Textron Inc (TXT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Exhibit 99.1

 

	Corporate Communications Department	NEWS Release

 

Investor Contacts: Eric Salander — 401-457-2288 D’Ante Natili — 401-457-2288	FOR IMMEDIATE RELEASE
Media Contact: David Sylvestre — 401-457-2362

 

Textron Reports Fourth Quarter 2016 Results; Enters Agreement to
Acquire Arctic Cat Inc.; Announces 2017 Financial Outlook

 

Providence, Rhode Island — January 25, 2017

— Textron Inc. (NYSE: TXT) today reported fourth quarter 2016 income from continuing operations of $0.78 per share compared to $0.81 per share in the fourth quarter of 2015.  During this year’s fourth quarter, the company recorded an $8 million pre-tax restructuring charge ($0.02 per share, after-tax).  Excluding this item, adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $0.80 per share for the fourth quarter of 2016.

 

Revenues in the quarter were $3.8 billion, down 2.5 percent from the fourth quarter of 2015.  Textron segment profit in the quarter was $391 million, up $13 million from the fourth quarter of 2015.

 

“Overall, revenues were down in the quarter but we were encouraged by increasing demand at Industrial and strong operating performance at Bell.” said Textron Chairman and CEO Scott C. Donnelly. “We also completed the first flight of our production Scorpion jet as we continued to ramp investment in this program to position us to compete for opportunities in 2017.”

 

Full-year income from continuing operations was $3.09 per share compared to $2.50 per share last year. Full-year adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $2.62 per share, compared to $2.50 in 2015.

 

Cash Flow

 

Net cash provided by operating activities of continuing operations of the manufacturing group for the full year was $988 million, compared to $1,038 million last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $573 million compared to $631 million last year.