Textron : Current report filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 17, 2019

TEXTRON INC.

(Exact name of Registrant as specified in its charter)

Delaware	1-5480	05-0315468
(State of	(Commission File Number)	(IRS Employer
Incorporation)		Identification Number)
	40 Westminster Street, Providence, Rhode Island	02903
	(Address of principal executive offices)

Registrant's telephone number, including area code: [phone]

	Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock - par value $0.125	TXT	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

• Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
• Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
• Pre-commencementcommunications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
• Pre-commencementcommunications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02

Results of Operations and Financial Condition

On October 17, 2019, Textron Inc. ("Textron") issued a press release announcing its financial results for the fiscal quarter ended September 28, 2019. This press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding Textron's financial condition and results of operations is attached to the press release attached hereto as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

The following exhibit is filed herewith:

Exhibit

Number Description

99.1 Press release dated October 17, 2019.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TEXTRON INC. (Registrant)

By: /s/ Mark S. Bamford

Mark S. Bamford

Vice President and Corporate Controller

Date: October 17, 2019

Exhibit 99.1

Corporate Communications Department

NEWS Release

Textron Reports Third Quarter 2019 Results

• EPS of $0.95, up 56% from adjusted EPS a year ago
• Operating margin of 9.1%, up from 7.7% a year ago
• $109 million returned to shareholders through share repurchases
• Full-yearEPS guidance narrowed to a range of $3.70 to $3.80
• Full-yearcash flow guidance revised to a range of $600 to $700 million

Providence, Rhode Island - October 17, 2019 - Textron Inc. (NYSE: TXT) today reported third quarter 2019 net income of $0.95 per share, compared to $0.61 per share last year of adjusted net income, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, or net income of $2.26 per share in the third quarter of 2018, which included the gain on the sale of the Tools & Test product line of $1.65 per share.

"Revenues were higher in the quarter primarily driven by Textron Aviation and Industrial, and we continued to have good execution with solid margin performance across our businesses," said Textron Chairman and CEO Scott C. Donnelly.

Cash Flow

Net cash provided by operating activities of the manufacturing group for the third quarter totaled $238 million, compared to $319 million in last year's third quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, totaled $181 million compared to $259 million last year.

In the quarter, Textron returned $109 million to shareholders through share repurchases.

Outlook

Textron now expects 2019 earnings per share to be in a range of $3.70 to $3.80.

The company revised its expectation for manufacturing cash flow before pension contributions to $600 to $700 million, from $700 to $800 million. Expected pension contributions remain at about $50 million.

Third Quarter Segment Results

Textron Aviation

Revenues at Textron Aviation of $1.2 billion were up $68 million from last year's third quarter, primarily due to higher jet and aftermarket volume, partially offset by lower defense volume.

Textron Aviation delivered 45 jets, up from 41 last year, and 39 commercial turboprops, down from 43 last year.

Segment profit was $104 million in the third quarter, up $5 million from a year ago due to the higher volume and mix and favorable performance, partially offset by higher net inflation.

Textron Aviation backlog at the end of the third quarter was $1.9 billion.

Bell

Bell revenues were $783 million, up $13 million from last year on higher commercial revenues, partially offset by lower military volume.

Bell delivered 42 commercial helicopters in the quarter, down from 43 last year.

Segment profit of $110 million was down $3 million from a year ago, primarily due to an unfavorable impact from performance which included lower net favorable program adjustments, partially offset by higher volume and mix.

Bell backlog at the end of the third quarter was $5.6 billion.

Textron Systems

Revenues at Textron Systems were $311 million, down $41 million from last year, primarily reflecting lower armored vehicle volume at Textron Marine & Land Systems.

Segment profit of $31 million was up $2 million from last year's third quarter.

Textron Systems' backlog at the end of the third quarter was $1.4 billion.

Industrial

Industrial revenues of $950 million increased $20 million from a year ago, primarily related to a favorable impact from pricing within the Textron Specialized Vehicles product line.

Segment profit was up $46 million from the third quarter of 2018, largely due to favorable performance and a favorable impact from net pricing, primarily related to the Specialized Vehicles product line.

Finance

Finance segment revenues were down $1 million, and profit was up $2 million from last year's third quarter.

Conference Call Information

Textron will host its conference call today, October 17, 2019 at 8:00 a.m. (Eastern) to discuss its results and outlook. The call will be available via webcast at www.textron.comor by direct dial at [phone] in the U.S. or [phone] outside of the U.S. (request the Textron Earnings Call).

In addition, the call will be recorded and available for playback beginning at 10:30 a.m. (Eastern) on Thursday, October 17, 2019 by dialing [phone]; Access Code: 457172.