our 2014 outlook reflects the benefits of those efforts and we will continue to make investments necessary to support ongoing growth and create long-term shareholder value.”

 


The following information was filed by Textron Inc (TXT) on Wednesday, January 22, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Textron Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Textron Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account