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Textron Inc (TXT) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 29, 2018

Textron Inc

CIK: 217346 Ticker: TXT

Exhibit 99.1

 

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 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 $259 million compared to $281 million during last year’s 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.

 


The following information was filed by Textron Inc (TXT) on Thursday, October 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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Inside Textron Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accounts Receivable And Finance Receivables
Accounts Receivable And Finance Receivables (Tables)
Accounts Receivable And Finance Receivables - Accounts Receivable (Details)
Accounts Receivable And Finance Receivables - Allowance For Losses On Finance Receivables On An Individual And On A Collective Basis (Details)
Accounts Receivable And Finance Receivables - Finance Receivables (Details)
Accounts Receivable And Finance Receivables - Finance Receivables By Delinquency Aging Category (Details)
Accounts Receivable And Finance Receivables - Finance Receivables Categorized Based On Credit Quality Indicators (Details)
Accounts Receivable And Finance Receivables - Summary Of Impaired Finance Receivables, Excluding Leveraged Leases, And The Average Recorded Investment (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Business Disposition
Business Disposition (Details)
Business Disposition (Tables)
Commitments And Contingencies
Derivative Instruments And Fair Value Measurements
Derivative Instruments And Fair Value Measurements (Tables)
Derivative Instruments And Fair Value Measurements - Assets And Liabilities Not Recorded At Fair Value (Details)
Derivative Instruments And Fair Value Measurements - Assets And Liabilities Recorded At Fair Value On A Recurring Basis (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Net Periodic Benefit Cost (Details)
Revenues
Revenues (Details)
Revenues (Tables)
Revenues - Contract Assets And Liabilities (Details)
Revenues - Reconciliation Of Asc 606 To Prior Accounting Standards (Details)
Revenues - Remaining Performance Obligations &Amp; Revenue Expected To Be Recognized (Details)
Revenues - Remaining Performance Obligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Operating And Reportable Segments (Details)
Segment Information - Reconciliation Of Segment Profit To Income From Continuing Operations Before Income Taxes (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Shareholders' Equity (Tables)
Shareholders' Equity - Before And After-Tax Components Of Other Comprehensive Income (Details)
Shareholders' Equity - Components Of Accumulated Other Comprehensive Loss (Details)
Special Charges
Special Charges (Tables)
Special Charges - Restructuring Plans And Special Charges (Details)
Special Charges - Restructuring Reserve Activity And Total Expected Cash Outlay (Details)
Summary Of Significant Accounting Policies Update
Summary Of Significant Accounting Policies Update (Policies)
Summary Of Significant Accounting Policies Update - Asu 2014-09 (Details)
Summary Of Significant Accounting Policies Update - Contracts Accounted For Under Cumulative Catch-Up Method (Details)
Summary Of Significant Accounting Policies Update - Information Regarding Significant Accounting Policies (Details)
Warranty Liability
Warranty Liability (Details)
Warranty Liability (Tables)
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

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