Exhibit 99

Providence, Rhode Island - October 21, 2004 - Textron Inc. (NYSE: TXT) today reported third quarter 2004 net income of $103 million or $0.73 per share, compared with third quarter 2003 net income of $47 million or $0.34 per share.

Textron Inc. (NYSE:TXT) is a $10 billion multi-industry company with more than 43,000 employees in nearly 40 countries. The company leverages its global network of aircraft, 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 Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee, among others. More information is available at www.textron.com.

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Forward-looking Information: Certain statements in this release and other oral and written statements made by Textron from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These 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. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: (a) the extent to which Textron is able to achieve savings from its restructuring plans; (b) uncertainty in estimating the amount and timing of restructuring charges and related costs; (c) changes in worldwide economic and political conditions that impact interest and foreign exchange rates; (d) the occurrence of work stoppages and strikes at key facilities of Textron or Textron's customers or suppliers; (e) government funding and program approvals affecting products being developed or sold under government programs; (f) cost and delivery performance under various program and development contracts; (g) the adequacy of cost estimates for various customer care programs including servicing warranties; (h) the ability to control costs and successful implementation of various cost reduction programs; (i) the timing of certifications of new aircraft products; (j) the occurrence of slowdowns or downturns in customer markets in which Textron products are sold or supplied or where Textron Financial offers financing; (k) changes in aircraft delivery schedules or cancellation of orders; (l) the impact of changes in tax legislation; (m) Textron's ability to offset, through cost reductions, raw material price increases and pricing pressure brought by original equipment manufacturer customers; (n) the availability and cost of insurance; (o) increases in pension expenses related to lower than expected asset performance or changes in discount rates; (p) Textron Financial's ability to maintain portfolio credit quality; (q) Textron Financial's access to debt financing at competitive rates; and (r) uncertainty in estimating contingent liabilities and establishing reserves to address such contingencies.

TEXTRON INC. Revenues and Income by Business Segment Three Months Ended October 2, 2004 and September 27, 2003 (Dollars in millions except per share amounts) (Unaudited)
	October 2, 2004				September 27, 2003
	GAAP		As Adjusted (a)		GAAP		As Adjusted (a)
REVENUES
MANUFACTURING:
Bell	$	570	$	570	$	521	$	521
Cessna		699		699		516		516
Fastening Systems		454		454		404		404
Industrial		717		717		654		654
		2,440		2,440		2,095		2,095
FINANCE		129		129		136		136
Total revenues	$	2,569	$	2,569	$	2,231	$	2,231
PROFIT
MANUFACTURING:
Bell	$	59	$	59	$	69	$	69
Cessna		82		82		31		31
Fastening Systems		1		1		10		10
Industrial		44		44		23		23
		186		186		133		133
FINANCE		28		28		24		24
Segment profit		214		214		157		157
Special charges (b)		(18)		-		(42)		-
Corporate expenses and other, net		(30)		(30)		(19)		(19)
Interest expense, net		(23)		(23)		(26)		(26)
Income before income taxes		143		161		70		112
Income taxes		(40)		(44)		(23)		(31)
Net income	$	103	$	117	$	47	$	81
Earnings per share: (f)
Net income	$	0.73	$	0.83	$	0.34	$	0.59
Average diluted shares outstanding	140,618,000		140,618,000		136,828,000		136,828,000

TEXTRON INC. Revenues and Income by Business Segment Nine Months Ended October 2, 2004 and September 27, 2003 (Dollars in millions except per share amounts) (Unaudited)
	October 2, 2004				September 27, 2003
	GAAP		As Adjusted (a)		GAAP		As Adjusted (a)
REVENUES
MANUFACTURING:
Bell	$	1,664	$	1,664	$	1,673	$	1,673
Cessna		1,617		1,617		1,679		1,679
Fastening Systems		1,445		1,445		1,280		1,280
Industrial		2,344		2,344		2,110		2,110
		7,070		7,070		6,742		6,742
FINANCE		400		400		418		418
Total revenues	$	7,470	$	7,470	$	7,160	$	7,160
PROFIT
MANUFACTURING:
Bell	$	182	$	182	$	165	$	165
Cessna		148		148		156		156
Fastening Systems		45		45		49		49
Industrial		152		152		97		97
		527		527		467		467
FINANCE		95		95		70		70
Segment profit		622		622		537		537
Special charges (b)		(103)		-		(94)		-
Gain on sale of businesses (c)		7		-		15		-
Corporate expenses and other, net		(101)		(101)		(81)		(81)
Interest expense, net		(73)		(73)		(72)		(72)
Income from continuing operations before income taxes and distributions on preferred securities of subsidiary trusts		352		448		305		384
Income taxes		(112)		(130)		(94)		(115)
Distributions on preferred securities of manufacturing subsidiary trust, net of income taxes (d)		-		-		(13)		(13)
Income from continuing operations		240		318		198		256
(Loss) income from discontinued operations, net of income taxes (e)		-		-		(22)		2
Net income	$	240	$	318	$	176	$	258
Earnings per share: (f)
Income from continuing operations	$	1.71	$	2.26	$	1.45	$	1.87
(Loss) income from discontinued operations, net of income taxes (e)		-		-		(0.16)		0.02
Net income	$	1.71	$	2.26	$	1.29	$	1.89
Average diluted shares outstanding	140,378,000		140,378,000		136,761,000		136,761,000

	TEXTRON INC. Revenues and Income by Business Segment Three and Nine Months Ended October 2, 2004 and September 27, 2003 (Dollars in millions except per share amounts) (Unaudited)
(a)	The "As Adjusted" column excludes items recorded in special charges and gain on sale of businesses. Textron presents its results "as adjusted", before restructuring and other special items, because such items are outside normal business operations, as well as difficult to forecast accurately for specific periods. Such items are either isolated or temporary in nature; therefore, it is helpful to understand results without these items, especially when comparing results for previous periods or forecasting performance in future periods. In addition, Textron uses "as adjusted" results to measure operating performance for management compensation purposes. Any analysis of results before restructuring costs and other special items should be used only in conjunction with data presented in accordance with Generally Accepted Accounting Principles (GAAP). A reconciliation of net income as reported under GAAP to net income, as adjusted is as follows:
		Third Quarter				Nine Months
		2004		2003		2004		2003
	GAAP net income	$	103	$	47	$	240	$	176
	Adjustments:
	Special charges		18		42		103		94
	Gain on sale of businesses		-		-		(7)		(15)
	Tax impact of excluded items		(4)		(8)		(18)		(21)
	Special charges included in discontinued operations, net of income taxes		-		-		-		24
	Net income, as adjusted	$	117	$	81	$	318	$	258
(b)	Special charges include 1) restructuring expenses and fixed asset impairment charges associated with reducing overhead and closing, consolidating and downsizing manufacturing facilities, headcount reductions, consolidating operations and exiting non-core product lines, 2) a $12 million pretax gain in 2004 on the sale of the remaining shares of Collins & Aikman common stock and 3) $15 million in unamortized issuance costs written off in 2003 upon the redemption of preferred securities described in note (d).
(c)	During the second quarter of 2004, Textron recorded a gain on the sale of its interest in two Brazilian-based joint ventures to its joint venture partner, Metegal Telecom Participacoes Ltda. In the first quarter of 2003, Textron recorded a gain on the sale of its interest in an Italian automotive joint venture to Collins & Aikman.
(d)	Textron Inc. redeemed the $500 million Textron Capital I trust preferred securities in July 2003. The redemption was mandatory following Textron's call of its 7.92% Junior Subordinated Deferrable Interest Debentures, which were held by the trust and also redeemed in July 2003.
(e)	During the third quarter of 2003, Textron consummated the sale of its remaining OmniQuip business to JLG Industries, Inc. and has reclassified the financial results of the OmniQuip division, net of income taxes, to discontinued operations. During the fourth quarter of 2003, Textron sold its Small Business Direct portfolio to MBNA America Bank, N.A. and has reclassified the financial results, net of income taxes, to discontinued operations.
(f)	Reconciliation of GAAP EPS to EPS, as adjusted:

	Third Quarter				Nine Months
	2004		2003		2004		2003
GAAP EPS	$	0.73	$	0.34	$	1.71	$	1.29
Adjustments:
Special charges		0.10		0.25		0.56		0.51
Gain on sale of businesses		-		-		(0.01)		(0.09)
Special charges included in discontinued operations, net of income taxes		-		-		-		0.18
EPS, as adjusted	$	0.83	$	0.59	$	2.26	$	1.89

TEXTRON INC. Condensed Consolidated Balance Sheets (In millions) (Unaudited)
	October 2, 2004	January 3, 2004
Assets
Cash and cash equivalents	$ 687	$ 486
Accounts receivable, net	1,143	1,135
Inventories	1,663	1,439
Other current assets	429	532
Net property	1,878	1,925
Other assets	3,208	3,240
Textron Finance assets	6,544	6,333
Total Assets	$ 15,552	$ 15,090

Liabilities and Shareholders' Equity
Current portion of long-term debt and short-term debt	$ 395	$ 316
Other current liabilities	2,338	1,940
Other liabilities	2,161	2,109
Long-term debt	1,342	1,711
Textron Finance liabilities	5,545	5,324
Total Liabilities	11,781	11,400

Total Shareholders' Equity	3,771	3,690
Total Liabilities and Shareholders' Equity	$ 15,552	$ 15,090

TEXTRON INC. Reconciliation of GAAP Measures to Non-GAAP Measures (Dollars in millions except per share amounts)

		Fourth Quarter				Full Year
		2004		2003			2004		2003
		Outlook		Actual			Outlook		Actual
GAAP EPS	$	0.81 - 0.91	$	0.60	$		2.52 - 2.62	$	1.89
Adjustments:
Special charges		0.18		0.31			0.74		0.82
Gain on sale of businesses		-		-			(0.01)		(0.09)
Special charges included in discontinued operations, net of income taxes		-		-			-		0.17
EPS as adjusted	$	0.99 - 1.09	$	0.91	$		3.25 - 3.35	$	2.79

		Third Quarter				September Year-to-Date				Full Year
		2004		2003		2004		2003		2004		2003
		Actual		Actual		Actual		Actual		Outlook		Actual
Cash flow from operations - GAAP	$	360	$	145	$	805	$	300	$	805 - 905	$	681
Capital expenditures and lease additions		(82)		(80)		(228)		(198)		(330)		(310)
Proceeds on sale of fixed assets		10		12		37		41		45		55
Free cash flow after restructuring		288		77		614		143		520 - 620		426
After-tax cash used for restructuring activities		21		15		55		40		80		57
Free cash flow before restructuring - as adjusted	$	309	$	92	$	669	$	183	$	600 - 700	$	483

TEXTRON	Exhibit 99.1
	Corporate Communications Department	NEWS Release
Investor Contacts: Doug Wilburne - 401-457-3606 Marc Kaplan - 401-457-2502	FOR IMMEDIATE RELEASE
Media Contact: Karen Gordon - 401-457-2362
Textron Exceeds Third Quarter EPS and Cash Flow Targets Announces Increased Dividend and New Share Repurchase Program