Exhibit 99.1

 

 

 

 

 

 

Corporate Communications Department

 

 

NEWS Release

 

 

 

Textron Reports Second Quarter 2019 Results; Raises Full-Year EPS Outlook

 

·                  EPS of $0.93, up 7% from a year ago

·                  Operating margin of 10.5%, up from 9.3% a year ago

·                  $159 million returned to shareholders through share repurchases

·                  Full-year EPS guidance raised to $3.65 - $3.85 per share, up $0.10

 

Providence, Rhode Island — July 17, 2019 —

Textron Inc. (NYSE: TXT) today reported second quarter 2019 net income of $0.93 per share, compared to $0.87 per share in the second quarter of 2018.

 

“Operationally, we continued to have solid margin performance across our businesses with improvements in the quarter at Aviation and Industrial, and we remain on track for growth in the second half of the year,” said Textron Chairman and CEO Scott C. Donnelly.

 

Cash Flow

 

Net cash provided by operating activities of the manufacturing group for the second quarter totaled $163 million, compared to $468 million in last year’s second 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 $102 million compared to $399 million last year.

 

In the quarter, Textron returned $159 million to shareholders through share repurchases.

 

Outlook

 

Textron now expects 2019 earnings per share from continuing operations to be in a range of $3.65 to $3.85, up $0.10 from our previous outlook. Textron reiterated 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, “We remain on target for a strong 2019 as we continue our focus on execution and earnings growth through the balance of the year.”

 

Second Quarter Segment Results

 

Textron Aviation

 

Revenues at Textron Aviation of $1.1 billion were down $153 million from last year’s second quarter, primarily due to lower volume and mix across the commercial turboprop and defense product lines.

 

Textron Aviation delivered 46 jets, down from 48 last year, and 34 commercial turboprops, down from 47 last year.

 


The following information was filed by Textron Inc (TXT) on Wednesday, July 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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