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Quarterly Data
 12 Months Ended
Dec. 30, 2017
Quarterly Data  
Quarterly Data

 

Quarterly Data

 

(Unaudited)

2017

2016

(Dollars in millions, except per share amounts)                                                                   

 

Q1

 

Q2

 

Q3

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textron Aviation

$
970

$
1,171

$
1,154

$
1,391

$
1,091

$
1,196

$
1,198

$
1,436

Bell

 
697

 
825

 
812

 
983

 
814

 
804

 
734

 
887

Textron Systems

 
416

 
477

 
458

 
489

 
324

 
487

 
413

 
532

Industrial

 
992

 
1,113

 
1,042

 
1,139

 
952

 
1,004

 
886

 
952

Finance

 
18

 
18

 
18

 
15

 
20

 
20

 
20

 
18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$
3,093

$
3,604

$
3,484

$
4,017

$
3,201

$
3,511

$
3,251

$
3,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textron Aviation

$
36

$
54

$
93

$
120

$
73

$
81

$
100

$
135

Bell

 
83

 
112

 
106

 
114

 
82

 
81

 
97

 
126

Textron Systems

 
20

 
42

 
40

 
37

 
29

 
60

 
44

 
53

Industrial

 
76

 
82

 
49

 
83

 
91

 
99

 
66

 
73

Finance

 
4

 
5

 
7

 
6

 
5

 
7

 
3

 
4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment profit

 
219

 
295

 
295

 
360

 
280

 
328

 
310

 
391

Corporate expenses and other, net

 
(27)

 
(31)

 
(30)

 
(44)

 
(32)

 
(31)

 
(53)

 
(56)

Interest expense, net for Manufacturing group

 
(34)

 
(36)

 
(37)

 
(38)

 
(33)

 
(37)

 
(35)

 
(33)

Special charges (a)

 
(37)

 
(13)

 
(25)

 
(55)

 

—

 

—

 
(115)

 
(8)

Income tax benefit (expense) (b)

 
(21)

 
(62)

 
(44)

 
(329)

 
(64)

 
(82)

 
192

 
(79)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 
100

 
153

 
159

 
(106)

 
151

 
178

 
299

 
215

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

 
1

 

—

 

—

 

—

 
(1)

 
(1)

 
122

 
(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$
101

$
153

$
159

$
(106)

$
150

$
177

$
421

$
214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$
0.37

$
0.57

$
0.60

$
(0.40)

$
0.55

$
0.66

$
1.11

$
0.79

Discontinued operations

 

—

 

—

 

—

 

—

 

—

 

—

 
0.45

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$
0.37

$
0.57

$
0.60

$
(0.40)

$
0.55

$
0.66

$
1.56

$
0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic average shares outstanding (in thousands)

 
270,489

 
267,114

 
264,624

 
263,295

 
271,660

 
269,888

 
270,560

 
270,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$
0.37

$
0.57

$
0.60

$
(0.40)

$
0.55

$
0.66

$
1.10

$
0.78

Discontinued operations

 

—

 

—

 

—

 

—

 

—

 
(0.01)

 
0.45

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$
0.37

$
0.57

$
0.60

$
(0.40)

$
0.55

$
0.65

$
1.55

$
0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted average shares outstanding (in thousands)

 
272,830

 
269,299

 
266,989

 
263,295

 
273,022

 
271,316

 
272,099

 
273,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textron Aviation

 
3.7%

 
4.6%

 
8.1%

 
8.6%

 
6.7%

 
6.8%

 
8.3%

 
9.4%

Bell

 
11.9

 
13.6

 
13.1

 
11.6

 
10.1

 
10.1

 
13.2

 
14.2

Textron Systems

 
4.8

 
8.8

 
8.7

 
7.6

 
9.0

 
12.3

 
10.7

 
10.0

Industrial

 
7.7

 
7.4

 
4.7

 
7.3

 
9.6

 
9.9

 
7.4

 
7.7

Finance

 
22.2

 
27.8

 
38.9

 
40.0

 
25.0

 
35.0

 
15.0

 
22.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit margin

 
7.1%

 
8.2%

 
8.5%

 
9.0%

 
8.7%

 
9.3%

 
9.5%

 
10.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price range: High

$
50.93

$
48.67

$
54.07

$
57.71

$
41.74

$
40.61

$
41.33

$
49.82

Low

$
43.66

$
45.00

$
47.00

$
51.07

$
30.69

$
34.00

$
35.06

$
37.19

Dividends declared per share

$
0.02

$
0.02

$
0.02

$
0.02

$
0.02

$
0.02

$
0.02

$
0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Special charges related to our 2016 restructuring plan were $15 million, $12 million, $15 million and $48 million in the first, second, third and fourth quarters of 2017, respectively, and $115 million and $8 million in the third and fourth quarters of 2016, respectively.  In addition, we recorded special charges of $22 million, $1 million, $10 million and $7 million in the first, second, third and fourth quarters of 2017, respectively, related to the Arctic Cat acquisition, which included restructuring, integration and transaction costs.

 

(b)

Income tax expense for the fourth quarter of 2017 included a $266 million charge to reflect our provisional estimate of the net impact of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.  The third quarter of 2016 included an income tax benefit of $319 million, inclusive of interest, of which $206 million is attributable to continuing operations and $113 million is attributable to discontinued operations.  This benefit was a result of the final settlement with the Internal Revenue Service Office of Appeals for our 1998 to 2008 tax years.

 

(c)

For the fourth quarter of 2017, the diluted average shares outstanding excluded potential common shares (stock options and restricted stock units) due to their antidilutive effect resulting from the net loss.