Textron 2002 Annual Report Introduction Letter to Shareholders Action & Results Textron at a Glance Financials
A steady focus on strategic & financial priorities
In last year’s Letter to Shareowners, I described how we had built a strong foundation for change in 2001, supported by a plan that integrates five strategic priorities: Customer Focus, Talent Development, Innovation, Portfolio Management and Enterprise Management. I’m pleased to report that we made substantial progress on this plan, highlighted in the pages to follow.

Galvanized by these strategic priorities, we met our 2002 financial goals and positioned ourselves for even better performance in the future:
> Achieved our earnings and cash flow targets despite a tough economic environment and other challenges that emerged during the year
> Completed the second full year of our multi-year restructuring program, achieving cumulative savings of $253 million, as planned – a $129 million incremental improvement over 2001
> Significantly strengthened our balance sheet
> Launched more than 15 enterprise-wide initiatives that resulted in hundreds of millions of dollars in savings while positioning us for future growth

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To our Shareholders
Letter to Our Shareholders
Transformation is working
A steady focus on strategic & financial priorities
Looking up in a down economy
Making strides and measuring progress
Harnessing the power of an $11 billion enterprise
Delivering on our commitments
FinancialsTextron at a GlanceAction & ResultsLetter to ShareholdersIntroduction