Exhibit 99.1

	Corporate Communications Department
		NEWS Release

Investor Contacts:
Doug Wilburne — 401-457-2288	FOR IMMEDIATE RELEASE
Becky Rosenbaum — 401-457-2288
Media Contact:
David Sylvestre — 401-457-2362

Textron Reports Second Quarter EPS of $0.58
on 10.7% Revenue Increase

Providence, Rhode Island — July 19, 2012 — Textron Inc. (NYSE: TXT) today reported second quarter 2012 income from continuing operations of $0.58 per share, compared to income of $0.29 per share in the second quarter of 2011. Total revenues in the quarter were $3.0 billion, up 10.7% from the second quarter of 2011.

Manufacturing segment profit was $288 million, up $59 million from the second quarter of 2011. Manufacturing cash flow before pension contributions was $121 million during the second quarter compared to $171 million during last year’s second quarter.  The company contributed $21 million to its pension plans during the second quarter.

“The payoff from investing in new products and services is reflected in our double digit revenue growth during the quarter and our focus on operational execution is driving solid results,” said Textron Chairman and CEO Scott C. Donnelly.

Donnelly continued, “We are also very pleased with recent significant program wins, including the Canadian Tactical Armored Patrol Vehicle, the U.S. Navy’s Ship-to-Shore Connector, upgrades to the U.S. Army’s Shadow TUAS, and an agreement with NetJets to provide up to 150 Citation Latitudes for their fleet, all of which help contribute to the positive outlook we have for our businesses.”

Outlook

Textron confirmed its 2012 earnings per share from continuing operations guidance of $1.80 to $2.00 and cash flow from continuing operations of the manufacturing group before pension contributions between $700 and $750 million, with planned pension contributions of about $200 million.

Second Quarter Segment Results

Cessna

Revenues at Cessna increased $111 million, reflecting the delivery of 49 new Citation jets in the quarter, compared with 38 in last year’s second quarter.

Segment profit of $35 million was an improvement of $30 million, primarily due to the higher volume.

Cessna backlog at the end of the second quarter was $1.5 billion, down $196 million from the first quarter of 2012.

Bell

Bell revenues increased $184 million in the second quarter from the same period in the prior year, primarily reflecting the delivery of 47 commercial helicopters compared to 22 units in last year’s second quarter.  Bell also delivered 9 V-22 and 6 H-1 aircraft in the quarter compared to 9 V-22’s and 8 H-1’s in last year’s second quarter.

Segment profit increased $32 million, primarily reflecting higher volume and favorable mix in our commercial business.

Bell backlog at the end of the second quarter was $6.7 billion, down $394 million from the first quarter of 2012.

Textron Systems

Revenues at Textron Systems decreased $63 million primarily due to lower sensor fuzed weapon and armored security vehicle volumes. Segment profit decreased $9 million, reflecting the lower volumes and deliveries on lower-margin contracts.

Textron Systems’ backlog at the end of the second quarter was $2.7 billion, up $1.2 billion from the first quarter of 2012.

Industrial

Industrial revenues increased $37 million reflecting higher volumes across most of the businesses partially offset by unfavorable foreign exchange. Segment profit increased $6 million primarily due to the higher volume.

Finance

Finance segment revenues increased $22 million compared to the second quarter of 2011. The segment reported a profit of $22 million compared to a $33 million loss in last year’s second quarter.

Conference Call Information

Textron will host its conference call today, July 19, 2012 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 (800) 230-1059 in the U.S. or (612) 234-9959 outside of the U.S. (request the Textron Earnings Call).

In addition, the call will be recorded and available for playback beginning at 10:30 a.m. (Eastern) on Thursday, July 19, 2012 by dialing (320) 365-3844; Access Code: 225826.

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 Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.

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Non-GAAP Measures

Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release.

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 under “Risk Factors” in our Annual Report on Form 10-K, among the factors that could cause actual results to differ materially from past and projected future results are the following:  changing priorities or reductions in the U.S. Government defense budget, including those related to military operations in foreign countries; changes in worldwide economic or political conditions that impact demand for our products, interest rates or foreign exchange rates; 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; our Finance segment’s ability to maintain portfolio credit quality or to realize full value of receivables and of assets acquired upon foreclosure of receivables; our ability to access the capital markets at reasonable rates; performance issues with key suppliers, subcontractors or business partners; legislative or regulatory actions 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; the extent to which we are able to pass raw material price increases through to customers or offset such price increases by reducing other costs;  increases in pension expenses or employee and retiree medical benefits; uncertainty in estimating reserves, including reserves established to address contingent liabilities, unrecognized tax benefits, or potential losses on our Finance segment’s receivables;  difficult conditions in the financial markets which may adversely impact our customers’ ability to fund or finance purchases of our products; and volatility in the global economy resulting in demand softness or volatility in the  markets in which we do business.

TEXTRON INC.
Revenues by Segment and Reconciliation of Segment Profit to Net Income
Three and Six Months Ended June 30, 2012 and July 2, 2011
(Dollars in millions, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
REVENUES
MANUFACTURING:
Cessna	$	763		$	652		$	1,432		$	1,208
Bell	1,056			872			2,050			1,621
Textron Systems	389			452			766			897
Industrial	756			719			1,511			1,422
	2,964			2,695			5,759			5,148
FINANCE	55			33			116			59
Total revenues	$	3,019		$	2,728		$	5,875		$	5,207
SEGMENT PROFIT
MANUFACTURING:
Cessna	$	35		$	5		$	29		$	(33	)
Bell	152			120			297			211
Textron Systems	40			49			75			102
Industrial	61			55			134			116
	288			229			535			396
FINANCE	22			(33		)	34			(77		)
Segment Profit	310			196			569			319
Corporate expenses and other, net	(20		)	(23		)	(67		)	(62		)
Interest expense, net for Manufacturing group	(35		)	(38		)	(70		)	(76		)
Income from continuing operations before income taxes	255			135			432			181
Income tax expense	(82		)	(43		)	(139		)	(58		)
Income from continuing operations	173			92			293			123
Discontinued operations, net of income taxes	(1		)	(2		)	(3		)	(4		)
Net Income	$	172		$	90		$	290		$	119
Earnings per share:
Income from continuing operations	$	0.58		$	0.29		$	0.99		$	0.39
Discontinued operations, net of income taxes	—			—			(0.01		)	(0.01		)
Net income	$	0.58		$	0.29		$	0.98		$	0.38
Diluted average shares outstanding	295,547,000			315,208,000			295,080,000			317,261,000

Textron Inc.

 Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

	June 30, 2012		December 31, 2011
Assets
Cash and equivalents	$	898	$	871
Accounts receivable, net	917		856
Inventories	2,759		2,402
Other current assets	704		1,134
Net property, plant and equipment	2,027		1,996
Other assets	3,140		3,143
Finance group assets	2,623		3,213
Total Assets	$	13,068	$	13,615
Liabilities and Shareholders’ Equity
Current portion of long-term debt	$	507	$	146
Other current liabilities	2,723		2,785
Other liabilities	2,668		2,826
Long-term debt	1,809		2,313
Finance group liabilities	2,259		2,800
Total Liabilities	9,966		10,870
Total Shareholders’ Equity	3,102		2,745
Total Liabilities and Shareholders’ Equity	$	13,068	$	13,615

TEXTRON INC.

MANUFACTURING GROUP

Condensed Schedule of Cash Flows and Manufacturing Cash Flow GAAP to Non-GAAP Reconciliations

(In millions)

(Unaudited)

		Three Months Ended						Six Months Ended
		June 30,			July 2,			June 30,				July 2,
		2012			2011			2012				2011
Cash flows from operating activities:
Income from continuing operations		$	157		$	113		$	267			$	175
Dividends received from TFC		75			49			315				179
Capital contributions paid to TFC		—			(49		)	(240			)	(112		)
Depreciation and amortization		86			93			170				180
Changes in working capital		(90		)	5			(365			)	(238		)
Changes in other assets and liabilities and non-cash items		30			(138		)	(66			)	(38		)
Net cash from operating activities of continuing operations		258			73			81				146
Cash flows from investing activities:
Capital expenditures		(85		)	(91		)	(158			)	(169		)
Other investing activities, net		2			1			2				(42		)
Net cash from investing activities		(83		)	(90		)	(156			)	(211		)
Cash flows from financing activities:
Increase (decrease) in short-term debt		—			(14		)	—				189
Principal payments on long-term debt		(139		)	—			(139			)	—
Net intergroup borrowings		245			(335		)	245				(395		)
Dividends paid		(6		)	(6		)	(11			)	(11		)
Other financing activities, net		2			(5		)	11				(14		)
Net cash from financing activities		102			(360		)	106				(231		)
Total cash flows from continuing operations		277			(377		)	31				(296		)
Total cash flows from discontinued operations		(2		)	(1		)	(3			)	(2		)
Effect of exchange rate changes on cash and equivalents		(5		)	2			(1			)	10
Net change in cash and equivalents		270			(376		)	27				(288		)
Cash and equivalents at beginning of period		628			986			871				898
Cash and equivalents at end of period		$	898		$	610		$	898			$	610
Manufacturing Cash Flow GAAP to Non-GAAP Reconciliations:
Net cash from operating activities of continuing operations - GAAP		$	258		$	73		$	81			$	146
Less:	Capital expenditures	(85		)	(91		)	(158			)	(169		)
	Dividends received from TFC	(75		)	(49		)	(315			)	(179		)
Plus:	Capital contributions paid to TFC	—			49			240				112
	Proceeds on sale of property, plant and equipment	2			—			2				1
	Total pension contributions	21			189			165				205
Manufacturing cash flow before pension contributions- Non-GAAP		$	121		$	171		$	15			$	116
										2012 Outlook
Net cash from operating activities of continuing operations - GAAP										$  1,025  -  $  1,075
Less:	Capital expenditures									(450)
	Dividends received from TFC									(315)
Plus:	Capital contributions paid to TFC									240
	Total pension contributions									200
Manufacturing cash flow before pension contributions- Non-GAAP										$  700  -  $  750

Free cash flow is a measure generally used by investors, analysts and management to gauge a company’s ability to generate cash from operations in excess of that necessary to be reinvested to sustain and grow the business and fund its obligations.  Our definition of Manufacturing free cash flow adjusts net cash from operating activities of continuing operations for dividends received from TFC, capital contributions provided under the Support Agreement, capital expenditures, proceeds from the sale of property, plant and equipment and contributions to our pension plans.  We believe that our calculation provides a relevant measure of liquidity and is a useful basis for assessing our ability to fund operations and obligations.  This measure is not a financial measure under GAAP and should be used in conjunction with GAAP cash measures provided in our Consolidated Statement of Cash Flows.

TEXTRON INC.

Condensed Consolidated Schedule of Cash Flows

(In millions)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,			July 2,			June 30,			July 2,
	2012			2011			2012			2011
Cash flows from operating activities:
Income from continuing operations	$	173		$	92		$	293		$	123
Depreciation and amortization	92			100			183			195
Provision for losses on finance receivables	(7		)	12			(3		)	24
Changes in working capital	(32		)	59			(402		)	(149		)
Changes in other assets and liabilities and non-cash items	55			(99		)	(43		)	26
Net cash from operating activities of continuing operations	281			164			28			219
Cash flows from investing activities:
Finance receivables originated or purchased	(1		)	(34		)	(19		)	(110		)
Finance receivables repaid	182			132			336			422
Proceeds on receivable sales	25			89			69			257
Capital expenditures	(85		)	(91		)	(158		)	(169		)
Proceeds from sale of repossessed assets and properties	30			44			48			72
Other investing activities, net	32			6			30			29
Net cash from investing activities	183			146			306			501
Cash flows from financing activities:
Increase (decrease) in short-term debt	—			(14		)	—			189
Repayment of borrowings under line of credit facilities	—			(690		)	—			(940		)
Principal payments on long-term and nonrecourse debt	(249		)	(94		)	(393		)	(511		)
Proceeds from issuance of long-term debt	61			121			88			265
Dividends paid	(6		)	(6		)	(11		)	(11		)
Other financing activities, net	2			1			12			(1		)
Net cash from financing activities	(192		)	(682		)	(304		)	(1,009		)
Total cash flows from continuing operations	272			(372		)	30			(289		)
Total cash flows from discontinued operations	(2		)	(1		)	(3		)	(2		)
Effect of exchange rate changes on cash and equivalents	(5		)	2			(1		)	11
Net change in cash and equivalents	265			(371		)	26			(280		)
Cash and equivalents at beginning of period	646			1,022			885			931
Cash and equivalents at end of period	$	911		$	651		$	911		$	651