E-Z-GO 2002 Annual Report Download - page 6

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(Dollars in millions except per share amounts) 2002 2001
Operating Results
Revenues $ 10,658 $ 12,321
Segment profit(1) $835 $ 926
Segment profit margin 7.8% 7.5%
Income from operations(2) $364 $ 166
Free cash flow(3) $347 $ 369
Return on invested capital (ROIC)(4) 9.4% 8.9%
Common Share Data
Diluted earnings per share:(2)
From operations $ 2.60 $ 1.16
From operations before special items(5) $3.01 $ 2.32
Dividends per share $ 1.30 $ 1.30
Footnotes to this table can be found on the inside back cover of this annual report.
The people shown
in the pages of this
annual report are
the men and
women of Textron,
working every day
to create value
and reach their
potential. They are
listed on the back
cover.
Financial Results
4
A steady focus on strategic & financial priorities
In last year’s Letter to Shareowners, I described how we had built a strong foundation
for change in 2001, supported by a plan that integrates five strategic priorities: Cus-
tomer Focus, Talent Development, Innovation, Portfolio Management and Enterprise
Management. I’m pleased to report that we made substantial progress on this plan,
highlighted in the pages to follow.
Galvanized by these strategic priorities, we met our 2002 financial goals and posi-
tioned ourselves for even better performance in the future:
>Achieved our earnings and cash flow targets despite a tough economic environ-
ment and other challenges that emerged during the year
>Completed the second full year of our multi-year restructuring program, achieving
cumulative savings of $253 million, as planned – a $129 million incremental
improvement over 2001
>Significantly strengthened our balance sheet
>Launched more than 15 enterprise-wide initiatives that resulted in hundreds of
millions of dollars in savings while positioning us for future growth
Looking up in a down economy
Many of our businesses performed well in 2002, while building a solid base for growth
and profitability when the economy rebounds. As we promised, Bell Helicopter’s V-22
tiltrotor returned to flight testing, a vital first step toward full-rate production of this revo-
lutionary aircraft. We expect the V-22 program to generate nearly $5 billion in revenue
through the balance of the decade.
Cessna Aircraft also rose to the challenge and fortified its leadership position in the
business jet market. Cessna delivered 307 business jets in 2002, nearly matching its
record of 313 business jets in 2001. Even with the slight decline in deliveries, Cessna