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2014 Annual Report Textron’S Global Network of Businesses

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2014 Annual Report Textron’S Global Network of Businesses 2014 ANNUAL REPORT TEXTRON’S GLOBAL NETWORK OF BUSINESSES BELL HELICOPTER TEXTRON SYSTEMS TEXTRON AVIATION INDUSTRIAL FINANCE Bell Helicopter is one of the Textron Systems’ businesses Textron Aviation is home to Our Industrial segment offers Our Finance segment, leading suppliers of provide innovative solutions the iconic Beechcraft, three main product lines: operated by Textron helicopters and related spare to the defense, aerospace Cessna and Hawker brands, fuel systems and functional Financial Corporation (TFC), parts and services in the and general aviation and continues to lead components produced by is a commercial finance world. Bell is the pioneer of markets. Product lines general aviation through two Kautex; specialized vehicles business that provides the revolutionary tiltrotor include unmanned systems, principal lines of business: and equipment manufactured financing solutions for aircraft and has delivered armored vehicles, advanced aircraft sales and aftermarket. by the Textron Specialized purchasers of Textron more than 35,000 aircraft to marine craft, intelligent Aircraft sales include Vehicles businesses and products, primarily Textron customers around the world. battlefield and surveillance business jet, turboprop and Jacobsen; and tools and Aviation aircraft and Bell Greater than 29% of all systems, intelligence piston aircraft, as well as test equipment made by helicopters. For more than helicopters in operation software solutions, piston special mission and military the Textron Tools & Test five decades, TFC has played today carry the Bell brand, engines, simulation, training aircraft. Aftermarket includes companies. a key role for Textron including both military and and other defense and parts sales, maintenance, customers around the globe. commercial applications. aviation mission support inspection and repair products and services. services. SELECTED YEAR-OVER-YEAR FINANCIAL DATA (Dollars in Millions, Except Per Share Amounts) 2014 2013 Total Revenues $ 13,878 $ 12,104 Total Segment Profit 1,214 963 Income from Continuing Operations 605 498 PER SHARE OF COMMON STOCK Common Stock Price: High $ 44.23 $ 37.43 Low 32.28 23.94 Year-End 42.17 36.61 Diluted Earnings from Continuing Operations 2.15 1.75 COMMON SHARES OUTSTANDING (In Thousands) Diluted Average $ 281,790 $ 284,428 Year-End $ 276,582 $ 282,059 FINANCIAL POSITION Total Assets 14,605 12,944 Manufacturing Group Debt 2,811 1,931 Finance Group Debt 1,063 1,256 Shareholders’ Equity 4,272 4,384 Manufacturing Group Debt-to-Capital (Net of Cash) 33% 15% Manufacturing Group Debt-to-Capital 40% 31% KEY PERFORMANCE METRICS Net Cash Provided by Operating Activities of Continuing Operations for Manufacturing Group—GAAP $ 1,097 $ 658 Manufacturing Cash Flow Before Pension Contributions—Non-GAAP1 753 256 1. Manufacturing Cash Flow Before Pension Contributions is a Non-GAAP Measure. See page immediately preceding Form 10-K for Reconciliation to GAAP. FELLOW SHAREHOLDERS, 2014 was a year of significant growth for our company. Fueled by our strategic investments in new products and acquisitions, and strong performances by our businesses, we generated $13.9 billion in total revenues and a segment profit of $1.2 billion. This represents a 15% increase in revenues and a 26% increase in segment profit over the previous year. PROGRESS ACROSS OUR Textron Systems segment secured notable TOTAL REVENUES BY SEGMENT BUSINESSES domestic and international contract wins, reflecting a strong focus on aligning its Textron Aviation Bell Our businesses made progress on a $4.6B Helicopter number of fronts. At Textron Aviation, the businesses’ products with customer $4.3B acquisition of Beechcraft and encouraging needs. Our TRU Simulation + Training trends in business aviation helped increase business substantially grew its aviation revenues from $2.8 billion in 2013 to customer base, including a contract to $4.6 billion in 2014. Bell Helicopter moved supply full-flight simulators for Boeing’s Finance latest single-aisle airplane, the 737 MAX. $0.1B Textron forward on several new products, including Systems the 505 Jet Ranger X, which made its first Winning such a competitive commercial Industrial $1.6B $3.3B flight just 20 months after the program’s airplane program demonstrates the launch, and the new Bell 525, which confidence that customers have in TRU continues to make progress toward its to deliver sophisticated flight training complement our product lines and add new first flight. On the military side, Bell’s requirements for their operations. capabilities to our existing operations. Our next-generation tiltrotor, the V-280 Valor, At Textron Financial, we completed largest acquisition was Beech Holdings LLC, achieved a major milestone in being another successful year of providing our which brought the iconic Beechcraft and selected as one of two aircraft to compete customers with attractive financing Hawker brands into the Textron family. With for the U.S. Department of Defense’s options in support of Textron aircraft Beechcraft, we have significantly expanded Future Vertical Lift Program. This program product sales. our portfolio to include the King Air and T-6 is worth an estimated $100 billion and is product families and Hawker parts and expected to replace 2,000 to 4,000 STRATEGIC ACQUISITIONS TO services, and now have a greatly extended medium-class utility and attack helicopters. EXPAND OUR MARKETS service footprint for our global customer A key element of our strategy is acquiring In our Industrial segment, segment profit base of more than 250,000 aircraft. businesses that will help us realize new increased 16% over last year as the market opportunities, grow our customer Within our Industrial segment, our Textron businesses focused on the introduction of base and provide a greater range of Specialized Vehicles group of businesses new products, strategic acquisitions and products and services to customers. In continued to widen its reach into new distribution channel expansion. Our 2014, we acquired several businesses that customer markets through the acquisition of TUG Technologies, a leading manufacturer At Bell Helicopter, we made noteworthy Greenlee expanded its lineup, introducing of aviation ground support equipment. progress during the year on our two major products such as the DataScout 10G, a Jacobsen acquired Dixie Chopper, a maker commercial programs. The Bell 525 new multiprotocol network analyzer that of zero-turn radius mowers, which allows Relentless—our largest commercial represents the company’s entry into the us to expand our product offerings in the helicopter—is planning for its maiden Ethernet market. Jacobsen rolled out a municipal and commercial markets. flight in 2015. Interest among customers completely refreshed TurfCat front rotary Our TRU Simulation + Training business continues to build, with one customer mower, while Textron Specialized Vehicles strengthened its training capabilities and signing a letter of intent to purchase 10 introduced the Bad Boy Buggies Recoil iS broadened its reach among pilots with the 525 helicopters. As Bell moves forward Crew, an all-electric hunting vehicle acquisition of ProFlight, a leader in with the Bell 505 Jet Ranger X, it has packed with passenger comfort innova- advanced pilot training services. With the received a tremendous reception with tions. The E-Z-GO brand celebrated its purchase of ProFlight, TRU is positioned to nearly 300 letters of intent from customers 60th anniversary, and our Textron meet the expected increased demand for in 39 countries. On the military side, the Specialized Vehicles businesses now pilot and aircraft maintenance training V-22 continued to prove its value and manufacture more than 70 different over the coming years. Since the acquisi- increase its mission capabilities. Bell equipment models, ranging from golf cars tion, TRU has announced plans for three successfully demonstrated the V-22’s to aviation ground-support equipment. additional training centers: one in Tampa, forward-firing capability, hitting targets In the automotive market, Kautex Florida to support our Citation Jet and King using a variety of forward-facing muni- partnered with major automakers in a Air platforms; another in Wichita, Kansas; tions, including rockets and missiles. The multiyear development project for a and the third, in Valencia, Spain, with a V-22 has now surpassed 250,000 flight hydrogen pressure tank designed for fuel TRU-designed Bell 429 full-flight simulator hours since it was first deployed in 2007 cells. The company also won a contract planned as its initial training platform. with the U.S. Marine Corps and the Air with Volkswagen to supply an expected Force Special Operations Command. 1.1 million fuel tanks annually for vehicles NEW PRODUCTS AND PROGRAMS Throughout 2014, we also saw our Textron serving the European markets with an FOR OUR CUSTOMERS Systems businesses win numerous option for nearly 1 million fuel tanks to As we add new capabilities to our company, contract awards, including a $34 million Volkswagen Brazil. we’ve continued a relentless focus on our contract award from the U.S. Navy for our customers to anticipate their requirements, first Common Unmanned Surface Vehicle; INVESTING TO WIN WORLDWIDE address their needs with leading-edge a $44 million contract award from the U.S. By staying true to our long-term strategy products and provide them with outstand- Air Force for its Joint Service Electronic of investing in great brands and new ing support throughout the
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