E-Z-GO 2003 Annual Report Download - page 12

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10
Below: Around the
world, Textron’s people
are driving progress,
building forward
momentum and focus-
ing on long-term value.
From left: Hubert
Wissdorf, Executive
Vice President, Sales &
Customer Application,
Kautex, Germany; Karl
Gerhardt, Managing
Director, Klauke,
Germany; Ee Soon
Kiong, President,
Textron China, Inc.
We have maintained a steady focus on transforming our company by emphasizing successful
customers, talented people, world-class processes and portfolio management. We are also
staying the course with respect to our restructuring program and financial goals.
We’ve just finished the third year of our restructuring program, again ahead of plan. By the pro-
gram’s conclusion at the end of 2004, we expect to realize ongoing savings of $480 million per
year.
Return on Invested Capital (ROIC) remains our financial compass, and we also continue to be
highly focused on cash generation and maintaining a strong balance sheet. In addition, we
remain dedicated to achieving our key 2006 financial targets:
Organic revenue growth averaging 3 -5 percent per year
Earnings-per-share growth averaging at least 10 percent per year
ROIC of at least 400 basis points higher than our weighted average cost of capital
We still have much work to do, but we remain determined never to lose sight of our vision. In this
spirit of optimism tempered by realism, we are making progress and moving forward every day.
I witnessed this momentum as I traveled to Textron facilities around the world in 2003. I met with
many managers and employees who, like Textron itself, are focused and moving forward. They
are a source of pride and inspiration for us all, and I want to thank them for their dedication and
contribution to Textron’s success.
I also want to acknowledge and thank four distinguished Textron directors – Teresa Beck, Stuart
Dickson, John Macomber and Sam Segnar – who are retiring after many years of service to our
company. In turn, I am very pleased to welcome three new members to our Board: Kathleen
Bader, Chairman, President and CEO of Cargill Dow LLC; Kerry Clark, Vice Chairman of The
Procter & Gamble Company; and Ivor Evans, Vice Chairman of Union Pacific Corporation. These