Textron Inc. · NYSE:TXT
Textron — Q4 2019 Earnings Presentation
13 slides from Textron's earnings presentation, Jan 29, 2020
Slide 1: Q4 2019 Earnings Call Presentation
Q4 2019 Earnings Call Presentation January 29, 2020 The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.
Slide 2: Forward-Looking Information
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 othe
Slide 3: Key Data – Q4 2019
Key Data – Q4 2019 Q4 2019 Q4 2018 Revenues $4.0B $3.8B Segment Profit $340M $397M EPS $0.87 $1.02 Adjusted EPS* $1.11 $1.15 Manufacturing Cash Flow $650M $284M Before Pension Contributions* Pension Contributions $15M $15M *Adjusted EPS and Manufacturing cash flow before pension contributions are no
Slide 4: Key Data – Full Year 2019
Key Data – Full Year 2019 Full-Year 2019 Full-Year 2018 Revenues $13.6B $14.0B Segment Profit $1,270M $1,267M EPS $3.50 $4.83 Adjusted EPS* $3.74 $3.34 Manufacturing Cash Flow $642M $784M Before Pension Contributions* Pension Contributions $51M $52M *Adjusted EPS and Manufacturing cash flow before p
Slide 5: Textron Consolidated Net Debt
Textron Consolidated Net Debt ($ amounts in millions) Full-Year 2019 Full-Year 2018 Cash $1,357 $1,107 Finance Group Debt 686 718 TXT Mfg. Group Debt 3,124 3,066 Total Debt 3,810 3,784 Net Debt $2,453 $2,677 Textron Inc. Q4 2019 Earnings Call Presentation; January 29, 2020 5
Slide 6: Q4 2019 Revenue Growth
Q4 2019 Revenue Growth Organic Revenue Organic FX Impact Growth Growth Growth Un(Fav) Before FX Textron Aviation 11.4% 11.4% - 11.4% Bell 16.2% 16.2% - 16.2% Textron Systems 15.7% 15.7% - 15.7% Industrial (8.0%) (8.0%) 0.6% (7.4%) Manufacturing 7.6% 7.6% 0.2% 7.8% Finance 5.6% 5.6% - 5.6% Total Segm
Slide 7: Finance Segment Key Statistics
Finance Segment Key Statistics Q4 2019 Q3 2019 60+ Delinquency $17M $36M Non-accrual $39M $41M Finance Receivables $707M $755M Shareholders’ Equity $161M $152M Textron Inc. Q4 2019 Earnings Call Presentation; January 29, 2020 7
Slide 8: Outlook – Full Year 2020
Outlook – Full Year 2020 EPS $3.50 - $3.70 Manufacturing Cash Flow $700M - $800M Before Pension Contributions* Pension Contributions ~$50M *Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in our earnings release. Textron Inc. Q4 2019
Slide 9: Segment Outlook – Full Year 2020
Segment Outlook – Full Year 2020 Segment Revenue Profitability Textron Aviation ~$5.4B ~8.0% Bell ~$3.3B ~12.5% Textron Systems ~$1.5B ~10.5% Industrial ~$3.8B ~6.5% Finance ~$60M ~$20M Textron Inc. Q4 2019 Earnings Call Presentation; January 29, 2020 9
Slide 10: Pension Outlook – Full Year 2020
Pension Outlook – Full Year 2020 2020E 2019 Discount Rates 3.45% 4.35% Total Pension Cost/(Income) ~$33M ~($11M) Assumed Long-Term Rate of 7.75% 7.75% Return Pension Contributions ~$50M $51M Textron Inc. Q4 2019 Earnings Call Presentation; January 29, 2020 10
Slide 11: Outlook – Full Year 2020
Outlook – Full Year 2020 ($ amounts in millions) 2020E 2019 Research & Development ~$550 $647 % of Mfg Revenues 3.9% 4.8% CapEx ~$360 $339 Depreciation ~$340 $346 Textron Inc. Q4 2019 Earnings Call Presentation; January 29, 2020 11
Slide 12: Outlook – Full Year 2020
Outlook – Full Year 2020 ($ amounts in millions) 2020E 2019 Corporate Expenses ~$135 $110 Interest Expense, net for ~$135 $146 Manufacturing Group Income Tax Rate (from ~18.5% 13.5% continuing operations) Textron Inc. Q4 2019 Earnings Call Presentation; January 29, 2020 12
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