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Corporate Communications Department
Textron Reports Third Quarter 2019 Results
|·||EPS of $0.95, up 56% from adjusted EPS a year ago|
|·||Operating margin of 9.1%, up from 7.7% a year ago|
|·||$109 million returned to shareholders through share repurchases|
|·||Full-year EPS guidance narrowed to a range of $3.70 to $3.80|
|·||Full-year cash flow guidance revised to a range of $600 to $700 million|
Providence, Rhode Island – October 17, 2019 – Textron Inc. (NYSE: TXT) today reported third quarter 2019 net income of $0.95 per share, compared to $0.61 per share last year of adjusted net income, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, or net income of $2.26 per share in the third quarter of 2018, which included the gain on the sale of the Tools & Test product line of $1.65 per share.
“Revenues were higher in the quarter primarily driven by Textron Aviation and Industrial, and we continued to have good execution with solid margin performance across our businesses,” said Textron Chairman and CEO Scott C. Donnelly.
Net cash provided by operating activities of the manufacturing group for the third quarter totaled $238 million, compared to $319 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 $181 million compared to $259 million last year.
In the quarter, Textron returned $109 million to shareholders through share repurchases.
Textron now expects 2019 earnings per share to be in a range of $3.70 to $3.80.
The company revised its expectation for manufacturing cash flow before pension contributions to $600 to $700 million, from $700 to $800 million. Expected pension contributions remain at about $50 million.
Third Quarter Segment Results
Revenues at Textron Aviation of $1.2 billion were up $68 million from last year’s third quarter, primarily due to higher jet and aftermarket volume, partially offset by lower defense volume.
Textron Aviation delivered 45 jets, up from 41 last year, and 39 commercial turboprops, down from 43 last year.
Segment profit was $104 million in the third quarter, up $5 million from a year ago due to the higher volume and mix and favorable performance, partially offset by higher net inflation.
The following information was filed by Textron Inc (TXT) on Thursday, October 17, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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