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2016 Annual Report

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2016 Annual Report 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 AR522 Ship to Shore Connector (SSC) Citation Latitude® Bell AH-1Z Greenlee® GorillaTM Press TRU Level D Full Flight Simulator Textron AirLand ScorpionTM Bell 525 RelentlessTM T-1608 Bullwheel Tensioner Lycoming Race Engines Beechcraft® King Air® 350i Bell 505 Jet Ranger XTM E-Z-GO Freedom® TXT® Shadow® M2 Beechcraft T-6 Military Trainer Bell 429WLG Textron Off Road Stampede FuryTM Precision Guided Weapon 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 lead services in the world. components produced and general aviation finance business that general aviation through Bell is the pioneer by Kautex; specialized markets. Product lines provides financing two principal lines of the revolutionary vehicles and equipment include unmanned solutions for purchasers of business: aircraft tiltrotor aircraft and manufactured by systems, armored of Textron products, sales and aftermarket. has delivered more Textron Specialized vehicles, advanced primarily Textron Aircraft sales include than 35,000 aircraft to Vehicles businesses and marine craft and Aviation aircraft and Bell business jet, turboprop customers around the tools and test equipment surveillance systems, helicopters. For more and piston aircraft, as world. Greater than made by the Textron intelligence software than five decades, TFC well as special mission 29% of all helicopters Tools & Test companies. solutions, piston has played a key role and military aircraft. in operation today carry engines, simulation, for Textron customers Aftermarket includes the Bell brand, including training and other around the globe. commercial parts sales, both military and defense and aviation maintenance, inspection commercial applications. 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 Operations 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 Operations 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-GAAP1 573 631 1. 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 In 2016, our businesses kept their focus on our key lifted off from a Wichita 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 of the many milestones Chairman and At Bell Helicopter, the challenging commercial helicopter 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- engine helicopter set to begin in early 2017. On the From the development and launch of 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 both the domestic and international fronts. Our Marine & we attained a number of significant goals 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 percent from the previous Shore Connectors; our Unmanned Systems business received a contract for an additional 24 Shadow V2 Tactical year, and a segment profit of $1.3 billion Unmanned Aircraft Systems (TUAS) upgrades; our Support Solutions business won a $206 million contract from the with a 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 Bell V-280 Valor wing and Services acquired fuselage mated TRU awarded Boeing 777x Airborne Tactical Advantage Premier Engineering & flight simulator contract Company acquired Manufacturing acquired 2 Textron 2016 Annual Report TOTAL REVENUES BY SEGMENT Our Industrial segment launched new products and won TEXTRON AVIATION $4.9B business both in the U.S. and abroad. Textron Specialized Vehicles expanded its ground service equipment business INDUSTRIAL $3.8B with two acquisitions and added several new off-road BELL HELICOPTER $3.2B powersports vehicles to its product lineup. Kautex secured TEXTRON SYSTEMS $1.8B new automotive fuel systems business with Ford, Toyota FINANCE $0.1B 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 a long-time Textron Aviation customer, announced in June beginning in 2019. With these contracts,U.S. 62% Kautex is now that it was adding up to 50 units to its initial Latitude order, the supplier for all of Ford’s Gen EUROPE3 SCR tank14% and filler bringing its total order and options to up to 200 aircraft business in Europe and, from 2019ASIA onward, PACIFIC 7%for all vehicles based on customer reception to this exciting new aircraft. on BMW’s UKL platform, which encompassesLATIN AND SOUTH its AMERICA1 and 2 7% TRU Simulation + Training demonstrated its global reach, Series as well as its X1, X2 and CANADAMini series 5% of vehicles. securing contracts with Air Arabia, Avianca, China Express, MIDDLE EAST 4% MILESTONES FOR NEW PRODUCTS AND CUSTOMER SERVICE Qingdao Airlines, Finnair Flight Academy, and the Flight AFRICA ~1% 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 its relationship Citation Longitudes in the flight test program, we announced with Boeing, winning the contract to develop the full-flight at the 2016 National Business Aviation Association (NBAA) simulator for the Boeing 777X, its newest twin-aisle airplane. show an improved range of 3,500 nautical miles and an TRU also delivered the first of its Boeing 737 MAX full flight improved fuel payload of 1,600 pounds. training suites to Boeing’s flight training operations. Also at the NBAA show, a cabin mockup of the Citation Demonstrating its confidence in deploying our aircraft Hemisphere, our large-cabin jet targeted for first flight in to hotspots around the world, the U.S. Marine Corps 2019, was on display, representing our ongoing commitment entered into a $461 million contract to purchase 12 UH- to a continuous pipeline of new products. Textron Aviation 1Y Venom utility helicopters and 16 AH-1Z Viper attack also unveiled the Cessna Denali as the name of its new, helicopters from Bell Helicopter.
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