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Quarterly Data
(Unaudited)
2014
2013
(Dollars in millions, except per share amounts)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Revenues
Textron Aviation
$ 785
$ 1,183
$ 1,080
$ 1,520
$ 708
$ 560
$ 593
$ 923
Bell
873
1,119
1,182
1,071
949
1,025
1,162
1,375
Textron Systems
363
282
358
621
429
422
405
409
Industrial
797
894
785
862
727
801
711
773
Finance
29
27
25
22
42
31
33
26
Total revenues
$ 2,847
$ 3,505
$ 3,430
$ 4,096
$ 2,855
$ 2,839
$ 2,904
$ 3,506
Segment profit
Textron Aviation (a)
$ 14
$ 28
$ 62
$ 130
$ (8)
$ (50)
$ (23)
$ 33
Bell
96
141
146
146
129
135
131
178
Textron Systems
39
34
27
50
38
34
35
40
Industrial
66
94
53
67
57
79
52
54
Finance
4
7
5
5
19
15
13
2
Total segment profit
219
304
293
398
235
213
208
307
Corporate expenses and other, net
(43)
(38)
(22)
(58)
(55)
(20)
(34)
(57)
Interest expense, net for Manufacturing group
(35)
(36)
(37)
(40)
(37)
(30)
(29)
(27)
Acquisition and restructuring costs (b)
(16)
(20)
(3)
(13)
—
—
—
—
Income tax expense
(38)
(65)
(71)
(74)
(28)
(49)
(47)
(52)
Income from continuing operations
87
145
160
213
115
114
98
171
Income (loss) from discontinued operations, net of income taxes
(2)
(1)
(1)
(1)
4
(1)
1
(4)
Net income
$ 85
$ 144
$ 159
$ 212
$ 119
$ 113
$ 99
$ 167
Basic earnings per share
Continuing operations
$ 0.31
$ 0.52
$ 0.57
$ 0.77
$ 0.42
$ 0.41
$ 0.35
$ 0.60
Discontinued operations
(0.01)
—
—
(0.01)
0.02
(0.01)
—
(0.01)
Basic earnings per share
$ 0.30
$ 0.52
$ 0.57
$ 0.76
$ 0.44
$ 0.40
$ 0.35
$ 0.59
Basic average shares outstanding (In thousands)
281,094
280,280
278,860
277,347
273,200
280,163
281,525
282,308
Diluted earnings per share
Continuing operations
$ 0.31
$ 0.51
$ 0.57
$ 0.76
$ 0.40
$ 0.40
$ 0.35
$ 0.60
Discontinued operations
(0.01)
—
—
—
0.01
—
—
(0.01)
Diluted earnings per share
$ 0.30
$ 0.51
$ 0.57
$ 0.76
$ 0.41
$ 0.40
$ 0.35
$ 0.59
Diluted average shares outstanding (In thousands)
283,327
282,764
281,030
279,771
288,978
283,824
281,710
282,707
Segment profit margins
Textron Aviation
1.8%
2.4%
5.7%
8.6%
(1.1)%
(8.9)%
(3.9)%
3.6%
Bell
11.0
12.6
12.4
13.6
13.6
13.2
11.3
12.9
Textron Systems
10.7
12.1
7.5
8.1
8.9
8.1
8.6
9.8
Industrial
8.3
10.5
6.8
7.8
7.8
9.9
7.3
7.0
Finance
13.8
25.9
20.0
22.7
45.2
48.4
39.4
7.7
Segment profit margin
7.7%
8.7%
8.5%
9.7%
8.2%
7.5%
7.2%
8.8%
Common stock information
Price range:
High
$ 40.18
$ 40.93
$ 39.03
$ 44.23
$ 31.30
$ 30.22
$ 29.81
$ 37.43
Low
$ 34.28
$ 36.96
$ 35.54
$ 32.28
$ 23.94
$ 24.87
$ 25.36
$ 26.17
Dividends declared per share
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
$ 0.02
(a) Includes amortization of $12 million, $33 million, $10 million and $8 million for the first, second, third and fourth quarters of 2014, respectively, related to
fair value step-up adjustments of Beechcraft acquired inventories sold during the periods. The second quarter of 2013 includes $28 million in severance
costs.
(b) Acquisition and restructuring costs include restructuring costs of $5 million, $20 million, $3 million and $13 million for the first, second, third and fourth
quarters of 2014, respectively, related to the acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, which was completed on March 14,
2014. Transaction costs of $11 million related to the Beechcraft acquisition are also included in the first quarter of 2014.
74 Textron Inc. Annual Report • 2014