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Revenue by Segment
Revenue by Customer Type
Revenue by Geography

Financial Highlights

(Dollars in millions except per share data) 2014 2013 Change
Revenues $13,878 $12,104 15%
International revenues % 37% 38%  
Segment profit1 $1,214 $963 26%
Income (loss) from continuing operations $605 $498 21%
Manufacturing group debt2 $2,811 $1,931 46%
Shareholders’ equity $4,272 $4,384 (3%)
Manufacturing Group debt-to-capital (net of cash)2 33% 15%  
Common Share Data      
Diluted EPS from continuing operations $2.15 $1.75 23%
Dividends per share $0.08 $0.08 –%
Diluted average shares outstanding (in thousands) 281,790 284,428 (1%)
Key Performance Metrics      
ROIC3 12.2% 12.7%  
Net cash provided by operating activities of continuing operations – Manufacturing group – GAAP2 $1,097 $658 67%
Manufacturing cash flow before pension contributions – Non-GAAP2, 4 $753 $256 194%
Manufacturing pension contributions2 $76 $194 (61%)
Capital expenditures $429 $444 (3%)
Net Debt      
Finance group debt $1,063 $1,256 $(193)
Manufacturing group debt $2,811 $1,931 $880
Total debt $3,874 $3,187 $687
Consolidated cash and equivalents $(822) $(1,211) $389
Net Debt $3,052 $1,976 $1,076
  1. Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the Manufacturing segments excludes interest expense, certain corporate expenses and acquisition and restructuring costs related to the Beechcraft acquisition. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense.
  2. Our Manufacturing group includes all continuing operations of Textron Inc., except for the Finance segment.
  3. Calculation of return on invested capital (ROIC) is provided on the RETURN ON INVESTED CAPITAL page.
  4. Calculations of Manufacturing cash flow before pension contributions are provided on the SELECTED FINANCIAL STATISTICS page.
(As of February 1, 2015) Senior Long-Term Short-Term Commercial Paper
Textron Inc. Credit Ratings
S&P BBB A2
Moody’s Baa3 P3

Commitment to Future Growth

1. Beechcraft King Air 350ER

2. Cessna Citation Latitude

3. TUG GT110 Pushback

4. Scorpion ISR/Strike/Trainer Aircraft

Investing for future growth, organically and through acquisitions, is a key focus for Textron. Here are a few notable examples from 2014. There are also additional examples within the segment sections.

  1. Completed the acquisition of Beechcraft Corporation and formed Textron Aviation, which brings together three iconic brands in general aviation. Beechcraft, Cessna and Hawker bring a combined installed base of more than 250,000 airplanes worldwide with a combined fleet exceeding 100 million flight hours.
  2. Textron Aviation debuted the Citation Latitude mid-size business jet at the 2014 NBAA Convention. The Latitude’s all-new fuselage is the widest of any Citation jet. With four aircraft in the certification flight test program, this aircraft is targeted for entry into service in 2015.
  3. Completed the acquisition of TUG Technologies, a leading manufacturer of aviation ground support equipment, within our Textron Specialized Vehicles business. The acquisition allows Textron to leverage its resources and operational expertise across TUG’s diverse product line to drive growth and expansion.
  4. Continued to make progress with testing of our Scorpion aircraft with more than 120 flights and 275 flight hours through 2014. Discussions with a number of potential international launch customers are under way, and we have begun production of a conforming aircraft as we work toward certification.
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Scorpion Jet — Highlights

With the ability to perform countless diverse missions, Scorpion offers one-of-a-kind ISR/Strike capabilities at an unmatched value. Scorpion is also future-proofed, uniquely capable of integrating sensors and mission packages as threats and missions evolve.

Scorpion Jet — Highlights

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Textron Powerful Brands

Textron is an $12.1 billion company with 32,000 employees. Textron's global network of businesses include Bell Helicopter, E-Z-GO, Greenlee, Jacobsen, Kautex, Textron Aviation, Textron Financial, Textron Systems and TRU Simulation + Training.

Textron Powerful Brands

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