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2017 Fact Book Textron Inc

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2017 Fact Book Textron Inc 2017 FACT BOOK TEXTRON INC. is a $14.2 billion multi-industry company with approximately 37,000 employees. The Company leverages its global network of aircraft, defense, industrial, and finance businesses to provide customers with innovative products and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Off Road, Arctic Cat, Textron Systems, and TRU Simulation + Training. Textron Revenue by Segment FINANCIAL HIGHLIGHTS Dollars in millions, except per share data 2017 2016 Change TEXTRON AVIATION 33% Revenues $14,198 $13,788 3% INDUSTRIAL 30% International revenues % 38% 38% BELL 23% Segment profit1 $ 1,169 $ 1,309 (11)% TEXTRON AVIATIONSYSTEMS 33%13% INDUSTRIALFINANCE 1% 30% Income from continuing operations—GAAP $ 306 $ 843 (64)% BELL 23% Adjusted income from continuing TEXTRON AVIATIONSYSTEMS 33%13% operations—Non-GAAP2 $ 658 $ 715 (8)% FINANCEINDUSTRIAL 1% 30% Manufacturing group debt3 $ 3,088 $ 2,777 11% BELL 23% TEXTRON SYSTEMS 13% Shareholders’ equity $ 5,647 $ 5,574 1% Textron Revenue by Type 3 FINANCE 1% Manufacturing group debt-to-capital (net of cash) 26% 23% COMMERCIAL 70% U.S. GOVERNMENT 22% OTHER MILITARY 7% Common Share Data COMMERCIALFINANCE 1% 70% Diluted EPS from continuing operations—GAAP $ 1.14 $ 3.09 (63)% U.S. GOVERNMENT 22% Adjusted diluted EPS from continuing OTHER MILITARY 7% operations—Non-GAAP2 $ 2.45 $ 2.62 (6)% FINANCECOMMERCIAL 1% 70% Dividends per share $ 0.08 $ 0.08 — U.S. GOVERNMENT 22% OTHER MILITARY 7% Diluted average shares outstanding (in thousands) 268,750 272,365 (1)% U.S. 62% FINANCE 1% EUROPE 14% ASIA PACIFIC 9% Key Performance Metrics 4 U.S.LATIN 62% AMERICA AND MEXICO 6% ROIC 9.8% 11.6% Textron Revenue by RegionCANADA 6% EUROPE 14% Net cash provided by operating activities of continuing MIDDLE EAST 2% ASIA PACIFIC 9% operations—Manufacturing group—GAAP $ 947 $ 988 (4)% U.S.LATINAFRICA 62% AMERICA 1% AND MEXICO 6% Manufacturing cash flow before pension EUROPECANADA 14%6% 3, 5 ASIAMIDDLE PACIFIC EAST 9%2% contributions—Non-GAAP $ 889 $ 573 55% LATINAFRICA AMERICA 1% AND MEXICO 6% Manufacturing pension contributions3 $ 358 $ 50 616% CANADA 6% Capital expenditures $ 423 $ 446 (5)% MIDDLE EAST 2% AFRICA 1% Net Debt Manufacturing group debt $ 3,088 $ 2,777 $311 Finance group debt $ 824 $ 903 $(79) Total debt $ 3,912 $ 3,680 $232 (Credit Ratings as of January 16, 2018) Less: Consolidated cash and equivalents $ 1,262 $ 1,298 $ (36) Textron Inc. Short-Term Net Debt $ 2,650 $ 2,382 $268 Long-Term Commercial Debt Paper Outlook 1 Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the S&P BBB A2 Stable manufacturing segments excludes interest expense, certain corporate expenses and special charges. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense. Moody’s Baa2 P2 Stable 2 Adjusted income from continuing operations and Adjusted diluted earnings per share (EPS) from continuing operations are Non-GAAP measures. See page 11 for reconciliation to GAAP. 3 Our Manufacturing group includes all continuing operations of Textron Inc., except for the Finance segment. 4 Calculation of return on invested capital (“ROIC”) is provided on page 13. 5 Manufacturing cash flow before pension contributions is a Non-GAAP measure. See page 12 for reconciliation to GAAP. KEY EXECUTIVES COMMITMENT TO FUTURE GROWTH Investing for future growth, organically and through acquisitions, is a key strategy for Textron. Here are a few notable examples from 2017. There are also additional examples contained within the segment sections. BELL HELICOPTER achieved successful first flight of its next generation tiltrotor, the V-280 Valor. This major milestone Scott C. Donnelly Frank T. Connor represents exceptional progress Chairman, President and Executive Vice President and on the V-280 development Chief Executive Officer Chief Financial Officer program and brings Bell Scott C. Donnelly was named Frank T. Connor joined Textron Helicopter one step closer to chief executive officer in as executive vice president and creating the next generation December 2009 and chairman chief financial officer in August of vertical lift aircraft for the of the board in September 2009. Connor came to Textron 2010. Donnelly joined Textron after a 22-year career at U.S. military. as executive vice president Goldman, Sachs & Co. where and chief operating officer in he was most recently managing TEXTRON AVIATION unveiled its June 2008 and was promoted director and head of Telecom new Cessna SkyCourier aircraft, a to president in January 2009. Investment Banking. Prior to twin-engine, large-utility turboprop Prior to joining Textron, that, he served as Goldman, that will serve the burgeoning Donnelly was president and Sachs & Co.’s chief operating air freight market. Built for high CEO for General Electric (GE) officer of Telecom, Technology utilization operations, the Aviation. and Media Investment Banking. Cessna SkyCourier will be offered in cargo and passenger variants. The Cessna SkyCourier will build on Textron Aviation’s proven success in the utility category, offering even greater capability and mission flexibility. TEXTRON SPECIALIZED VEHICLES completed the Scott A. Ernest Lisa M. Atherton Textron Aviation Textron Systems Segment acquistion and integration of Arctic President and CEO President and CEO Cat, adding to its capabilities and offerings within the powersports industry. The acquisition builds on the progress of Textron Off Road’s new product development efforts with the introduction of the Havoc X, while also contributing on the snow side with the ZR 200, SnowGoer’s 2018 snowmobile of the year. Kevin P. Holleran R. Danny Maldonado Industrial Segment and Finance Segment Textron Specialized President and CEO TEXTRON SYSTEMS Marine Vehicles & Land Systems anticipates initial President and CEO deliveries of the Ship-to-Shore Connector will begin in 2018, representing the next generation Landing Craft, Air Cushion for the U.S. Navy and Marine Corps. Mitch Snyder Bell Helicopter President and CEO TEXTRON 2017 FACT BOOK 1 U.S. 62% LATIN AND SOUTH AMERICA 13% EUROPE 11% ASIA PACIFIC 6% CANADA 4%Cessna Denali 33% Cessna Citation Latitude Cessna Citation Longitude MIDDLE EAST 3% Textron Aviation’s AFRICA 1% share of Textron 2017 revenues TEXTRON KEY DATA (Dollars in millions) 2017 2016 2015 2014 2013 AVIATION Textron Aviation BY CUSTOMERTextron Aviation is home to the Units delivered: Beechcraft®, Cessna® and Hawker® Business jets 180 178 166 159 139 1 brands, and continues to lead general King Airs 86 106 117 113 — COMMERCIAL 95% Caravans 69 84 102 94 105 U.S. GOVERNMENTaviation 5% through two principal lines of Piston engine1 274 262 312 290 223 business: aircraft and aftermarket. Aircraft Backlog $1,180 $1,041 $1,074 $1,365 $1,018 includes sales of business jets, turboprop Revenues $4,686 $4,921 $4,822 $4,568 $2,784 and piston aircraft, as well as special Segment profit (loss)2 $ 303 U.S.$ 389 71% $ 400 $ 234 $ (48) Segment profit margin 6.5% EUROPE7.9% 10% 8.3% 5.1% (1.7)% BY PRODUCTmission LINE and military aircraft. Aftermarket Total assets $4,403 LATIN$4,460 AMERICA $4,039 $4,085 $2,260 includes parts sales, maintenance, Capital expenditures $ 128 AND$ 157 MEXICO $8% 124 $ 96 $ 72 AIRCRAFT SALESinspection 71% and repair services. Depreciation and ASIA PACIFIC 6% AFTERMARKET 29% amortization $ 139 $ 140 $ 134 $ 137 $ 87 CANADA 2% MIDDLE EAST 2% 1 2014 reflectsU.S. deliveries 71% of Beechcraft aircraft after the acquisition closing date of March 14, 2014. 2 Segment profit (loss) included the following pre-tax items:AFRICA In 2015, 1% $12 million of amortization expense related REVENUE BY REGION to fair valueEUROPE step-up adjustments 10% of Beechcraft inventories sold during the year. In 2014, $63 million negative impact from fair value step-up adjustments to Beechcraft inventories sold during the year. In 2013, $28 million in severanceLATIN costs. AMERICA U.S. 71% AND MEXICO 8% EUROPE 10% REVENUEASIA PACIFIC DETAILS 6% U.S. 71% LATIN AMERICA CANADA 2% EUROPE 10% 2016 2015 2014 2013 AND MEXICO 8% (In millions)MIDDLE EAST 2% 2017 LATIN AMERICA ASIA PACIFIC 6% Aircraft AFRICA 1% $3,112 AIRCRAFT$3,412 66%$3,404 $3,182 $1,868AND MEXICO 8% CANADA 2% Aftermarket 1,574 AFTERMARKET1,509 1,418 34% 1,386 916ASIA PACIFIC 6% MIDDLE EAST 2% Total revenues $4,686 $4,921 $4,822 $4,568 $2,784CANADA 2% AFRICA 1% U.S. 71% MIDDLE EAST 2% EUROPE 10% AFRICA 1% SALES BREAKDOWNLATIN AMERICA U.S. 71% BY CUSTOMER BYAND PRODUCT MEXICO LINE8% AIRCRAFT 66% EUROPE 10% ASIA PACIFIC 6% AFTERMARKET 34% LATIN AMERICA CANADA 2% AND MEXICO 8% MIDDLE EAST 2% AIRCRAFT 66% ASIA PACIFIC 6% COMMERCIALAFRICA 93% 1% AFTERMARKET 34% AIRCRAFT 66% CANADA 2% OTHER MILITARY 5% AFTERMARKET 34% MIDDLE EAST 2% U.S. GOVERNMENT 2% AFRICA 1% COMMERCIAL 93% AIRCRAFT 66% OTHER MILITARY 5% AFTERMARKET 34% U.S. GOVERNMENT 2% 2 TEXTRON 2017 FACT BOOK COMMERCIAL 93% AIRCRAFT 66% OTHER MILITARY 5% COMMERCIAL 93% AFTERMARKET 34% U.S. GOVERNMENT 2% OTHER MILITARY 5% U.S. GOVERNMENT 2% COMMERCIAL 93% OTHER MILITARY 5% U.S. GOVERNMENT 2% COMMERCIAL 93% OTHER MILITARY 5% U.S. GOVERNMENT 2% MAJOR PRODUCTS Std/Max Cruising Maximum Range 2018 First Seating Capacity Speed (nm) (IFR w/ MSRP Engine Delivery (including pilots) (kts) NBAA reserves) (in millions) Manufacturer Engine Model Avionics Cessna Citation Jets M2 2013 8 404 1,550 $ 4.700 Williams
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