textron inc (TXT) Key Developments
Textron Inc. Declares Quarterly Dividend, Payable on January 1, 2015
Oct 22 14
The board of directors of Textron Inc. declared a quarterly dividend of $0.02 per share on the company's common stock. All dividends will be paid on January 1, 2015 to shareholders of record as of December 12, 2014.
Textron Inc. Announces Unaudited Earnings Results and Consolidated Cash Flow Results for the Third Quarter and Nine Months Ended September 27, 2014; Provides Earnings Guidance for the Full Year of 2014
Oct 17 14
Textron Inc. announced unaudited earnings results and consolidated cash flow results for the third quarter and nine months ended September 27, 2014. For the quarter, the company reported total revenues of $3,430 million compared to $2,904 million a year ago. Income from continuing operations before income taxes was $231 million compared to $145 million a year ago. Net income was $159 million compared to $99 million a year ago. EPS from continuing operations was $0.57 compared to $0.35 a year ago. Net income per share was $0.57 compared to $0.35 a year ago. Net cash from operating activities of continuing operations was $208 million compared to $361 million a year ago. Capital expenditures were $83 million compared to $110 million a year ago.
For the nine months, the company reported total revenues of $9,782 million compared to $8,598 million a year ago. Income from continuing operations before income taxes was $566 million compared to $451 million a year ago. Net income was $388 million compared to $331 million a year ago. EPS from continuing operations was $1.39 compared to $1.15 a year ago. Net income per share was $1.37 compared to $1.16 a year ago. Net cash from operating activities of continuing operations was $491 million compared to net cash used in operating activities of continuing operations of $381 million a year ago. Capital expenditures were $255 million compared to $300 million a year ago.
For the quarter, on consolidated basis, the company reported net cash from operating activities of continuing operations of $216 million compared to $359 million a year ago. Capital expenditures were $83 million compared to $110 million a year ago.
For the nine months, on consolidated basis, the company reported net cash from operating activities of continuing operations of $569 million compared to net cash used in operating activities of continuing operations of $103 million a year ago. Capital expenditures were $255 million compared to $300 million a year ago.
The company increased its 2014 earnings per share from continuing operations guidance to a range of $2.05 to $2.15 and increased its expectation for cash flow from continuing operations of the manufacturing group before pension contributions to a range of $700 million to $800 million with expected pension contributions of about $83 million.
Textron Seeks Acquisitions
Oct 17 14
Textron Inc. (NYSE:TXT) is seeking acquisitions. Scott Donnelly, Chairman, Chief Executive Officer and President of Textron, said, "We still see nice growth both organically and through acquisitions in the vehicle business, as well as our tool and test business."
Textron Systems Begins 50 OSRVT(TM) Upgrades for U.S. Army, Marine Corps and Special Operations Command
Oct 12 14
Textron Systems Unmanned Systems, a Textron Inc. business, announced that it has commenced deliveries of the One System(R) Remote Video Terminal (OSRVT(TM)) -50 variant to the U.S. Army. The -50 configuration is the first fleet-wide update to the OSRVT program of record that enables Level of Interoperability (LOI) 3, a bi-directional capability which allows users in the field to control the unmanned aircraft's payload for greater situational awareness and better-informed decision-making in kinetic operations. Under an ongoing support contract, Textron Systems anticipates upgrading more than 3,100 OSRVT systems to the -50 configuration for the U.S. Army, Marine Corps and Special Operations Command, beginning now and ongoing through 2016. This configuration will undergo initial operational testing in 2015, and give Army units enhanced interoperability with Gray Eagle(R), Hunter and Shadow(R) unmanned systems. The Shadow Tactical Unmanned Aircraft System, a Textron Systems platform, is utilized by the Marine Corps and Special Forces groups as well. The OSRVT -50 incorporates many enhancements for greater flexibility, functionality and ease of use. Software upgrades to a service-oriented architecture (SOA) enable more rapid insertion of new features and technologies as requirements evolve. The user interface is updated for easier configuration, intuitive controls and touch screen operations, as the system will also now be fielded in a ruggedized tablet format. The OSRVT is part of Textron Systems' larger family of remote products, based on a modular, SOA-based software architecture that is ported easily to the hardware and form factor the customer requires for military, civil and commercial applications around the world. In addition, the extensible architecture allows the system to be highly customized while still being delivered and fielded rapidly. Solutions can be specified in various form factors, and can deliver LOI 3 or higher, providing even greater levels of situational awareness, payload, and platform control based on evolving operational requirements.
Textron Inc. Wins Four-Year $43.6 Million JSECST Service Life Extension Contract
Oct 7 14
Textron Systems Electronic Systems, a Textron Inc. business announced a four-year, indefinite delivery, indefinite quantity (IDIQ) contract worth up to $43.6 million from the U.S. Air Force to deliver a comprehensive AN/USM-670A Joint Service Electronic Combat Systems Tester (JSECST(TM)) service life extension program. During that period, Textron Systems expects to upgrade most of more than 500 JSECST systems currently fielded with the U.S. Air Force, Army, Navy and 22 foreign military sale customers, while the IDIQ contract affords these customers the option to buy additional units as well. The next-generation JSECST was selected by the Air Force, Army and Navy after six months of rigorous regression testing to verify its capabilities. The advanced-performance JSECST upgrade kit will add 20 years of useful life, plus the capability to test a range of new mission-critical aircraft systems for greater performance. In addition, both the upgrade kit and core test set are fully backward compatible with existing JSECST components, test programs and accessories for ease of use and affordability.