Textron Reports First Quarter 2018 Income from Continuing Operations of $0.72 per Share; Signs Agreement to Sell Tools & Test Business for $810 Million

TEXTRON INC.

Revenues by Segment and Reconciliation of Segment Profit to Net Income

(Dollars in millions, except per share amounts)

(Unaudited)

       

Three Months Ended

March 31, 2018

   

April 1, 2017

REVENUES

   
MANUFACTURING:
Textron Aviation $ 1,010 $ 970
Bell 752 697
Textron Systems 387 416
Industrial   1,131     992  
3,280 3,075
 
FINANCE   16     18  
Total revenues $ 3,296   $ 3,093  
 

SEGMENT PROFIT

MANUFACTURING:
Textron Aviation $ 72 $ 36
Bell 87 83
Textron Systems 50 20
Industrial   64     76  
273 215
 
FINANCE   6     4  
Segment Profit 279 219
 
Corporate expenses and other, net (27 ) (27 )
Interest expense, net for Manufacturing group (34 ) (34 )
Special charges (a)   -     (37 )
 
Income from continuing operations before income taxes 218 121
Income tax expense   (29 )   (21 )
 
Income from continuing operations 189 100
Discontinued operations, net of income taxes   -     1  
Net income $ 189   $ 101  
 
Earnings per share:
Income from continuing operations $ 0.72 $ 0.37
Discontinued operations, net of income taxes   -     -  
Net income $ 0.72   $ 0.37  
 
Diluted average shares outstanding   263,672,000       272,830,000  
 

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