Textron Aviation 38% Industrial 28% Bell 24% Textron Systems 10% Finance <1%
Commercial 76% U.S. Government 24% Finance <1%
U.S. 66% Europe 14% Asia and Australia 8% Other 12%
FINANCIAL HIGHLIGHTS
| Dollars in millions, except per share data | 2019 | 2018 | Change |
|---|---|---|---|
| Revenues | 13,630 | 13,972 | (2)% |
| International revenues % | 34% | 38% | |
| Segment profit1 | 1,270 | 1,267 | 0% |
| Income from continuing operations—GAAP | 815 | 1,222 | (33)% |
| Adjusted income from continuing operations—Non-GAAP2 | 870 | 845 | 3% |
| Manufacturing Group debt3 | 3,124 | 3,066 | 2% |
| Shareholders’ equity | 5,518 | 5,192 | 6% |
| Manufacturing Group debt-to-capital (net of cash)2 | 26% | 29% | |
| Common Share Data | |||
| Diluted EPS from continuing operations—GAAP | 3.50 | 4.83 | (28)% |
| Adjusted diluted EPS from continuing operations—Non-GAAP2 | 3.74 | 3.34 | 12% |
| Dividends per share | 0.08 | 0.08 | — |
| Diluted average shares outstanding (in thousands) | 232,709 | 253,237 | (8)% |
| Key Performance Metrics | |||
| ROIC4 | 13.3% | 13.0% | |
| Net cash provided by operating activities of continuing | |||
| operations—Manufacturing Group—GAAP5 | 960 | 1,127 | (15)% |
| Manufacturing cash flow before pension contributions— | |||
| Non-GAAP3, 5 | 642 | 784 | (18)% |
| Manufacturing pension contributions | 51 | 52 | (2)% |
| Capital expenditures | 339 | 369 | (8)% |
| Net Debt | |||
| Finance group debt | 686 | 718 | (32) |
| Manufacturing Group debt | 3,124 | 3,066 | 58 |
| Total debt | 3,810 | 3,784 | 26 |
| Less: Consolidated cash and equivalents | 1,357 | 1,107 | 250 |
| Net Debt | 2,453 | 2,677 | (224) |
| 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, gains/losses on major business dispositions and special charges. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense. |
| 2 | Adjusted income from continuing operations and Adjusted diluted EPS from continuing operations are Non-GAAP measures. See page 11 for reconciliation to GAAP. |
| 3 | Our Manufacturing Goup includes all continuing operations of Textron Inc., except for the Finance segment. |
| 4 | Calculation of return on invested capital (“ROIC”) is provided on page 13. |
| 5 | Manufacturing cash flow before pension contributions is a Non-GAAP measure. See page 12 for reconciliation to GAAP. |