Textron Reports First Quarter 2022 Results

TEXTRON INC.

Revenues by Segment and Reconciliation of Segment Profit to Net Income

(Dollars in millions, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

April 2,
2022

April 3,
2021

REVENUES

 

 

 

 

 

 

MANUFACTURING:

 

 

 

 

 

 

Textron Aviation

 

$

1,040

 

 

 

$

865

 

 

Bell

 

 

834

 

 

 

 

846

 

 

Textron Systems

 

 

273

 

 

 

 

328

 

 

Industrial

 

 

838

 

 

 

 

825

 

 

 

 

 

2,985

 

 

 

 

2,864

 

 

FINANCE

 

 

16

 

 

 

 

15

 

 

Total revenues

 

$

3,001

 

 

 

$

2,879

 

 

 

 

 

 

 

 

 

SEGMENT PROFIT

 

 

 

 

 

 

MANUFACTURING:

 

 

 

 

 

 

Textron Aviation

 

$

121

 

 

 

$

47

 

 

Bell

 

 

98

 

 

 

 

105

 

 

Textron Systems

 

 

33

 

 

 

 

51

 

 

Industrial

 

 

43

 

 

 

 

47

 

 

 

 

 

295

 

 

 

 

250

 

 

FINANCE

 

 

9

 

 

 

 

6

 

 

Segment profit

 

 

304

 

 

 

 

256

 

 

 

 

 

 

 

 

 

Corporate expenses and other, net

 

 

(44

)

 

 

 

(40

)

 

Interest expense, net for Manufacturing group

 

 

(28

)

 

 

 

(35

)

 

Special charges (a)

 

 

 

 

 

 

(6

)

 

Gain on business disposition (b)

 

 

 

 

 

 

15

 

 

Income before income taxes

 

 

232

 

 

 

 

190

 

 

Income tax expense

 

 

(39

)

 

 

 

(19

)

 

Net income

 

$

193

 

 

 

$

171

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.88

 

 

 

$

0.75

 

 

 

 

 

 

 

 

 

Diluted average shares outstanding

 

 

219,607,000

 

 

 

 

228,284,000

 

 

 

 

 

 

 

 

 

Net income and Diluted earnings per share (EPS) GAAP to Non-GAAP reconciliation for the three months ended April 3, 2021:

 

 

 

 

April 3,
2021

Net income - GAAP

 

 

 

 

$

171

 

 

Add: Special charges, net of tax (a)

 

 

 

 

 

4

 

 

Less: Gain on business disposition, net of tax (b)

 

 

 

 

 

(15

)

 

Adjusted net income - Non-GAAP (c)

 

 

 

 

$

160

 

 

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

 

Net income - GAAP

 

 

 

 

$

0.75

 

 

Add: Special charges, net of tax (a)

 

 

 

 

 

0.02

 

 

Less: Gain on business disposition, net of tax (b)

 

 

 

 

 

(0.07

)

 

Adjusted net income - Non-GAAP (c)

 

 

 

 

$

0.70

 

 

 

 

 

 

 

 

 

(a) In connection with a restructuring plan initiated in the second quarter of 2020, we incurred special charges of $6 million for the three months ended April 3, 2021.
(b) In January 2021, we completed the sale of TRU Simulation + Training Canada Inc. which resulted in an after-tax gain of $15 million.
(c) Adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures as defined in "Non-GAAP Financial Measures" attached to this release.

TEXTRON INC.

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

 

 

 

 

April 2,
2022

January 1,
2022

Assets

 

 

Cash and equivalents

$

1,978

$

1,922

Accounts receivable, net

 

800

 

838

Inventories

 

3,663

 

3,468

Other current assets

 

1,055

 

1,018

Net property, plant and equipment

 

2,488

 

2,538

Goodwill

 

2,147

 

2,149

Other assets

 

3,025

 

3,027

Finance group assets

 

755

 

867

Total Assets

$

15,911

$

15,827

Liabilities and Shareholders' Equity

 

 

Current portion of long-term debt

$

7

$

6

Accounts payable

 

823

 

786

Other current liabilities

 

2,507

 

2,344

Other liabilities

 

1,912

 

2,005

Long-term debt

 

3,178

 

3,179

Finance group liabilities

 

567

 

692

Total Liabilities

 

8,994

 

9,012

Total Shareholders' Equity

 

6,917

 

6,815

Total Liabilities and Shareholders' Equity

$

15,911

$

15,827

TEXTRON INC.

MANUFACTURING GROUP

Condensed Schedule of Cash Flows

(In millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

April 2,
2022

April 3,
2021

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

185

 

 

 

$

177

 

 

Depreciation and amortization

 

 

93

 

 

 

 

88

 

 

Deferred income taxes and income taxes receivable/payable

 

 

17

 

 

 

 

(12

)

 

Pension, net

 

 

(41

)

 

 

 

(23

)

 

Gain on business disposition

 

 

 

 

 

 

(15

)

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

37

 

 

 

 

(103

)

 

Inventories

 

 

(176

)

 

 

 

(178

)

 

Accounts payable

 

 

38

 

 

 

 

259

 

 

Other, net

 

 

72

 

 

 

 

(86

)

 

Net cash from operating activities

 

 

225

 

 

 

 

107

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

 

(48

)

 

 

 

(53

)

 

Proceeds from sale of property, plant and equipment

 

 

18

 

 

 

 

 

 

Net proceeds from business disposition

 

 

 

 

 

 

39

 

 

Other investing activities, net

 

 

2

 

 

 

 

 

 

Net cash from investing activities

 

 

(28

)

 

 

 

(14

)

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

Principal payments on long-term debt and nonrecourse debt

 

 

(2

)

 

 

 

(267

)

 

Purchases of Textron common stock

 

 

(157

)

 

 

 

(91

)

 

Dividends paid

 

 

(5

)

 

 

 

(5

)

 

Other financing activities, net

 

 

25

 

 

 

 

24

 

 

Net cash from financing activities

 

 

(139

)

 

 

 

(339

)

 

Total cash flows from continuing operations

 

 

58

 

 

 

 

(246

)

 

Effect of exchange rate changes on cash and equivalents

 

 

(2

)

 

 

 

(3

)

 

Net change in cash and equivalents

 

 

56

 

 

 

 

(249

)

 

Cash and equivalents at beginning of period

 

 

1,922

 

 

 

 

2,146

 

 

Cash and equivalents at end of period

 

$

1,978

 

 

 

$

1,897

 

 

 

 

 

 

 

 

 

Manufacturing cash flow GAAP to Non-GAAP reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

April 2,
2022

April 3,
2021

Net cash from operating activities - GAAP

 

$

225

 

 

 

$

107

 

 

Less: Capital expenditures

 

 

(48

)

 

 

 

(53

)

 

Add: Total pension contributions

 

 

14

 

 

 

 

17

 

 

Proceeds from sale of property, plant and equipment

 

 

18

 

 

 

 

 

 

Manufacturing cash flow before pension contributions - Non-GAAP (a)

 

$

209

 

 

 

$

71

 

 

(a) Manufacturing cash flow before pension contributions is a non-GAAP financial measure as defined in "Non-GAAP Financial Measures" attached to this release.

TEXTRON INC.

Condensed Consolidated Schedule of Cash Flows

(In millions)

(Unaudited)

 

 

 

Three Months Ended

 

April 2,
2022

April 3,
2021

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income

 

$

193

 

 

 

$

171

 

 

Depreciation and amortization

 

 

93

 

 

 

 

90

 

 

Deferred income taxes and income taxes receivable/payable

 

 

19

 

 

 

 

 

 

Pension, net

 

 

(41

)

 

 

 

(23

)

 

Gain on business disposition

 

 

 

 

 

 

(15

)

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

37

 

 

 

 

(103

)

 

Inventories

 

 

(176

)

 

 

 

(178

)

 

Accounts payable

 

 

38

 

 

 

 

259

 

 

Captive finance receivables, net

 

 

18

 

 

 

 

69

 

 

Other, net

 

 

60

 

 

 

 

(89

)

 

Net cash from operating activities

 

 

241

 

 

 

 

181

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

Capital expenditures

 

 

(48

)

 

 

 

(53

)

 

Proceeds from sale of property, plant and equipment

 

 

18

 

 

 

 

 

 

Net proceeds from business disposition

 

 

 

 

 

 

39

 

 

Finance receivables repaid

 

 

13

 

 

 

 

13

 

 

Other investing activities, net

 

 

45

 

 

 

 

6

 

 

Net cash from investing activities

 

 

28

 

 

 

 

5

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

Principal payments on long-term debt and nonrecourse debt

 

 

(121

)

 

 

 

(287

)

 

Purchases of Textron common stock

 

 

(157

)

 

 

 

(91

)

 

Dividends paid

 

 

(5

)

 

 

 

(5

)

 

Other financing activities, net

 

 

25

 

 

 

 

24

 

 

Net cash from financing activities

 

 

(258

)

 

 

 

(359

)

 

Total cash flows from continuing operations

 

 

11

 

 

 

 

(173

)

 

Total cash flows from discontinued operations

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and equivalents

 

 

(2

)

 

 

 

(3

)

 

Net change in cash and equivalents

 

 

9

 

 

 

 

(176

)

 

Cash and equivalents at beginning of period

 

 

2,117

 

 

 

 

2,254

 

 

Cash and equivalents at end of period

 

$

2,126

 

 

 

$

2,078

 

 

TEXTRON INC.

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