Textron Inc (TXT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 4, 2020

Home SEC Filings Textron Inc (TXT) 10-K Annual Report Tue Feb 25 2020

Exhibit 99.1

 

 

 

Corporate Communications Department

NEWS Release

 

 

Textron Reports Fourth Quarter 2019 Results; Announces 2020 Financial Outlook

 

 

•Revenue growth of $285 million, up 7.6% from prior year
•The new Citation Longitude enters service with 13 aircraft deliveries in the quarter
•EPS of $0.87; adjusted EPS of $1.11, excluding fourth quarter special charges
•2020 full-year EPS outlook of $3.50 - $3.70

 

 

Providence, Rhode Island – January 29, 2020 –

Textron Inc. (NYSE: TXT) today reported fourth quarter 2019 net income of $0.87 per share. Adjusted net income, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.11 per share for the fourth quarter of 2019, compared to $1.15 per share in the fourth quarter of 2018. Adjusted net income for 2019 excludes $72 million of pre-tax special charges ($0.24 per share, after-tax) recorded in the fourth quarter, primarily related to restructuring activities announced in December 2019.

 

Full-year 2019 net income was $3.50 per share. Full-year 2019 adjusted net income, a non-GAAP measure, was $3.74 per share, up from $3.34 in 2018.

 

“Textron Aviation saw double digit revenue growth in the quarter driven largely by initial deliveries of our new Citation Longitude, reflecting our continued investment in new products,” said Textron Chairman and CEO Scott C. Donnelly. “We also saw growth from strong commercial volume at Bell.”

 

Cash Flow

 

Net cash provided by operating activities of continuing operations of the manufacturing group for the full year was $960 million, compared to $1,127 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 $642 million compared to $784 million last year.

 

For the full year, Textron returned $503 million to shareholders through share repurchases.

 

Outlook

 

Textron is forecasting 2020 revenues of approximately $14 billion, up from $13.6 billion. Textron expects full-year 2020 earnings per share will be in the range of $3.50 to $3.70.

 

The company is estimating net cash provided by operating activities of continuing operations of the manufacturing group will be between $1,010 million and $1,110 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 Wednesday, January 29, 2020 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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Ticker: TXT
CIK: 217346
Form Type: 10-K Annual Report
Accession Number: 0001104659-20-024773
Submitted to the SEC: Tue Feb 25 2020 4:11:56 PM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Saturday, January 4, 2020
Industry: Aircraft And Parts

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