TXT Textron, Inc.
Textron, Inc. is a multi-industry company, which leverages global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance. The Textron Aviation segment manufactures sells, and services Beechcraft and Cessna aircraft. The Bell segment supplies military and commercial helicopters, tiltrotor aircraft, and related spare parts. The Textron Systems segment product lines consist of unmanned aircraft systems; land and marine systems; weapons and sensors; and a variety of defense and aviation mission support products and services. The Industrial segment designs and manufactures a variety of products under the Golf; Turf Care and Light Transportation Vehicles; Fuel Systems and Functional Components and Powered Tools; and Testing and Measurement Equipment product lines. The Finance segment consists of Textron Financial Corp. and its consolidated subsidiaries, which provides finances primarily to purchasers of new Cessna aircraft and Bell helicopters. The company founded by Royal Little in 1923 and is headquartered in Providence, RI.
Company profile
Ticker
TXT
Exchange
Website
CEO
Scott C. Donnelly
Employees
Incorporated in
Location
Fiscal year end
Sector
Industry (SEC)
SEC CIK
Corporate docs
IRS number
50315468
TXT stock data
()
Calendar
1 May 20
5 Jul 20
2 Jan 21
News
Company financial data Financial data
| Quarter (USD) | Apr 20 | Jan 20 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 2.78B | 4.04B | 3.26B | 3.23B | |
| Net income | 50M | 199M | 220M | 217M | |
| Diluted EPS | 0.22 | 0.95 | 0.93 | ||
| Net profit margin | 1.80% | 4.93% | 6.75% | 6.72% | |
| Operating income* | 252M | 285M | 322M | ||
| Net change in cash | 1.09B | 304M | 196M | 115M | |
| Cash on hand | 2.45B | 1.36B | 1.05B | 857M | |
| Cost of revenue | 2.39B | 3.44B | 2.75B | 2.64B |
| Annual (USD) | Jan 20 | Jan 16 | Jan 15 | Jan 11 | |
|---|---|---|---|---|---|
| Revenue | 13.63B | 13.42B | 13.88B | 10.53B | |
| Net income | 815M | 697M | 600M | 86M | |
| Diluted EPS | 2.5 | 2.13 | 0.28 | ||
| Net profit margin | 5.98% | 5.19% | 4.32% | 0.82% | |
| Operating income* | 1.11B | 1.14B | 1.04B | 356M | |
| Net change in cash | 352M | 183M | -109M | ||
| Cash on hand | 1.36B | 1.01B | 822M | 931M | |
| Cost of revenue | 11.41B | 10.98B | 11.42B | 8.61B |
Financial data from Textron earnings reports. *Asterisk values are approximate.
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 20 | Bader Kathleen M | Deferred Stock Units Common Stock | Grant | Aquire A | No | 29.546 | 452.587 | 13.37K | 64,908.695 |
| 30 Jun 20 | Nowell Lionel L Iii | Deferred Stock Units Common Stock | Grant | Aquire A | No | 29.546 | 1,594.743 | 47.12K | 3,359.056 |
| 30 Jun 20 | Conway James T | Deferred Stock Units Common Stock | Grant | Aquire A | No | 29.546 | 427.781 | 12.64K | 28,237.905 |
| 30 Jun 20 | Gagne Paul E | Deferred Stock Units Common Stock | Grant | Aquire A | No | 29.546 | 485.331 | 14.34K | 113,313.824 |
| 30 Jun 20 | Heath Ralph D | Deferred Stock Units Common Stock | Grant | Aquire A | No | 29.546 | 417.665 | 12.34K | 13,283.481 |
Institutional ownership Q1 2020
82.7% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 413 |
| Opened positions | 54 |
| Closed positions | 95 |
| Increased positions | 123 |
| Reduced positions | 160 |
13F shares |
Current |
|---|---|
| Total value | 30.51B |
| Total shares | 188.33M |
| Total puts | 606.6K |
| Total calls | 341.8K |
| Total put/call ratio | 1.8 |
Largest owners |
Shares | Value |
|---|---|---|
| N Price T Rowe Associates | 33.31M | $888.45M |
| Vanguard | 25.73M | $686.31M |
| BLK BlackRock | 17.04M | $454.44M |
| IVZ Invesco | 12.61M | $336.33M |
| STT State Street | 10.54M | $281.36M |
| Victory Capital Management | 7.23M | $192.76M |
| Primecap Management | 6.67M | $177.78M |
| Boston Partners | 6.2M | $165.2M |
| LSV Asset Management | 5.48M | $146.25M |
| American Century Companies | 4.21M | $112.3M |
Financial report summary
?Competition
Giga Tronics • Lesco • Oshkosh • American Superconductor • Elbit Systems • United Defense Industries • Avantair • Defense Solutions Holding • John Bean Technologies • Delta TuckerRisks
- We have customer concentration with the U.S. Government; reduction in U.S. Government defense spending can adversely affect our results of operations and financial condition.
- U.S. Government contracts can be terminated at any time and may contain other unfavorable provisions.
- As a U.S. Government contractor, we are subject to procurement rules and regulations ; our failure to comply with these rules and regulations could adversely affect our business.
- As a U.S. Government contractor, our businesses and systems are subject to audit and review by the Defense Contract Audit Agency (DCAA) and the Defense Contract Management Agency (DCMA).
- The use of multi-award contracts by the U.S. Government increases competition, pricing pressure and cost.
- Demand for our aircraft products is cyclical and lower demand adversely affects our financial results.
- We have made and may continue to make acquisitions that increase the risks of our business.
- Failure to perform by our subcontractors or suppliers could adversely affect our performance.
- Our business could be negatively impacted by information technology disruptions and security threats.
- Developing new products and technologies entails significant risks and uncertainties.
- We are subject to the risks of doing business in foreign countries that could adversely impact our business.
- We are subject to increasing compliance risks that could adversely affect our operating results.
- We are subject to legal proceedings and other claims.
- Intellectual property infringement claims of others and the inability to protect our intellectual property rights could harm our business and our customers.
- Certain of our products are subject to laws regulating consumer products and could be subject to repurchase or recall as a result of safety issues.
- The increasing costs of certain employee and retiree benefits could adversely affect our results.
- Our business could be adversely affected by strikes or work stoppages and other labor issues.
- Currency, raw material price and interest rate fluctuations can adversely affect our results.
- We may be unable to effectively mitigate pricing pressures.
- Unanticipated changes in our tax rates or exposure to additional income tax liabilities could affect our profitability.
Management Discussion
- Revenues decreased $342 million, 2%, in 2019, compared with 2018. The revenue decrease included the following factors:
- Revenues decreased $226 million, 2%, in 2018, compared with 2017, largely driven by the disposition of the Tools and Test Equipment product line within the Industrial segment. The net revenue decrease included the following factors:
- Cost of sales decreased $188 million, 2%, in 2019, compared with 2018, largely resulting from the impact from the disposition of the Tools and Test Equipment product line, improved performance and a favorable impact of $48 million from foreign exchange rate fluctuations, partially offset by an unfavorable impact of $94 million from inflation. Gross margin as a percentage of Manufacturing revenues decreased 70 basis points in 2019, compared with 2018, primarily due to lower margin at the Textron Aviation segment, reflecting the mix of aircraft sold in the year.
Content analysis
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| Positive | ||
| Negative | ||
| Uncertain | ||
| Constraining | ||
| Legalese | ||
| Litigous | ||
| Readability |
H.S. freshman Avg
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New words:
accident, Additionally, addressed, adequate, adequately, adherence, adjudicated, Aid, Air, airline, Akron, American, amplify, anniversary, appeal, appealed, assisting, assuming, automotive, avoidance, back, bankruptcy, Bash, Beechcraft, began, billed, Brian, cancellation, case, ceased, chain, Chapter, charge, China, Circuit, civil, cleaning, closed, closely, closing, conserve, conspiracy, consumer, cover, de, decision, decline, declined, deferring, delay, delayed, delaying, discrete, disease, disinfecting, dismissal, dismissed, dismissing, disposal, distancing, distribution, Division, downturn, Eastern, employee, enable, ensure, entitled, environment, European, eventual, exceeded, expanded, experience, experienced, explicit, face, February, flight, flown, Forest, fractional, fraud, fraudulent, Fuel, fulfill, fully, Functional, furloughed, governmental, guarantee, highly, history, idle, impose, imposed, inability, infrastructure, inherently, intangible, intentional, interbank, IWA, judgment, jury, King, leaving, led, length, light, likelihood, limit, local, London, long, matter, monitoring, motion, multiple, negatively, North, Northern, notably, notice, November, OEM, Ohio, open, opening, opportunistically, order, outbreak, outplacement, page, pandemic, paper, part, payroll, perpetrated, persist, physical, piston, plaintiff, predicted, preservation, produced, prolonged, protect, provision, receipt, recession, reconfiguring, reconsidering, recover, recoverable, recovery, recreational, reduce, reduced, reducing, reduction, relevant, relief, remanded, remote, remotely, reopen, reopened, repossession, request, response, restatement, restructuring, resume, rotorcraft, royalty, safe, settled, shut, slowdown, social, sovereign, spread, supply, surrender, System, temporarily, temporary, TFC, top, travel, trial, troubled, trustee, ultimate, uncertainty, unconditional, undiscounted, undrawn, unemployment, unforeseen, unpaid, unprecedented, unpredictable, verdict, weak, weight, widespread, wing, workforce, workplace, worsen
Removed:
accounted, add, allocate, amortization, announced, Armoured, authorizing, capacity, capitalize, carryforward, classification, commencement, component, determinable, disposition, earlier, equipment, estate, extension, FASB, FlightSafety, hindsight, implicit, incremental, July, Land, lesser, leverage, Marine, minimum, newly, noncancelable, offsetting, Patrol, practical, property, real, recognition, remained, rent, retrospective, separately, single, standalone, stated, substantially, Tactical, transition, TRU, unrecognized, vehicle
Financial reports
10-Q
2020 Q1
Quarterly report
1 May 20
10-K
2019 FY
Annual report
25 Feb 20
10-Q
2019 Q3
Quarterly report
23 Oct 19
10-Q
2019 Q2
Quarterly report
24 Jul 19
10-Q
2019 Q1
Quarterly report
24 Apr 19
10-K
2018 FY
Annual report
14 Feb 19
10-Q
2018 Q3
Quarterly report
25 Oct 18
10-Q
2018 Q2
Quarterly report
26 Jul 18
10-Q
2018 Q1
Quarterly report
25 Apr 18
10-K
2017 FY
Annual report
15 Feb 18
Current reports
8-K
Cost Associated with Exit or Disposal Activities
18 Jun 20
8-K
Textron Reports First Quarter 2020 Results
30 Apr 20
8-K
Entry into a Material Definitive Agreement
2 Apr 20
8-K
Other Events
17 Mar 20
8-K
Textron Reports Fourth Quarter 2019 Results; Announces 2020 Financial Outlook
29 Jan 20
8-K
Departure of Directors or Certain Officers
15 Jan 20
8-K
Regulation FD Disclosure
23 Dec 19
8-K
Cost Associated with Exit or Disposal Activities
6 Dec 19
8-K
Textron Reports Third Quarter 2019 Results
17 Oct 19
8-K
Textron Reviewing Strategic Alternatives for Kautex
5 Aug 19
Registration and prospectus
424B2
Prospectus for primary offering
11 Mar 20
FWP
Free writing prospectus
10 Mar 20
424B3
Prospectus supplement
10 Mar 20
424B2
Prospectus for primary offering
1 May 19
FWP
Free writing prospectus
30 Apr 19
424B3
Prospectus supplement
30 Apr 19
424B2
Prospectus for primary offering
8 Nov 17
424B3
Prospectus supplement
7 Nov 17
FWP
Free writing prospectus
7 Nov 17
424B2
Prospectus for primary offering
12 Sep 17
Proxies
DEFA14A
Additional proxy soliciting materials
13 Apr 20
DEFA14A
Additional proxy soliciting materials
5 Mar 20
DEF 14A
Definitive proxy
5 Mar 20
DEFA14A
Additional proxy soliciting materials
6 Mar 19
DEF 14A
Definitive proxy
6 Mar 19
DEF 14A
Definitive proxy
6 Mar 18
DEFA14A
Additional proxy soliciting materials
6 Mar 18
DEF 14A
Definitive proxy
3 Mar 17
DEFA14A
Additional proxy soliciting materials
3 Mar 17
DEF 14A
Definitive proxy
8 Mar 16
Other
SD
Conflict minerals disclosure
28 May 20
SD
Conflict minerals disclosure
29 May 19
SD
Conflict minerals disclosure
25 May 18
SD
Conflict minerals disclosure
24 May 17
SD
Conflict minerals disclosure
31 May 16
SD
Conflict minerals disclosure
29 May 15
NO ACT
No action letter
26 Jan 15
SD
Conflict minerals disclosure
2 Jun 14
NO ACT
No action letter
22 Jan 14
UPLOAD
Letter from SEC
10 Jun 13
Ownership
4
TEXTRON / R KERRY CLARK ownership change
2 Jul 20
4
TEXTRON / Maria T Zuber ownership change
2 Jul 20
4
TEXTRON / JAMES L ZIEMER ownership change
2 Jul 20
4
TEXTRON / Deborah L James ownership change
2 Jul 20
4
TEXTRON / Ralph D Heath ownership change
2 Jul 20
4
TEXTRON / PAUL E GAGNE ownership change
2 Jul 20
4
TEXTRON / James T Conway ownership change
2 Jul 20
4
TEXTRON / LIONEL L NOWELL III ownership change
2 Jul 20
4
TEXTRON / KATHLEEN M BADER ownership change
2 Jul 20
4
TEXTRON / Maria T Zuber ownership change
1 May 20
Patents
APP
Utility
Injection-molding Method and Liquid Container for a Motor Vehicle
2 Jul 20
An injection-molding method for manufacturing a half-shell of a liquid container for a motor vehicle, comprising the following steps: providing a barrier film in a cavity of an injection-molding tool, the cavity being provided for the purpose of shaping the half-shell; providing a barrier sleeve in the cavity; injecting plasticized injection-molding material into the cavity, wherein plasticized injection-molding material is sprayed onto the barrier film and/or the barrier film is back-injected with plasticized injection-molding material; and wherein the barrier sleeve is back-injected with plasticized injection-molding material and/or overmolded with plasticized injection-molding material to form a connection element of the half-shell.
APP
Utility
Performing Temperature Control on a Lithium Battery of a Vehicle
2 Jul 20
A technique is performed on a vehicle having a lithium battery and a temperature control apparatus.
GRANT
Utility
Extended range quad tiltrotor aircraft
30 Jun 20
A quad tiltrotor aircraft has a longitudinally extending fuselage with forward and aft stations.
GRANT
Utility
Automatic heading correction for directional gyroscopes
30 Jun 20
A navigation system for vehicles, such as rotorcraft, includes a directional gyroscope having a magnetic heading correction mode, a nonmagnetic manual heading correction mode and a nonmagnetic automatic heading correction mode.
GRANT
Utility
In-soil data monitoring system and method
30 Jun 20
An in soil data collection and analysis system and process is disclosed where the data from a plurality of in soil sensors is combined with other data that is acquired by an unmanned aerial vehicle (UAV) to create a fused data set that can be used to determine an appropriate corrective action or response to the fused data.