• EPS of $1.35; adjusted EPS of $1.54, up from $1.46 in prior year
• Net cash from operating activities of $383 million in the second quarter of 2024
• $358 million returned to shareholders through share repurchases in the second quarter

PROVIDENCE, R.I. — (BUSINESS WIRE) — July 18, 2024 — Textron Inc. (NYSE: TXT) today reported second quarter 2024 income from continuing operations of $1.35 per share, as compared to $1.30 per share in the second quarter of 2023. Adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.54 per share for the second quarter of 2024, compared to $1.46 per share in the second quarter of 2023.

"In the quarter, our team delivered higher revenue, earnings per share, and cash flow," said Textron Chairman and CEO Scott C. Donnelly. "At Aviation and Bell, we continued to execute on key programs, including the Citation Ascend and FLRAA."

Cash Flow

Net cash provided by operating activities of the manufacturing group for the second quarter was $383 million, compared to $314 million last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, totaled $320 million for the second quarter, compared to $242 million last year.

In the quarter, Textron returned $358 million to shareholders through share repurchases. Year to date, Textron has returned $675 million to shareholders through share repurchases.

Second Quarter Segment Results

Textron Aviation

Textron Aviation’s revenues were $1.5 billion, up $113 million from last year's second quarter, reflecting higher pricing of $57 million and higher volume and mix of $56 million.

Textron Aviation delivered 42 jets in the quarter, down from 44 in the second quarter of 2023, and 44 commercial turboprops, up from 37 in last year's second quarter.

Segment profit was $195 million in the second quarter, up $24 million from a year ago, reflecting higher volume and mix of $35 million, and a favorable impact from pricing, net of inflation, of $22 million, partially offset by an unfavorable impact from performance of $33 million.

Textron Aviation backlog at the end of the second quarter was $7.5 billion.

Bell

Bell revenues were $794 million, up $93 million from the second quarter of 2023, largely reflecting higher military volume of $104 million, primarily related to the FLRAA program, partially offset by lower volume on the V-22 program.

Bell delivered 32 commercial helicopters in the quarter, down from 35 in last year's second quarter.

Segment profit of $82 million was up $17 million from last year's second quarter, largely due to a favorable impact from performance of $39 million, which included lower research and development costs, partially offset by mix.

Bell backlog at the end of the second quarter was $4.2 billion.

Textron Systems

Revenues at Textron Systems were $323 million, up $17 million from last year's second quarter, primarily due to higher volume of $14 million.

Segment profit of $35 million was down $2 million, compared with the second quarter of 2023.

Textron Systems’ backlog at the end of the second quarter was $1.7 billion.

Industrial

Industrial revenues were $914 million, down $112 million from last year's second quarter, mainly due to lower volume and mix of $119 million.

Segment profit of $42 million was down $37 million from the second quarter of 2023, primarily due to lower volume and mix.

Textron eAviation

Textron eAviation segment revenues were $9 million and segment loss was $18 million in the second quarter of 2024, compared with a segment loss of $12 million in the second quarter of 2023.

Finance

Finance segment revenues were $12 million, and profit was $7 million.

Conference Call Information

Textron will host its conference call today, July 18, 2024 at 8:00 a.m. (Eastern) to discuss its results and outlook. The call will be available via webcast at www.textron.com or by direct dial at (844) 867-6169 in the U.S. or (409) 207-6975 outside of the U.S.; Access Code: 8602005.

In addition, the call will be recorded and available for playback beginning at 11:00 a.m. (Eastern) on Thursday, July 18, 2024 by dialing (402) 970-0847; Access Code: 4306608.

A package containing key data that will be covered on today’s call can be found in the Investor Relations section of the company’s website at www.textron.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more information visit: www.textron.com.

Forward-looking Information

Certain statements in this release and other oral and written statements made by us from time to time are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may describe strategies, goals, outlook or other non-historical matters, or project revenues, income, returns or other financial measures, often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “guidance,” “project,” “target,” “potential,” “will,” “should,” “could,” “likely” or “may” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. 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. In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: Interruptions in the U.S. Government’s ability to fund its activities and/or pay its obligations; changing priorities or reductions in the U.S. Government defense budget, including those related to military operations in foreign countries; our ability to perform as anticipated and to control costs under contracts with the U.S. Government; the U.S. Government’s ability to unilaterally modify or terminate its contracts with us for the U.S. Government’s convenience or for our failure to perform, to change applicable procurement and accounting policies, or, under certain circumstances, to withhold payment or suspend or debar us as a contractor eligible to receive future contract awards; changes in foreign military funding priorities or budget constraints and determinations, or changes in government regulations or policies on the export and import of military and commercial products; volatility in the global economy or changes in worldwide political conditions that adversely impact demand for our products; volatility in interest rates or foreign exchange rates and inflationary pressures; risks related to our international business, including establishing and maintaining facilities in locations around the world and relying on joint venture partners, subcontractors, suppliers, representatives, consultants and other business partners in connection with international business, including in emerging market countries; our Finance segment’s ability to maintain portfolio credit quality or to realize full value of receivables; performance issues with key suppliers or subcontractors; legislative or regulatory actions, both domestic and foreign, impacting our operations or demand for our products; our ability to control costs and successfully implement various cost-reduction activities; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; pension plan assumptions and future contributions; demand softness or volatility in the markets in which we do business; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or, operational disruption; difficulty or unanticipated expenses in connection with integrating acquired businesses; the risk that acquisitions do not perform as planned, including, for example, the risk that acquired businesses will not achieve revenue and profit projections; the impact of changes in tax legislation; the risk of disruptions to our business and the business of our suppliers, customers and other business partners due to unexpected events, such as pandemics, natural disasters, acts of war, strikes, terrorism, social unrest or other societal or political conditions; and the ability of our businesses to hire and retain the highly skilled personnel necessary for our businesses to succeed.