Textron Inc (TXT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Exhibit 99.1

Textron Reports Strong Fourth Quarter
Manufacturing Operating Results and Cash Flow

Records Mark-to-Market Adjustment for Golf Mortgage Receivables and

Charge for Organizational Streamlining at Textron Systems

Initiates 2012 EPS Outlook at $1.80 - $2.00

Providence, Rhode Island — January 25, 2012

This year’s fourth quarter result included $0.55 in charges, consisting of a $0.41 per share mark-to-market adjustment at the Finance Segment to reflect the transfer to the held for sale classification of the remainder of the Golf Mortgage portfolio, a $0.14 per share loss associated with convertible note repurchases, $0.13 per share in the Textron Systems segment for intangible asset impairment and severance costs and a $0.13 per share gain related to the payment of a note receivable from the 2008 sale of the company’s Fluid & Power business.

Excluding the items described above, fourth quarter 2011 adjusted earnings per share from continuing operations were $0.49 per share and full-year 2011 earnings per share from continuing operations were $1.31 per share.

Total revenues in the quarter were $3.3 billion, up 4.1% from the fourth quarter of 2010, led by manufacturing revenues, which were up 4.6%.

Full-year manufacturing cash flow before pension contributions was $1.0 billion compared to $759 million last year.  The company contributed $421 million to its pension plans during the fourth quarter, bringing full-year contributions to $642 million. Textron’s consolidated net debt ended the year at $3.5 billion, down $1.5 billion from the end of last year.

At the end of the fourth quarter, as part of its continuing strategy to orderly liquidate its non-captive finance business, the company transferred the remainder of its Golf Mortgage portfolio to held for sale status and recorded a pretax charge of $186 million to reflect the current fair value of