E-Z-GO 2005 Annual Report Download - page 7

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This is an exciting time for Textron. The progress we’ve made throughout
transformation, combined with the promise that lies ahead for our future growth, is
indeed exhilarating.
and Growing Value.
Lewis B. Campbell, Chairman, President and Chief Executive Officer
To Our Shareowners, Employees and Customers: 2005 was a remarkable
year for Textron – with a host of significant operational and strategic
accomplishments, customer wins and new product launches and
developments. We also posted solid financial results with excellent
shareholder returns, fueled by our strategic actions, ramp-ups in a
number of U.S. Government-related programs and improved outlook
in our end markets. I simply cannot recall a time when we had
greater visibility into our future growth and performance than we do
right now.
Our transformation strategy has proven to be both value-creating and
enduring, as we delivered 19 percent organic growth in 2005, and –
for the first time since we embarked on our transformation journey –
we exceeded our targeted rate of return on invested capital.
Our investments in research and development continue to serve us
well, as demand for commercial aircraft products flourished and
orders were up at both Bell and Cessna. In addition, Bell’s
commercial helicopter deliveries were up 11 percent, with total
deliveries up 28 percent at Cessna, where we drove record margins
and returns. We also saw strong revenue growth at Greenlee, Fluid &
Power and E-Z-GO, while Textron Financial drove impressive growth
in receivables.
We cleared some major milestones and won critically important
customer contracts, such as the U.S. Army’s Armed Reconnaissance
Helicopter (ARH) award. We also participated in the winning U.S.
Presidential Helicopter bid. Perhaps most notably, we earned the
much-anticipated approval for full rate production of the Bell/Boeing
V-22 Osprey tiltrotor – a revolutionary advancement in the aviation
industry that will enable our customers to perform missions never
before thought possible. The V-22 program is expected to generate
more than $19 billion for Textron over the life of the program.
Truly, this is an exciting time for Textron. The progress we’ve made
throughout transformation, combined with the promise that lies
ahead for our future growth, is indeed exhilarating.
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