Exhibit 99.1

 

 

 

Corporate Communications

Department

 

 

 

NEWS Release

 

Investor Contacts:
Douglas Wilburne – 401-457-2288
Robert Bridge – 401-457-2288

 

FOR IMMEDIATE RELEASE

 

 

 

Media Contact:
David Sylvestre – 401-457-2362

 

 

 

Textron Reports Fourth Quarter 2015 Income from Continuing Operations
of $0.81 per Share; Announces 2016 Financial Outlook

 

Providence, Rhode Island — January 27, 2016

— Textron Inc. (NYSE: TXT) today reported fourth quarter 2015 income from continuing operations of $0.81 per share, up 6.6 percent from $0.76 per share in the fourth quarter of 2014.

 

Revenues in the quarter were $3.9 billion, down 4.2 percent compared to $4.1 billion in the fourth quarter of 2014.  Textron segment profit in the quarter was $378 million, down $20 million from the fourth quarter of 2014. Fourth quarter manufacturing cash flow before pension contributions was $534 million compared to $449 million during last year’s fourth quarter.

 

“We had good execution in the quarter with margin improvements at Aviation, Systems and Industrial and solid double digit margins at Bell,” said Textron Chairman and CEO Scott C. Donnelly. “While overall revenues were down in the quarter, we were encouraged by continued strong demand at Industrial, the ramp-up of our new Latitude business jet and the positive customer reception to our new Longitude and Hemisphere jets announced during November’s National Business Aviation Association Exhibition.”

 

Full-year income from continuing operations was $2.50 per share, compared to $2.15 in 2014. Full-year 2015 manufacturing cash flow before pension contributions was $631 million compared to $753 million in 2014.

 

Outlook

 

Textron is forecasting 2016 revenues of approximately $14.3 billion, up six percent, and earnings per share from continuing operations in the range of $2.60 to $2.80.  The company is estimating cash flow from continuing operations of the manufacturing group before pension contributions will be between $600 and $700 million with planned pension contributions of about $60 million.

 

Donnelly continued, “Our outlook for 2016 reflects the success of our strategy of investing in both new product development and acquisitions. As we look to the future, we remain committed to making investments to drive growth and shareholder value.”

 


The following information was filed by Textron Inc (TXT) on Wednesday, January 27, 2016 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.

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