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Quarterly Data
 12 Months Ended
Jan. 03, 2015
Quarterly Data  
Quarterly Data

Quarterly Data

 

(Unaudited)

 

 

2014

 

 

2013

 

(Dollars in millions, except per share amounts)

 

 

Q1

 

Q2

 

Q3

 

Q4

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textron Aviation

 

 

$
785

 

$
1,183

 

$
1,080

 

$
1,520

 

 

$
708

 

$
560

 

$
593

 

$
923

 

Bell

 

 
873

 
1,119

 
1,182

 
1,071

 

 
949

 
1,025

 
1,162

 
1,375

 

Textron Systems

 

 
363

 
282

 
358

 
621

 

 
429

 
422

 
405

 
409

 

Industrial

 

 
797

 
894

 
785

 
862

 

 
727

 
801

 
711

 
773

 

Finance

 

 
29

 
27

 
25

 
22

 

 
42

 
31

 
33

 
26

 

Total revenues

 

 

$
2,847

 

$
3,505

 

$
3,430

 

$
4,096

 

 

$
2,855

 

$
2,839

 

$
2,904

 

$
3,506

 

Segment profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textron Aviation (a)

 

 

$
14

 

$
28

 

$
62

 

$
130

 

 

$
(8

)

$
(50

)

$
(23

)

$
33

 

Bell

 

 
96

 
141

 
146

 
146

 

 
129

 
135

 
131

 
178

 

Textron Systems

 

 
39

 
34

 
27

 
50

 

 
38

 
34

 
35

 
40

 

Industrial

 

 
66

 
94

 
53

 
67

 

 
57

 
79

 
52

 
54

 

Finance

 

 
4

 
7

 
5

 
5

 

 
19

 
15

 
13

 
2

 

Total segment profit

 

 
219

 
304

 
293

 
398

 

 
235

 
213

 
208

 
307

 

Corporate expenses and other, net

 

 
(43

)
(38

)
(22

)
(58

)

 
(55

)
(20

)
(34

)
(57

)

Interest expense, net for Manufacturing group

 

 
(35

)
(36

)
(37

)
(40

)

 
(37

)
(30

)
(29

)
(27

)

Acquisition and restructuring costs (b)

 

 
(16

)
(20

)
(3

)
(13

)

 

—

 

—

 

—

 

—

 

Income tax expense

 

 
(38

)
(65

)
(71

)
(74

)

 
(28

)
(49

)
(47

)
(52

)

Income from continuing operations

 

 
87

 
145

 
160

 
213

 

 
115

 
114

 
98

 
171

 

Income (loss) from discontinued operations, net of income taxes

 

 
(2

)
(1

)
(1

)
(1

)

 
4

 
(1

)
1

 
(4

)

Net income

 

 

$
85

 

$
144

 

$
159

 

$
212

 

 

$
119

 

$
113

 

$
99

 

$
167

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

$
0.31

 

$
0.52

 

$
0.57

 

$
0.77

 

 

$
0.42

 

$
0.41

 

$
0.35

 

$
0.60

 

Discontinued operations

 

 
(0.01

)

—

 

—

 
(0.01

)

 
0.02

 
(0.01

)

—

 
(0.01

)

Basic earnings per share

 

 

$
0.30

 

$
0.52

 

$
0.57

 

$
0.76

 

 

$
0.44

 

$
0.40

 

$
0.35

 

$
0.59

 

Basic average shares outstanding (In thousands)

 

 
281,094

 
280,280

 
278,860

 
277,347

 

 
273,200

 
280,163

 
281,525

 
282,308

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

$
0.31

 

$
0.51

 

$
0.57

 

$
0.76

 

 

$
0.40

 

$
0.40

 

$
0.35

 

$
0.60

 

Discontinued operations

 

 
(0.01

)

—

 

—

 

—

 

 
0.01

 

—

 

—

 
(0.01

)

Diluted earnings per share

 

 

$
0.30

 

$
0.51

 

$
0.57

 

$
0.76

 

 

$
0.41

 

$
0.40

 

$
0.35

 

$
0.59

 

Diluted average shares outstanding (In thousands)

 

 
283,327

 
282,764

 
281,030

 
279,771

 

 
288,978

 
283,824

 
281,710

 
282,707

 

Segment profit margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textron Aviation

 

 
1.8%

 
2.4%

 
5.7%

 
8.6%

 

 

(1.1)%

 

(8.9)%

 

(3.9)%

 
3.6%

 

Bell

 

 
11.0

 
12.6

 
12.4

 
13.6

 

 
13.6

 
13.2

 
11.3

 
12.9

 

Textron Systems

 

 
10.7

 
12.1

 
7.5

 
8.1

 

 
8.9

 
8.1

 
8.6

 
9.8

 

Industrial

 

 
8.3

 
10.5

 
6.8

 
7.8

 

 
7.8

 
9.9

 
7.3

 
7.0

 

Finance

 

 
13.8

 
25.9

 
20.0

 
22.7

 

 
45.2

 
48.4

 
39.4

 
7.7

 

Segment profit margin

 

 
7.7%

 
8.7%

 
8.5%

 
9.7%

 

 
8.2%

 
7.5%

 
7.2%

 
8.8%

 

Common stock information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price range: High

 

 

$
40.18

 

$
40.93

 

$
39.03

 

$
44.23

 

 

$
31.30

 

$
30.22

 

$
29.81

 

$
37.43

 

Low

 

 

$
34.28

 

$
36.96

 

$
35.54

 

$
32.28

 

 

$
23.94

 

$
24.87

 

$
25.36

 

$
26.17

 

Dividends declared per share

 

 

$
0.02

 

$
0.02

 

$
0.02

 

$
0.02

 

 

$
0.02

 

$
0.02

 

$
0.02

 

$
0.02

 

 

(a)

Includes amortization of $12 million, $33 million, $10 million and $8 million for the first, second, third and fourth quarters of 2014, respectively, related to fair value step-up adjustments of Beechcraft acquired inventories sold during the periods. The second quarter of 2013 includes $28 million in severance costs.

 

(b)

Acquisition and restructuring costs include restructuring costs of $5 million, $20 million, $3 million and $13 million for the first, second, third and fourth quarters of 2014, respectively, related to the acquisition of Beech Holdings, LLC, the parent of Beechcraft Corporation, which was completed on March 14, 2014. Transaction costs of $11 million related to the Beechcraft acquisition are also included in the first quarter of 2014.