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Investor Fact Book Textron

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Investor Fact Book Textron INVESTOR FACT BOOK TEXTRON Textron Inc. is a $10.5 billion multi-industry company operating in 25 countries with approximately 32,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft, E-Z-GO, Greenlee, Jacobsen, Kautex, Lycoming, Textron Systems and Textron Financial Corporation. Textron Inc. consists of numerous subsidiaries and operating divisions. Please refer to the back cover for legal entity structure. Key Executives Scott C. Donnelly Frank T. Connor Chairman and Executive Vice President and Chief Executive Officer Chief Financial Officer Scott C. Donnelly was named chief executive officer Frank Connor joined Textron as executive vice in December 2009 and chairman of the board in president and chief financial officer in August 2009. September 2010. Donnelly joined Textron as executive Connor came to Textron after a 22-year career at vice president and chief operating officer in June 2008 Goldman, Sachs & Co. where, most recently, he was and was promoted to president in January 2009. Prior managing director and head of Telecom Investment to joining Textron, Donnelly was president and CEO for Banking. Prior to that, he served as Goldman, Sachs & General Electric (GE) Aviation. He also held various Co.’s chief operating officer of Telecom, Technology other management positions since joining GE in 1989. and Media Investment Banking. Jack J. Pelton John L. Garrison Jr. Frederick M. Strader J. Scott Hall Warren R. Lyons Cessna Chairman, Bell Helicopter Textron Systems Industrial Segment Textron Financial President and CEO President and CEO President and CEO and Greenlee Corporation President President and CEO Financial Highlights (Dollars in millions except per share data) 2010 2009 Change Revenues $ 10,525 $ 10,500 — International revenues % 36% 37% Segment profit 1 $ 553 $ 475 16% Income (loss) from continuing operations $ 92 $ (73) 226% Total debt – Manufacturing group 2 $ 2,302 $ 3,584 (36)% Shareholders’ equity $ 2,972 $ 2,826 5% Debt (net of cash and equivalents) to total capital – Manufacturing group 2 32% 39% Common Share Data Diluted EPS from continuing operations 3 $ 0.30 $ (0.28) 207% Dividends per share $ 0.08 $ 0.08 — Diluted average shares outstanding (in thousands) 3 302,555 262,923 15% Key Performance Metrics ROIC 4 8.0% 5.5% Net cash provided by operating activities of continuing operations – Manufacturing group – GAAP 2 $ 730 $ 738 (1)% Manufacturing cash flow before pension contributions – Non-GAAP2, 5 $ 759 $ 503 51% Pension contributions $ 417 $ 79 428% 1 Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for manufacturing segment excludes interest expense, certain corporate expenses and special charges. The measurement for the Finance segment includes interest income and expense and excludes special charges. 2 Our Manufacturing group includes all continuing operations of Textron Inc., except for the Finance segment. 3 For 2009, the potential dilutive effect of stock options, restricted stock units and shares that could be issued upon the conversion of our 4.50% convertible Senior Notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations. 4 Calculation of return on invested capital (“ROIC”) is provided on page 12. 5 Calculations of manufacturing cash flow before pension contributions are provided on page 11. Senior Short-Term Textron Inc. Credit Ratings (as of March 1, 2011) Long-Term Commercial Paper Net Debt 2010 2009 Change S&P BBB- A3 Consolidated Cash and Equivalents $ 931 $ 1,892 $ (961) Fitch BB+ B TFC Managed Debt 3,660 5,698 (2,038) Moody’s Baa3 P3 TXT Debt 2,302 3,584 (1,282) Total debt 5,962 9,282 (3,320) Net Debt $ 5,031 $ 7,390 $ (2,359) Textron Revenue by: Segment Geography Africa 1% 19% Canada 3% Textron Systems 31% Middle East 3% 64% Bell Asia Pacific 7% U.S. Latin America & Mexico 8% 24% Europe 14% Industrial 2% Finance 24% Cessna Customer Type 38% 60% Military Commercial 2% Finance Textron 2010 Fact Book 1 CESSNA Cessna is the world’s leading general aviation company based on 24% Cessna’s share of Textron 2010 revenues unit sales with two major lines of business: Aircraft sales and aftermarket services. Aircraft sales include Citation business jets, Caravan single-engine utility turboprops, single-engine piston aircraft and lift solutions by CitationAir. Aftermarket services include parts, maintenance, inspection and repair services. Fast Facts > Approximate revenues by region: U.S.: 64%, Europe: 13%, Latin America and Mexico: > McCauley propellers are on more than 250,000 aircraft around the world – a 10%, Asia-Pacific: 7%, Middle East: 3%, Africa: 2%, and Canada: 1%. testimony to our continuing commitment to excellence. > Cessna has approximately 7,800 employees worldwide. > Cessna Citations are registered in more than 90 countries and represent the largest > Manufacturing facilities located in Wichita and Independence, Kansas; Columbus, fleet of business jets in the world. Georgia; and Chihuahua, Mexico. > Certified at Mach 0.92, the Citation X is the world’s fastest business jet in service. > In its 84-year history, Cessna has delivered approximately 193,000 aircraft, including more > Cessna operates nine Citation Service Centers: eight at airports across the U.S. and than 154,000 single-engine piston airplanes; more than 2,000 Caravans; more than 2,000 one at Le Bourget Airport in Paris, France. Cessna has announced a new European military jets and more than 6,100 Citation business jets. Cessna has delivered twice as Citation Service Center to open in Spain. Authorized Independent Service Centers/ many very light, light and midsize business jets as its closest competitor. Stations are located in 27 countries throughout the world. Sales New Jet Model First Delivery CitationAir Fractional and Vector Contracts By Product Line By Customer 2004 CJ3 1,200 Sovereign 100 100 26% Aftermarket 1% U.S. Government aftermarket govt Fractional Ownership 2005 CJ1+ 900 4% 80 aircraft sales 80 fractional 2006 CJ2+ corp 60 60 Mustang 600 74% Aircraft Sales 95% Corporate 40 2007 40 Encore+ 300 20 2008 20 XLS+ 2010 CJ4 0 0 percent percent 99 00 01 02 03 04 05 06 07 08 09 10 Major Products Std/Max Maximum Seating Capacity Cruising Range Unit First (Including Speed (IFR w/ NBAA Price Engine Engine Delivery Pilots) (kts) reserves) (in millions) Manufacturer Model Avionics Citation Model Mustang 2006 6 340 1,150 $3.1 Pratt & Whitney PW615F Garmin G1000 CJ1+ 2005 8 389 1,300 5.1 Williams International FJ44-1AP Collins Pro Line 21 CJ2+ 2006 9/10 418 1,613 6.9 Williams International FJ44-3A-24 Collins Pro Line 21 CJ3 2004 9/10 416 1,875 8.2 Williams International FJ44-3A Collins Pro Line 21 CJ4 2010 10/11 453 2,002 9.0 Williams International FJ44-4A Collins Pro Line 21 Encore+ 2007 10/13 428 1,780 9.2 Pratt & Whitney PW535B Collins Pro Line 21 XLS+ 2008 11/14 441 1,858 12.5 Pratt & Whitney PW545C Collins Pro Line 21 Sovereign 2004 11/14 458 2,847 17.6 Pratt & Whitney PW306C Honeywell Primus EPIC Citation X 1996 11/14 525 3,070 21.7 Rolls-Royce AE3007C1 Honeywell Primus 2000 Turboprop Model Caravan 675 1985 8/14 186 946* $2.0 Pratt & Whitney PT6A-114A Garmin G1000 Grand Caravan 1986 10/14 175 869* 2.1 Pratt & Whitney PT6A-114A Garmin G1000 Single-engine Piston 162 SkyCatcher 2009 2 118 400* $0.1 Teledyne Continental O-200D Garmin G300 172R Skyhawk 1997 4 122 696* 0.3 Textron Lycoming IO-360-L2A Garmin G1000 172S Skyhawk SP 1997 4 126 610* 0.3 Textron Lycoming IO-360-L2A Garmin G1000 182T Skylane 1997 4 150 927* 0.4 Textron Lycoming IO-540-AB1A5 Garmin G1000 T182T Turbo Skylane 2001 4 176 915* 0.4 Textron Lycoming TIO-540-AK1A Garmin G1000 206H Stationair 1998 6 151 690* 0.5 Textron Lycoming IO-540-AC1A5 Garmin G1000 T206H Turbo Stationair 1998 6 178 630* 0.6 Textron Lycoming TIO-540-AJ1A Garmin G1000 350 Corvalis 2007 4 191 1,395* 0.6 Teledyne Continental IO-550-N Garmin G1000 400 Corvalis TT 2007 4 235 1,250* 0.6 Teledyne Continental TSIO-550-C Garmin G1000 * 45 minute fuel reserve 2 Textron 2010 Fact Book 2010 Business Jet Price Points Pre-owned Citations for Sale as a Percent of Fleet Citation product line 20% Competition (Dollars in millions) 15% Legacy 600 $27.5 Challenger 300 $24.3 Gulfstream G200 $23.3 Hawker 4000 $22.0 Citation X $21.7 Citation Sovereign $17.6 Hawker 900XP $15.8 Gulfstream G150 $15.1 10% Learjet 60XR $13.9 Hawker 750 $13.0 Learjet 45XR $12.8 Citation XLS+ $12.5 Learjet 40XR $10.6 Citation Encore+ $9.2 Citation CJ4 $9.0 Citation CJ3 $8.2 Phenom 300 $8.1 Hawker 400XP $7.6 Emivest SJ30-2 $7.3 Citation CJ2+ $6.9 Premier 1A $6.6 Citation CJ1+ $5.1 Phenom 100 $3.8 Citation Mustang $3.1 5% 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Source: B&CA and Cessna estimates Source: AMSTAT and Cessna estimates Aftermarket Sales Number of Citations in Service by Age Distribution (Dollars in millions) Number of Units ■ > 10 Years ■ $721 6,000 6 – 10 Years $667 $666 ■ < 5 Years $606 – $587 $562 $502 $443 4,000 $381 $354 $330 $302 $270 $229 $218 2,000 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Strategic Steps Forward > Invest in new product development and block point changes to current models.
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