- EPS of $1.03; adjusted EPS of $1.06
- Fourth quarter manufacturing segment profit margin of 8.8%
- Full year net cash from operating activities of $833
million
Textron Inc. (NYSE: TXT) today reported fourth quarter 2020 net
income of $1.03 per share. Adjusted net income, a non-GAAP measure
that is defined and reconciled to GAAP in an attachment to this
release, was $1.06 per share for the fourth quarter of 2020,
compared to $1.11 per share in the fourth quarter of 2019. Adjusted
net income for 2020 excludes $23 million of pre-tax special charges
($0.07 per share, after-tax) and a one-time favorable tax benefit
related to the sale of TRU Canada ($0.04 per share).
Full-year 2020 net income was $1.35 per share. Full-year 2020
adjusted net income, a non-GAAP measure, was $2.07 per share, down
from $3.74 in 2019.
“Textron closed out 2020 with a solid performance across all our
manufacturing segments,” said Textron Chairman and CEO Scott C.
Donnelly. “At Systems, Industrial and Bell, we saw margin
improvements and at Aviation, we delivered 61 jets with continued
order momentum.”
Cash Flow
Net cash provided by operating activities of the manufacturing
group for the full year was $833 million, compared to $960 million
last year. Manufacturing cash flow before pension contributions, a
non-GAAP measure that is defined and reconciled to GAAP in an
attachment to this release, was $596 million compared to $642
million last year.
After reactivating the share repurchase program in the quarter,
Textron returned $129 million to shareholders through
repurchases.
Outlook
Textron is forecasting 2021 revenues of approximately $12.5
billion, up from $11.7 billion in 2020. Textron expects full-year
2021 GAAP earnings per share from continuing operations will be in
the range of $2.64 to $2.88, or $2.70 to $2.90 on an adjusted basis
(non-GAAP), which is reconciled to GAAP in an attachment to this
release.
The company is estimating net cash provided by operating
activities of the manufacturing group will be between $950 million
and $1,050 million and manufacturing cash flow before pension
contributions (a non-GAAP measure) will be between $600 million and
$700 million, with planned pension contributions of about $50
million.
Donnelly continued, “Our outlook reflects continued improvement
in our end-markets and our ongoing investments in new products and
programs to drive earnings growth and margin expansion.”
Fourth Quarter Segment Results
Textron Aviation
Revenues at Textron Aviation of $1.6 billion were down $169
million, primarily due to lower Citation jet volume and lower
aftermarket volume.
Textron Aviation delivered 61 jets, down from 71 last year, and
61 commercial turboprops, up from 59 last year.
Segment profit was $108 million down from $134 million a year
ago, primarily due to the impact from lower volume and mix.
Textron Aviation backlog at the end of the fourth quarter was
$1.6 billion.
Bell
Bell revenues were $871 million down from $961 million last
year, on lower military revenues and commercial volume.
Bell delivered 57 commercial helicopters in the quarter, down
from 76 last year.
Segment profit of $110 million was down $8 million, largely on
the lower volume partially offset by a favorable impact from
performance, primarily reflecting higher favorable program
adjustments.
Bell backlog at the end of the fourth quarter was $5.3
billion.
Textron Systems
Revenues at Textron Systems were $357 million, down from $399
million last year, primarily due to lower volume in the TRU
Simulation + Training business.
Segment profit of $49 million was up from $33 million last year,
primarily due to the favorable impact from performance.
Textron Systems’ backlog at the end of the fourth quarter was
$2.6 billion.
Industrial
Industrial revenues were $866 million, a decrease of $61 million
from last year, primarily related to reduced demand in the ground
support equipment business within the Specialized Vehicles product
line.
Segment profit was $55 million, up 25% from the fourth quarter
of 2019, largely due to a favorable impact from pricing and
inflation, and favorable performance, partially offset by the
impact of lower volume and mix.
Finance
Finance segment revenues in the quarter were $13 million, and
profit was $2 million.
Conference Call Information
Textron will host its conference call today, January 27, 2021 at
8:00 a.m. (Eastern) to discuss its results and outlook. The call
will be available via webcast at www.textron.com or by direct dial
at (844) 721-7241 in the U.S. or (409) 207-6955 outside of the
U.S.; Access Code: 4252363.
In addition, the call will be recorded and available for
playback beginning at 11:00 a.m. (Eastern) on Wednesday, January
27, 2021 by dialing (402) 970-0847; Access Code: 4600749.
A package containing key data that will be covered on today’s
call can be found in the Investor Relations section of the
company’s website at www.textron.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its
global network of aircraft, defense, industrial and finance
businesses to provide customers with innovative solutions and
services. Textron is known around the world for its powerful brands
such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex,
Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation +
Training. For more information visit: www.textron.com.
Forward-looking Information
Certain statements in this release and other oral and written
statements made by us from time to time are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, which may
describe strategies, goals, outlook or other non-historical
matters, or project revenues, income, returns or other financial
measures, often include words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “guidance,” “project,”
“target,” “potential,” “will,” “should,” “could,” “likely” or “may”
and similar expressions intended to identify forward-looking
statements. These statements are only predictions and involve known
and unknown risks, uncertainties, and other factors that may cause
our actual results to differ materially from those expressed or
implied by such forward-looking statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. Forward-looking statements speak only
as of the date on which they are made, and we undertake no
obligation to update or revise any forward-looking statements. In
addition to those factors described in our Annual Report on Form
10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”,
among the factors that could cause actual results to differ
materially from past and projected future results are the
following: Interruptions in the U.S. Government’s ability to fund
its activities and/or pay its obligations; changing priorities or
reductions in the U.S. Government defense budget, including those
related to military operations in foreign countries; our ability to
perform as anticipated and to control costs under contracts with
the U.S. Government; the U.S. Government’s ability to unilaterally
modify or terminate its contracts with us for the U.S. Government’s
convenience or for our failure to perform, to change applicable
procurement and accounting policies, or, under certain
circumstances, to withhold payment or suspend or debar us as a
contractor eligible to receive future contract awards; changes in
foreign military funding priorities or budget constraints and
determinations, or changes in government regulations or policies on
the export and import of military and commercial products;
volatility in the global economy or changes in worldwide political
conditions that adversely impact demand for our products;
volatility in interest rates or foreign exchange rates; risks
related to our international business, including establishing and
maintaining facilities in locations around the world and relying on
joint venture partners, subcontractors, suppliers, representatives,
consultants and other business partners in connection with
international business, including in emerging market countries; our
Finance segment’s ability to maintain portfolio credit quality or
to realize full value of receivables; performance issues with key
suppliers or subcontractors; legislative or regulatory actions,
both domestic and foreign, impacting our operations or demand for
our products; our ability to control costs and successfully
implement various cost-reduction activities; the efficacy of
research and development investments to develop new products or
unanticipated expenses in connection with the launching of
significant new products or programs; the timing of our new product
launches or certifications of our new aircraft products; our
ability to keep pace with our competitors in the introduction of
new products and upgrades with features and technologies desired by
our customers; pension plan assumptions and future contributions;
demand softness or volatility in the markets in which we do
business; cybersecurity threats, including the potential
misappropriation of assets or sensitive information, corruption of
data or, operational disruption; difficulty or unanticipated
expenses in connection with integrating acquired businesses; the
risk that acquisitions do not perform as planned, including, for
example, the risk that acquired businesses will not achieve revenue
and profit projections; the impact of changes in tax legislation;
and risks and uncertainties related to the impact of the COVID-19
pandemic on our business and operations.
TEXTRON INC.
Revenues by Segment and
Reconciliation of Segment Profit to Net Income
(Dollars in millions, except per
share amounts)
(Unaudited)
Three Months Ended
Twelve months ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
REVENUES
MANUFACTURING:
Textron Aviation
$
1,560
$
1,729
$
3,974
$
5,187
Bell
871
961
3,309
3,254
Textron Systems
357
399
1,313
1,325
Industrial
866
927
3,000
3,798
3,654
4,016
11,596
13,564
FINANCE
13
19
55
66
Total Revenues
$
3,667
$
4,035
$
11,651
$
13,630
SEGMENT
PROFIT
MANUFACTURING:
Textron Aviation
$
108
$
134
$
16
$
449
Bell
110
118
462
435
Textron Systems
49
33
152
141
Industrial
55
44
111
217
322
329
741
1,242
FINANCE
2
11
10
28
Segment Profit
324
340
751
1,270
Corporate expenses and other, net
(50
)
(22
)
(122
)
(110
)
Interest expense, net for Manufacturing
group
(36
)
(36
)
(145
)
(146
)
Special charges (a)
(23
)
(72
)
(147
)
(72
)
Inventory charge (b)
—
—
(55
)
—
Income before income taxes
215
210
282
942
Income tax benefit (expense)
21
(11
)
27
(127
)
Net Income
$
236
$
199
$
309
$
815
Earnings Per Share
$
1.03
$
0.87
$
1.35
$
3.50
Diluted average shares outstanding
229,365,000
229,790,000
228,979,000
232,709,000
Net Income and Diluted Earnings Per
Share (EPS) GAAP to Non-GAAP Reconciliation:
Three Months Ended
Twelve Months Ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
Net Income - GAAP
$
236
$
199
$
309
$
815
Add: Special charges, net of tax (a)
16
55
119
55
Inventory charge, net of tax (b)
—
—
55
—
Tax benefit – TRU assets held for sale
(b)
(8
)
—
(8
)
—
Adjusted Net Income - Non-GAAP
(c)
$
244
$
254
$
475
$
870
Earnings Per Share:
Net Income - GAAP
$
1.03
$
0.87
$
1.35
$
3.50
Add: Special charges, net of tax (a)
0.07
0.24
0.52
0.24
Inventory charge, net of tax (b)
—
—
0.24
—
Tax benefit – TRU assets held for sale
(b)
(0.04
)
—
(0.04
)
—
Adjusted Net Income - Non-GAAP
(c)
$
1.06
$
1.11
$
2.07
$
3.74
TEXTRON INC.
Revenues by Segment and
Reconciliation of Segment Profit to Net Income (Continued)
(Dollars in millions, except per
share amounts)
(Unaudited)
(a)
In 2020, we initiated a restructuring plan
to reduce operating expenses through headcount reductions, facility
consolidations and other actions in response to the economic
challenges and uncertainty resulting from the COVID-19 pandemic.
The restructuring plan primarily impacts the TRU Simulation +
Training (TRU) business within the Textron Systems segment and the
Industrial and Textron Aviation segments. In connection with this
plan, special charges for the three and twelve months ended January
2, 2021, includes severance and related costs of $17 million and
$73 million, respectively, asset impairment charges of $5 million
and $22 million, respectively, and contract termination and other
facility closing costs of $1 million and $13 million, respectively.
Special charges for the twelve months ended January 2, 2021 also
includes the impairment of indefinite-lived trade name intangible
assets totaling $32 million in the Textron Aviation segment and $7
million in the Industrial segment resulting from changes in
valuation assumptions related to the economic and business
disruptions caused by the pandemic. In 2019, we recorded special
charges of $72 million under a restructuring plan, principally
impacting the Industrial and Textron Aviation segments.
(b)
In connection with the restructuring plan
described above, we ceased manufacturing at TRU's facility in
Montreal, Canada, resulting in the production suspension of our
commercial air transport simulators. As a result of this action and
market conditions, we recorded a $55 million charge in the second
quarter of 2020 to write-down the related inventory to its net
realizable value. In the fourth quarter of 2020, we reached a
definitive agreement to sell TRU Simulation + Training Canada Inc.
which resulted in the recognition of an $8 million tax benefit.
(c)
Adjusted net income and adjusted diluted
earnings per share are non-GAAP financial measures as defined in
"Non-GAAP Financial Measures" attached to this release.
Textron Inc.
Condensed Consolidated Balance
Sheets
(In millions)
(Unaudited)
January 2,
2021
January 4,
2020
Assets
Cash and equivalents
$
2,146
$
1,181
Accounts receivable, net
787
921
Inventories
3,513
4,069
Other current assets
950
894
Net property, plant and equipment
2,516
2,527
Goodwill
2,157
2,150
Other assets
2,393
2,312
Finance group assets
938
964
Total Assets
$
15,400
$
15,018
Liabilities and Shareholders'
Equity
Current portion of long-term debt
$
509
$
561
Accounts payable
776
1,378
Other current liabilities
1,985
1,907
Other liabilities
2,314
2,288
Long-term debt
3,198
2,563
Finance group liabilities
773
803
Total Liabilities
9,555
9,500
Total Shareholders' Equity
5,845
5,518
Total Liabilities and Shareholders'
Equity
$
15,400
$
15,018
TEXTRON INC.
MANUFACTURING GROUP
Condensed Schedule of Cash
Flows
(In millions)
(Unaudited)
Three Months Ended
Twelve Months Ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
Cash Flows from Operating
Activities:
Net income
$
234
$
190
$
301
$
793
Depreciation and amortization
107
113
386
410
Deferred income taxes and income taxes
receivable/payable
(34
)
(10
)
(63
)
1
Asset impairments and TRU inventory
charge
5
15
116
15
Pension, net
(4
)
(18
)
(15
)
(62
)
Changes in assets and liabilities:
Accounts receivable, net
90
106
149
99
Inventories
692
360
434
(319
)
Accounts payable
(346
)
146
(613
)
280
Dividends received from Finance group
—
—
—
50
Other, net
(131
)
(147
)
138
(307
)
Net cash from operating
activities
613
755
833
960
Cash Flows from Investing
Activities:
Capital expenditures
(166
)
(123
)
(317
)
(339
)
Proceeds from an insurance recovery and
sale of property, plant and equipment
8
3
33
9
Net proceeds from corporate-owned life
insurance policies
1
(2
)
22
2
Other investing activities, net
(4
)
(1
)
(15
)
(1
)
Net cash from investing
activities
(161
)
(123
)
(277
)
(329
)
Cash Flows from Financing
Activities:
Decrease in short-term debt
—
(118
)
(2
)
—
Net proceeds from long-term debt
—
4
1,137
301
Net borrowings against corporate-owned
insurance policies
(362
)
—
—
—
Principal payments on long-term debt and
nonrecourse debt
(353
)
(252
)
(548
)
(252
)
Purchases of Textron common stock
(129
)
(33
)
(183
)
(503
)
Dividends paid
(4
)
(9
)
(18
)
(18
)
Other financing activities, net
5
16
7
33
Net cash from financing
activities
(843
)
(392
)
393
(439
)
Total cash flows from continuing
operations
(391
)
240
949
192
Total cash flows from discontinued
operations
—
—
(1
)
(2
)
Effect of exchange rate changes on cash
and equivalents
19
10
17
4
Net Change in Cash and
Equivalents
(372
)
250
965
194
Cash and Equivalents at Beginning of
Period
2,518
931
1,181
987
Cash and Equivalents at End of Period
$
2,146
$
1,181
$
2,146
$
1,181
Manufacturing Cash Flow GAAP to
Non-GAAP Reconciliation:
Three Months Ended
Twelve Months Ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
Net Cash from Operating Activities -
GAAP
$
613
$
755
$
833
$
960
Less: Capital expenditures
(166
)
(123
)
(317
)
(339
)
Dividends received from TFC
—
—
—
(50
)
Plus: Total pension contribution
12
15
47
51
Proceeds from an insurance recovery and
sale of property, plant and equipment
8
3
33
9
Taxes paid on gain on business
disposition
—
—
—
11
Manufacturing Cash Flow Before Pension
Contributions - Non-GAAP (a)
$
467
$
650
$
596
$
642
(a)
Manufacturing cash flow before pension
contributions is a non-GAAP financial measure as defined in
"Non-GAAP Financial Measures" attached to this release.
TEXTRON INC.
Condensed Consolidated
Schedule of Cash Flows
(In millions)
(Unaudited)
Three Months Ended
Twelve Months Ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
Cash Flows from Operating
Activities:
Net income
$
236
$
199
$
309
$
815
Depreciation and amortization
108
114
391
416
Deferred income taxes and income taxes
receivable/payable
(34
)
(9
)
(69
)
6
Asset impairments and TRU inventory
charge
5
15
116
15
Pension, net
(4
)
(18
)
(15
)
(62
)
Changes in assets and liabilities:
Accounts receivable, net
90
106
149
99
Inventories
692
360
434
(292
)
Accounts payable
(346
)
146
(613
)
280
Captive finance receivables, net
(64
)
23
(89
)
45
Other, net
(114
)
(145
)
156
(306
)
Net cash from operating
activities
569
791
769
1,016
Cash Flows from Investing
Activities:
Capital expenditures
(166
)
(123
)
(317
)
(339
)
Proceeds from an insurance recovery and
sale of property, plant and equipment
8
3
33
9
Finance receivables repaid
1
28
22
48
Net proceeds from corporate-owned life
insurance policies
1
(2
)
22
2
Other investing activities, net
—
11
(8
)
14
Net cash from investing
activities
(156
)
(83
)
(248
)
(266
)
Cash Flows from Financing
Activities:
Decrease in short-term debt
—
(118
)
(2
)
—
Net proceeds from long-term debt
—
4
1,137
301
Net borrowings against corporate-owned
insurance policies
(362
)
—
—
—
Principal payments on long-term debt and
nonrecourse debt
(358
)
(261
)
(593
)
(303
)
Purchases of Textron common stock
(129
)
(33
)
(183
)
(503
)
Dividends paid
(4
)
(9
)
(18
)
(18
)
Other financing activities, net
5
3
19
21
Net cash from financing
activities
(848
)
(414
)
360
(502
)
Total cash flows from continuing
operations
(435
)
294
881
248
Total cash flows from discontinued
operations
—
—
(1
)
(2
)
Effect of exchange rate changes on cash
and equivalents
19
10
17
4
Net Change in Cash and
Equivalents
(416
)
304
897
250
Cash and Equivalents at Beginning of
Period
2,670
1,053
1,357
1,107
Cash and Equivalents at End of Period
$
2,254
$
1,357
$
2,254
$
1,357
TEXTRON INC. Non-GAAP Financial
Measures (Dollars in millions, except per share amounts)
We supplement the reporting of our financial information
determined under U.S. generally accepted accounting principles
(GAAP) with certain non-GAAP financial measures. These non-GAAP
financial measures exclude certain significant items that may not
be indicative of, or are unrelated to, results from our ongoing
business operations. We believe that these non-GAAP measures may be
useful for period-over-period comparisons of underlying business
trends and our ongoing business performance, however, they should
be used in conjunction with GAAP measures. Our non-GAAP measures
should not be considered in isolation or as a substitute for the
related GAAP measures, and other companies may define similarly
named measures differently. We encourage investors to review our
financial statements and publicly-filed reports in their entirety
and not to rely on any single financial measure. We utilize the
following definitions for the non-GAAP financial measures included
in this release and have provided a reconciliation of the GAAP to
non-GAAP amounts for each measure:
Adjusted Net Income and Adjusted
Diluted Earnings Per Share
Adjusted net income and adjusted diluted earnings per share
exclude special charges, net of tax, and an inventory charge, net
of tax and a tax benefit both related to TRU Simulation + Training
Canada Inc. (TRU Canada) in connection with the restructuring plan
and disposition of this company. We consider items recorded in
special charges, such as enterprise-wide restructuring, certain
asset impairment charges, and acquisition-related restructuring,
integration and transaction costs, to be of a non-recurring nature
that is not indicative of ongoing operations. At TRU Canada, the
inventory charge is excluded as it relates to the write-down of
inventory in connection with an action taken under the
restructuring plan. Due to the substantial decline in demand and
order cancellations for flight simulators resulting from the impact
of the pandemic on the commercial air transportation business, we
ceased manufacturing at TRU Canada’s Montreal facility, resulting
in the production suspension of its commercial air transport
simulators. As a result of this action and market conditions, the
related inventory was written down to its net realizable value. In
the fourth quarter of 2020, we reached a definitive agreement to
sell TRU Canada, which resulted in the recognition of an $8 million
tax benefit. We believe this inventory charge and tax benefit are
of a non-recurring nature and are not indicative of ongoing
operations.
Three Months Ended
Twelve Months Ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
Net Income - GAAP
$
236
$
199
$
309
$
815
Add: Special charges, net of tax
16
55
119
55
Inventory charge, net of tax
—
—
55
—
Tax benefit – TRU assets held for sale
(8
)
—
(8
)
—
Adjusted Net Income - Non-GAAP
$
244
$
254
$
475
$
870
Earnings Per Share:
Net Income - GAAP
$
1.03
$
0.87
$
1.35
$
3.50
Add: Special charges, net of tax
0.07
0.24
0.52
0.24
Inventory charge, net of tax
—
—
0.24
—
Tax benefit – TRU assets held for sale
(0.04
)
—
(0.04
)
—
Adjusted Net Income - Non-GAAP
$
1.06
$
1.11
$
2.07
$
3.74
2021 Outlook
Diluted EPS
Net Income - GAAP
$
600
—
$
655
$
2.64
—
$
2.88
Add: Special charges, net of tax (a)
25
—
15
0.11
—
0.07
Less: Gain on disposition, net of tax
(b)
(10
)
—
(10
)
(0.05
)
—
(0.05
)
Adjusted Net Income - Non-GAAP
$
615
—
$
660
$
2.70
—
$
2.90
(a)
Special charges, net of tax includes costs
we expect to incur in connection with the restructuring plan
initiated in 2020.
(b)
Gain on disposition, net of tax includes
the estimated after-tax gain on the sale of TRU Canada.
TEXTRON INC. Non-GAAP Financial
Measures (Continued) (Dollars in millions, except per share
amounts)
Manufacturing Cash Flow Before Pension
Contributions
Manufacturing cash flow before pension contributions adjusts net
cash from operating activities (GAAP) for the following:
- Deducts capital expenditures and includes proceeds from an
insurance recovery and the sale of property, plant and equipment to
arrive at the net capital investment required to support ongoing
manufacturing operations;
- Excludes dividends received from Textron Financial Corporation
(TFC) and capital contributions to TFC provided under the Support
Agreement and debt agreements as these cash flows are not
representative of manufacturing operations;
- Adds back pension contributions as we consider our pension
obligations to be debt-like liabilities. Additionally, these
contributions can fluctuate significantly from period to period and
we believe that they are not representative of cash used by our
manufacturing operations during the period;
- Excludes taxes paid related to the gain realized in 2018 on the
Tools and Test business disposition. We have made this adjustment
to the non-GAAP measure because we believe this use of cash is not
representative of cash used by our manufacturing operations.
While we believe this measure provides a focus on cash generated
from manufacturing operations, before pension contributions, and
may be used as an additional relevant measure of liquidity, it does
not necessarily provide the amount available for discretionary
expenditures since we have certain non-discretionary obligations
that are not deducted from the measure.
Three Months Ended
Twelve months ended
January 2,
2021
January 4,
2020
January 2,
2021
January 4,
2020
Net Cash from Operating Activities -
GAAP
$
613
$
755
$
833
$
960
Less: Capital expenditures
(166
)
(123
)
(317
)
(339
)
Dividends received from TFC
—
—
—
(50
)
Plus: Total pension contribution
12
15
47
51
Proceeds from an insurance recovery and
sale of property, plant and equipment
8
3
33
9
Taxes paid on gain on business
disposition
—
—
—
11
Manufacturing Cash Flow Before Pension
Contributions - Non-GAAP
$
467
$
650
$
596
$
642
2021 Outlook
Net Cash from Operating Activities -
GAAP
$
950
—
$
1,050
Less: Capital expenditures
(400)
Plus: Total pension contribution
50
Manufacturing Cash Flow Before Pension
Contributions - Non-GAAP
$
600
—
$
700
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210127005189/en/
Investor Contacts: Eric Salander – 401-457-2288 Cameron
Vollmuth – 401-457-2288
Media Contact: Michael Maynard – 401-457-2362
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