This document is Textron's Q1 2014 earnings call presentation which provides key financial data and outlook for Q1 2014 and full year 2014. Some highlights include:
- Revenues for Q1 2014 were $2.85 billion compared to $2.86 billion in Q1 2013.
- Acquisition of Beechcraft negatively impacted earnings by $22 million in Q1 2014 and is expected to impact earnings by $34 million for full year 2014.
- Full year 2014 guidance ranges from $1.92 to $2.12 for EPS and $600 million to $700 million for manufacturing cash flow before pension contributions.
- Finance segment 60+ day delinquencies increased to $125 million in Q1
1. Q1 2014 Earnings Call Presentation
May 1, 2014
The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.
Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014
2. Forward-Looking Information
Certain statements in this package 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 orother 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 maylooking statements are subject to risks and uncertainties that may
cause actual results to differ materially from those contained in the
statements, including the risks and uncertainties set forth under
"Forward-Looking Information" in our first quarter 2014 earnings
l Additi l i f ti i k d t i ti th trelease. Additional information on risks and uncertainties that may
impact forward-looking statements is discussed under "Risk Factors" in
our most recent Annual Report on Form 10-K and our Quarterly Reports
on Form 10-Q.
Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014
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3. Key Data - First Quarter, 2014
Q1 2014 Q1 2013
R $2 85B $2 86BRevenues $2.85B $2.86B
Segment Profit $219M $235M
EPS from Continuing
Operations
$0.31 $0.40
Manufacturing Cash Flow
Before Pension
Contributions*
($111M) ($425M)
Pension Contributions $17 $140
* Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined
and reconciled to GAAP in our earnings release
Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014
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and reconciled to GAAP in our earnings release.
4. Impact of Beechcraft Acquisition
Fi st Q a te 2014
Pre-tax
$, millions
First Quarter 2014
Change in Textron Aviation
segment profit*
$1
Restructuring ($5)g ($ )
Acquisition ($11)
Interest on new debt ($7)Interest on new debt ($7)
Total ($22)
Change in EPS ~($0.05)
*Reflects $14 million impact of purchase price accounting inventory step-up
Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014
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Reflects $14 million impact of purchase price accounting inventory step up
5. Impact of Beechcraft Acquisition
F ll Yea 2014 G idance
Pre-tax
$, millions
Full-Year 2014 Guidance
Change in Textron Aviation
segment profit**
~$45
Restructuring ~($35)g ($ )
Acquisition ($11)
Interest on new debt ~($33)Interest on new debt ~($33)
Total ~($34)
Change in EPS ~($0.08)
** Reflects ~$65 million impact of purchase price accounting inventory step-up
Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014
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$ p p p g y p p
6. Outlook – Full Year, 2014
EPS from Continuing
Operations
$1.92 - $2.12
Manufacturing Cash Flow
Before Pension Contributions*
$600M - $700M
* Manufacturing cash flow before pension contributions is a non-GAAP measure that is
defined and reconciled to GAAP in our earnings release.
Textron Inc. Q1 2014 Earnings Call Presentation; May 1, 2014
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