E-Z-GO 2004 Annual Report Download - page 8

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And we’re leveraging our networked enterprise.
6
To Our Shareowners, Employees and Customers:
2004 was a very good year for Textron. The majority of our end markets
experienced notable recovery as the economy continued to rebound.
This, combined with the successful and accelerating execution of our
transformation strategy, enabled us to deliver solid financial performance
and superior shareholder returns while continuing to build an even
stronger platform for future growth and profitability.
We exceeded our earnings and cash flow targets as we continued to
invest in market-leading products, services and technologies. We
substantially completed our multi-year restructuring program, reducing
headcount from continuing operations by approximately 11,000 and
generating savings of approximately $450 million per year. In addition,
our transformational efforts are dramatically enhancing our long-term
earnings growth potential.
Since our transformation journey began four years ago, we’ve taken
strategic and decisive steps that have fundamentally changed the very
core and culture of the company. Through our Enterprise Management
initiatives, focused on making customers successful, attracting and
developing talented people and deploying world-class processes, we are
strengthening and leveraging our networked enterprise to create
sustained competitive advantage. These efforts – combined with our
strong businesses – have formed a solid foundation for the future,
and are giving us the power to grow.
Successful Customers We know that financial performance and
shareholder returns are a barometer of how effective and efficient we are
at creating sustainable customer value. Profitable growth – particularly
organic growth – is a top priority.
In 2004 alone, $2.1 billion – or 20 percent – of our sales were derived
from new products and services launched since we began our
transformation in 2001. For example, Cessna continued to delight
customers with the world’s broadest lineup of light and mid-size
business jets as we began deliveries of three new models and introduced
two brand new jets in 2004.