Textron(US:TXT)2025-01-22 11:32Financial Performance - Q4 2024 income from continuing operations was $0.76 per share, down from $1.01 per share in Q4 2023, with adjusted income from continuing operations at $1.34 per share, compared to $1.60 per share in Q4 2023[2] - Full-year 2024 income from continuing operations was $4.34 per share, down from $4.57 in 2023, with adjusted income from continuing operations at $5.48, compared to $5.59 in 2023[3] - Adjusted income from continuing operations for Q4 2024 was $248 million, compared to $316 million in Q4 2023, a decrease of 21.5%[27] - Full-year 2024 adjusted income from continuing operations was $1,042 million, down 7.5% from $1,127 million in 2023[27] - Q4 2024 diluted EPS (Non-GAAP) was $1.34, a 16.3% decrease from $1.60 in Q4 2023[27] - Adjusted diluted earnings per share for Q4 2024 was $1.34, compared to $1.60 in Q4 2023[39] - Full-year 2024 adjusted diluted earnings per share was $5.48, compared to $5.59 in 2023[39] Cash Flow and Capital Expenditures - Full-year 2024 manufacturing cash flow before pension contributions was $692 million, down from $931 million in 2023[4] - Net cash from operating activities for 2024 was $1.008 billion, a 20.6% decrease from $1.270 billion in 2023[32] - Capital expenditures for 2024 totaled $364 million, down 9.5% from $402 million in 2023[32] - Manufacturing cash flow before pension contributions (Non-GAAP) for 2024 was $692 million, down 25.7% from $931 million in 2023[32] - Manufacturing cash flow before pension contributions for Q4 2024 was $306 million, compared to $380 million in Q4 2023[43] - Full-year 2024 manufacturing cash flow before pension contributions was $692 million, compared to $931 million in 2023[43] - 2025 outlook for manufacturing cash flow before pension contributions is projected between $800 million and $900 million[44] Shareholder Returns - Textron returned $232 million to shareholders through share repurchases in Q4 2024, with full-year 2024 share repurchases totaling $1.1 billion[5] Revenue and Profit by Segment - Bell revenues in Q4 2024 were $1.1 billion, up $58 million from Q4 2023, with segment profit of $110 million, down $8 million from a year ago[12][13] - Textron Systems revenues in Q4 2024 were $311 million, down $3 million from Q4 2023, with segment profit of $42 million, up $7 million from a year ago[14] - Industrial segment revenues in Q4 2024 were $869 million, down $92 million from Q4 2023, with segment profit of $48 million, down $9 million from a year ago[15] - Textron eAviation segment revenues in Q4 2024 were $11 million, with a segment loss of $22 million, largely associated with R&D expenses on new products[16] Backlog and Future Outlook - Textron Aviation backlog at the end of Q4 2024 was $7.8 billion, up $676 million from year-end 2023[8] - Textron forecasts 2025 revenues of approximately $14.7 billion, up from $13.7 billion in 2024, with full-year 2025 GAAP EPS from continuing operations expected to be in the range of $5.19 to $5.39, or $6.00 to $6.20 on an adjusted basis[6] - 2025 outlook for adjusted income from continuing operations is projected between $1,105 million and $1,140 million[40] - 2025 outlook for adjusted diluted earnings per share is projected between $6.00 and $6.20[40] Special Charges and Inventory Impact - Textron recorded $78 million in pre-tax special charges in 2024, including $43 million in severance costs and $32 million in contract termination costs[28] - Inventory valuation charge was incurred due to the indefinite pause in powersports production, impacting the Industrial segment[28] Balance Sheet and Cash Position - Total assets as of December 28, 2024 were $16.838 billion, slightly down from $16.856 billion at the end of 2023[30] - Cash and equivalents decreased by $735 million in 2024, ending at $1.386 billion compared to $2.121 billion at the end of 2023[30]