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Textron Inc. Annual Report ● 2012 27
Textron Systems Segment Profit
Factors contributing to 2012 year-over-year segment profit change are provided below:
(In millions)
2012 versus
2011
Volume and mix $ (57)
Impairment charge in 2011 41
Performance 4
Other 3
Total change $ (9)
Segment profit at Textron Systems decreased $9 million, 6%, in 2012, compared with 2011, reflecting the impact of lower volume
described above and deliveries on lower margin contracts during the current period. The favorable performance reflects a charge
in 2011 of $19 million primarily in severance costs related to workforce reductions, $9 million in lower amortization expense on
intangible assets and $8 million in lower net research and development costs, partially offset by the $37 million in charges related
to the UAS fee-for-service contracts described above.
Factors contributing to 2011 year-over-year segment profit change are provided below:
(In millions)
2011 versus
2010
Volume $ (37)
Impairment charge (41)
Inflation (5)
Other (6)
Total change $ (89)
S
egment profit at Textron Systems decreased $89 million, 39%, in 2011, compared with 2010, primarily due to the impact of lower volume
described above and mix, along with the $41 million intangible asset impairment charge and approximately $19 million in severance
costs related to the workforce reduction included in the Other line.
Textron Systems Backlog
In 2012, Textron Systems backlog
increased $1.6 billion, 118%, largely due to additional orders in the UAS and Land & Marine
product lines, including the Canadian TAPV contract for $693 million received in the second quarter of 2012. In 2011,
Textron
Systems
backlog decreased $261 million, reflecting deliveries in excess of new orders related to various military programs.
Industrial
% Change
(Dollars in millions) 2012 2011 2010 2012 2011
Revenues:
Fuel Systems and Functional Components $ 1,842 $ 1,823 $ 1,640 1% 11%
Other Industrial 1,058 962 884 10% 9%
Total revenues 2,900 2,785 2,524 4% 10%
Operating expenses 2,685 2,583 2,362 4% 9%
Segment profit 215 202 162 6% 25%
Profit margin 7% 7% 6%
Industrial Revenues and Operating Expenses
Factors contributing to the 2012 year-over-year revenue change are provided below:
(In millions)
2012 versus
2011
Volume $ 171
Foreign exchange (80)
Other 24
Total change $ 115