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77 Textron Inc. Annual Report • 2013
Quarterly Data
(Unaudited) 2013 2012
(Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Revenues
Cessna $ 708 $ 560 $ 593 $ 923 $ 669 $ 763 $ 778 $ 901
Bell 949 1,025 1,162 1,375 994 1,056 1,075 1,149
Textron Systems 429 422 405 409 377 389 400 571
Industrial 727 801 711 773 755 756 683 706
Finance 42 31 33 26 61 55 64 35
Total revenues $ 2,855 $ 2,839 $ 2,904 $ 3,506 $ 2,856 $ 3,019 $ 3,000 $ 3,362
Segment profit
Cessna (a) $ (8) $ (50) $ (23) $ 33 $ (6) $ 35 $ 30 $ 23
Bell 129 135 131 178 145 152 165 177
Textron Systems 38 34 35 40 35 40 21 36
Industrial 57 79 52 54 73 61 38 43
Finance 19 15 13 2 12 22 28 2
Total segment profit 235 213 208 307 259 310 282 281
Corporate expenses and other, net (55) (20) (34) (57) (47) (20) (38) (43)
Interest expense, net for Manufacturing group (37) (30) (29) (27) (35) (35) (35) (38)
Income tax expense (28) (49) (47) (52) (57) (82) (67) (54)
Income from continuing operations 115 114 98 171 120 173 142 146
Income (loss) from discontinued operations, net of income taxes 4 (1) 1 (4) (2) (1) 9 2
Net income $ 119 $ 113 $ 99 $ 167 $ 118 $ 172 $ 151 $ 148
Basic earnings per share
Continuing operations $ 0.42 $ 0.41 $ 0.35 $ 0.60 $ 0.43 $ 0.61 $ 0.51 $ 0.52
Discontinued operations 0.02 (0.01) — (0.01) (0.01) — 0.03 0.01
Basic earnings per share $ 0.44 $ 0.40 $ 0.35 $ 0.59 $ 0.42 $ 0.61 $ 0.54 $ 0.53
Basic average shares outstanding (In thousands) 273,200 280,163 281,525 282,308 280,022 281,114 281,813 277,780
Diluted earnings per share
Continuing operations $ 0.40 $ 0.40 $ 0.35 $ 0.60 $ 0.41 $ 0.58 $ 0.48 $ 0.50
Discontinued operations 0.01 — — (0.01) (0.01) — 0.03 0.01
Diluted earnings per share $ 0.41 $ 0.40 $ 0.35 $ 0.59 $ 0.40 $ 0.58 $ 0.51 $ 0.51
Diluted average shares outstanding (In thousands) 288,978 283,824 281,710 282,707 294,632 295,547 296,920 291,562
Segment profit margins
Cessna (1.1)% (8.9)% (3.9)% 3.6% (0.9)% 4.6% 3.9% 2.6%
Bell 13.6 13.2 11.3 12.9 14.6 14.4 15.3 15.4
Textron Systems 8.9 8.1 8.6 9.8 9.3 10.3 5.3 6.3
Industrial 7.8 9.9 7.3 7.0 9.7 8.1 5.6 6.1
Finance 45.2 48.4 39.4 7.7 19.7 40.0 43.8 5.7
Segment profit margin 8.2% 7.5% 7.2% 8.8% 9.1% 10.3% 9.4% 8.4%
Common stock information
Price range: High $ 31.30 $ 30.22 $ 29.81 $ 37.43 $ 28.29 $ 29.18 $ 28.80 $ 26.75
Low $ 23.94 $ 24.87 $ 25.36 $ 26.17 $ 18.37 $ 21.97 $ 22.15 $ 22.84
Dividends declared per share $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02
(a) The second quarter of 2013 included $28 million in severance costs. The fourth quarter of 2012 included a $27 million charge related to an
award against Cessna in an arbitration proceeding.