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Corporate Communications Department
Textron Reports Second Quarter 2018 Income from Continuing Operations of $0.87 per Share; Raises Full-Year EPS and Cash Guidance
· Income from continuing operations of $0.87 per share
· Segment profit $346 million
· Operating margin of 9.3%, up from 8.2% a year ago
· $571 million returned to shareholders through share repurchases
· Full-year EPS guidance increased to $3.15 - $3.35 per share, up $0.20
· Full-year cash flow guidance increased to $750 - $850 million, up $50 million
Providence, Rhode Island July 18, 2018 Textron Inc. (NYSE: TXT) today reported second quarter 2018 income from continuing operations of $0.87 per share. This compares to $0.57 per share in the second quarter of 2017, or $0.60 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.
Operationally, we saw continued strength in our execution with margin improvements at Aviation, Systems, and Bell, said Textron Chairman and CEO Scott C. Donnelly. We are encouraged by revenue growth resulting from improving commercial demand across many of our end markets.
Net cash provided by operating activities of continuing operations of the manufacturing group for the second quarter totaled $468 million, compared to $413 million in last years second 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 $399 million compared to $341 million during last years second quarter.
In the quarter, Textron returned $571 million to shareholders through share repurchases, compared to $143 million in the second quarter of 2017.
Textron now expects 2018 earnings per share from continuing operations to be in a range of $3.15 to $3.35, up $0.20 from our previous outlook. The company also expects full-year 2018 cash flow from continuing operations of the manufacturing group before pension contributions to be in a range of $750 to $850 million, up $50 million from its previous expectation.
Textron expects a one-time gain of approximately $400 million from the Tools & Test divestiture in the third quarter of 2018, which is not reflected in this updated outlook.
Our updated outlook reflects our strong first-half performance and the continuation of our strategy of growth through new product investments and acquisitions to increase long-term shareholder value, Donnelly concluded.
The following information was filed by Textron Inc (TXT) on Wednesday, July 18, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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