E-Z-GO 1999 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 1999 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 71

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71

1999 Textron Annual Report 31999 Textron Annual Report 3
89 90 91 92 93 94 95 96 97 98 99
$0.70
Textron has reported
ten consecutive years
of earnings growth,
including double-digit
gains in each of the
last seven years.
Consistent EPS
Growth
$4.05
esults.
We exceeded the market’s expecta-
tions in each of these measures as
we redeployed $2.9 billion in capi-
tal from the 1999 divestiture of
Avco Financial Services – the largest
disposition in Textron’s history.
This redeployment, evident in our
significant acquisition activity,
caused a temporary reduction
in our margins and return on
invested capital (ROIC) to 10.4%
and 12.6%, respectively. As we
realize the increasing returns
from our recent investments,
we should continue to make
significant progress in these
important measures.
Our ten-year record of 23% average
annual returns to shareowners
underscores the fundamental
strength of Textron. However,
our strong financial performance
and strategic momentum were
not rewarded in the stock market
in 1999. This disappointment
only fueled our determination
to execute our well-defined
strategies to build the great
company we aspire to be.
Our approach for delivering value
is straightforward: adhere to
established financial goals,
execute clear growth strategies,
and demand operating excellence
from each member of the Textron
team. We are confident that
Textron’s market valuation will
ultimately reflect our sustained,
outstanding results.
Earnings per share from continuing operations