E-Z-GO 2014 Annual Report Download - page 33

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Industrial
% Change
(Dollars in millions)
2014
2013
2012
2014
2013
Revenues:
Fuel Systems and Functional Components
$ 1,975
$ 1,853
$ 1,842
7%
1%
Other Industrial
1,363
1,159
1,058
18%
10%
Total revenues
3,338
3,012
2,900
11%
4%
Operating expenses
3,058
2,770
2,685
10%
3%
Segment profit
280
242
215
16%
13%
Profit margin
8.4%
8.0%
7.4%
Industrial Revenues and Operating Expenses
Factors contributing to the 2014 year-over-year revenue change are provided below:
(In millions)
2014 versus
2013
Volume
$ 181
Acquisitions
142
Other
3
Total change
$ 326
Industrial segment revenues increased $326 million, 11%, in 2014, compared with 2013, primarily due to higher volume of $181
million and the impact from acquisitions of $142 million, primarily within our Specialized Vehicles and Equipment product line.
Higher volume resulted from a $142 million increase in the Fuel Systems and Functional Components product line, principally
reflecting automotive industry demand in North America and Europe, and a $39 million increase in the Other Industrial product
lines.
Operating expenses for the Industrial segment increased $288 million, 10%, in 2014, compared with 2013, largely due to the
impact from higher volume as described above and additional operating expenses from recently acquired businesses.
Factors contributing to the 2013 year-over-year revenue change are provided below:
(In millions)
2013 versus
2012
Volume
$ 58
Acquisitions
46
Other
8
Total change
$ 112
Industrial segment revenues increased $112 million, 4%, in 2013, compared with 2012, largely due to higher volume of $58
million and the impact from acquisitions of $46 million within our Tools and Test Equipment product line. Higher volume
resulted from a $32 million increase in the Other Industrial product lines, mostly due to higher market demand in the Specialized
Vehicles and Equipment product line, and a $26 million increase in the Fuel Systems and Functional Components line, reflecting
higher automotive industry demand in North America.
Operating expenses for the Industrial segment increased $85 million, 3%, in 2013, compared with 2012, largely due to higher
volume and a $43 million impact from acquisitions. Operating expenses were also impacted by improved performance of $27
million associated with the Fuel Systems and Functional Components product line, which was partially offset by $16 million of
inflation in this product line, reflecting higher compensation and material costs.
Industrial Segment Profit
Factors contributing to 2014 year-over-year segment profit change are provided below:
(In millions)
2014 versus
2013
Volume and mix
$ 20
Performance
15
Other
3
Total change
$ 38
27 Textron Inc. Annual Report • 2014