Textron Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
January 31, 2018 at 05:00 pm IST
Share
Textron Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total revenues of $4,017 million compared to $3,825 million a year ago. Loss from continuing operations before income taxes was $106 million compared to income from continuing operations before income taxes of $215 million a year ago. Net loss was $106 million or $0.40 per share compared to net income of $214 million or $0.78 per share a year ago. Adjusted income from continuing operations - Non-GAAP was $197 million or $0.74 per share compared to $220 million or $0.80 per share a year ago. Net cash from operating activities of continuing operations was $600 million compared to $851 million a year ago. Capital expenditures were $147 million compared to $140 million a year ago.
For the twelve months, the company reported total revenues of $14,198 million compared to $13,788 million a year ago. Income from continuing operations before income taxes was $306 million compared to $843 million a year ago. Net income was $307 million or $1.14 per share compared to net income of $962 million or $3.53 per share a year ago. Adjusted income from continuing operations - Non-GAAP was $658 million compared to $715 million a year ago. Adjusted income from continuing operations - Non-GAAP was $658 million or $2.45 per share compared to $715 million or $2.62 per share a year ago. Net cash from operating activities of continuing operations was $947 million compared to $988 million a year ago. Capital expenditures were $423 million compared to $446 million a year ago.
Textron is forecasting 2018 revenues of approximately $14.6 billion, up 3.0% from the prior year. Textron expects full-year 2018 earnings per share from continuing operations will be in the range of $2.95 to $3.15. The company will benefit from the Tax Act and expects an effective tax rate of 22.5% for 2018. The company is estimating net cash provided by operating activities of continuing operations of the manufacturing group will be between $1,170 million and $1,270 million and manufacturing cash flow before pension contributions (the non-GAAP measure) will be between $700 and $800 million, with planned pension contributions of about $55 million.
Textron Inc. is a diversified industrial group organized around 5 families of products and services:
- aircraft (34.1% of net sales): business aircraft, turboprop planes, and single-engine piston aircraft;
- military and commercial helicopters (28.4%; Bell). The group also offers logistical support services, technical support services, training, maintenance, and repair services;
- industrial equipment (25.7%): fuel systems, hydraulic power tools, measuring equipment, fiber-optic connectors, golf carts, lawn maintenance equipment, etc.;
- defense and aerospace systems (11.3%): precision weaponry, smart battlefield systems, airborne and underground surveillance systems, aircraft control components, unmanned aircraft systems, shielded vehicles, piston engines, etc.;
- financing services (0.5%).
Net sales break down geographically as follows: the United States (68.2%), Europe (11.5%), Asia and Australia (9.5%) and other (10.8%).
Textron Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018