This document is Textron Inc.'s Q3 2014 earnings call presentation. Some key highlights from Q3 2014 include revenues of $3.4 billion, segment profit of $293 million, and EPS from continuing operations of $0.57. For full year 2014, Textron forecasts EPS from continuing operations between $2.05-$2.15 and manufacturing cash flow before pension contributions between $700-$800 million. Textron Aviation sales grew 82.1% in Q3 2014 due to acquisitions, while organic growth across segments ranged from a decline of 16% at Textron Systems to an increase of 5.5% at Industrial.

1. Textron Inc. Q3 2014 Earnings Call Presentation; October 17, 2014
Q3 2014 Earnings Call Presentation
October 17, 2014
The data in this package should be read in conjunction with the Textron earnings release and accompanying tables.

2. Textron Inc. Q3 2014 Earnings Call Presentation; October 17, 2014
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 third quarter 2014 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. Q3 2014 Earnings Call Presentation; October 17, 2014
Key Data - Third Quarter, 2014
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Q3 2014
Q3 2013
Revenues
$3.4B
$2.9B
Segment Profit
$293M
$208M
EPS from Continuing Operations
$0.57
$0.35
Manufacturing Cash Flow Before Pension Contributions*
$144M
$269M
Pension Contributions
$17M
$16M
* Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in our earnings release.

4. Textron Inc. Q3 2014 Earnings Call Presentation; October 17, 2014
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Outlook – Full Year, 2014
EPS from Continuing Operations
$2.05 - $2.15
Manufacturing Cash Flow Before Pension Contributions*
$700M - $800M
* Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in our earnings release.

5. Textron Inc. Q3 2014 Earnings Call Presentation; October 17, 2014
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Q3 2014 Sales Growth
Sales
Growth
M&A
Impact
Core
Sales
Growth
FX
Impact
Unfav./ (Fav.)
Organic
Growth
Before FX
Textron Aviation
82.1%
(67.1%)
15.0%
-
15.0%
Bell
1.7%
-
1.7%
-
1.7%
Textron Systems
(11.6%)
(4.4%)
(16.0%)
-
(16.0%)
Industrial
10.4%
(5.5%)
4.9%
0.6%
5.5%
Manufacturing
18.6%
(15.8%)
2.8%
0.1%
2.9%
Finance
(24.2%)
-
(24.2%)
-
(24.2%)
Total Segments
18.1%
(15.7%)
2.4%
0.2%
2.6%

6. Textron Inc. Q3 2014 Earnings Call Presentation; October 17, 2014
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Finance Segment Credit Statistics
3Q14
2Q14
60+ Delinquency
$70
$96
Non-accrual
$101
$88
Finance Receivables
$1,329
$1,384
Shareholder’s Equity
$219
$216
($, millions)