E-Z-GO 1999 Annual Report Download - page 7

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1999 Textron Annual Report 5
h...
Setting and achieving
ambitious financial goals
are fundamental to Textron’s
management process.
◗Double-Digit Earnings Per
Share Growth
◗Annual Revenue Growth
of 8-11%
◗Operating Margins
Exceeding 12%
◗Return on Invested
Capital Exceeding 15%
◗Debt-to-Capital Ratio
of 30-35%
Investing for Growth
One of our core strengths is our
ability to accurately assess the
potential of our businesses and
plot a course to maximize results
while minimizing risk. We have
demonstrated this competence for
over ten years by divesting non-
core businesses – which have not
met our return targets – while
investing, both internally and
through acquisitions, in those
businesses with a potential to
achieve at least 15% ROIC.
Our exceptional 9% organic growth
rate in 1999 is testimony to the
success of our new products and
strong customer relationships. Over
the past three years, we have funded
$2 billion in research and develop-
ment. This strategic investment has
produced industry-changing inno-
vations such as the world’s fastest
business jet, the world’s first tiltro-
tor aircraft, an automobile seat that
automatically adjusts to each
unique body contour, and a revolu-
tionary fastener that allows ultra-
fast assembly and ultra-easy servicing
of Pentium®chips.
This internal investment is comple-
mented by our “bolt-on” acquisi-
tion strategy. In 1999 we acquired
18 companies and created two joint
ventures that complement our
existing core competencies while
bringing us into new, higher-growth
markets, providing new technolo-
gies, and expanding our geographic
reach. These acquisitions will con-
tribute approximately $1.6 billion
to 2000 revenues.
1999 Revenues
4% 32%
25%
39%
Aircraft $3,744 (32%)
Automotive $2,916 (25%)
Industrial $4,456 (39%)
Finance $463 (4%)
($ in millions)
Financial Goals