EX-99.2 3 nineninetwo.htm EXHIBIT 99.2 nineninetwo.htm
Exhibit 99.2
TEXTRON INC.
UPDATES TO ANNUAL REPORT ON FORM 10-K
(UPDATED BY THIS CURRENT REPORT ON FORM 8-K)
FOR THE FISCAL YEAR ENDED DECEMBER 29, 2007
Item 6. Selected Financial Data

(Dollars in millions, except per share amounts and where otherwise noted)
 
2007
   
2006
   
2005
   
2004
   
2003
 
Revenues
                             
Cessna
  $ 5,000     $ 4,156     $ 3,480     $ 2,473     $ 2,299  
Bell
    2,581       2,347       2,075       1,615       1,755  
Defense & Intelligence
    1,334       1,061       806       639       593  
Industrial
    3,435       3,128       3,054       3,046       2,836  
Finance
    875       798       628       545       572  
Total revenues
  $ 13,225     $ 11,490     $ 10,043     $ 8,318     $ 8,055  
Segment profit
                                       
Cessna
  $ 865     $ 645     $ 457     $ 267     $ 199  
Bell
    144       108       269       156       150  
Defense & Intelligence
    191       141       99       94       84  
Industrial
    218       163       150       194       150  
Finance
    222       210       171       139       122  
Total segment profit
    1,640       1,267       1,146       850       705  
Special charges
                (118 )     (59 )     (77 )
Gain on sale of businesses
                            15  
Corporate expenses and other, net
    (253 )     (202 )     (199 )     (157 )     (123 )
Interest expense, net
    (87 )     (90 )     (90 )     (94 )     (96 )
Income taxes
    (385 )     (269 )     (223 )     (165 )     (109 )
Distributions on preferred securities, net of income taxes
                            (13 )
Income from continuing operations
  $ 915     $ 706     $ 516     $ 375     $ 302  
Per share of common stock**
                                       
Income from continuing operations — basic
  $ 3.66     $ 2.76     $ 1.93     $ 1.36     $ 1.11  
Income from continuing operations — diluted
  $ 3.59     $ 2.71     $ 1.89     $ 1.34     $ 1.10  
Dividends declared
  $ 0.85     $ 0.78     $ 0.70     $ 0.66     $ 0.65  
Book value at year-end
  $ 13.99     $ 10.51     $ 12.55     $ 13.45     $ 13.40  
Common stock price: High
  $ 73.38     $ 49.19     $ 40.02     $ 37.31     $ 28.85  
Low
  $ 44.08     $ 37.88     $ 32.92     $ 25.42     $ 13.42  
Year-end
  $ 71.62     $ 46.88     $ 38.49     $ 36.90     $ 28.59  
Common shares outstanding (In thousands)**
                                       
Basic average
    249,792       255,098       267,062       274,674       271,750  
Diluted average*
    254,826       260,444       272,892       280,339       274,434  
Year-end
    250,061       251,192       260,370       270,746       274,476  
Financial position
                                       
Total assets
  $ 19,956     $ 17,550     $ 16,499     $ 15,875     $ 15,171  
Manufacturing group debt
  $ 2,148     $ 1,800     $ 1,934     $ 1,770     $ 2,008  
Finance group debt
  $ 7,311     $ 6,862     $ 5,420     $ 4,783     $ 4,407  
Mandatorily redeemable preferred securities — Finance group
  $     $     $     $     $ 26  
Shareholders’ equity
  $ 3,507     $ 2,649     $ 3,276     $ 3,652     $ 3,690  
Manufacturing group debt-to-capital (net of cash)
    32 %     29 %     26 %     25 %     30 %
Manufacturing group debt-to-capital
    38 %     40 %     37 %     33 %     35 %
Investment data
                                       
Capital expenditures, including capital leases
  $ 423     $ 447     $ 380     $ 294     $ 289  
Depreciation
  $ 298     $ 271     $ 284     $ 265     $ 260  
Research and development
  $ 814     $ 786     $ 692     $ 574     $ 573  
Other data
                                       
Number of employees at year-end
    44,000       40,000       37,000       34,000       31,000  
Number of common shareholders at year-end
    15,000       16,000       17,000       18,000       19,000  
 
* Diluted average common shares outstanding assumes full conversion of outstanding preferred stock and exercise of stock options.

** All prior periods presented have been restated to reflect a two-for-one stock split in 2007.
 
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