Q417 earnings presentation

1. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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Q4 2017 Earnings Call Presentation
January 31, 2018
The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.

2. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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
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 forward-
looking 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 2017 earnings
release. Additional information on risks and uncertainties that may
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.
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3. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
Key Data – Fourth Quarter, 2017
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Q4 2017 Q4 2016
Revenues $4.0B $3.8B
Segment Profit $360M $391M
Adjusted EPS from Continuing
Operations*
$0.74 $0.80
Manufacturing Cash Flow
Before Pension Contributions*
$474M $727M
Pension Contributions $20M $14M
* Adjusted EPS from continuing operations and Manufacturing cash flow before pension contributions are
non-GAAP measures that are defined and reconciled to GAAP in our earnings release.

4. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
Key Data – Full-Year, 2017
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Full-Year
2017
Full-Year
2016
Revenues $14.2B $13.8B
Segment Profit $1,169M $1,309M
Adjusted EPS from Continuing
Operations*
$2.45 $2.62
Manufacturing Cash Flow
Before Pension Contributions*
$889M $573M
Pension Contributions $358M $50M
* Adjusted EPS from continuing operations and Manufacturing cash flow before pension contributions are
non-GAAP measures that are defined and reconciled to GAAP in our earnings release.

5. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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Textron Consolidated Net Debt
Full-Year
2017
Full-Year
2016
Cash $1,262M $1,298M
Finance Group Debt 824M 903M
TXT Mfg. Group Debt 3,088M 2,777M
Total Debt 3,912M 3,680M
Net Debt $2,650M $2,382M

6. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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Q4 2017 Sales Growth
Sales
Growth
M&A
Impact
Organic
Growth
FX
Impact
Unfav./
(Fav.)
Organic
Growth
Before
FX
Textron Aviation (3.1%) - (3.1%) - (3.1%)
Bell 10.8 - 10.8 - 10.8
Textron Systems (8.1%) - (8.1%) - (8.1%)
Industrial 19.6% (13.0%) 6.6% (2.7%) 3.9%
Manufacturing 5.1% (3.2%) 1.9% (0.7%) 1.2%
Finance (16.7%) - (16.7%) - (16.7%)
Total Segments 5.0% (3.2%) 1.8% (0.7%) 1.1%

7. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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Finance Segment Key Statistics
Q4 2017 Q3 2017
60+ Delinquency $34M $50M
Non-accrual $61M $70M
Finance Receivables $850M $858M
Shareholders’ Equity $216M $170M

8. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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Outlook – Full Year, 2018
EPS from Continuing Operations $2.95 - $3.15
Manufacturing Cash Flow
Before Pension Contributions*
$700M - $800M
Pension Contributions ~$55M
* Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in
our earnings release.

9. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
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Segment Outlook – Full Year, 2018
Segment Revenue Profitability
Textron Aviation ~$5.0B ~8.0%*
Bell ~$3.2B ~12.0%
Textron Systems ~$1.6B ~8.0%*
Industrial ~$4.7B ~8.0%*
Finance ~$70M ~$20M

10. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
2018E 2017
Discount Rates 3.75% 4.25%
Total Pension Cost ~$40M $81M
Assumed Long-Term Rate of
Return
7.75% 7.75%
Pension Contributions ~$55M $358M
Pension Outlook – Full Year, 2018
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11. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
2018E 2017
Gross R&D
% of Mfg Revenues
~$620M
4.2%
$634M
4.5%
CapEx ~$525M $423M
Depreciation ~$400M $362M
Outlook – Full Year, 2018
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12. Textron Inc. Q4 2017 Earnings Call Presentation; January 31, 2018
Outlook – Full Year, 2018
2018E 2017
Corporate Expenses ~$130M $132M
Interest Expense, net for
Manufacturing group
~$140M $145M
Income Tax Rate (from
continuing operations)
~22.5% 26.2%
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