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Quarterly Data
 12 Months Ended
Dec. 29, 2012
Quarterly Data  
Quarterly Data

Quarterly Data

 

(Unaudited)

 

 

2012

 

 

2011

 

(Dollars in millions, except per share amounts)

 

 

Q1

 

Q2

 

Q3

 

Q4

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cessna

 

 

$

669

 

$

763

 

$

778

 

$

901

 

 

$

556

 

$

652

 

$

771

 

$

1,011

 

Bell

 

 

994

 

1,056

 

1,075

 

1,149

 

 

749

 

872

 

894

 

1,010

 

Textron Systems

 

 

377

 

389

 

400

 

571

 

 

445

 

452

 

462

 

513

 

Industrial

 

 

755

 

756

 

683

 

706

 

 

703

 

719

 

655

 

708

 

Finance

 

 

61

 

55

 

64

 

35

 

 

26

 

33

 

32

 

12

 

Total revenues

 

 

$

2,856

 

$

3,019

 

$

3,000

 

$

3,362

 

 

$

2,479

 

$

2,728

 

$

2,814

 

$

3,254

 

Segment profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cessna (a)

 

 

$

(6

)

$

35

 

$

30

 

$

23

 

 

$

(38

)

$

5

 

$

33

 

$

60

 

Bell

 

 

145

 

152

 

165

 

177

 

 

91

 

120

 

143

 

167

 

Textron Systems (b)

 

 

35

 

40

 

21

 

36

 

 

53

 

49

 

47

 

(8

)

Industrial

 

 

73

 

61

 

38

 

43

 

 

61

 

55

 

37

 

49

 

Finance (c)

 

 

12

 

22

 

28

 

2

 

 

(44

)

(33

)

(24

)

(232

)

Total segment profit

 

 

259

 

310

 

282

 

281

 

 

123

 

196

 

236

 

36

 

Corporate expenses and other, net

 

 

(47

)

(20

)

(38

)

(43

)

 

(39

)

(23

)

(13

)

(39

)

Interest expense, net for Manufacturing group

 

 

(35

)

(35

)

(35

)

(38

)

 

(38

)

(38

)

(37

)

(27

)

Income tax (expense) benefit

 

 

(57

)

(82

)

(67

)

(54

)

 

(15

)

(43

)

(50

)

13

 

Income (loss) from continuing operations

 

 

120

 

173

 

142

 

146

 

 

31

 

92

 

136

 

(17

)

Income (loss) from discontinued operations, net of income taxes

 

 

(2

)

(1

)

9

 

2

 

 

(2

)

(2

)

6

 

(2

)

Net income (loss)

 

 

$

118

 

$

172

 

$

151

 

$

148

 

 

$

29

 

$

90

 

$

142

 

$

(19

)

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

$

0.43

 

$

0.61

 

$

0.51

 

$

0.52

 

 

$

0.11

 

$

0.33

 

$

0.49

 

$

(0.06

)

Discontinued operations

 

 

(0.01

)

—

 

0.03

 

0.01

 

 

(0.01

)

(0.01

)

0.02

 

(0.01

)

Basic earnings per share

 

 

$

0.42

 

$

0.61

 

$

0.54

 

$

0.53

 

 

$

0.10

 

$

0.32

 

$

0.51

 

$

(0.07

)

Basic average shares outstanding(In thousands)

 

 

280,022

 

281,114

 

281,813

 

277,780

 

 

276,358

 

277,406

 

278,090

 

278,881

 

Diluted earnings per share (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

 

$

0.41

 

$

0.58

 

$

0.48

 

$

0.50

 

 

$

0.10

 

$

0.29

 

$

0.45

 

$

(0.06

)

Discontinued operations

 

 

(0.01

)

—

 

0.03

 

0.01

 

 

(0.01

)

—

 

0.02

 

(0.01

)

Diluted earnings per share

 

 

$

0.40

 

$

0.58

 

$

0.51

 

$

0.51

 

 

$

0.09

 

$

0.29

 

$

0.47

 

$

(0.07

)

Diluted average shares outstanding (In thousands)

 

 

294,632

 

295,547

 

296,920

 

291,562

 

 

319,119

 

315,208

 

300,866

 

278,881

 

Segment profit margins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cessna

 

 

(0.9)%

 

4.6%

 

3.9%

 

2.6%

 

 

(6.8)%

 

0.8%

 

4.3%

 

5.9%

 

Bell

 

 

14.6

 

14.4

 

15.3

 

15.4

 

 

12.1

 

13.8

 

16.0

 

16.5

 

Textron Systems

 

 

9.3

 

10.3

 

5.3

 

6.3

 

 

11.9

 

10.8

 

10.2

 

(1.6)

 

Industrial

 

 

9.7

 

8.1

 

5.6

 

6.1

 

 

8.7

 

7.6

 

5.6

 

6.9

 

Finance

 

 

19.7

 

40.0

 

43.8

 

5.7

 

 

(169.2)  

 

(100.0)  

 

(75.0)

 

(1,933.3)

 

Segment profit margin

 

 

9.1%

 

10.3%

 

9.4%

 

8.4%

 

 

5.0%

 

7.2%

 

8.4%

 

1.1%

 

Common stock information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price range: High

 

 

$

28.29

 

$

29.18

 

$

28.80

 

$

26.75

 

 

$

28.87

 

$

28.65

 

$

25.17

 

$

20.41

 

Low

 

 

$

18.37

 

$

21.97

 

$

22.15

 

$

22.84

 

 

$

23.50

 

$

20.86

 

$

14.66

 

$

16.37

 

Dividends declared per share

 

 

$

0.02

 

$

0.02

 

$

0.02

 

$

0.02

 

 

$

0.02

 

$

0.02

 

$

0.02

 

$

0.02

 

(a)          The fourth quarter of 2012 included a $27 million charge related to an award against Cessna in an arbitration proceeding.

(b)          The fourth quarter of 2011 included a $41 million impairment charge to write down certain intangible assets and approximately $19 million in severance costs related to a workforce reduction.

(c)           The fourth quarter of 2011 included a $186 million initial mark-to-market adjustment for remaining finance receivables in the Golf Mortgage portfolio that were transferred to the held for sale classification.

(d)          For the fourth quarter of 2011, the potential dilutive effect of stock options, restricted stock units and the shares that could be issued upon the conversion of our convertible senior notes and upon the exercise of the related warrants was excluded from the computation of diluted weighted-average shares outstanding as the shares would have an anti-dilutive effect on the loss from continuing operations.