Textron(TXT) ZACKS·2025-01-22 19:51Earnings Performance - Adjusted earnings per share (EPS) for Q4 2024 was $1.34, beating the Zacks Consensus Estimate of $1.25 by 7.2%, but declined 16.3% from $1.60 in the year-ago quarter [1] - GAAP earnings per share for Q4 2024 was 76 cents, down from $1.61 in Q4 2023 [2] - Full-year 2024 adjusted EPS was $5.48, surpassing the Zacks Consensus Estimate of $5.42 but declined 2% from $5.59 in the previous year [2] Revenue Performance - Q4 2024 total revenues were $3.61 billion, missing the Zacks Consensus Estimate of $3.74 billion by 3.5% and declining 7.2% from $3.89 billion in the year-ago quarter [3] - Manufacturing revenues improved 7.2% year-over-year to $3.60 billion [3] - Full-year 2024 revenues were $13.70 billion, missing the Zacks Consensus Estimate of $13.83 billion but improved 0.1% from $13.68 billion in the previous year [3] Segmental Performance Textron Aviation - Revenues declined 15.9% year-over-year to $1.28 billion due to lower volume caused by production disruptions from a labor strike [4] - Operating profit was $100 million, down from $193 million in the year-ago period, attributed to lower volume, manufacturing inefficiencies, and strike-related costs [5] - Delivered 32 jets (down from 50) and 38 commercial turboprops (down from 44) compared to the year-ago quarter [5] - Order backlog at the end of the quarter totaled $7.8 billion [5] Bell - Revenues increased 5.4% year-over-year to $1,129 million, driven by higher military revenues from the FLRAA program [6] - Operating profit declined 6.8% to $110 million due to lower volume on the V-22 program [6] - Delivered 78 commercial helicopters, down from 91 in the previous year [6] - Order backlog at the end of the quarter totaled $7.5 billion [6] Textron Systems - Revenues declined 1% year-over-year to $311 million [7] - Operating profit increased 20% to $42 million [7] - Order backlog at the end of the quarter totaled $2.6 billion [7] Industrial - Revenues declined 9.6% year-over-year to $869 million due to lower volumes and mix, particularly in the Specialized Vehicles product line [7] - Operating profit was $48 million, down from $57 million in the prior-year quarter [8] Textron eAviation - Revenues increased 10% year-over-year to $11 million [9] - Reported a loss of $18 million, narrower than the $22 million loss in the prior-year period [9] Finance - Revenues declined 8.3% year-over-year to $11 million [9] - Operating profit was $5 million, up from $4 million in the year-ago period [9] Financial Position - Cash and cash equivalents totaled $1.39 billion as of Dec 28, 2024, down from $2.12 billion as of Dec 30, 2023 [10] - Cash flow from operating activities in 2024 was $1.01 billion, down from $1.27 billion in the prior year [10] - Capital expenditures were $153 million, down from $178 million in the prior year [10] - Long-term debt totaled $2.89 billion as of Dec 28, 2024, down from $3.17 billion as of Dec 30, 2023 [10] Guidance - Textron issued 2025 adjusted EPS guidance in the range of $6.00-$6.20, below the Zacks Consensus Estimate of $6.53 [11] Upcoming Defense Releases - Leidos Holdings (LDOS) is set to report Q4 2024 earnings on Feb 11, 2025, with a Zacks Consensus Estimate of $2.18 EPS and $4.12 billion in sales, indicating 3.6% year-over-year growth [13] - Northrop Grumman (NOC) is set to report Q4 2024 results on Jan 30, 2025, with a Zacks Consensus Estimate of $6.26 EPS and $11.02 billion in sales, indicating 3.6% year-over-year growth [14] - CurtissWright (CW) is set to report Q4 2024 results on Feb 12, 2025, with a Zacks Consensus Estimate of $3.08 EPS and $785.5 million in sales [14]