This document summarizes Textron's Q4 2013 earnings call presentation. Key points include: Revenues for Q4 2013 were $3.5 billion, up 1.7% organically from Q4 2012. EPS from continuing operations for Q4 2013 were $0.60. For full year 2014, Textron expects EPS from continuing operations to be between $2.00-$2.20 and manufacturing cash flow before pension contributions to be between $600-$700 million. Textron also provides segment-level financial outlooks for 2014 and analyzes factors contributing to expected EPS growth in 2014 compared to 2013.

1. Q4 2013 Earnings Call Presentation
January 22, 2014
The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014

2. Forward-Looking Information
Certain statements in this package and other oral and written
statements made by Textron from time to time are forward-looking
statements, including those that discuss strategies, goals, outlook or
other non-historical matters; or project revenues, income, returns or
non historical
other financial measures. These forward-looking statements speak only
as of the date on which they are made, and we undertake no obligation
to update or revise any forward-looking statements. These forwardlooking statements are subject to risks and uncertainties that may
cause actual results to differ materially from those contained in the
statements, including the risks and uncertainties set forth under
"Forward-Looking Information" in our fourth quarter 2013 earnings
release. Additi
l
Additional i f
l information on risks and uncertainties th t may
ti
i k
d
t i ti that
impact forward-looking statements is discussed under "Risk Factors" in
our most recent Annual Report on Form 10-K and our Quarterly Reports
on Form 10-Q.
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
2

3. Key Data - Fourth Quarter, 2013
Q4 2013
Q4 2012
Revenues
R
$3.5B
$3 5B
$3.4B
$3 4B
Segment Profit
$307M
$281M
EPS from Continuing
Operations
$0.60
$0.50
Manufacturing Cash Flow
Before Pension
Contributions*
$774M
$625M
$21M
$224M
Pension Contributions
*
Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined
g
and reconciled to GAAP in our earnings release.
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
3

4. Key Data - Full Year, 2013
Full-year
F ll ea
2013
Full-year
F ll ea
2012
Revenues
R
$12.1B
$12 1B
$12.2B
$12 2B
Segment Profit
$963M
$1,132M
EPS from Continuing
Operations
$1.75
$1.97
Manufacturing Cash Flow
Before Pension
Contributions*
$256M
$793M
Pension Contributions
$194M
$405M
*
Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined
g
and reconciled to GAAP in our earnings release.
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
4

5. Textron Consolidated Net Debt Reduction
($,
($ millions)
YE 2013
YE 2012
Consolidated Cash
$ 1,211
$ 1,413
TFC Managed Debt
TXT Debt
Total Debt
1,256
1,931
,
3,187
1,686
2,301
,
3,987
$ 1 976
1,976
$ 2 574
2,574
Net Debt
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
5

6. Finance Segment
($, millions)
Credit Statistics
4Q13
3Q13
60+ Delinquency
$ 80.0
$88.3
Non-accrual
$104.7
$105.3
2013 Year-end Finance Receivables
Captive
Non- Captive
Total
$ 1,363
$ 185
$ 1 548
1,548
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
6

7. Outlook – Full Year, 2014
2014E
EPS from Continuing
Operations
Manufacturing Cash Flow
Before Pension Contributions*
*
2013
$2.00 - $2.20
$1.75
$600M - $700M
$256M
Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined
g
and reconciled to GAAP in our earnings release.
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
7

8. Pension Outlook – Full Year, 2014
2014E
2013
5.0%
4.25%
Unfunded Liability
$200M
$1.3B
Total Pension Cost
~$130M
$226M
Assumed Long-Term Rate of
Return
7.75%
7.75%
Pension Contributions
~$80M
$80M
$194M
Discount Rates
Year-over-year Pre-tax P&L Impact
~$45M
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
8

9. Outlook – Full Year, 2014
2014E
2013
~$490M
$511M
CapEx
~$425M
$444M
Depreciation
~$340M
$335M
R&D
% of Mfg Revenues
3.7%
4.3%
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
9

10. Segment Outlook – Full Year, 2014
Revenue
($, Billion)
Profitability
Cessna
~$3.3B
2.5% – 3.5%
Bell
$
~$4.5B
12.0% – 12.5%
Textron Systems
~$2.0B
9.5% – 10.0%
Industrial
~$3.3B
8.25% – 8.75%
Not Meaningful
$5 $10 million
$ -$
illi
Segment
Finance
i
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
10

11. Outlook – Full Year, 2014
2014E
2013
Corporate Expenses
~$150M
$166M
Interest Expense, net for
Manufacturing group
~$117M
$123M
Tax Rate (From continuing
operations)
~31.5%
3
%
26.1%
26 %
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
11

12. 2014 Year-Over-Year EPS Analysis
(Co t u g Operations)
(Continuing Ope at o s)
2013 EPS
$1.75
$1 75
Tax
($0.14)
TFC Earnings
($0.10)
Interest Expense
$0.01
2013 Cessna Restructuring
$0.07
Pension Expense
$0.11
Underlying Manufacturing Business
$0.40
2014E EPS (Mid-point)
$2.10
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
12

13. Q4 2013 Sales Growth
FX
Impact
Unfav./
(Fav.)
(
)
Organic
Growth
Before
FX
Sales
Growth
M&A
Impact
Core
Sales
Growth
2.4%
(0.7%)
1.7%
-
1.7%
19.7%
19 7%
-
19.7%
19 7%
-
19.7%
19 7%
(28.4%)
-
(28.4%)
-
(28.4%)
Industrial
9.5%
(2.3%)
7.2%
(0.4%)
6.8%
Manufacturing
4.6%
(0.7%)
3.9%
(0.1%)
3.8%
(25.7%)
-
(25.7%)
-
(25.7%)
4.3%
(0.7%)
3.6%
(0.1%)
3.5%
Cessna
Bell
B ll
Textron Systems
Finance
Total Segments
Textron Inc. Q4 2013 Earnings Call Presentation; January 22, 2014
13