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82 Textron Inc. Annual Report ● 2012
Quarterly Data
(Unaudited) 2012 2011
(Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenues
Cessna $ 669 $ 763 $ 778 $ 901 $ 556 $ 652 $ 771 $ 1,011
Bell 994 1,056 1,075 1,149 749 872 894 1,010
Textron Systems 377 389 400 571 445 452 462 513
Industrial 755 756 683 706 703 719 655 708
Finance 61 55 64 35 26 33 32 12
Total revenues $ 2,856 $ 3,019 $ 3,000 $ 3,362 $ 2,479 $ 2,728 $ 2,814 $ 3,254
Segment profit
Cessna (a) $ (6) $ 35 $ 30 $ 23 $ (38) $ 5 $ 33 $ 60
Bell 145 152 165 177 91 120 143 167
Textron Systems (b) 35 40 21 36 53 49 47 (8)
Industrial 73 61 38 43 61 55 37 49
Finance (c) 12 22 28 2 (44) (33) (24) (232)
Total segment profit 259 310 282 281 123 196 236 36
Corporate expenses and other, net (47) (20) (38) (43) (39) (23) (13) (39)
Interest expense, net for Manufacturing group (35) (35) (35) (38) (38) (38) (37) (27)
Income tax (expense) benefit (57) (82) (67) (54) (15) (43) (50) 13
Income (loss) from continuing operations 120 173 142 146 31 92 136 (17)
Income (loss) from discontinued operations, net of income taxes (2) (1) 9 2 (2) (2) 6 (2)
Net income (loss) $ 118 $ 172 $ 151 $ 148 $ 29 $ 90 $ 142 $ (19)
Basic earnings per share
Continuing operations $ 0.43 $ 0.61 $ 0.51 $ 0.52 $ 0.11 $ 0.33 $ 0.49 $ (0.06)
Discontinued operations (0.01) — 0.03 0.01 (0.01) (0.01) 0.02 (0.01)
Basic earnings per share $ 0.42 $ 0.61 $ 0.54 $ 0.53 $ 0.10 $ 0.32 $ 0.51 $ (0.07)
Basic average shares outstanding (In thousands) 280,022 281,114 281,813 277,780 276,358 277,406 278,090 278,881
Diluted earnings per share (d)
Continuing operations $ 0.41 $ 0.58 $ 0.48 $ 0.50 $ 0.10 $ 0.29 $ 0.45 $ (0.06)
Discontinued operations (0.01) — 0.03 0.01 (0.01) — 0.02 (0.01)
Diluted earnings per share $ 0.40 $ 0.58 $ 0.51 $ 0.51 $ 0.09 $ 0.29 $ 0.47 $ (0.07)
Diluted average shares outstanding (In thousands) 294,632 295,547 296,920 291,562 319,119 315,208 300,866 278,881
Segment profit margins
Cessna (0.9)% 4.6% 3.9% 2.6% (6.8)% 0.8% 4.3% 5.9%
Bell 14.6 14.4 15.3 15.4 12.1 13.8 16.0 16.5
Textron Systems 9.3 10.3 5.3 6.3 11.9 10.8 10.2 (1.6)
Industrial 9.7 8.1 5.6 6.1 8.7 7.6 5.6 6.9
Finance 19.7 40.0 43.8 5.7 (169.2) (100.0) (75.0) (1,933.3)
Segment profit margin 9.1% 10.3% 9.4% 8.4% 5.0% 7.2% 8.4% 1.1%
Common stock information
Price range: High $ 28.29 $ 29.18 $ 28.80 $ 26.75 $ 28.87 $ 28.65 $ 25.17 $ 20.41
Low $ 18.37 $ 21.97 $ 22.15 $ 22.84 $ 23.50 $ 20.86 $ 14.66 $ 16.37
Dividends declared per share $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02
(a) The fourth quarter of 2012 included a $27 million charge related to an award against Cessna in an arbitration proceeding.
(b) The fourth quarter of 2011 included a $41 million impairment charge to write down certain intangible assets and approximately $19 million
in severance costs related to a workforce reduction.
(c) The fourth quarter of 2011 included a $186 million initial mark-to-market adjustment for remaining finance receivables in the Golf
Mortgage portfolio that were transferred to the held for sale classification.
(d) For the fourth quarter of 2011, the potential dilutive effect of stock options, restricted stock units and the shares that could be issued upon
the conversion of our convertible senior notes and upon the exercise of the related warrants was excluded from the computation of diluted
weighted-average shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations.