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MarketScreener Homepage  >  Equities  >  Nyse  >  Textron    TXT

TEXTRON

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Textron : Q2 2019 Earnings Call Presentation July 17, 2019

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07/17/2019 | 04:35pm EDT

Q2 2019 Earnings Call Presentation

July 17, 2019

The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.

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. These forward- looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the risks and uncertainties set forth under "Forward-Looking Information" in our second quarter 2019 earnings release. Additional information on risks and uncertainties that may impact forward-looking statements is discussed under "Risk Factors" in our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

Textron Inc. Q2 2019 Earnings Call Presentation; July 17, 2019

2

Key Data - Q2 2019

Revenues

Segment Profit

EPS

Manufacturing Cash Flow Before Pension Contributions*

Pension Contributions

Q2 2019

Q2 2018

$3.2B$3.7B

$339M$346M

$0.93$0.87

$102M$399M

$12M$12M

*Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in our earnings release.

Textron Inc. Q2 2019 Earnings Call Presentation; July 17, 2019

3

Q2 2019 Revenue Growth

Revenue

Divestiture

Organic

FX Impact

Organic

Growth

Growth

Impact

Growth

Un(Fav)

Before FX

Textron Aviation

(12.0%)

-

(12.0%)

-

(12.0%)

Bell

(7.2%)

-

(7.2%)

-

(7.2%)

Textron Systems

(18.9%)

-

(18.9%)

-

(18.9%)

Industrial

(17.4%)

9.0%

(8.4%)

1.6%

(6.8%)

Manufacturing

(13.4%)

2.9%

(10.5%)

0.5%

(10.0%)

Finance

(5.9%)

-

(5.9%)

-

(5.9%)

Total Segments

(13.4%)

2.9%

(10.5%)

0.5%

(10.0%)

Organic Growth includes revenue changes resulting from volume, price, and foreign exchange. For our segments that contract with the U.S. Government, volume represents changes in revenue related to these contracts. Revenues associated with these contracts in 2019 and 2018 are primarily recognized as costs are incurred while revenues for 2017 were primarily recognized as units were delivered.

Textron Inc. Q2 2019 Earnings Call Presentation; July 17, 2019

4

Finance Segment Key Statistics

Q2 2019

Q1 2019

60+ Delinquency

$12M

$21M

Non-accrual

$31M

$31M

Finance Receivables

$802M

$782M

Shareholders' Equity

$149M

$145M

Textron Inc. Q2 2019 Earnings Call Presentation; July 17, 2019

5

Outlook - Full Year 2019

EPS

$3.65 - $3.85

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. Q2 2019 Earnings Call Presentation; July 17, 2019

6

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Financials (USD)
Sales 2019 13 698 M
EBIT 2019 1 224 M
Net income 2019 868 M
Debt 2019 2 424 M
Yield 2019 0,18%
P/E ratio 2019 11,5x
P/E ratio 2020 10,7x
EV / Sales2019 0,90x
EV / Sales2020 0,86x
Capitalization 9 911 M
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Average target price 60,25  $
Last Close Price 43,07  $
Spread / Highest target 81,1%
Spread / Average Target 39,9%
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Scott C. Donnelly Chairman, President & Chief Executive Officer
Frank T. Connor Chief Financial Officer & Executive Vice President
Diane K. Schwarz Chief Information Officer & Vice President
Kimberly A. Mackenroth Chief Information Officer & Vice President
Kathleen M. Bader Lead Independent Director
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