E-Z-GO 2015 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2015 E-Z-GO annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

Fellow Shareholders,
2015 was a year of strong execution for our company as we recorded
a segment prot of $1.3 billion and a prot margin of 9.3 percent.
With revenues of $13.4 billion for the year, we positioned ourselves
for continued long-term growth by achieving signicant milestones
on a number of important programs, introducing new products and
enhancing our sales channels, actions that will enable us to expand
our markets and align with the needs of our customers.
Successfully executing on our commitments
Our nancial results reect the successful execution of our efforts
to realize new opportunities for growth, improve our operational
efciency and fulll our commitments to customers, despite
continued challenges in a number of the markets in which we
compete. At Textron Aviation, higher jet deliveries helped to lift
revenues to $4.8 billion in 2015 from $4.6 billion in 2014, while the
continued successful integration of our Beechcraft and Cessna
businesses helped to drive prots to $400 million, a 71 percent
increase over the previous year. The business celebrated Federal
Aviation Administration (FAA) certication and subsequent rst
deliveries of the Citation Latitude and the new Pro Line Fusion-
equipped Beechcraft King Air 350i and 250 turboprop aircraft.
While the commercial helicopter market continued to be challenging
for Bell Helicopter, its long-term growth outlook remains strong
with new commercial products and upgrades on the horizon to be
supported by expanded global sales efforts. Successful rst ight
of the new Bell 525 Relentless —the rst-ever commercial y-by-wire
helicopter— was a major milestone for the business in 2015. On the
military side, Bell Helicopter secured several notable contracts, both
domestically and internationally, for the H-1 and V-22 programs.
Our Textron Systems segment won a number of U.S. and
international military contracts, including additional craft for
the U.S. Navy’s Ship to Shore Connector program and a contract
for 55 COMMANDO Select vehicles to the Afghan National Army
that were delivered in 2015.
Our Industrial segment delivered solid nancial performance with
continued expansion of our margin rates. By introducing new
products and leveraging the strength of our recent acquisitions, our
businesses grew and extended their product reach into new markets.
In our Finance segment, Textron Financial completed another
successful year of responding to our customers’ needs with attractive
nancing options in support of Textron aircraft product sales.
Successfully launching new products and
winning customers
Bringing new products to our markets creates excitement among
customers, which results in new orders and sales. A prime example
was Bell Helicopter’s introduction of the Bell 407GXP long light single
aircraft at Heli-Expo in March, which resulted in the largest single
order—up to 200 from one customer—in Bell’s history and one of the
largest in the rotorcraft industry. Similarly, Bell Helicopter continued
to collect customer letters of intent to purchase two new products
under development: the Bell 505 Jet Ranger X short light single
Scott C. Donnelly
Chairman and Chief Executive Ofcer
2 TEXTRON 2015 ANNUAL REPORT
TOTAL REVENUES BY SEGMENT
Textron Aviation $4.8B
Bell Helicopter $3.5B
Industrial $3.5B
Textron Systems $1.5B
Finance $0.1B