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Mar 30, 2024
Textron Q1 2024 Earnings Report
Textron reported mixed results for Q1 2024 with increased EPS and segment profit, offset by lower industrial revenues and increased restructuring charges.
Key Takeaways
Textron reported a net income of $1.03 per share for Q1 2024, up from $0.92 per share in Q1 2023. Adjusted EPS was $1.20, compared to $1.05 in the prior year. The company saw profit growth in Aviation, Bell, and Systems businesses, but faced challenges in the Industrial segment. Restructuring charges also impacted the quarter's results.
EPS reached $1.03, with adjusted EPS at $1.20, an increase from $1.05 in the previous year.
Segment profit increased to $290 million, up $31 million from the prior year.
Textron Aviation experienced strong market demand, contributing to a $177 million backlog growth.
Bell saw revenue growth driven by the FLRAA program.
Textron
Textron
Textron Revenue by Segment
Revenue by Segment
Textron Aviation Revenue
CapyFin.comBell Revenue
CapyFin.comTextron Systems Revenue
CapyFin.comIndustrial Revenue
CapyFin.comFinance Revenue
CapyFin.com Forward Guidance
Textron provided an outlook for 2024, with GAAP EPS expected to be between $5.44 and $5.66, and non-GAAP EPS between $6.20 and $6.40. They anticipate net cash from operating activities to be between $1.272 billion and $1.372 billion, and manufacturing cash flow before pension contributions to be between $900 million and $1 billion.
Positive Outlook
- Net income - GAAP: $1,040 - $1,078 million
- LIFO inventory provision, net of tax: $85 million
- Intangible asset amortization, net of tax: $27 million
- Special charges, net of tax: $30 - $33 million
- Net income - Non-GAAP: $1,185 - $1,220 million
Challenges Ahead
- Net cash from operating activities - GAAP: $1,272 - $1,372 million
- Capital expenditures: $425 million
- Total pension contributions: $50 million
- Manufacturing cash flow before pension contributions - Non-GAAP: $900 - $1,000 million
- Restructuring plan from the previously announced range of $115 million to $135 million in pre-tax special charges to a range of $165 million to $170 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income