Exhibit 99.1

 

 

Corporate Communications Department

NEWS Release

 

Textron Reports Fourth Quarter 2018 Results; Announces 2019 Financial Outlook

 

·                  EPS from continuing operations of $1.02; adjusted EPS of $1.15

·                  Segment profit of $397 million up 10.3% from prior year

·                  Operating margin of 10.6%, up from 9.0% a year ago

·                  $400 million returned to shareholders through share repurchases

·                  2019 full-year EPS outlook of $3.55 - $3.75

 

Providence, Rhode Island — January 24, 2019 —

Textron Inc. (NYSE: TXT) today reported fourth quarter 2018 income from continuing operations of $1.02 per share. Adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.15 per share for the fourth quarter of 2018. Adjusted income from continuing operations excludes $73 million of pre-tax special charges recorded in the fourth quarter ($0.23 per share, after-tax), and other favorable one-time adjustments ($0.10 per share, after-tax).

 

Full-year income from continuing operations was $4.83 per share. Full-year adjusted income from continuing operations, a non-GAAP measure, was $3.34 per share, up from $2.45 in 2017.

 

“We had strong execution in both the quarter and full year with significant margin improvements at Aviation, Bell, and Systems” said Textron Chairman and CEO Scott C. Donnelly. “We were also encouraged by the continued strength in new aircraft demand at Aviation.”

 

Cash Flow

 

Net cash provided by operating activities of continuing operations of the manufacturing group for the full year was $1,127 million, compared to $930 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 $784 million compared to $872 million last year.

 

In the quarter, Textron returned $400 million to shareholders through share repurchases, compared to $131 million in the fourth quarter of 2017. For the full year, Textron returned $1.8 billion to shareholders through share repurchases, including $797 million of proceeds from the sale of our Tools & Test businesses, compared to $582 million in 2017.

 

Outlook

 

Textron is forecasting 2019 revenues of approximately $14 billion, about flat with last year. Textron expects full-year 2019 earnings per share from continuing operations will be in the range of $3.55 to $3.75.

 

The company is estimating net cash provided by operating activities of continuing operations of the manufacturing group will be between $1,020 million and $1,120 million and manufacturing cash flow before pension contributions (a non-GAAP measure) will be between $700 million and $800 million, with planned pension contributions of about $50 million.

 


The following information was filed by Textron Inc (TXT) on Thursday, January 24, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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