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Textron 2016 Annual Report 1 Fellow Shareholders

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Textron 2016 Annual Report 1 Fellow Shareholders 2016 ANNUAL REPORT 2016 ANNUAL REPORT Textron’s Diverse Product Portfolio Textron is known around the world for its powerful brands of aircraft, defense and industrial products that provide customers with groundbreaking technologies, innovative solutions and first-class service. TEXTRON AVIATION BELL HELICOPTER INDUSTRIAL TEXTRON SYSTEMS Citation Longitude® Bell Boeing V-22 Osprey Jacobsen LF577 Fairway Mower Ship to Shore Connector (SSC) Citation Latitude® Bell AH-1Z Greenlee® GorillaTM Press TRU Level D Full Flight Simulator Textron AirLand ScorpionTM Bell 525 Relentless Sherman + Reilly Bullwheel Tensioner Lycoming Race Engines Beechcraft® King Air® 350i Bell 505 Jet Ranger X E-Z-GO Freedom® TXT® Shadow® M2 Beechcraft T-6 Military Trainer Bell 429WLG Textron Off Road StampedeTM Fury® Precision Guided Munition Cessna® Grand Caravan® EX Bell 407GXP Premier Deicer COMMANDOTM Elite Textron’s Global Network of Businesses TEXTRON AVIATION BELL HELICOPTER INDUSTRIAL TEXTRON SYSTEMS FINANCE Textron Aviation is home Bell Helicopter is one Our Industrial segment Textron Systems’ Our Finance segment, to the Beechcraft®, of the leading suppliers offers three main businesses provide operated by Textron Cessna® and Hawker® of helicopters and product lines: fuel innovative solutions to Financial Corporation aircraft brands and related spare parts and systems and functional the defense, aerospace (TFC), is a commercial continues to be a leader services in the world. components produced and general aviation finance business that in general aviation Bell is the pioneer by Kautex; specialized markets. Product lines provides financing through two principal of the revolutionary vehicles and equipment, include unmanned solutions for purchasers lines of business: aircraft tiltrotor aircraft and such as golf cars, systems, armored of Textron products, sales and aftermarket. has delivered more utility vehicles and vehicles, advanced primarily Textron Aircraft sales include than 35,000 aircraft to professional mowers, marine craft and Aviation aircraft and Bell business jet, turboprop customers around the manufactured by surveillance systems, helicopters. For more and piston aircraft, as world. Greater than Textron Specialized intelligence software than five decades, TFC well as special mission 29% of all helicopters Vehicles businesses; solutions, piston has played a key role and military aircraft. in operation today carry and tools and test engines, simulation, for Textron customers Aftermarket includes the Bell brand, including equipment made by the training and other around the globe. commercial parts sales, both military and Textron Tools & Test defense and aviation maintenance, inspection commercial applications. companies. mission support and repair services. products and services. Selected Year-Over-Year Financial Data (Dollars in Millions, Except Per Share Amounts) 2016 2015 Total Revenues $13,788 $13,423 Total Segment Profit 1,309 1,255 Income from Continuing Operations1 843 698 PER SHARE OF COMMON STOCK Common Stock Price: High $ 49.82 $ 46.93 Low 30.69 32.20 Year-End 48.56 42.01 Diluted Earnings from Continuing Operations1 3.09 2.50 COMMON SHARES OUTSTANDING (In Thousands) Diluted Average 272,365 278,727 Year-End 270,287 274,228 FINANCIAL POSITION Total Assets $15,358 $14,708 Manufacturing Group Debt 2,777 2,697 Finance Group Debt 903 913 Shareholders’ Equity 5,574 4,964 Manufacturing Group Debt-to-Capital (Net of Cash) 23% 26% Manufacturing Group Debt-to-Capital 33% 35% KEY PERFORMANCE METRICS Net Cash Provided by Operating Activities of Continuing Operations for Manufacturing Group—GAAP $ 988 $ 1,038 Manufacturing Cash Flow Before Pension Contributions—Non-GAAP2 573 631 1. For 2016, Income from continuing operations and Diluted earnings from continuing operations include special charges, net of income taxes, and a significant multi-year income tax settlement. See page immediately preceding Form 10-K for additional information. 2. Manufacturing Cash Flow Before Pension Contributions is a Non-GAAP Measure. See page immediately preceding Form 10-K for Reconciliation to GAAP. Textron 2016 Annual Report 1 Fellow Shareholders, When the Citation Longitude EXECUTING ON OUR STRATEGY FOR GROWTH lifted off from a Wichita In 2016, our businesses kept their focus on our key drivers for growth and execution. Demonstrating its robust airfield for its first test flight product pipeline, Textron Aviation made progress with its new Citation family of business jets: the Citation Latitude on October 8, it marked had its first full year of sales, receiving a strong customer response; the Citation Longitude, in addition to making its more than the first flight of first flight, had a second aircraft enter into the test program less than a month later; and the Citation Hemisphere a new aircraft. It was one continued making progress in its development phase. Scott C. Donnelly At Bell Helicopter, the challenging commercial helicopter of the many milestones Chairman and Chief Executive Officer market resulted in fewer helicopter deliveries than the representative of our previous year, but the business remained focused on the long term with new product development. The Bell 505 strategy for growth and Jet Ranger X received type certification in December from Transport Canada Civil Aviation, a critical step for emblematic of our progress as a company. deliveries of this highly anticipated short, light, single- From the development and launch of engine helicopter set to begin in early 2017. On the military side, the Bell V-280 Valor tiltrotor progressed exciting new products to the enhancement toward its scheduled first flight in 2017, and there were new orders for Bell UH-1Y Venom utility and AH-1Z Viper of customer support programs and the attack helicopters. Even as our U.S. military customers faced budgetary strategic acquisition of new businesses, constraints, Textron Systems realized successes on we attained a number of significant goals both the domestic and international fronts. Our Marine & Land Systems business received a foreign military sales in 2016. This resulted in 2016 revenues of contract from Iraq and Colombia for 60 COMMANDO Select vehicles and an order for five additional Ship to $13.8 billion, up 3% from the previous year, Shore Connectors; our Unmanned Systems business received a contract for an additional 24 Shadow V2 Tactical and a segment profit of $1.3 billion with a Unmanned Aircraft Systems (TUAS) upgrades; our Support Solutions business won a $206 million contract from the profit margin of 9.5%. U.S. Army to sustain the Shadow TUAS; and our Electronic Systems business won several contracts for testing equipment and testing stations. Marine & Land Systems also began deliveries of the Tactical Armoured Patrol Vehicle to the Canadian Army. A YEAR OF EXPANSION AND INNOVATION JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Able Engineering & Component Textron Off Road StampedeTM Bell V-280 Valor wing and Services acquired introduced fuselage mated TRU awarded Boeing 777X Airborne Tactical Advantage Premier Engineering & flight simulator contract Company acquired Manufacturing acquired 2 Textron 2016 Annual Report TOTAL REVENUE BY SEGMENT Our Industrial segment launched new products and won TEXTRON AVIATION business both in the U.S. and abroad. Textron Specialized INDUSTRIAL 27 Vehicles expanded its ground support equipment business BELL 2 with two acquisitions and added several new off-road TEXTRON SYSTEMS powersports vehicles to its product lineup. Kautex secured new automotive fuel systems business with Ford, Toyota FINANCE and BMW. WINNING NEW BUSINESS AND DELIVERING FOR CUSTOMERS With 34 facilities in 16 countries and innovative automotive With its entry into service in September 2015 and a full year products like its Selective Catalytic Reduction (SCR) of deliveries in 2016, the Citation Latitude demonstrated the system, Kautex continued to win new business around the importance of new products to our company. Customers world. Ford selected Kautex’s SCR system for its Mondeo, around the world embraced the reliability, efficiency and Kuga and Focus models in Europe, while BMW announced total ownership value of this mid-size business jet. NetJets, it will use Kautex fuel tanks for its 1 Series vehicles globally US 2 a longtime Textron Aviation customer, announced in June beginning in 2019. With these contracts, Kautex is now EUROPE 4 that it was adding up to 50 units to its initial Latitude order, the supplier for all of Ford’s Gen 3 SCR tank and filler ASIA PACIFIC 7 bringing its total order and options to up to 200 aircraft business in Europe and, from 2019 onward, for all vehicles based on customer reception to this exciting new aircraft. on BMW’s UKL platform, which encompassesLATIN AND SOUTH its AMERICA 1 and 2 7 CANADA 5 TRU Simulation + Training demonstrated its global reach, Series as well as its X1, X2 and Mini series of vehicles. MIDDLE EAST 4 securing contracts with Air Arabia, Avianca, China Express, AFRICA Qingdao Airlines, Finnair Flight Academy, and the Flight MILESTONES FOR NEW PRODUCTS AND CUSTOMER SERVICE Simulation Technique Centre in India. Working with Bell Knowing that new products drive customer interest Helicopter, TRU developed and installed its first Bell 429 and sales, we made progress on several new product full flight simulator at the Bell Helicopter Training Academy development programs in 2016. In addition to flying two in Valencia, Spain. TRU continued to grow
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