Textron (TXT) Financials

$17.2 B

Mkt cap, 21-May-2018

$3.3 B

Revenue Q1, 2018
Gross profit (Q1, 2018)567 M
Gross profit margin (Q1, 2018), %17.2%
Net income (Q1, 2018)189 M
Cash, 31-Mar-2018836 M
EV19.4 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

12.1 b13.9 b13.4 b13.8 b14.2 b

Revenue growth, %

15%(3%)3%3%

Cost of goods sold

10.1 b11.4 b11 b11.3 b11.8 b

Gross profit

2 b2.5 b2.4 b2.5 b2.4 b

Gross profit Margin, %

16%18%18%18%17%

Sales and marketing expense

1.1 b1.4 b1.3 b1.3 b1.3 b

Operating expense total

1.1 b1.4 b1.3 b1.4 b1.6 b

Interest expense

173 m191 m169 m174 m174 m

Pre tax profit

674 m853 m971 m876 m762 m

Income tax expense

176 m248 m273 m33 m456 m

Net Income

498 m600 m697 m962 m307 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

1.2 b822 m946 m1.1 b1.3 b

Accounts Receivable

979 m1 b1 b1.1 b1.4 b

Inventories

3 b3.9 b4.1 b4.5 b4.2 b

Current Assets

5.6 b6.3 b6.5 b7.1 b7 b

PP&E

2.2 b2.5 b2.5 b2.6 b2.7 b

Goodwill

1.7 b2 b2 b2.1 b2.4 b

Total Assets

12.9 b14.6 b13.4 b14.1 b14.2 b

Accounts Payable

1.1 b1 b1.1 b1.3 b1.2 b

Short-term debt

8 m8 m262 m363 m14 m

Current Liabilities

3 b3.6 b3.8 b3.9 b3.7 b

Long-term debt

1.9 b2.8 b2.4 b2.4 b3.1 b

Total Debt

1.9 b2.8 b2.7 b2.8 b3.1 b

Total Liabilities

7 b9 b8.6 b8.7 b9.7 b

Common Stock

35 m36 m36 m34 m33 m

Additional Paid-in Capital

1.3 b1.5 b1.6 b1.6 b1.7 b

Retained Earnings

4 b4.6 b5.3 b5.5 b5.4 b

Total Equity

4.4 b4.3 b5 b5.6 b5.6 b

EPS

1.8 2.2 2.5 3.6 1.1

Debt to Equity Ratio

0.4 x0.7 x0.5 x0.5 x0.5 x

Debt to Assets Ratio

0.1 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

3 x3.4 x2.7 x2.5 x2.5 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

561 m661 m497 m723 m661 m589 m858 m938 m1.1 m836 m

Accounts Receivable

1.1 b1.2 b1.2 b1.2 b1.1 b1.1 b1.2 b1.2 b1.3 b1.1 b

Inventories

4.2 b4.4 b4.6 b4.5 b4.6 b4.8 b4.7 b4.7 b4.5 b4.1 b

Current Assets

6.5 b6.8 b6.7 b6.7 b6.8 b6.9 b7.1 b7.2 b7.4 b6.8 b

PP&E

2.5 b2.5 b2.5 b2.6 b2.6 b2.6 b2.6 b2.7 b2.7 b

Goodwill

2 b2 b2 b2.1 b2.1 b2.1 b2.3 b2.3 b2.4 b2.4 b

Total Assets

13.2 b13.5 b13.5 b13.8 b13.8 b13.9 b14.5 b14.6 b15.9 b15 b

Accounts Payable

1.1 b1.1 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b1.2 b

Short-term debt

34 m263 m414 m309 m278 m126 m462 m362 m364 m

Current Liabilities

3.7 b4.1 b4.2 b3.9 b3.7 b3.6 b4 b4 b4 b3.3 b

Long-term debt

2.8 b2.7 b2.4 b2.8 b2.8 b2.8 b2.8 b2.8 b3.1 b3.1 b

Total Debt

2.8 b2.9 b2.8 b3.1 b3.1 b2.9 b3.2 b3.1 b3.1 b3.1 b

Total Liabilities

9.1 b9.1 b9 b9 b8.8 b8.4 b9.1 b9.1 b10.1 b9.3 b

Common Stock

36 m36 m36 m36 m36 m36 m34 m34 m34 m33 m

Additional Paid-in Capital

1.5 b1.5 b1.6 b1.6 b1.6 b1.7 b1.6 b1.7 b1.7 b1.7 b

Retained Earnings

4.7 b4.9 b5.1 b5.4 b5.6 b6 b5.6 b5.8 b5.9 b5.6 b

Total Equity

4.4 b4.6 b4.7 b5 b5.2 b5.7 b5.6 b5.7 b5.8 b5.7 b

EPS

460 k600 k640 k550 k660 k1.6 m370 k570 k0.6

Debt to Equity Ratio

0.6 x0.6 x0.6 x0.6 x0.6 x0.5 x0.6 x0.6 x0.5 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x0.2 x

Financial Leverage

3 x2.9 x2.9 x2.8 x2.7 x2.5 x2.6 x2.6 x2.7 x2.6 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

498 m600 m697 m962 m307 m

Depreciation and Amortization

389 m459 m461 m449 m447 m

Accounts Receivable

(118 m)56 m(14 m)(33 m)(236 m)

Inventories

(118 m)(209 m)(239 m)(352 m)412 m

Accounts Payable

65 m(228 m)43 m215 m(156 m)

Cash From Operating Activities

810 m1.2 b1.1 b1 b953 m

Cash From Investing Activities

(264 m)(1.9 b)(388 m)(523 m)(662 m)

Long-term Borrowings

(1.1 b)(904 m)(356 m)(457 m)(841 m)

Dividends Paid

(22 m)(28 m)(22 m)(22 m)(21 m)

Cash From Financing Activities

(742 m)335 m(504 m)(168 m)(360 m)

Net Change in Cash

(202 m)(389 m)183 m293 m(36 m)

Free Cash Flow

366 m779 m670 m566 m530 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

128 m295 m471 m150 m327 m748 m101 m254 m159 m189 m

Depreciation and Amortization

110 m220 m332 m109 m223 m331 m106 m218 m332 m105 m

Accounts Receivable

(115 m)(144 m)(122 m)(143 m)(80 m)(92 m)(103 m)(125 m)1.3 b63 m

Inventories

(327 m)(516 m)(654 m)(313 m)(454 m)(637 m)(122 m)(61 m)4.5 b(128 m)

Accounts Payable

127 m123 m156 m147 m147 m146 m102 m(140 m)1.2 b15 m

Cash From Operating Activities

(21 m)202 m419 m(150 m)(31 m)143 m(194 m)266 m361 m(85 m)

Cash From Investing Activities

(57 m)(135 m)(270 m)(225 m)(298 m)(392 m)(366 m)(432 m)(531 m)6 m

Long-term Borrowings

(70 m)(130 m)(196 m)(46 m)(90 m)(433 m)(38 m)(74 m)(116 m)

Dividends Paid

(6 m)(11 m)(17 m)(6 m)(11 m)(16 m)(6 m)(11 m)(16 m)(5 m)

Cash From Financing Activities

(31 m)(93 m)(344 m)144 m68 m(14 m)251 m(18 m)137 m(358 m)

Net Change in Cash

(114 m)(30 m)(208 m)(227 m)(262 m)(266 m)(301 m)(169 m)(4 m)

Income Taxes Paid

9 m

Free Cash Flow

(100 m)29 m133 m(238 m)(238 m)(163 m)(270 m)105 m85 m(162 m)

Ratios

USDY, 2018

EV/CFO

-228.3 x

EV/FCF

-119.8 x

Financial Leverage

2.6 x
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Operating Metrics

Textron's Backlog was reported to be $7.2b in FY, 2017.
FY, 2014FY, 2015FY, 2016FY, 2017Mar, 2018

Aircraft Deliveries

656 697 630

Backlog

$9.68 b$8.63 b$8.24 b$7.18 b

Brands

16

Distribution Sites

4 5 4 4

Helicopters

13 k13 k13 k13 k

Helicopters Deliveried

249 223 171

Independent Service Centers (Textron Aviation)

401 400 350 350

Mobile Service Units (Textron Aviation)

60 60

Plants

110 111 116 115

Service Centers (Bell Helicopter)

8 8 6 5

Service centers (Textron Aviation)

21 21 19 18
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