Textron Inc (TXT) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 30, 2019

Exhibit 99.1

Textron Reports First Quarter 2019 Results

·                  EPS of $0.76, up 5.6% year over year

·                  Segment profit of $294 million, up 5.4% from prior year

·                  Operating margin of 9.5%, up from 8.5% a year ago

·                  $202 million returned to shareholders through share repurchases

Providence, Rhode Island — April 17, 2019 —

“Our results in the quarter were driven by growth and performance at Aviation and continued strong execution at Bell, which resulted in significant margin improvements at those segments,” said Textron Chairman and CEO Scott C. Donnelly.

Cash Flow

Net cash used by operating activities of the manufacturing group for the first quarter totaled $196 million, compared to $53 million of net cash used 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, reflected a use of cash of $291 million compared to a use of cash of $158 million last year.

In the quarter, Textron returned $202 million to shareholders through share repurchases.

Outlook

Textron confirmed its 2019 earnings per share from continuing operations guidance of $3.55 to $3.75 and its expectation for cash flow from continuing operations of the manufacturing group before pension contributions of $700 to $800 million with planned pension contributions of about $50 million.

Donnelly continued, “The company remains on track for a strong 2019 as we continue our focus on operational improvement and earnings growth.”

First Quarter Segment Results

Textron Aviation

Revenues at Textron Aviation of $1.1 billion were up 12%, primarily due to higher volume and mix across the jet and commercial turboprop product lines.

Textron Aviation delivered 44 jets, up from 36 last year, and 44 commercial turboprops, up from 29 last year.

Segment profit was $106 million in the first quarter, up from $72 million a year ago, due to the higher volume and favorable performance.