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Corporate Communications Department
NEWS Release
Textron Reports Third Quarter 2018 Results; Narrows Full-Year EPS and Cash Guidance
· $468 million returned to shareholders through share repurchases
· Completed sale of Tools & Test product line
· Full-year adjusted EPS guidance narrowed to $3.20 - $3.30 per share
· Full-year cash flow guidance reaffirmed at $750 - $850 million
Providence, Rhode Island October 18, 2018 Textron Inc. (NYSE: TXT) today reported third quarter 2018 income from continuing operations of $2.26 per share, reflecting the gain on the sale of the Tools & Test product line of $1.65 per share, or $0.61 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. This compares to $0.65 per share of adjusted income from continuing operations in the third quarter of 2017.
Revenues were lower in the quarter, largely reflecting declines at Industrial and Textron Systems, said Textron Chairman and CEO Scott C. Donnelly. Operationally, we achieved margin improvements at Aviation and Bell, reflecting strong execution within those segments.
Cash Flow
Net cash provided by operating activities of continuing operations of the manufacturing group for the third quarter totaled $319 million, compared to $79 million in last years 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 $259 million compared to $281 million during last years third quarter.
In the quarter, Textron returned $468 million to shareholders through share repurchases, compared to $122 million in the third quarter of 2017.
Outlook
Textron now expects full-year 2018 GAAP earnings per share from continuing operations will be in the range of $4.81 to $4.91, or $3.20 to $3.30 on an adjusted basis (non-GAAP), which is reconciled to GAAP in an attachment to this release.
The company reaffirms full-year manufacturing cash flow before pension contributions (a non-GAAP measure) to be in a range of $750 to $850 million.
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Textron Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Segment profit for the Industrial segment decreased $62 million, 30%, in the first nine months of 2018, compared with the first nine months of 2017, largely due to unfavorable performance and other of $25 million and an unfavorable impact of pricing and inflation of $15 million, which were both primarily related to the Textron Specialized Vehicles product line, and the impact from the disposition of our Tools and Test Equipment product line of $13 million.
Segment profit for the Industrial segment decreased $48 million in the third quarter of 2018, compared with the third quarter of 2017, largely due to the unfavorable impact of pricing and inflation of $18 million and unfavorable performance and other of $14 million, which were both primarily related to the Textron Specialized Vehicles product line, and the impact from the disposition of our Tools and Test Equipment product line of $13 million.
New contracts received in excess of revenues recognized totaled $1.9 billion, which primarily reflected an increase of $2.2 billion for Bells portion of a third multi-year V-22 contract for the production and delivery of 58 units along with related supplies and services through 2024.
Bells operating expenses decreased $49 million, 7%, in the third quarter of 2018, compared with the third quarter of 2017, primarily due to improved performance on military programs described below.
Segment profit at Textron Aviation increased $92 million, 50%, in the first nine months of 2018, compared with the first nine months of 2017, primarily due to favorable impact from pricing, net of inflation of $43 million and the impact from higher volume and mix.
Bells segment profit increased $7...Read more
Bells segment profit increased $16...Read more
In the first nine months...Read more
Gross margin as a percentage...Read more
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The decrease in operating expenses...Read more
Finance segment revenues decreased $3...Read more
and pricing, partially offset by...Read more
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Inflation represents higher material, wages,...Read more
The effective tax rate was...Read more
Textron Aviations operating expenses increased...Read more
On April 16, 2018, our...Read more
Textron Systems segment profit increased...Read more
Revenues at Textron Systems decreased...Read more
The effective tax rate was...Read more
Performance reflects an increase or...Read more
Textron Systems segment profit decreased...Read more
Segment profit at Textron Aviation...Read more
The lower volume was primarily...Read more
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Selling and administrative expense decreased...Read more
The net revenue increase included...Read more
The cost-to-cost method generally results...Read more
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The impact from performance and...Read more
The impact of our gross...Read more
Due to the fundamental differences...Read more
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Increases or decreases in profit...Read more
We include estimated amounts in...Read more
Revenues decreased $284 million, 8%,...Read more
Our effective tax rate for...Read more
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Goodwill and Other Intangible Assets...Read more
Bells revenues decreased $42 million,...Read more
Industrial segment revenues decreased $112...Read more
Financing activities in the first...Read more
Management is currently assessing the...Read more
The following table reflects information...Read more
Based on these factors, it...Read more
Our Consolidated Financial Statements are...Read more
Changes in our profit booking...Read more
Operating expenses for the Industrial...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Textron Inc provided additional information to their SEC Filing as exhibits
Ticker: TXT
CIK: 217346
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-18-063918
Submitted to the SEC: Thu Oct 25 2018 2:38:04 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Saturday, September 29, 2018
Industry: Aircraft And Parts