Financial Performance - First quarter 2025 net income was $1.13 per share, up from $1.03 per share in Q1 2024; adjusted net income was $1.28 per share, compared to $1.20 per share in the prior year[1][5] - Revenues for Q1 2025 were $3.3 billion, an increase of $171 million from $3.1 billion in Q1 2024[5][25] - Net income for the three months ended March 29, 2025, was $207 million, compared to $201 million for the same period in 2024, reflecting a year-over-year increase of 3%[33] - Adjusted net income for the three months ended March 29, 2025, was $235 million, slightly up from $233 million in the same period of 2024[38] - The outlook for 2025 projects net income of $955 million, with diluted EPS expected to be between $5.19 and $5.39[38] Revenue Breakdown - Textron Aviation's revenues were $1.2 billion, up $24 million from the previous year, with a backlog of $7.9 billion[7][9] - Bell revenues increased to $983 million, up $256 million from Q1 2024, driven by higher military and commercial revenues[10][12] - Textron Systems revenues were $296 million, down $10 million from the previous year, with a backlog of $2.3 billion[13][14] - Industrial segment revenues decreased to $792 million, down $100 million from Q1 2024, while segment profit remained unchanged at $30 million[15][25] - Textron eAviation reported revenues of $7 million with a segment loss of $17 million, slightly improved from a loss of $18 million in Q1 2024[16] Cash Flow and Operating Activities - Net cash provided by operating activities for the manufacturing group is projected to be between $1.2 billion and $1.3 billion for the full year[5][6] - Net cash from operating activities was $(124) million for the three months ended March 29, 2025, compared to $(7) million for the same period in 2024, indicating a decline in cash flow[33] - The company reported a manufacturing cash flow before pension contributions of $(158) million for the three months ended March 29, 2025, compared to $(81) million for the same period in 2024[31] Shareholder Returns - Textron returned $215 million to shareholders through share repurchases in the first quarter[3][5] Assets and Liabilities - Total assets increased to $16,942 million in March 2025, up from $16,838 million in December 2024, representing a growth of 0.6%[28] - Long-term debt increased to $3,038 million in March 2025, up from $2,890 million in December 2024, marking a rise of 5.1%[28] - Total liabilities increased to $9,667 million in March 2025, compared to $9,634 million in December 2024, reflecting a growth of 0.3%[28] Cash and Capital Expenditures - Cash and equivalents at the end of the period were $1,194 million, down from $1,386 million at the beginning of the period, a decrease of 13.9%[30] - The company reported capital expenditures of $56 million for the three months ended March 29, 2025, compared to $66 million in the same period of 2024[33]

Dhierin runs the investing group The Aerospace Forum , whose goal is to discover investment opportunities in the aerospace, defense and airline industry. With a background in aerospace engineering, he provides analysis of a complex industry with significant growth prospects, and offers context to developments as they occur, describing how they might affect investment theses. His investing ideas are driven by data informed analysis. The investing group also provides direct access to data analytics monitors. ...

Core Viewpoint - Lockheed Martin (LMT) has faced significant downgrades from analysts, reflecting concerns over its earnings quality, competitive losses, and reduced growth expectations, amidst increasing capital outflows and a bearish stock sentiment [1][6][7]. Analyst Downgrades - Bank of America downgraded LMT from 'Buy' to 'Neutral', lowering the price target from $685 to $485, citing concerns over earnings quality and loss of key programs [6][7]. - Melius Research also downgraded LMT from 'Buy' to 'Hold', cutting the price target from $603 to $483, driven by competitive losses and concerns over reduced reliance on U.S. defense contractors in Europe [8][9]. Stock Performance - As of the latest report, LMT stock was down over 2%, trading at $429.70, with a year-to-date decline exceeding 10% [4]. - The stock is trading below its 50-day simple moving average of $461.43 and 200-day simple moving average of $512.87, indicating a bearish sentiment [4]. Competitive Landscape - Despite winning an $18 billion contract for the Next-Generation Interceptor missile defense, LMT has faced recent contract losses to competitors such as Northrop Grumman, Raytheon, and Textron, signaling headwinds for future growth [10]. - The loss of the Next Generation Air Dominance contract to Boeing, a $20 billion program, has contributed to recent volatility in LMT's stock [11][12]. Positive Outlook from Some Analysts - Truist Securities maintained a 'Buy' rating with a price target of $579, highlighting LMT's strong fundamentals and long-term growth potential despite recent challenges [11]. - Analyst Michael Ciarmoli noted that while the loss of the NGAD contract could have generated significant revenue, LMT's dominance in the aerospace and defense sector remains supported by its F-35 program and other defense contracts [12].

Backlog and Revenue Growth - Textron Aviation's backlog increased to $7,845 million in 2024 from $7,169 million in 2023, reflecting a growth of approximately 9.4%[34] - Bell's backlog rose significantly to $7,469 million in 2024, up from $4,780 million in 2023, marking a growth of about 56.3%[34] - Textron Systems' backlog also saw an increase, reaching $2,594 million in 2024 compared to $1,950 million in 2023, which is a growth of approximately 33.1%[34] - Total backlog for Textron reached $17,908 million in 2024, up from $13,899 million in 2023, indicating an overall growth of about 28.8%[34] - Total revenues for 2024 increased to $13,702 million, a slight increase of 0.14% compared to $13,683 million in 2023[189] - Total revenues for 2024 reached $13.702 billion, a slight increase from $13.683 billion in 2023, representing a year-over-year growth of 0.14%[1] - Textron Aviation generated revenues of $5,284 million in 2024, compared to $5,373 million in 2023, with aircraft sales contributing $3,374 million[288] - Bell segment revenues increased to $3,579 million in 2024, up from $3,147 million in 2023, driven by military aircraft and support programs[288] - Textron Systems reported revenues of $1,241 million in 2024, consistent with $1,235 million in 2023[288] - Industrial segment revenues decreased to $3,515 million in 2024 from $3,841 million in 2023, with specialized vehicles contributing $1,624 million[288] Financial Performance - Net income for 2024 was $824 million, a decrease of 10.55% from $921 million in 2023[190] - Basic earnings per share for continuing operations decreased to $4.38, down from $4.62 in 2023[189] - Total assets decreased slightly to $16,838 million from $16,856 million in 2023[191] - Total liabilities decreased to $9,634 million, down from $9,869 million in 2023[191] - Cash and equivalents at the end of 2024 were $1,441 million, a decrease of 33.94% from $2,181 million at the end of 2023[196] - Comprehensive income for 2024 increased to $1,164 million, up from $889 million in 2023[190] - Income from continuing operations for the Manufacturing Group decreased to $796 million in 2024 from $884 million in 2023, a decline of approximately 10%[197] - Net cash provided by operating activities of continuing operations for the Manufacturing Group was $1,008 million in 2024, down from $1,270 million in 2023, representing a decrease of about 21%[197] - The Finance Group reported net cash provided by operating activities of $8 million in 2024, down from $14 million in 2023[197] - The company reported a net cash used in financing activities of $1,438 million in 2024, an increase from $776 million in 2023[197] Research and Development - Research and development costs decreased to $491 million, down 13.86% from $570 million in 2023[189] - Research and development costs totaled $491 million in 2024, compared to $570 million in 2023[286] - The company adopted ASU 2023-07 in Q4 2024, impacting the presentation of research and development costs in financial statements[284] Employee and Labor Relations - Textron employed approximately 34,000 employees worldwide as of December 28, 2024, with 80% located in the U.S.[43] - A new five-year labor contract was ratified on October 20, 2024, following a strike that impacted about 5,000 employees at Textron Aviation[43] - The company aims to improve performance, innovation, collaboration, and talent retention by employing highly talented employees who feel valued and respected[49] Pension and Benefits - Net periodic benefit cost (income) for pension benefits was $(192) million in 2024, compared to $(167) million in 2023, and $(129) million in 2022[306] - The projected benefit obligation for pension benefits decreased from $7,205 million in 2023 to $6,788 million in 2024, while the fair value of plan assets increased from $8,413 million to $8,772 million[307] - The funded status for pension benefits improved from $1,208 million in 2023 to $1,984 million in 2024[307] - The accumulated benefit obligation for all defined benefit pension plans was $6.5 billion in 2024, down from $6.9 billion in 2023[308] - The service cost for pension benefits was $69 million in 2024, slightly up from $67 million in 2023[306] Special Charges and Restructuring - Special charges recorded in 2024 totaled $78 million, with $43 million in severance costs and $32 million in contract termination costs[318] - The company initiated a restructuring plan in Q4 2023, resulting in headcount reductions of approximately 1,800 positions, representing 5% of the global workforce[320] - In 2024, the company recorded an inventory valuation charge of $38 million related to powersports inventory[321] Tax and Compliance - The effective income tax rate for 2024 was 12.5%, down from 15.2% in 2023[326] - Unrecognized tax benefits decreased to $215 million in 2024 from $222 million in 2023[327] - Deferred tax assets decreased to $261 million in 2024 from $349 million in 2023[332] Cash Flow and Capital Expenditures - Total capital expenditures for the Manufacturing Group were $364 million in 2024, a decrease from $402 million in 2023[197] - The company has a senior unsecured revolving credit facility of $1.0 billion, with the option to increase it to $1.3 billion, expiring in October 2027[264] Inventory and Assets - Total inventories increased from $3,914 million at December 30, 2023, to $4,071 million at December 28, 2024, with finished goods rising from $1,072 million to $1,138 million[256] - Property, plant, and equipment, net increased from $2,477 million at December 30, 2023, to $2,529 million at December 28, 2024, with total accumulated depreciation rising from $5,247 million to $5,471 million[257] Shareholder Actions - The company repurchased $12.89 million shares in 2024, reducing outstanding common stock from 192,898 thousand shares in 2023 to 182,964 thousand shares in 2024[273] - Basic weighted-average shares outstanding decreased from 199,719 thousand in 2023 to 188,318 thousand in 2024[275] - The company declared dividends of $0.08 per share for 2024, consistent with the previous year[192]

Financial Data and Key Metrics Changes - Revenues in Q4 2024 were $3.6 billion, down from $3.9 billion in Q4 2023 [4] - Segment profit for the quarter was $283 million, a decrease of $101 million from the previous year's fourth quarter [4] - Adjusted income from continuing operations was $1.34 per share, compared to $1.60 per share in Q4 2023 [4] - Manufacturing cash flow before pension contributions totaled $306 million, down $74 million from last year's fourth quarter [4] Business Line Data and Key Metrics Changes - Specific business line performance details were not provided in the available content Market Data and Key Metrics Changes - Market performance details were not provided in the available content Company Strategy and Development Direction and Industry Competition - Company strategy and competitive landscape details were not provided in the available content Management's Comments on Operating Environment and Future Outlook - Management indicated that future estimates and expectations are subject to various risk factors, which are detailed in SEC filings [3] Other Important Information - The earnings call presentation can be found in the Investor Relations section of the company's website [3] Q&A Session Summary - No specific questions and answers from the Q&A session were provided in the available content

© 2025 TEXTRON INC. 1 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 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. Th ...

Financial 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]

Textron Inc. (NYSE:TXT) Q3 2024 Earnings Conference Call October 24, 2024 8:00 AM ET Company Participants David Rosenberg - Vice President, Investor Relations Scott Donnelly - Chairman & Chief Executive Officer Frank Connor - Chief Financial Officer Conference Call Participants David Strauss - Barclays Sheila Kahyaoglu - Jefferies Robert Stallard - Vertical Research Peter Arment - Baird Noah Poponak - Goldman Sachs Myles Walton - Wolfe Research Seth Seifman - JPMorgan Doug Harned - Bernstein Jason Gursky - ...

Financial Performance - Q3 2024 - Revenues reached $3.4 billion, compared to $3.3 billion in Q3 2023[5] - Segment profit was $284 million, down from $332 million in Q3 2023[5] - Earnings Per Share (EPS) were $1.18, compared to $1.35 in Q3 2023[5] - Adjusted EPS was $1.40, compared to $1.49 in Q3 2023[5] - Manufacturing Cash Flow Before Pension Contributions was $147 million, down from $205 million in Q3 2023[5] Revenue Growth by Segment - Q3 2024 - Textron Aviation experienced a revenue growth of 0.1%[7] - Bell saw a significant revenue growth of 23.2%[7] - Textron Systems experienced a revenue decrease of 2.6%[7] - Industrial segment revenue decreased by 8.9%, with a 0.1% negative impact from FX, resulting in a 9% decrease[7] - Textron eAviation revenue decreased by 14.3%[7] - Overall Manufacturing Segments revenue grew by 2.6%, with a 0.1% negative impact from FX, resulting in a 2.5% growth[7] Adjusted EBITDA - Q3 2024 - Adjusted EBITDA was $421 million, compared to $442 million in Q3 2023[11] Updated Outlook - Full Year 2024 - Adjusted EPS is projected to be between $5.40 and $5.60[12] - Manufacturing Cash Flow Before Pension Contributions is expected to be between $650 million and $750 million[12] - Pension Contributions are estimated to be around $50 million[12]

Corporate Communications Department NEWS Release Textron Reports Third Quarter 2024 Results • EPS of $1.18; adjusted EPS of $1.40, down from $1.49 in the prior year • Net cash from operating activities of $208 million in the third quarter of 2024 • $215 million returned to shareholders through share repurchases in the third quarter • Textron Aviation segment revenue and profit impacted by IAM strike Providence, Rhode Island – October 24, 2024 – Textron Inc. (NYSE: TXT) today reported third quarter 2024 inco ...