E-Z-GO 2011 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2011 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 109

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109

FELLOW SHAREHOLDERS,
Textron made notable progress in 2011, driving significant improvements in our financial performance while accelerating
the pace of innovation across the company. Each of our five business segments delivered solid results, with total
revenues reaching $11.3 billion—a 7.1 percent increase over the prior year. Volumes improved in most of our
businesses, as the recovering economy led to new opportunities and increased demand for our products and services.
Through disciplined execution, we continued to improve cost productivity and operational efficiency. Together, these
improvements gave us added flexibility to reinvest in the business—which we did vigorously during the year—leading
to many new product introductions, greater global reach and expanded customer service capabilities.
FOCUSED ON GROWTH
At Bell Helicopter, we generated record profit for the year. Bell’s V-22 and H-1 military programs were particularly
successful, earning strong margins and improving our reputation for on-time, under-budget deliveries. Commercial
helicopter bookings nearly doubled over the previous year, bolstered by customer enthusiasm for the Bell 429 and
introductions of the 407GX and 407AH. Cessna returned to profitability in 2011 with a total of 183 business jet
deliveries for the year and announced two of the year’s most exciting new aircraft—the Citation M2 and Citation
Latitude. Sales and profitability climbed in our Industrial segment, most notably in our automotive and professional
tools businesses. In the defense markets served by Textron Systems, we continued to win highly competitive
contracts for our armored security vehicles and unmanned aerial vehicles while pioneering new solutions for
combat and support missions.
Collectively, revenues in the four segments comprising our manufacturing businesses exceeded $11 billion in 2011,
an $865 million increase over 2010. Segment profit for our manufacturing businesses rose to $924 million from
$790 million. Manufacturing cash flow before pension contributions also improved to $1 billion, up from $759 million
in the prior year.1
2
TEXTRON MOVED FORWARD
WITH NEW PRODUCTS AND
STRONGER FINANCIAL RESULTS.