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MarketScreener Homepage  >  Equities  >  Nyse  >  Textron Inc.    TXT

TEXTRON INC.

(TXT)
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Textron Inc. : Cessna announces multi-year partnership with Chip Ganassi Racing Teams

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01/23/2013 | 12:00pm EDT

Charlotte, NC - January, 23, 2013 - Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, announced today a strategic partnership with Chip Ganassi Racing Teams (CGRT) for multiple races in the NASCAR Sprint Cup Series, the IZOD IndyCar Series and the GRAND-AM Rolex Sports Car Series. This partnership extends Cessna's presence across all three series in which CGRT competes.

"Clyde Cessna founded this company on our customers' need for speed. Today, performing with precision to drive success is the purpose of business aviation," said Scott Ernest, Cessna's President and CEO. "The racing industry is built on those same principles - each day teams are moving as fast as they can to get from point a to point b and win, which is why this partnership is such a natural fit for both Cessna and CGRT. The scope and success of CGRT across all components of racing gives us a strong presence as we invest in the sport."

Cessna, along with sister Textron companies Bell Helicopter and E-Z-GO, is incorporated into every race event where CGRT competes, giving each brand the opportunity to showcase transportation solutions to the industry including air travel to and from the host cities, helicopter transport from airports to racing venues and ground transportation onsite.

Cessna will sponsor multiple races on the No. 1 Chevrolet SS of Jamie McMurray in the NASCAR Sprint Cup Series (NSCS), sharing assets with sister Textron companies such as Bell Helicopter and E-Z-GO, one race on the No. 10 Honda with Dario Franchitti in the IZOD IndyCar Series and one race with Scott Pruett and Memo Rojas in the GRAND-AM Rolex Sports Car Series on the No. 01 Dinan-Prepared BMW.

"Cessna helps make racing possible for my team by getting me to the races quickly and efficiently," said Chip Ganassi, owner of Chip Ganassi Racing. "With almost 70 races a year separated by hundreds of miles with little time in between, I rely on business aviation to help me keep driving my business and to keep winning."

In summer 2012, Cessna partnered with CGRT and owner Chip Ganassi at the GoPro Indy Grand Prix of Sonoma to announce the enhanced maximum speed of the new Citation X to mach.935, thus regaining the title as the fastest civil aircraft in the world.

About Cessna
Cessna is the world's leading general aviation company. Since its inception in 1927, Cessna has designed, produced and delivered more than 193,500 airplanes around the globe. This includes more than 6,300 Citation business jets, making it the largest fleet of business jets in the world. Today, Cessna has two principal lines of business: aircraft sales and aftermarket services. Aircraft sales include Citation business jets, Caravan single-engine utility turboprops, single-engine piston aircraft and lift solutions by CitationAir. Aftermarket services include parts, maintenance, inspection and repair services. In 2011, Cessna delivered 689 aircraft, including 183 Citation business jets, and reported revenues of $2.990 billion. More information about Cessna Aircraft Company is available at cessna.com.

About Bell Helicopter
Bell Helicopter, a wholly owned subsidiary of Textron Inc., is an industry-leading producer of commercial and military, manned and unmanned vertical-lift aircraft and the pioneer of the revolutionary tiltrotor aircraft. Globally recognized for world-class customer service, innovation and superior quality, Bell's global workforce serves customers flying Bell aircraft in more than 120 countries.

About E-Z-GO
E-Z-GO, a Textron Inc. (NYSE: TXT) company, is a leading global manufacturer of golf cars, utility and personal transportation vehicles. Products sold under the E-Z-GO brand include RXV® and TXT® fleet golf cars, Freedom® RXV and Freedom TXT personal golf cars, E-Z-GO Terrain™ and Express™ personal utility vehicles, and the 2Five® street-legal low-speed vehicle. E-Z-GO also produces the Cushman® line of heavy-duty material carriers and utility vehicles, and the Bad Boy Buggies® line of off-road utility vehicles for hunters and outdoor enthusiasts. Founded in 1954 in Augusta, Ga., E-Z-GO became part of Textron Inc. in 1960.

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 Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at textron.com.

About Chip Ganassi Racing Teams
Chip Ganassi has been a fixture in the auto racing industry for over 25 years and is considered one of the most successful as well as innovative owners the sport has anywhere in the world. Today his teams include three cars in the IZOD IndyCar Series, two cars in the NASCAR Sprint Cup Series, and one Daytona Prototype in the GRAND-AM Rolex Sports Car Series. Overall his teams have 15 championships and 150 victories, including four Indianapolis 500s, a Daytona 500, a Brickyard 400 and four Rolex 24 At Daytonas. Ganassi boasts state-of-the-art race shop facilities in Indianapolis and Brownsburg, Ind. and Concord, N.C., with a corporate office in Pittsburgh, Penn.

Contacts

Contact: Andy Woodward
Cell: +1 316 641 3579
Email: awoodward@cessna.com

Contact: Stephanie Harder
Phone: +1 316 640 2872
Email: sharder@cessna.com


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Financials (USD)
Sales 2020 11 524 M - -
Net income 2020 223 M - -
Net Debt 2020 1 851 M - -
P/E ratio 2020 32,7x
Yield 2020 0,24%
Capitalization 7 755 M 7 755 M -
EV / Sales 2020 0,83x
EV / Sales 2021 0,73x
Nbr of Employees 35 000
Free-Float 99,4%
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Technical analysis trends TEXTRON INC.
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Mean consensus HOLD
Number of Analysts 12
Average target price 39,58 $
Last Close Price 32,95 $
Spread / Highest target 36,6%
Spread / Average Target 20,1%
Spread / Lowest Target 6,22%
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Managers
NameTitle
Scott C. Donnelly Chairman, President & Chief Executive Officer
Frank T. Connor Chief Financial Officer & Executive Vice President
Kimberly A. Mackenroth Chief Information Officer & Vice President
Kathleen M. Bader Lead Independent Director
Paul Ernest Gagnť Lead Independent Director
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