Exhibit 99.1

 

 

 

 

Corporate Communications
Department

 

 

NEWS Release

 

Contacts:

 

 

Eric Salander – 401-457-2288

 

FOR IMMEDIATE RELEASE

D’Ante Natili – 401-457-2288

 

 

 

 

 

Media Contact:

 

 

David Sylvestre – 401-457-2362

 

 

 

Textron Reports Third Quarter 2017 Results;

Updates Full-Year EPS Range and Raises Cash Flow Guidance

 

Providence, Rhode Island – October 19, 2017 – Textron Inc. (NYSE: TXT) today reported third quarter 2017 income from continuing operations of $0.60 per share or $0.65 per share of adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, compared to $1.10 per share or $0.61 per share (non-GAAP) of adjusted income from continuing operations in the third quarter of 2016. During this year’s third quarter, the company recorded $25 million of pre-tax special charges ($0.05 per share, after-tax).

 

Revenues in the quarter were $3.5 billion, up 7.2 percent from the third quarter of 2016. Textron segment profit in the quarter was $295 million, down $15 million from the third quarter of 2016.

 

“Growth in the third quarter was the result of strong commercial demand at Bell, increased deliveries at Textron Systems and higher revenues at Industrial due to the acquisition of Arctic Cat,” said Textron Chairman and CEO Scott C. Donnelly.

 

Cash Flow

 

Net cash provided by operating activities of continuing operations of the manufacturing group for the third quarter totaled $100 million, compared to $178 million in last year’s third quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, totaled $279 million compared to $94 million during last year’s third quarter. The company contributed $311 million to its pension plans during the quarter.

 

The company is increasing its expected full-year manufacturing cash flow before pension contributions (a non-GAAP measure) by $150 million to a range of $800 to $900 million. With expected pension contributions of about $355 million, net cash provided by operating activities of continuing operations of the manufacturing group is now expected to be in a range of $895 million to $995 million.

 



 

Earnings Outlook

 

Textron expects full-year 2017 GAAP earnings per share from continuing operations will be in the range of $2.20 to $2.30, or $2.40 to $2.50 on an adjusted basis (non-GAAP), which is reconciled to GAAP in an attachment to this release.

 

Third Quarter Segment Results

 

Textron Aviation

 

Revenues at Textron Aviation were down $44 million, as Textron Aviation delivered 41 new Citation jets, flat with last year, 24 King Air turboprops compared to 29 in last year’s third quarter, and 5 Beechcraft T-6 trainers, down from 8 last year.

 

Textron Aviation recorded a segment profit of $93 million in the third quarter compared to $100 million a year ago, due to unfavorable performance and lower volume and mix, partially offset by a favorable impact from pricing.

 

Textron Aviation backlog at the end of the third quarter was $1.2 billion, up $142 million from the end of the second quarter.

 

Bell

 

Bell revenues were up $78 million, as Bell delivered 39 commercial helicopters, up from 25 units last year, 8 H-1’s, flat with last year, and 5 V-22’s, down from 6 in last year’s third quarter.

 

Segment profit was up $9 million primarily due to a favorable impact from performance and other.

 

Bell backlog at the end of the third quarter was $5.0 billion, down $413 million from the end of the second quarter.

 

Textron Systems

 

Revenues at Textron Systems were up $45 million, primarily due to higher volume in the Marine and Land Systems product line, partially offset by lower volume in the Weapons and Sensors product line.

 

Segment profit was down $4 million.

 

Textron Systems’ backlog at the end of the third quarter was $1.5 billion, down $85 million from the end of the second quarter.

 

Industrial

 

Industrial revenues increased $156 million largely due to the impact of the Arctic Cat acquisition.

 

Segment profit was down $17 million due to unfavorable volume and mix, pricing and inflation.

 

Finance

 

Finance segment revenues decreased $2 million and segment profit increased $4 million.

 

2



 

Conference Call Information

 

Textron will also host a conference call today, October 19, 2017 at 8:00 a.m. (Eastern) to discuss the results and the company’s outlook.  The call will be available via webcast at www.textron.com or by direct dial at (877) 209-9921 in the U.S. or (612) 332-0107 outside of the U.S. (request the Textron Earnings Call).

 

In addition, the call will be recorded and available for playback beginning at 10:30 a.m. (Eastern) on Thursday, October 19, 2017 by dialing (320) 365-3844; Access Code:  408728.

 

A package containing key data that will be covered on today’s call can be found in the Investor Relations section of the company’s website at www.textron.com.

 

About Textron Inc.

 

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Off Road, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information visit: www.textron.com.

 

###

 

Forward-looking Information

 

Certain statements in this release and other oral and written statements made by us from time to time are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may describe strategies, goals, outlook or other non-historical matters, or project revenues, income, returns or other financial measures, often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “guidance,” “project,” “target,” “potential,” “will,” “should,” “could,” “likely” or “may” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.  In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: Interruptions in the U.S. Government’s ability to fund its activities and/or pay its obligations; changing priorities or reductions in the U.S. Government defense budget, including those related to military operations in foreign countries; our ability to perform as anticipated and to control costs under contracts with the U.S. Government; the U.S. Government’s ability to unilaterally modify or terminate its contracts with us for the U.S. Government’s convenience or for our failure to perform, to change applicable procurement and accounting policies, or, under certain circumstances, to withhold payment or suspend or debar us as a contractor eligible to receive future contract awards; changes in foreign military funding priorities or budget constraints and determinations, or changes in government regulations or policies on the export and import of military and commercial products; volatility in the global economy or changes in worldwide political conditions that adversely impact demand for our products; volatility in interest rates or foreign exchange rates; risks related to our international business, including establishing and maintaining facilities in locations around the world and relying

 

3



 

on joint venture partners, subcontractors, suppliers, representatives, consultants and other business partners in connection with international business, including in emerging market countries; our Finance segment’s ability to maintain portfolio credit quality or to realize full value of receivables; performance issues with key suppliers or subcontractors; legislative or regulatory actions, both domestic and foreign, impacting our operations or demand for our products; our ability to control costs and successfully implement various cost-reduction activities; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; pension plan assumptions and future contributions; demand softness or volatility in the markets in which we do business; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or, operational disruption; difficulty or unanticipated expenses in connection with integrating acquired businesses; and the risk that acquisitions do not perform as planned, including, for example, the risk that acquired businesses will not achieve revenue and profit projections.

 

4



 

TEXTRON INC.
Revenues by Segment and Reconciliation of Segment Profit to Net Income
(Dollars in millions, except per share amounts)
(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,
2017

 

October 1,
2016

 

September 30,
2017

 

October 1,
2016

 

REVENUES

 

 

 

 

 

 

 

 

 

MANUFACTURING:

 

 

 

 

 

 

 

 

 

Textron Aviation

 

$

1,154

 

$

1,198

 

$

3,295

 

$

3,485

 

Bell

 

812

 

734

 

2,334

 

2,352

 

Textron Systems

 

458

 

413

 

1,351

 

1,224

 

Industrial

 

1,042

 

886

 

3,147

 

2,842

 

 

 

3,466

 

3,231

 

10,127

 

9,903

 

 

 

 

 

 

 

 

 

 

 

FINANCE

 

18

 

20

 

54

 

60

 

Total revenues

 

$

3,484

 

$

3,251

 

$

10,181

 

$

9,963

 

 

 

 

 

 

 

 

 

 

 

SEGMENT PROFIT

 

 

 

 

 

 

 

 

 

MANUFACTURING:

 

 

 

 

 

 

 

 

 

Textron Aviation

 

$

93

 

$

100

 

$

183

 

$

254

 

Bell

 

106

 

97

 

301

 

260

 

Textron Systems

 

40

 

44

 

102

 

133

 

Industrial

 

49

 

66

 

207

 

256

 

 

 

288

 

307

 

793

 

903

 

 

 

 

 

 

 

 

 

 

 

FINANCE

 

7

 

3

 

16

 

15

 

Segment Profit

 

295

 

310

 

809

 

918

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses and other, net

 

(30

)

(53

)

(88

)

(116

)

Interest expense, net for Manufacturing group

 

(37

)

(35

)

(107

)

(105

)

Special charges (a)

 

(25

)

(115

)

(75

)

(115

)

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

203

 

107

 

539

 

582

 

Income tax benefit (expense) (b) 

 

(44

)

192

 

(127

)

46

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

159

 

299

 

412

 

628

 

Discontinued operations, net of income taxes (b)

 

 

122

 

1

 

120

 

Net income

 

$

159

 

$

421

 

$

413

 

$

748

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.60

 

$

1.10

 

$

1.53

 

$

2.31

 

Discontinued operations, net of income taxes

 

 

0.45

 

 

0.44

 

Net income

 

$

0.60

 

$

1.55

 

$

1.53

 

$

2.75

 

 

 

 

 

 

 

 

 

 

 

Diluted average shares outstanding

 

266,989,000

 

272,099,000

 

269,734,000

 

272,051,000

 

 

Income from Continuing Operations and Diluted Earnings Per Share (EPS) GAAP to Non-GAAP Reconciliation:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,
2017

 

October 1,
2016

 

September 30,
2017

 

October 1,
2016

 

Income from continuing operations - GAAP

 

$

159

 

$

299

 

$

412

 

$

628

 

Restructuring, net of taxes of $6 million, $42 million,
$15 million and $42 million, respectively

 

9

 

73

 

27

 

73

 

Arctic Cat restructuring, integration and transaction costs,
net of taxes of $4 million and $11 million, respectively

 

6

 

 

22

 

 

Income tax settlement

 

 

(206

)

 

(206

)

Total Special charges, net of income taxes

 

15

 

(133

)

49

 

(133

)

Adjusted income from continuing operations - Non-GAAP (c)

 

$

174

 

$

166

 

$

461

 

$

495

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations - GAAP

 

$

0.60

 

$

1.10

 

$

1.53

 

$

2.31

 

Restructuring, net of taxes

 

0.03

 

0.27

 

0.10

 

0.27

 

Arctic Cat restructuring, integration and transaction costs, net of taxes

0.02

 

 

0.08

 

 

Income tax settlement

 

 

(0.76

)

 

(0.76

)

Total Special charges, net of income taxes

 

0.05

 

(0.49

)

0.18

 

(0.49

)

Adjusted income from continuing operations - Non-GAAP (c)

 

$

0.65

 

$

0.61

 

$

1.71

 

$

1.82

 

 


(a)         During 2016, we initiated a plan to restructure and realign our businesses by implementing headcount reductions, facility consolidations and other actions in order to improve overall operating efficiency across Textron.  In connection with this plan, we recorded Special charges of $15 million and $42 million in the three and nine months ended September 30, 2017, respectively, and $115 million in both the three and nine months ended October 1, 2016.  In addition, we recorded Special charges of $10 million and $33 million in the three and nine months ended September 30, 2017, respectively, related to the Arctic Cat acquisition, which included restructuring and integration and transaction costs.

 

(b)         The three and nine months ended October 1, 2016 include an income tax benefit of $319 million, inclusive of interest, of which $206 million is attributable to continuing operations and $113 million is attributable to discontinued operations.  This benefit is a result of the final settlement with the Internal Revenue Service Office of Appeals for our 1998 to 2008 tax years.

 

(c)          Adjusted income from continuing operations and adjusted diluted earnings per share are non-GAAP financial measures as defined in “Non-GAAP Financial Measures” attached to this release.

 



 

Textron Inc.

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

 

 

 

September 30,
2017

 

December 31,
2016

 

Assets

 

 

 

 

 

Cash and equivalents

 

$

1,104

 

$

1,137

 

Accounts receivable, net

 

1,344

 

1,064

 

Inventories

 

4,518

 

4,464

 

Other current assets

 

408

 

388

 

Net property, plant and equipment

 

2,701

 

2,581

 

Goodwill

 

2,354

 

2,113

 

Other assets

 

2,269

 

2,331

 

Finance group assets

 

1,177

 

1,280

 

Total Assets

 

$

15,875

 

$

15,358

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Short-term debt and current portion of long-term debt

 

$

364

 

$

363

 

Current liabilities

 

3,677

 

3,530

 

Other liabilities

 

1,931

 

2,354

 

Long-term debt

 

3,078

 

2,414

 

Finance group liabilities

 

1,007

 

1,123

 

Total Liabilities

 

10,057

 

9,784

 

 

 

 

 

 

 

Total Shareholders’ Equity

 

5,818

 

5,574

 

Total Liabilities and Shareholders’ Equity

 

$

15,875

 

$

15,358

 

 



 

TEXTRON INC.

MANUFACTURING GROUP

Condensed Schedule of Cash Flows

(In millions)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

October 1,

 

September 30,

 

October 1,

 

 

 

2017

 

2016

 

2017

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

155

 

$

291

 

$

399

 

$

613

 

Depreciation and amortization

 

122

 

105

 

333

 

322

 

Changes in working capital

 

(19

)

(266

)

(244

)

(867

)

Changes in other assets and liabilities and non-cash items

 

(158

)

48

 

(118

)

40

 

Dividends received from TFC

 

 

 

 

29

 

Net cash from operating activities of continuing operations

 

100

 

178

 

370

 

137

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Net cash used in acquisitions

 

(1

)

 

(330

)

(179

)

Capital expenditures

 

(138

)

(99

)

(299

)

(306

)

Proceeds from the sale of property, plant and equipment

 

6

 

3

 

6

 

8

 

Other investing activities, net

 

 

(1

)

1

 

(3

)

Net cash from investing activities

 

(133

)

(97

)

(622

)

(480

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

298

 

 

645

 

345

 

Principal payments on long-term debt

 

 

(251

)

(3

)

(253

)

Increase in short-term debt

 

2

 

98

 

2

 

110

 

Purchases of Textron common stock

 

(122

)

 

(451

)

(215

)

Other financing activities, net

 

8

 

3

 

21

 

4

 

Net cash from financing activities

 

186

 

(150

)

214

 

(9

)

Total cash flows from continuing operations

 

153

 

(69

)

(38

)

(352

)

Total cash flows from discontinued operations

 

(1

)

(1

)

(24

)

(2

)

Effect of exchange rate changes on cash and equivalents

 

14

 

(2

)

29

 

(3

)

Net change in cash and equivalents

 

166

 

(72

)

(33

)

(357

)

Cash and equivalents at beginning of period

 

938

 

661

 

1,137

 

946

 

Cash and equivalents at end of period

 

$

1,104

 

$

589

 

$

1,104

 

$

589

 

 

 

 

 

 

 

 

 

 

 

Manufacturing Cash Flow GAAP to Non-GAAP Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from operating activities of continuing operations - GAAP

 

$

100

 

$

178

 

$

370

 

$

137

 

Less:     Capital expenditures

 

(138

)

(99

)

(299

)

(306

)

             Dividends recieved from TFC

 

 

 

 

(29

)

Plus:     Total pension contributions

 

311

 

12

 

338

 

36

 

             Proceeds from the sale of property, plant and equipment

 

6

 

3

 

6

 

8

 

Manufacturing cash flow before pension contributions- Non-GAAP (a)

 

$

279

 

$

94

 

$

415

 

$

(154

)

 


(a) Manufacturing cash flow before pension contributions is a non-GAAP financial measure as defined in “Non-GAAP Financial Measures” attached to this release.

 



 

TEXTRON INC.

Condensed Consolidated Schedule of Cash Flows

(In millions)

(Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

October 1,

 

September 30,

 

October 1,

 

 

 

2017

 

2016

 

2017

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

159

 

$

299

 

$

412

 

$

628

 

Depreciation and amortization

 

125

 

108

 

343

 

331

 

Changes in working capital

 

(2

)

(280

)

(221

)

(848

)

Changes in other assets and liabilities and non-cash items

 

(163

)

48

 

(126

)

34

 

Net cash from operating activities of continuing operations

 

119

 

175

 

408

 

145

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Net cash used in acquisitions

 

(1

)

 

(330

)

(179

)

Capital expenditures

 

(138

)

(99

)

(299

)

(306

)

Finance receivables repaid

 

3

 

4

 

27

 

40

 

Other investing activities, net

 

14

 

1

 

48

 

53

 

Net cash from investing activities

 

(122

)

(94

)

(554

)

(392

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

307

 

158

 

682

 

520

 

Increase in short-term debt

 

2

 

98

 

2

 

110

 

Principal payments on long-term debt and nonrecourse debt

 

(39

)

(341

)

(116

)

(433

)

Purchases of Textron common stock

 

(122

)

 

(451

)

(215

)

Other financing activities, net

 

7

 

3

 

20

 

4

 

Net cash from financing activities

 

155

 

(82

)

137

 

(14

)

Total cash flows from continuing operations

 

152

 

(1

)

(9

)

(261

)

Total cash flows from discontinued operations

 

(1

)

(1

)

(24

)

(2

)

Effect of exchange rate changes on cash and equivalents

 

14

 

(2

)

29

 

(3

)

Net change in cash and equivalents

 

165

 

(4

)

(4

)

(266

)

Cash and equivalents at beginning of period

 

1,129

 

743

 

1,298

 

1,005

 

Cash and equivalents at end of period

 

$

1,294

 

$

739

 

$

1,294

 

$

739

 

 



 

TEXTRON INC.

Non-GAAP Financial Measures

(Dollars in millions, except per share amounts)

 

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures.  These non-GAAP financial measures exclude certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations.  We believe that these non-GAAP measures may be useful for period-over-period comparisons of underlying business trends and our ongoing business performance, however, they should be used in conjunction with GAAP measures.  Our non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define similarly named measures differently. We encourage investors to review our financial statements and publicly-filed reports in the entirety and not to rely on any single financial measure.  We utilize the following definitions for the non-GAAP financial measures included in this release:

 

Adjusted income from continuing operations and adjusted diluted earnings per share

Adjusted income from continuing operations and adjusted diluted earnings per share both exclude Special charges, net of income taxes. We consider items recorded in Special charges, net of income taxes, such as enterprise-wide restructuring and acquisition-related restructuring, integration and transaction costs, to be of a non-recurring nature that is not indicative of ongoing operations.

 

Manufacturing cash flow before pension contributions

Manufacturing cash flow before pension contributions adjusts net cash from operating activities of continuing operations (GAAP) for the following:

·                  Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations;

·                  Deducts capital expenditures and includes proceeds from the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations;

·                  Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period and we believe that they are not representative of cash used by our manufacturing operations during the period.

 

While we believe this measure provides a focus on cash generated from manufacturing operations, before pension contributions, and may be used as an additional relevant measure of liquidity, it does not necessarily provide the amount available for discretionary expenditures since we have certain non-discretionary obligations that are not deducted from the measure.

 

Income from Continuing Operations and Diluted Earnings Per Share (EPS) GAAP to Non-GAAP Reconciliation and Outlook:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 
2017

 

October 1, 
2016

 

September 30, 
2017

 

October 1, 
2016

 

Income from continuing operations - GAAP

 

$

159

 

$

299

 

$

412

 

$

628

 

Restructuring, net of taxes of $6 million, $42 million,
$15 million and $42 million, respectively

 

9

 

73

 

27

 

73

 

Arctic Cat restructuring, integration and transaction costs,
net of taxes of $4 million and $11 million, respectively

 

6

 

 

22

 

 

Income tax settlement

 

 

(206

)

 

(206

)

Total Special charges, net of income taxes

 

15

 

(133

)

49

 

(133

)

Adjusted income from continuing operations - Non-GAAP

 

$

174

 

$

166

 

$

461

 

$

495

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations - GAAP

 

$

0.60

 

$

1.10

 

$

1.53

 

$

2.31

 

Restructuring, net of taxes

 

0.03

 

0.27

 

0.10

 

0.27

 

Arctic Cat restructuring, integration and transaction costs, net of taxes

0.02

 

 

0.08

 

 

Income tax settlement

 

 

(0.76

)

 

(0.76

)

Total Special charges, net of income taxes

 

0.05

 

(0.49

)

0.18

 

(0.49

)

Adjusted income from continuing operations - Non-GAAP

 

$

0.65

 

$

0.61

 

$

1.71

 

$

1.82

 

 

 

 

 

 

 

2017 Outlook

 

 

 

 

 

 

 

Diluted EPS

 

Income from continuing operations - GAAP

 

$ 590

-

$ 620

 

$ 2.20

-

$ 2.30

 

Restructuring, net of taxes of $17 million

 

31

 

0.11

 

Arctic Cat restructuring, integration and transaction costs,
net of taxes of $12 million

 

24

 

0.09

 

Total Special charges, net of income taxes

 

55

 

0.20

 

Adjusted income from continuing operations - Non-GAAP

 

$ 645

-

$ 675

 

$ 2.40

-

$ 2.50

 

 

Manufacturing Cash Flow Before Pension Contributions GAAP to Non-GAAP Outlook:

 

 

 

2017 Outlook

 

Net cash from operating activities of continuing operations - GAAP

 

895

-

995

 

Less: Capital expenditures

 

 

(450)

 

 

Plus: Total pension contributions

 

 

355

 

 

Manufacturing cash flow before pension contributions- Non-GAAP

 

800

-

900

 

 


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