This document is Textron's 1999 Annual Report. The key points are:
1) Textron achieved record financial results in 1999 with revenues increasing 20% to $11.6 billion and earnings per share increasing 51%.
2) Textron's four business segments - Aircraft, Automotive, Industrial, and Finance - saw strong growth and profitability in 1999.
3) Textron is focused on consistent growth through strategic investments, acquisitions, driving operational excellence, and leveraging e-business.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
This document provides a summary of a company's financial discussion and analysis for the years 1998, 1997, and 1996. Some key points:
- Net sales increased 15% in 1998 to nearly $1.9 billion, with double-digit growth in both US and international operations. Business acquisitions accounted for about half the growth.
- Operating income was a record $262 million in 1998, up 20% from 1997. The operating margin reached a new high of 13.9%.
- Income from continuing operations rose 15% to a record $155 million, or $1.15 per diluted share.
- Net income totaled $193 million, or $1.44 per diluted share, compared to
This presentation discusses CSX Corporation's performance and outlook. It notes that CSX has created significant shareholder value in recent years. The company is focused on delivering double-digit growth through 2010 by executing its long-term strategy and meeting new financial targets. The rail renaissance environment remains strong due to tight transportation capacity and pricing power, though the economy is moderating. CSX is making capacity investments to leverage growth around major ports and intermodal volumes. The company aims to continue its financial and operational momentum while delivering value for shareholders.
The document summarizes CSX's third quarter 2006 earnings presentation. It reports that CSX had record third quarter revenues of $2.4 billion, up 14% from the previous year. Surface transportation operating income increased 31% to $489 million. Comparable earnings per share increased 50% to $0.54, excluding insurance recoveries and tax benefits. CSX also initiated a $500 million share buyback program and expects to deliver over $300 million in free cash flow for 2006. Overall, CSX's core strategies are sustaining solid momentum and financial performance.
This document provides an overview of Finning International Inc. for investors. Finning is the world's largest Caterpillar dealer, operating in Canada, South America, and Europe. It generates revenue primarily from mining, construction, and power systems industries. The document discusses Finning's market position and growth strategy, which involves achieving operational excellence, global solutions leadership, and strategic acquisitions to become Caterpillar's best global partner by 2015. It also notes Finning's focus on safety and customer service.
Dean Foods reported financial results for the fourth quarter and full year of 2008. The company had strong profit growth in the fourth quarter, with adjusted operating income increasing 27% compared to the fourth quarter of 2007. For the full year, Dean Foods recovered from a weak first quarter, with adjusted operating income growing 7% despite high dairy commodity costs. The company significantly reduced debt in 2008 and expects continued earnings growth in 2009, led by the DSD Dairy and WhiteWave-Morningstar segments. Dean Foods is well positioned for 2009 despite volatility in dairy markets.
This document is Omnicom's annual report for the year 2000. It summarizes Omnicom's financial and operating highlights for 2000, with revenue reaching $6.2 billion, a 20% increase from 1999. It also discusses the performance of Omnicom's major advertising and marketing agency brands such as BBDO Worldwide, DDB Worldwide, and TBWA Worldwide. The report provides an overview of the company's financial results and growth in revenue, income, and earnings per share for 2000.
Finning toronto & montreal presentation sep 12 to 14, 2012_websiteFinningInternational
This document provides an investor presentation by Finning International Inc., which is the world's largest Caterpillar dealer. The summary includes:
1) Finning operates in Canada, South America, and the UK/Ireland, employs 15,000 people, and services key industries like mining and construction.
2) Finning's value proposition is providing Caterpillar equipment combined with their unmatched service capabilities to create value for customers.
3) Finning has a strong core business in product support and aims to drive operational excellence, complete acquisitions, and achieve earnings growth targets.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
This document provides a summary of a company's financial discussion and analysis for the years 1998, 1997, and 1996. Some key points:
- Net sales increased 15% in 1998 to nearly $1.9 billion, with double-digit growth in both US and international operations. Business acquisitions accounted for about half the growth.
- Operating income was a record $262 million in 1998, up 20% from 1997. The operating margin reached a new high of 13.9%.
- Income from continuing operations rose 15% to a record $155 million, or $1.15 per diluted share.
- Net income totaled $193 million, or $1.44 per diluted share, compared to
This presentation discusses CSX Corporation's performance and outlook. It notes that CSX has created significant shareholder value in recent years. The company is focused on delivering double-digit growth through 2010 by executing its long-term strategy and meeting new financial targets. The rail renaissance environment remains strong due to tight transportation capacity and pricing power, though the economy is moderating. CSX is making capacity investments to leverage growth around major ports and intermodal volumes. The company aims to continue its financial and operational momentum while delivering value for shareholders.
The document summarizes CSX's third quarter 2006 earnings presentation. It reports that CSX had record third quarter revenues of $2.4 billion, up 14% from the previous year. Surface transportation operating income increased 31% to $489 million. Comparable earnings per share increased 50% to $0.54, excluding insurance recoveries and tax benefits. CSX also initiated a $500 million share buyback program and expects to deliver over $300 million in free cash flow for 2006. Overall, CSX's core strategies are sustaining solid momentum and financial performance.
This document provides an overview of Finning International Inc. for investors. Finning is the world's largest Caterpillar dealer, operating in Canada, South America, and Europe. It generates revenue primarily from mining, construction, and power systems industries. The document discusses Finning's market position and growth strategy, which involves achieving operational excellence, global solutions leadership, and strategic acquisitions to become Caterpillar's best global partner by 2015. It also notes Finning's focus on safety and customer service.
Dean Foods reported financial results for the fourth quarter and full year of 2008. The company had strong profit growth in the fourth quarter, with adjusted operating income increasing 27% compared to the fourth quarter of 2007. For the full year, Dean Foods recovered from a weak first quarter, with adjusted operating income growing 7% despite high dairy commodity costs. The company significantly reduced debt in 2008 and expects continued earnings growth in 2009, led by the DSD Dairy and WhiteWave-Morningstar segments. Dean Foods is well positioned for 2009 despite volatility in dairy markets.
This document is Omnicom's annual report for the year 2000. It summarizes Omnicom's financial and operating highlights for 2000, with revenue reaching $6.2 billion, a 20% increase from 1999. It also discusses the performance of Omnicom's major advertising and marketing agency brands such as BBDO Worldwide, DDB Worldwide, and TBWA Worldwide. The report provides an overview of the company's financial results and growth in revenue, income, and earnings per share for 2000.
Finning toronto & montreal presentation sep 12 to 14, 2012_websiteFinningInternational
This document provides an investor presentation by Finning International Inc., which is the world's largest Caterpillar dealer. The summary includes:
1) Finning operates in Canada, South America, and the UK/Ireland, employs 15,000 people, and services key industries like mining and construction.
2) Finning's value proposition is providing Caterpillar equipment combined with their unmatched service capabilities to create value for customers.
3) Finning has a strong core business in product support and aims to drive operational excellence, complete acquisitions, and achieve earnings growth targets.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car. Operating expenses increased only 2% through operations and management productivity. Surface transportation operating income increased 72% and drove a 152% increase in earnings per share. Looking forward, CSX expects tougher comparables but their foundation of strategies and financial improvements provide confidence.
George W. Buckley is the Chairman, President and CEO of 3M Company. The document provides an overview of 3M's 2008 outlook meeting, including discussions of the company's strategic focus on accelerating growth, premium returns and enhanced shareholder value. It summarizes 3M's financial performance in 2007, operational excellence initiatives, and outlook for double-digit earnings growth in 2008.
CSX reported strong fourth quarter 2006 results, with earnings per share of $0.75 compared to $0.52 in fourth quarter 2005. Surface transportation operating income increased 15% year-over-year to $505 million. Revenue increased 8% driven by an 8% increase in revenue per unit, though volumes were essentially flat. Operations continued to improve, with increases in on-time performance and train velocity and decreases in dwell time. Looking forward, CSX expects continued pricing opportunities and economic growth in 2007-2008, while focusing on further improving safety and service.
ExxonMobil delivered record financial results in 2003, achieving $21.5 billion in net income and $30.8 billion in cash flow from operations. Return on capital employed was a strong 21%. The company increased its annual dividend for the 21st consecutive year and returned over $11.5 billion to shareholders through dividends and share repurchases. Several major projects commenced production during the year and others are progressing to provide long-term oil and gas resources while prioritizing safety, environmental protection, and shareholder returns.
The document summarizes a presentation on China's investment environment and economic outlook. It discusses how China is at an inflection point as it undergoes leadership transition and seeks to transition to more sustainable growth driven by household consumption rather than investment and exports. It outlines challenges around developing a strong middle class, reforms needed from the new leadership, and risks facing multinational companies from a potential economic slowdown.
1) The company reported financial results for the first quarter of 2009 with revenue of $785 million, a 1% increase over the first quarter of 2008 excluding contributions from the CX mass spectrometry joint venture.
2) Gross margin and operating margin increased year-over-year with gross margin at 66.7% and operating margin at 26.2%.
3) Integration of the Applied Biosystems and Invitrogen merger is proceeding on track, with 75% of the planned $80 million cost synergy target for 2009 already achieved through actions taken in the first quarter.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key points include:
- Revenues increased 17% over the prior year to $1.438 billion, driven by price increases and acquisitions.
- Segment EBITDA increased 29% to $170 million compared to the prior year.
- Raw material costs increased but pricing initiatives helped offset this.
- $11 million in synergies were achieved in Q1 2007, putting Hexion on track to achieve $175 million in targeted synergies.
- The integration of the Orica acquisition is proceeding as planned.
Raytheon reported strong financial results for the third quarter of 2008, with sales up 12% and earnings per share up 17%. The company increased its full-year earnings guidance and announced a new $2 billion share repurchase plan. All of Raytheon's business segments experienced sales growth in the quarter.
This document provides a financial summary and strategic review for Monsanto for the fourth quarter and full year of 2006. Some key points:
- Net sales for Q4 2006 were $1.39 billion, up 9% from Q4 2005. Full year 2006 net sales were $7.34 billion, up 17% from 2005.
- Reported EPS for Q4 2006 was $-0.27 per share, down 17% from Q4 2005. Full year 2006 reported EPS was $1.25 per share, up 166% from 2005.
- The company achieved market share gains in key crops like US corn and soybeans as well as international markets like France and Italy.
- Opportunities for continued
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
This document provides a summary of GMAC's preliminary second quarter 2007 earnings results. Key points include:
- Net income of $293 million, down from $787 million in Q2 2006. Excluding ResCap, net income doubled year-over-year.
- ResCap results improved due to reducing nonprime exposure and production, though credit quality continues to weaken with the housing market.
- Auto finance continues to perform well with improving margins and originations up.
- Insurance had favorable underwriting results.
- GMAC and ResCap maintain strong liquidity positions with $17.5 billion in cash and marketable securities.
GM made significant progress in 2006, exceeding many expectations and goals. While more work remains, GM is transforming itself for fundamental and sustainable long-term success by focusing on great vehicles, strong brands, and industry-leading technology. This turnaround has GM headed in the right direction and building momentum to ensure success for years to come.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
This document is Textron's 2001 Annual Report which discusses the company's performance in 2001 and outlines its strategic plans and goals for the future. Some key points:
1) 2001 was a challenging year for Textron due to economic recession and operational issues, but the company took strategic steps to transform itself into a networked enterprise of strong businesses and brands.
2) Textron implemented restructuring, reconfiguring, reengineering, and increased its focus on return on invested capital to improve performance and position the company for long-term growth.
3) Going forward, Textron aims to strengthen its business mix, leverage its enterprise resources, and implement Six Sigma to drive efficiency and enhance customer satisfaction.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key highlights include:
- Revenues increased 17% over the prior year to $1.438 billion, with 10% organic growth.
- Operating income was $104 million compared to $110 million in the prior year, which included a large gain. Excluding this gain, operating income increased 42%.
- Segment EBITDA increased 29% to $170 million, driven by diversification and price initiatives.
- Raw material prices flattened, allowing pricing, synergy, and productivity benefits to increase profits.
Eastman Chemical Company manufactures and markets chemicals, fibers, and plastics worldwide. It provides differentiated coatings, adhesives, specialty plastics, and is the world's largest producer of PET polymers for packaging. In 2004, Eastman reported its highest ever annual sales and profits, driven by growth in all regions, with particularly strong growth in Asia Pacific. Eastman aims to continue growth through technology-driven initiatives in select markets like packaging, electronics, health, and construction.
This annual report summarizes Lennar Corporation's performance in 1999. Key points include:
1) Lennar grew total revenues to $3.1 billion, a 29% increase over 1998, with net earnings increasing 20% to $173 million.
2) Lennar reduced its debt to total capital ratio from 43% to 37% and reduced its revolving credit balance to $0 by the end of 1999.
3) Lennar exceeded its goals for revenue, earnings, and home delivery growth while maintaining a focus on return on capital and equity.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policies, focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar streamlined operations through two main divisions, Lennar Homes and Lennar Financial Services, allowing the company to cover most aspects of homebuilding and buying while keeping processes simple.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policy while focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar's "Everything's Included" program and Zero Defects policy aim to maximize home value for customers through standard luxury features and a streamlined production process.
The company achieved record financial results in 1997, exceeding its long-term financial objectives for the sixth consecutive year. Consolidated net sales reached $1.6 billion, a 10% increase over 1996, driven by strong performances from core Institutional and Food & Beverage operations. Net income increased 18% to $134 million, or $1.00 per diluted share. The company continued generating strong operating cash flows and maintained a moderate debt level and investment grade balance sheet. Business acquisitions in 1997 and 1996 contributed approximately one-fourth to sales growth.
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Over the past decade, IBM transformed itself by shifting to more profitable and high-value technologies, becoming a globally integrated enterprise, and aligning its business model to generate superior financial results and returns for shareholders. IBM achieved record earnings per share of $11.52 in 2010, nearly tripling its EPS since 2000, through productivity improvements and shifting to more profitable business segments. IBM also delivered record cash flows and continued investing in R&D while returning $89 billion to shareholders through stock repurchases and dividends.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car. Operating expenses increased only 2% through operations and management productivity. Surface transportation operating income increased 72% and drove a 152% increase in earnings per share. Looking forward, CSX expects tougher comparables but their foundation of strategies and financial improvements provide confidence.
George W. Buckley is the Chairman, President and CEO of 3M Company. The document provides an overview of 3M's 2008 outlook meeting, including discussions of the company's strategic focus on accelerating growth, premium returns and enhanced shareholder value. It summarizes 3M's financial performance in 2007, operational excellence initiatives, and outlook for double-digit earnings growth in 2008.
CSX reported strong fourth quarter 2006 results, with earnings per share of $0.75 compared to $0.52 in fourth quarter 2005. Surface transportation operating income increased 15% year-over-year to $505 million. Revenue increased 8% driven by an 8% increase in revenue per unit, though volumes were essentially flat. Operations continued to improve, with increases in on-time performance and train velocity and decreases in dwell time. Looking forward, CSX expects continued pricing opportunities and economic growth in 2007-2008, while focusing on further improving safety and service.
ExxonMobil delivered record financial results in 2003, achieving $21.5 billion in net income and $30.8 billion in cash flow from operations. Return on capital employed was a strong 21%. The company increased its annual dividend for the 21st consecutive year and returned over $11.5 billion to shareholders through dividends and share repurchases. Several major projects commenced production during the year and others are progressing to provide long-term oil and gas resources while prioritizing safety, environmental protection, and shareholder returns.
The document summarizes a presentation on China's investment environment and economic outlook. It discusses how China is at an inflection point as it undergoes leadership transition and seeks to transition to more sustainable growth driven by household consumption rather than investment and exports. It outlines challenges around developing a strong middle class, reforms needed from the new leadership, and risks facing multinational companies from a potential economic slowdown.
1) The company reported financial results for the first quarter of 2009 with revenue of $785 million, a 1% increase over the first quarter of 2008 excluding contributions from the CX mass spectrometry joint venture.
2) Gross margin and operating margin increased year-over-year with gross margin at 66.7% and operating margin at 26.2%.
3) Integration of the Applied Biosystems and Invitrogen merger is proceeding on track, with 75% of the planned $80 million cost synergy target for 2009 already achieved through actions taken in the first quarter.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key points include:
- Revenues increased 17% over the prior year to $1.438 billion, driven by price increases and acquisitions.
- Segment EBITDA increased 29% to $170 million compared to the prior year.
- Raw material costs increased but pricing initiatives helped offset this.
- $11 million in synergies were achieved in Q1 2007, putting Hexion on track to achieve $175 million in targeted synergies.
- The integration of the Orica acquisition is proceeding as planned.
Raytheon reported strong financial results for the third quarter of 2008, with sales up 12% and earnings per share up 17%. The company increased its full-year earnings guidance and announced a new $2 billion share repurchase plan. All of Raytheon's business segments experienced sales growth in the quarter.
This document provides a financial summary and strategic review for Monsanto for the fourth quarter and full year of 2006. Some key points:
- Net sales for Q4 2006 were $1.39 billion, up 9% from Q4 2005. Full year 2006 net sales were $7.34 billion, up 17% from 2005.
- Reported EPS for Q4 2006 was $-0.27 per share, down 17% from Q4 2005. Full year 2006 reported EPS was $1.25 per share, up 166% from 2005.
- The company achieved market share gains in key crops like US corn and soybeans as well as international markets like France and Italy.
- Opportunities for continued
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
This document provides a summary of GMAC's preliminary second quarter 2007 earnings results. Key points include:
- Net income of $293 million, down from $787 million in Q2 2006. Excluding ResCap, net income doubled year-over-year.
- ResCap results improved due to reducing nonprime exposure and production, though credit quality continues to weaken with the housing market.
- Auto finance continues to perform well with improving margins and originations up.
- Insurance had favorable underwriting results.
- GMAC and ResCap maintain strong liquidity positions with $17.5 billion in cash and marketable securities.
GM made significant progress in 2006, exceeding many expectations and goals. While more work remains, GM is transforming itself for fundamental and sustainable long-term success by focusing on great vehicles, strong brands, and industry-leading technology. This turnaround has GM headed in the right direction and building momentum to ensure success for years to come.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
This document is Textron's 2001 Annual Report which discusses the company's performance in 2001 and outlines its strategic plans and goals for the future. Some key points:
1) 2001 was a challenging year for Textron due to economic recession and operational issues, but the company took strategic steps to transform itself into a networked enterprise of strong businesses and brands.
2) Textron implemented restructuring, reconfiguring, reengineering, and increased its focus on return on invested capital to improve performance and position the company for long-term growth.
3) Going forward, Textron aims to strengthen its business mix, leverage its enterprise resources, and implement Six Sigma to drive efficiency and enhance customer satisfaction.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key highlights include:
- Revenues increased 17% over the prior year to $1.438 billion, with 10% organic growth.
- Operating income was $104 million compared to $110 million in the prior year, which included a large gain. Excluding this gain, operating income increased 42%.
- Segment EBITDA increased 29% to $170 million, driven by diversification and price initiatives.
- Raw material prices flattened, allowing pricing, synergy, and productivity benefits to increase profits.
Eastman Chemical Company manufactures and markets chemicals, fibers, and plastics worldwide. It provides differentiated coatings, adhesives, specialty plastics, and is the world's largest producer of PET polymers for packaging. In 2004, Eastman reported its highest ever annual sales and profits, driven by growth in all regions, with particularly strong growth in Asia Pacific. Eastman aims to continue growth through technology-driven initiatives in select markets like packaging, electronics, health, and construction.
This annual report summarizes Lennar Corporation's performance in 1999. Key points include:
1) Lennar grew total revenues to $3.1 billion, a 29% increase over 1998, with net earnings increasing 20% to $173 million.
2) Lennar reduced its debt to total capital ratio from 43% to 37% and reduced its revolving credit balance to $0 by the end of 1999.
3) Lennar exceeded its goals for revenue, earnings, and home delivery growth while maintaining a focus on return on capital and equity.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policies, focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar streamlined operations through two main divisions, Lennar Homes and Lennar Financial Services, allowing the company to cover most aspects of homebuilding and buying while keeping processes simple.
1) Lennar Corporation had another record year in 1999, growing total revenues to $3.1 billion, a 29% increase, and growing net earnings by 20% to $173 million.
2) The company maintained a simple four-tiered strategy of operating model, expansion, diversification, and conservative fiscal policy while focusing on maintaining a strong balance sheet, diversifying earnings, and maximizing returns.
3) Lennar's "Everything's Included" program and Zero Defects policy aim to maximize home value for customers through standard luxury features and a streamlined production process.
The company achieved record financial results in 1997, exceeding its long-term financial objectives for the sixth consecutive year. Consolidated net sales reached $1.6 billion, a 10% increase over 1996, driven by strong performances from core Institutional and Food & Beverage operations. Net income increased 18% to $134 million, or $1.00 per diluted share. The company continued generating strong operating cash flows and maintained a moderate debt level and investment grade balance sheet. Business acquisitions in 1997 and 1996 contributed approximately one-fourth to sales growth.
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Over the past decade, IBM transformed itself by shifting to more profitable and high-value technologies, becoming a globally integrated enterprise, and aligning its business model to generate superior financial results and returns for shareholders. IBM achieved record earnings per share of $11.52 in 2010, nearly tripling its EPS since 2000, through productivity improvements and shifting to more profitable business segments. IBM also delivered record cash flows and continued investing in R&D while returning $89 billion to shareholders through stock repurchases and dividends.
The document is ExxonMobil's 2003 annual report to shareholders. It achieved record earnings of $21.5 billion in 2003 and returned over 70% of net income to shareholders through dividends and share repurchases. Several major upstream projects commenced production during the year. ExxonMobil continued to invest heavily in technology and major projects to ensure profitable long-term oil and gas production and meet growing global energy demand.
This presentation discusses CSX Corporation's performance and outlook. It notes that CSX has created significant shareholder value in recent years. The company is targeting double-digit growth through 2010 by executing on its strategy and continuous improvement. While the economy is moderating, the rail renaissance environment remains strong due to tight transportation capacity and pricing power. CSX is making infrastructure investments to leverage long-term growth in intermodal volumes driven by increasing port traffic. The company's capital philosophy focuses on productivity to support its goal of long-term value creation.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car, driven by strong price increases and fuel surcharges partially offsetting rising fuel costs. Surface transportation operating income increased 72% to $351 million through a 2% reduction in operating expenses from productivity gains and management reductions, limiting expense growth. EPS from continuing operations increased 152% to $0.68 per share due to the significant increase in surface transportation operating income.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car. Operating expenses increased only 2% through operations and management productivity. Surface transportation operating income increased 72% and drove a 152% increase in earnings per share. Looking forward, CSX expects tougher comparables but their foundation of strategies and financial improvements provide confidence.
CSX reported first quarter earnings results. Surface transportation revenues increased 10% to $2.1 billion due to an 8.6% increase in revenue per car, driven by strong price increases and fuel surcharges partially offsetting rising fuel costs. Surface transportation operating income increased 72% to $351 million through a 2% reduction in operating expenses from productivity gains and management reductions, limiting expense growth. EPS from continuing operations increased 152% to $0.68 per share due to the significant increase in surface transportation operating income.
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
The document discusses CSX Corporation's record financial results in 2006, including a 26% increase in operating income and 31% increase in earnings per share, as well as targets for 10-12% annual growth in operating income and 12-14% growth in earnings per share through 2010. CSX also increased its annual dividend by 20% and initiated a $2 billion share repurchase program to return value to shareholders.
This document summarizes Ecolab's financial performance in 2006, including achieving record net sales and improved operating margins, driving 16% diluted EPS growth. Key highlights include exceeding long-term financial objectives of 15% EPS growth and 20% ROBE, increasing the quarterly dividend for the 15th consecutive year, and adopting new accounting standards without impacting income or cash flows. Acquisitions were also made to broaden product and service offerings in line with Ecolab's growth strategy.
Sprint reported strong financial results for 2Q 2004 with revenue, profit and cash flow growth. Wireless saw 17% revenue growth and 19% increase in adjusted EBITDA. Local revenues were steady with solid margins. Full year earnings guidance was raised. The company executed on initiatives to improve customer experience and reduce costs while investing in new technologies.
Kohl's opened 28 new stores in Southern California in March 2003, establishing a major presence on the West Coast and becoming a national retailer. The expansion was the result of extensive preparation over the past two years, including hiring store management teams in 2002, researching the local market to develop an appropriate merchandise mix, and opening a new distribution center in San Bernardino in late 2002 to support the region. The successful opening of 28 stores simultaneously demonstrated Kohl's disciplined approach to expansion and ability to consistently execute its strategies.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. textron is
an $11.6 billion global, multi-industry company focused on delivering inspired
solutions to our customers and consistent growth to our shareholders. In the
Aircraft, Automotive, Industrial and Finance industries, customers around the
world know us for our marquee brands such as Bell Helicopter, Cessna Aircraft,
Kautex, Lycoming, E-Z-GO, Greenlee, Ransomes, Camcar and David Brown,
among others. Our market-leading companies are redefining industries and
generating strong growth and profitability.
1999 Textron Annual Report IFC1
3. Aircraft page 8
Bell Helicopter page 10
Cessna Aircraft page 12
financial
highlights Automotive page 14
1999 1998 change
Operating Results ($ in millions)
Revenues $11,579 $9,683 20%
Operating income $ 1,201 $1,040 15%
Industrial page 18
Income from Textron Fastening Systems
page 20
continuing operations $ 623 $ 443 41%
Textron Industrial Products
page 22
Free cash flow from
manufacturing operations $ 479 $ 232 106%
Common Share Data
Diluted earnings per share
from continuing operations $ 4.05 $ 2.68 51%
Dividends per share $ 1.30 $ 1.14 14%
Finance page 24
4. 1999 was another year of
record r
To Our Shareowners,
Employees and Customers:
◗ Free cash flow from manufactur-
In 1999, Textron delivered the
strongest financial results in our ing operations rose to $479
76-year history. Our market leader- million, a marked improvement
ship, industry-changing products from $232 million in 1998.
and rigorous financial and man-
◗ Our year-end debt-to-capital
agement discipline delivered
ratio was 27%, ensuring the
another year of record growth
financial flexibility to support
while we aggressively reshaped
our future growth.
our portfolio of businesses.
◗ We acquired 18 businesses and
◗ Earnings per share increased
created two joint ventures with
51% – our tenth straight year of
approximately $1.6 billion in
consistent growth, and seventh
annual revenues.
consecutive year of double-digit
increases. ◗ We continued to expand our
geographic reach, generating
◗ Revenues increased a record
36% of our revenues outside
20%, our fourth consecutive
the United States.
year of double-digit revenue
growth…with an exceptional
9% organic growth rate (our
highest in ten years).
5. esults.
Consistent EPS
Growth
We exceeded the market’s expecta- strength of Textron. However,
Textron has reported
tions in each of these measures as our strong financial performance
ten consecutive years
$4.05
we redeployed $2.9 billion in capi- and strategic momentum were of earnings growth,
including double-digit
tal from the 1999 divestiture of not rewarded in the stock market
gains in each of the
Avco Financial Services – the largest in 1999. This disappointment
last seven years.
disposition in Textron’s history. only fueled our determination
This redeployment, evident in our to execute our well-defined
significant acquisition activity, strategies to build the great
caused a temporary reduction company we aspire to be.
in our margins and return on
Our approach for delivering value
invested capital (ROIC) to 10.4%
is straightforward: adhere to
and 12.6%, respectively. As we
established financial goals,
realize the increasing returns
execute clear growth strategies,
from our recent investments,
and demand operating excellence
we should continue to make
from each member of the Textron
significant progress in these
$0.70
team. We are confident that
important measures.
Textron’s market valuation will
Our ten-year record of 23% average ultimately reflect our sustained,
annual returns to shareowners outstanding results.
89 90 91 92 93 94 95 96 97 98 99
underscores the fundamental
Earnings per share from continuing operations
1999 Textron Annual Report 3
6. We’re managing our
business mix for higher
growt
Our Foundation fiber optics while stepping up impact performance, helping us
for Growth the pace of integration, evidenced avoid surprises and achieve consis-
by our 370 basis point margin tent results. It also ensures that we
Textron’s market-leading businesses
improvement in Golf, Turf Care have the right people in the right
and world-renowned brands are
And Specialty Products. place to successfully execute our
our foundation for growth. In all
strategies and achieve our goals.
of our business segments, we are
◗ Our Finance segment marked
aggressively driving the top line
its 21st consecutive year of net With the Operations Management
while improving the bottom line
income growth while expanding Process as our guide, we are:
at an even faster pace. In 1999:
its position in higher-growth
Investing for Growth –
◗ Our world-class aircraft businesses niche markets.
extending our leadership
achieved a record $7.3 billion
Levers of Performance positions in existing and new
order backlog, testimony to the
In our world of vigorous competi- high-growth global markets.
strength of our markets and out-
tion and accelerating change,
Driving Operational
standing customer relationships.
success boils down to one singular,
Excellence – accelerating the
◗ Our Automotive segment potent concept: execution.
speed and depth of operating
improved its return on invested
At Textron, our Operations improvement through Textron
capital by 300 basis points and
Management Process is the very Quality Management.
received 17 awards for innova-
blueprint of how we run the com-
Leveraging E-Business – using
tion and quality from customers
pany. It is a rigorous discipline that
the enabling technologies of the
around the world.
aligns our near- and long-term
internet to drive growth and achieve
◗ We acquired 12 industrial busi- strategies with financial and oper-
quantum improvements in how we
ating goals. It compels us to antici-
nesses in high-growth markets
conduct business.
pate issues that could negatively
such as telecommunications and
4 Consistent Growth
7. 1999 Revenues
h...
4% 32%
25%
39%
Aircraft $3,744 (32%)
Automotive $2,916 (25%)
Industrial $4,456 (39%)
Finance $463 (4%)
($ in millions)
Investing for Growth produced industry-changing inno-
vations such as the world’s fastest
One of our core strengths is our
business jet, the world’s first tiltro-
ability to accurately assess the
Financial Goals
tor aircraft, an automobile seat that
potential of our businesses and
automatically adjusts to each
plot a course to maximize results
Setting and achieving
unique body contour, and a revolu-
while minimizing risk. We have
ambitious financial goals
tionary fastener that allows ultra-
demonstrated this competence for are fundamental to Textron’s
fast assembly and ultra-easy servicing
over ten years by divesting non- management process.
of Pentium® chips.
core businesses – which have not
◗ Double-Digit Earnings Per
met our return targets – while
This internal investment is comple- Share Growth
investing, both internally and
mented by our “bolt-on” acquisi-
◗ Annual Revenue Growth
through acquisitions, in those
tion strategy. In 1999 we acquired
of 8-11%
businesses with a potential to
18 companies and created two joint
achieve at least 15% ROIC.
◗ Operating Margins
ventures that complement our
Exceeding 12%
existing core competencies while
Our exceptional 9% organic growth
bringing us into new, higher-growth
rate in 1999 is testimony to the
◗ Return on Invested
markets, providing new technolo-
success of our new products and Capital Exceeding 15%
gies, and expanding our geographic
strong customer relationships. Over
◗ Debt-to-Capital Ratio
reach. These acquisitions will con-
the past three years, we have funded
of 30-35%
tribute approximately $1.6 billion
$2 billion in research and develop-
to 2000 revenues.
ment. This strategic investment has
1999 Textron Annual Report 5
8. stronger
... and
perform
Driving Operational track our performance in growth, Leveraging E-Business
Excellence quality, cost, efficiency, safety and Textron is embracing the transfor-
customer satisfaction.
A commitment to operational mational technologies of the
excellence has always been a internet to drive growth and
The backbone of our TQM
cornerstone of Textron’s strategy. achieve quantum improvements
program is an in-depth, rigorous
And like every other aspect of in the very way we do business.
quarterly review process reinforced
business, it requires continuous E-business is revolutionizing the
by a new management incentive
renewal and redefinition. way we think – from the way we
program triggered only when
serve our customers and design
stretch goals are reached and
At Textron, we drive continuous
our products, to the way we make
sustained.
improvement and operational
them on the shop floor.
excellence through Textron Quality
Through Textron Quality
Management (TQM). TQM defines In 1999, we initiated an intense,
Management we will make signifi-
the way we approach every aspect company-wide e-business initiative
cant progress toward two of our
of our business – the quality of our that began to hit its stride as we
key financial goals: margins and
products, the efficiency of our entered the new millennium. Every
ROIC. We are attacking margins
processes and the level of our cus- aspect of every business strategy is
with a vengeance, committed to
tomer commitment. Our goal is to being examined to ensure we are
achieving at least a 200 basis point
delight our customers – design it making e-progress at e-speed.
increase by 2003. This, coupled
right, develop it right, test it right
with a renewed focus on reducing Supporting our e-business strategy,
and launch it right – the first time.
invested capital, should drive ROIC in January 2000 we announced a
to 15% by 2003. Key initiatives
Championed by our President first-of-its-kind strategic alliance
include aggressive supply chain
and Chief Operating Officer with Safeguard Scientifics Inc., a
management, strategic outsourcing,
John Janitz, TQM is unifying and unique internet operating company
inventory reduction, investment in
intensifying the various continu- with interests in 250 internet-
technology and accelerated acquisi-
ous improvement techniques based technology companies.
tion integration. Selected segment-
that our managers use across our Through this partnership, Textron
specific programs are outlined in
diverse businesses. Success is mea- has preferred access to the most
the following pages.
sured by common metrics that advanced and emerging e-business
6 Consistent Growth
9. “We aspire to be a
benchmark-setting,
ance.
global, multi-industry
company that delivers
exceptional value to our
shareowners and cus-
tomers while providing
a challenging and ful-
filling work experience
solutions developed by the entire of performance and make that
for our employees.”
network of Safeguard companies. aspiration a reality.
Our e-business initiative should Ultimately it is a passion for
begin to generate bottom-line results excellence – the determination
before year-end, but perhaps more to achieve – that aligns the talents
important, it will allow us to service and energy of 68,000 Textron
customers in unprecedented ways, employees for our common
Corporate Vision
radically improve the efficiency of purpose of growth and value
our employees and deliver the creation. I extend my personal
continued innovation and success thanks to each of our employees Textron’s Vision is to be:
that our shareowners demand. for their continued dedication
◗ One of the World’s Best
and commitment.
A Passion for Managed Companies
Excellence We have very high expectations of
◗ Excellent Managers of
At the close of my first full year ourselves – matched only by your
Shareholder Resources
as Chairman and CEO, I’m proud expectations of us. 2000 will mark
◗ A Multi-industry Company
to say that Textron is a very good an outstanding start to an exciting,
with Global Leadership
company, poised to become a truly rewarding decade.
Positions in Each of Our
great company.
It’s a great time to build a great Businesses
We aspire to be a benchmark- company. We know what we need
setting, global, multi-industry to do, and we will get it done.
company that delivers exceptional
value to our shareowners and
customers while providing a chal- Sincerely,
lenging and fulfilling work experi-
ence for our employees. We have
the right businesses, the right
growth strategies, and the right Lewis B. Campbell
people to take us to the next level Chairman and Chief Executive Officer
1999 Textron Annual Report 7
10.
11. ell Helicopter is a
B leading international
producer of commercial and
military helicopters and the
pioneer of the revolutionary
tiltrotor aircraft. Bell continues
to strengthen its leadership
position by exploiting tiltrotor
technology, investing in
next-generation products
and leveraging its global
support network.
Cessna Aircraft, the
world’s largest manufacturer
of light- and mid-size
business jets and utility
turboprops, is also the lead-
ing manufacturer of single-
engine piston aircraft. Cessna
continues to grow through
new products that support a
proven “step-up” strategy
reinforced by close, long-
term customer relationships
and an unrivaled global mar-
keting and support network.
Total Aircraft Total Aircraft
Revenues 11% CAGR Operating Income 13% CAGR
$4000 $400
$3,744 $362
3500 350
3000 300
2500 250
$2,186
2000 200
$194
1500 150
94 95 96 97 98 99 94 95 96 97 98 99
(dollars in millions)
(dollars in millions)
12. where
Inspire
Inspired from the start, the Bell
Boeing V-22 tiltrotor is destined to
change the way we fly.
V-22 Scheduled
Deliveries
(# of units) edefining air travel for the 21st For four decades, Bell has been working
R
22
century requires visionary thinking to bring this vision to life through engi-
– from new product development and neering ingenuity and the breakthrough
the innovative use of materials to build- use of composite technology.
ing the best global product support net-
Bell engineers determined that composite
work in the world. At Bell Helicopter,
materials are essential to achieve the
vision is both a heritage and a proven
strength, weight, damage tolerance,
business strategy.
corrosion resistance and survivability
11
Bell’s revolutionary tiltrotor technology requirements necessary for the V-22’s
is making an indelible mark on the military missions. Today, composites
9
history of aviation by combining the account for over 75 percent of the V-22.
8
versatility of a helicopter with the speed This creative thinking has placed Bell at
and range of a fixed-wing aircraft. the forefront of its industry in the use of
1999 marked the delivery of the first composites.
3
three production Bell Boeing V-22
tiltrotors to the U.S. Marines.
99 00 01 02 03
10 Consistent Growth
13. “At Bell Helicopter, we are inspired to innovate – it’s our
business and we do it well.”
Juanita Washington
Supervisor, Composite Structures
d Ideas
Bell Helicopter Textron
take off...
The applications – and long-term growth
Textron Quality Management
potential – for tiltrotor technology in
both military and commercial aviation
Initiatives – Bell Helicopter
are tremendous. We expect to deliver
over 450 of these aircraft to the U.S.
◗ Improve margins through an aggressive series of process
military by 2013 for a total contract improvement initiatives, the introduction of Continuous
Flow Manufacturing and by Outsourcing non-core manu-
value to Bell exceeding $15 billion. And
facturing and business processes.
we intend to leverage the success of the
◗ Lower investment and increase customer satisfaction by
V-22 into other domestic and interna-
aligning our operations into three Centers of Excellence –
tional military applications. tiltrotor, commercial and military technologies.
◗ Re-structure our Supply Chain to reduce material costs using
In the commercial arena, Bell continues
E-business technology. Enhanced business-to-business
to differentiate itself from the competi-
communication will also be utilized to drive efficiencies in
tion by developing the most reliable our logistics support network.
helicopters in the industry. From the
206B JetRanger to the Bell 430, Bell’s
commercial line of helicopters serves the
emergency medical, law enforcement,
search and rescue, executive transport Bell Helicopter’s innovative use of composite materials –
made possible by employees like Clovis Bailey – is
and other commercial markets.
essential to the success of the tiltrotor program.
Bell will continue this legacy of perfor-
mance with the commercial Bell Agusta
609 tiltrotor. The BA 609 has over 77
orders from 42 different customers in
18 countries – a testimony to the high
customer demand for this aircraft.
Bell is widely recognized for having a
customer support network that is second
to none. Our new on-line service capabili-
ties enable customers to order replace-
ment parts and download service manuals
anytime, from anywhere in the world.
1999 Textron Annual Report 11
14. ...and “Cessna’s tremendous product
offering, combined with
outstanding service and
support, keep us coming
back, time and again!”
New Pr Jake Harouny
Medallion Exploration (Cessna Customer)
Textron Quality Management
A t Cessna Aircraft Company,
Initiatives – Cessna Aircraft we set the standard in aviation
by producing the highest quality, most
◗ Implement Cessna 2020 Operating Excellence plan, including a key reliable aircraft in the world. With a
performance indicator system to measure and manage progress. product line ranging from entry-level
to the world’s fastest business jet and an
◗ Improve productivity, reduce costs and improve asset manage-
ment by focusing on Lean Manufacturing. unprecedented backlog of $5.3 billion,
Cessna is the undisputed leader in
◗ Improve operational efficiencies, lower cycle times and increase
quality by increasing investment in structured On-the-Job the industry. Since deliveries began
Training and expanding Six Sigma implementation.
in 1972, we have delivered 3,000 busi-
◗ Adopt Malcolm Baldrige Quality Criteria to gauge overall ness jets, 50 percent more than our
performance against leading U.S. companies. nearest competitor.
◗ Expand Supply Chain Management initiatives to reduce cost and
Our newest Citation models – the CJ1,
improve inventory management and supplier quality.
CJ2, Encore and Sovereign – support our
proven “step-up” strategy, which
enables Citation owners to upgrade to
larger aircraft as their needs evolve. Our
goal is to transform a customer’s first
purchase into a long-term relationship,
maintained by ongoing dialogue, unpar-
alleled service and a range of product
Welcome to the Cessna Aircraft Company CPDXpress home
page. Serving your worldwide online needs for Citation Parts
offerings that fulfills our promise of per-
Distribution and Cessna Parts Distribution.
Parts Distribution provides 24 hour, 7 day a week spares formance, reliability, quality and value.
support for all Citation and Cessna aircraft, together with full line
distribution of many OEM products for non Cessna applications.
Customer advisory councils, satisfaction
surveys, technical conferences and fre-
quent personal contact between Cessna
and Citation owners help us stay attuned
to customers’ needs and expectations.
Cessna Aircraft’s new on-line Citation Parts Distribution capability provides
24-hour, 7-day-a-week spares support to customers around the world.
12 Consistent Growth
15. oducts
soar
Integral to Cessna’s “step-up” strategy, the Citation Sovereign
complements the most comprehensive family of business jets
in the world.
Cessna Citation Family
Price Points ($ in millions)
Cessna delivers on these expectations by training tool which makes learning
continuing to offer new, market-leading to fly a more enjoyable experience.
aircraft and the industry’s most compre- For business partners, we offer an
$16.5
hensive sales and service network. internet site that gives designated
This organization comprises 10 company- suppliers access to Cessna’s parts and
owned Citation Service Centers and 29 material ordering information. We
independent service centers in 20 countries. are improving our service capabilities
with an internet-based Citation Parts
Cessna is now using advanced information
Distribution program which provides
technology to deliver even faster service
any Citation Service Center, and all
and responsiveness. For aspiring pilots,
Citation owners worldwide, access to
we offer our exclusive Computer-Based
Cessna’s on-hand parts inventory.
Instruction, a comprehensive, interactive
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1999 Textron Annual Report 13
16.
17. extron Automotive
T is a leading, global
supplier of instrument panels,
cockpit modules, fuel systems,
interior/exterior trim, seat
comfort systems and other
functional components. With
manufacturing facilities in
15 countries, our innovative
automotive solutions can be
found on over 100 different
car and light truck platforms
worldwide.
1999 was a banner year for
Textron Automotive, with
strong growth and continued
operational improvement.
Looking ahead, Automotive
is well positioned to achieve
consistent growth by deliv-
ering technology-driven
solutions and integrated
systems on a global basis.
Total Automotive Total Automotive
Revenues 14% CAGR Operating Income 12% CAGR
$3000 $250
$2,916
$228
2600 220
190
2200
160
1800
$1,511 $132
130
1400
1000 100
94 95 96 97 98 99 94 95 96 97 98 99
(dollars in millions)
(dollars in millions)
18. “Technology is the differentiating
factor that keeps us ahead of
Driving Te
the competition!”
Stephen Hiltner
North American Sales Manager
McCord Winn Textron
Textron Automotive’s integrated HVAC System
improves heating and cooling performance by
40 percent and gives consumers a glove box
large enough to hold a laptop computer.
y combining breakthrough this new instrument panel technology, reservoirs, into a single molded fan
B technology, systems integration which hides unsightly airbag door shroud. The benefits include lower
and a culture of craftsmanship, seams and provides an aesthetically weight, reduced cost and valuable
Textron Automotive develops engi- appealing, smooth appearance. Marking space savings.
neered solutions that delight customers the first Ford-branded invisible seam
Similarly, our Kautex plastic fuel tanks
and enhance the driving experience for solution, this technology will be
are delivering value-added, engineered
consumers around the world. We apply incorporated into Ford’s Mondeo
solutions to customers. These light-
this strategy globally – meeting the 2001 model, saving the OEM both
weight, environmentally friendly blow-
needs of customers through manufac- time and money.
molded tanks can be made in infinite
turing facilities in 15 countries.
While consumers enjoy our innova- shapes and sizes, allowing OEMs to
Our engineered solutions include our tions inside the vehicle, global OEMs maximize space beneath the vehicle.
proprietary Invisitec invisible airbag reap the benefits of our ingenuity
Textron Automotive’s dedication and
technology (shown on previous page), under the hood. Our patented
creativity extend beyond new product
which has earned eight patents and McCord Winn RITec system – another
development to operating excellence.
myriad accolades from original example of our focus on integrated,
A laser-sharp focus on cost-cutting,
equipment manufacturers (OEMs). technology-driven solutions – combines
lean manufacturing and internal
Currently, more than three million five separate components, including
synergies continues to offset customer
minivans and luxury vehicles sport washer fluid and radiator overflow
pricing pressures.
16 Consistent Growth
19. chnology
around the world
Operating excellence also means apply-
Textron Quality Management
ing information technology in all areas
of our business. We were one of the Initiatives – Textron Automotive
first suppliers to participate in the
Automotive Network Exchange, an ◗ Achieve margin and ROIC improvement through cost
extranet instituted by the automotive reduction initiatives including:
- Global Purchasing
industry to provide a semi-public net-
- Product Design and Standardization
work for the OEMs and their suppliers
- Lean Manufacturing
to communicate product specifications,
- Shared Services
receive quotes and place orders.
◗ Improve product quality measured by defects per million
Customers around the world are recog- and cost of quality through Advanced Product Quality
nizing Textron Automotive as a company Planning and Mistake Proofing our processes.
that stands for technology, innovation,
◗ Leverage E-business opportunities in areas including
craftsmanship and quality. In 1999, we procurement, customer interface and logistics to drive
improved efficiencies and enhance our competitive
received 17 awards from the industry and
position for growth.
major OEMs including DaimlerChrysler,
Volkswagen, Ford, Audi and others – a
testimony to the value our customers
place on their partnership with Textron.
McCord Winn’s RITec technology integrates washer fluid and radiator overflow reservoirs
into the fan shroud, saving valuable space under the hood and lowering the cost for OEMs.
117
20.
21. extron’s Industrial
T Segment serves the
fastening systems, fluid
handling, motion control,
power transmission, golf
and turf-care, light construc-
tion, and electrical testing
and installation industries.
Our Industrial businesses
offer leading, globally-
recognized brands such as
Avdel, Cherry, Camcar, Elco,
InteSys, David Brown, Maag,
Jacobsen, Ransomes, E-Z-GO,
OmniQuip and Greenlee.
This segment focuses on
developing products and
solutions that meet the needs
of diverse end-user markets.
And we make strategic acqui-
sitions that complement our
existing manufacturing
capabilities, expand our
global reach and maximize
our operating potential.
Total Industrial Total Industrial
Revenues 8% CAGR Operating Income 14% CAGR
$5000 $500
$483
$4,456
4400 440
3800 380
3200 320
$2,982
2600 260
$248
2000 200
94 95 96 97 98 99 94 95 96 97 98 99
(dollars in millions)
(dollars in millions)
22. staying globally
Connec through solutions,
extron Fastening Systems (TFS) Through our leading product brands
T is the global leader in providing such as Avdel, Camcar, Elco, Cherry, Ring
engineered solutions that improve the Screw and Sükosim, TFS serves myriad
quality, speed of assembly and cost- industries in 40 countries.
effectiveness of customers’ products and
Organized into four global, market-focused
processes. Over the past five years, we’ve
groups – Automotive, Commercial, Supply
acquired 14 complementary businesses
Chain and Advanced Solutions – we are
and continued to expand our global
leveraging our combined strengths to
manufacturing, sales and service
bring the most advanced fastening and
capabilities, growing
assembly technologies to customers
from $635 million
around the world. Cross-selling,
to $2.1 billion.
collaboration and manufac-
turing centers of excel-
lence are some of the
ways we’re accom-
plishing this.
Customers like Nokia, Mitsubishi
and Motorola look to InteSys as a
one-stop source for customized
solutions, including multi-colored
plastic cellular telephone covers.
23. “We combine small company service and
speed with big company capability – it’s
a formula that works!”
ted
Mike Silberlicht
Operations Manager
InteSys Technologies
service and speed
We’re redefining our role with customers,
Textron Quality Management Initiatives –
becoming more critical to their “value
Textron Fastening Systems
chain” by immersing ourselves in their
products and processes and offering
◗ Improve productivity and profitability through:
alternative fastening solutions that save
- Simplification: supplier consolidation, plant rationalization and
time and money. Comprehensive product
reduction in part numbers.
teardowns and assembly line reviews for - Standardization: in our processes, machinery and equipment,
customers such as Harley-Davidson, raw material purchases.
Hewlett-Packard and Ford Motor Company - Kaizen (continuous improvement) workshops: focus on a single
assembly line or process and identify bottlenecks, improve
have resulted in significant savings and
throughput, reduce labor requirements and balance processes.
product improvements, demonstrating
◗ Achieve organic growth through Cross-Selling and
the added value that TFS delivers.
Inter-Company Collaboration.
Looking ahead, we will continue to ◗ Leverage E-business technologies to lower customer transaction
costs and create a seamless and real-time connection with
grow by penetrating new, higher-growth
customers.
markets and by delivering unprecedented
levels of service and speed to our customers.
InteSys Technologies, our newest
acquisition, is a leading, full-service the just-in-time delivery and overall
provider of engineered assemblies serving inventory management of customers’
the telecommunications, computer/busi- fasteners – is an example of our service
ness machine, medical and other high- orientation. With VMI leader Flexalloy,
growth markets. Known for its innovative, TFS is a one-stop source for customers’
high-quality products such as precision- fastening needs – from product solutions
molded cellular phone covers for Nokia, to on-site inventory management. And
Mitsubishi and Motorola, InteSys also has by harnessing the power of e-business,
the agility to satisfy these demanding cus- we are bringing VMI to new levels of
tomers’ need for speed. By using the latest speed, efficiency and convenience.
CAD/CAM technologies and maximizing
Textron Fastening Systems provides
In 1999, we won a groundbreaking
its team-based culture, InteSys has cut
a wide array of fastening and assembly
VMI contract with Ford Motor Company.
product lead times by 50 percent. solutions to customers in a variety
of industries.
Under this landmark contract, TFS man-
As we continue to redefine our role in ages all of Ford’s fastening systems needs
the value chain, service is pivotal to suc- at Ford’s Dagenham (U.K.) and Cologne
cess. Vendor Managed Inventory (VMI) – (Germany) plants.
1999 Textron Annual Report 21
24. Noelia Quintanilla
International Sales Coordinator
Industrial
Greenlee Textron
“Out-of-the-box thinking is essential to every new product we
develop, every new market we enter and every process we improve.
It’s a mindset and a way of life.”
Textron Quality Management Initiatives –
Textron Industrial Products
uccess within Textron Industrial
S
◗ Improve margins by:
Products requires ingenuity – staying
- Achieving Supply Chain Excellence.
ahead of the competition by setting
- Reducing manufacturing cycle times through
programs such as Six Sigma, Kanban, Kaizen, the pace in new product development,
Process Flow and Pull Manufacturing,
finding new ways to run our businesses
among others.
more efficiently, and making acquisitions
- Improving inventory turnover through Total
in solidly growing markets.
Productive Maintenance, MRO Vendor
Programs, Downtime Analysis, Common
Accelerating
Platforms, Vendor Managed Inventories
and Kanban. New Product Development
- Employing an effective E-business We have picked up the pace in our
strategy to capitalize on speed,
pursuit of strong organic growth. At
efficiency, technology enhancements
and competitive positioning. Golf, Turf Care And Specialty
Products, this means 43 new product
introductions in 1999 alone – making
us the preferred one-stop source for turf-
care professionals around the world. At
Greenlee Textron, a group of highly
motivated employees developed a new
OmniQuip’s LULL telescopic
line of electrical test equipment in
handlers help contractors
move heavy loads faster, farther five short months – 88 new products
and more smoothly, saving
in all. And at Textron Systems, we
time and money on the job site.
are applying defense technology to
non-traditional commercial markets.
For example, our revolutionary
“smart” grain sensor uses laser sensing
technology to analyze and measure
protein, oil and moisture content in
farmers’ crops. This helps farmers
better utilize their fields and
get higher prices for their
quality products.
25. Ingenuity:
unleashing our potential
Improving Our Operations
We continue to look for opportunities
to streamline our operations, reduce
material costs and develop synergies
among our businesses. This involves ini-
tiatives such as Supply Chain Excellence.
Improving our operations also requires
us to broaden our use of e-business and
information systems. At Golf, Turf Care
And Specialty Products, for example, we
are installing an Enterprise Resource
Planning system, giving us the ability
to consolidate purchases, production
and inventory throughout the entire
global organization.
Entering New, High-Growth Markets
Strategic acquisitions complement
Newly acquired Rifocs Corporation
our focus on organic growth and expands our presence in emerging mar-
kets like the data-signal-voice market
operational excellence. Our recent
and more specifically, fiber optics.
addition of Progressive Electronics,
a leading manufacturer of wire and
cable identification and testing equip-
optic test and measurement instru- brand equity and solid growth prospects
ment for the telecommunications
ments – to its family of businesses. to the Industrial Products group.
market, expands our position in
Fiber optics is the fastest growing sector
the data-signal-voice industry – a We have already begun to capitalize on
of the data-signal-voice market and will
promising platform for global growth. process improvements and synergies
become increasingly important as inter-
Progressive brings a respected brand with other Textron businesses, reaping
net technology continues to expand.
with strong customer loyalty to benefits from common manufacturing
Greenlee Textron’s existing capabilities. And we acquired OmniQuip processes with our golf and turf care
International, a leading manufacturer business, global sourcing opportunities,
Greenlee also added Rifocs
of light construction equipment. and captive financing programs through
Corporation – a manufacturer of fiber
OmniQuip brings market leadership, Textron Financial Corporation.
1999 Textron Annual Report 23
26.
27. extron Financial is a
T diversified commercial
finance company specializing
in term financing for the pur-
chase of aircraft, golf-related
products and general equip-
ment, as well as revolving
credit and specialty financing.
Textron Financial has
achieved over 21 consecutive
years of net income growth.
We expect to continue this
outstanding record by lever-
aging our expertise in niche,
high-return markets through
select acquisitions and start-up
operations. We will also
continue to maintain our
superior operational
performance, evidenced
by our industry-leading
operating efficiency ratio
and consistent profitability.
Total Finance Total Finance
Receivables 15% CAGR Operating Income 9% CAGR
$135
$5700
$128
$5,600
123
5100
111
4500
99
3900
87
3300
$2,787
$83
75
2700
94 95 96 97 98 99 94 95 96 97 98 99
(dollars in millions)
(dollars in millions)
28. financing customers’
Business speed of inspiration
Dreams
at the
Textron Quality Management
Initiatives – Textron Financial
◗ Leverage E-business opportunities by:
- Working with established internet portal
providers to establish e-loan origination
and electronic payment capabilities.
- Improving business-to-business response
time through on-line access to account
information.
◗ Through Work Flow Analysis and Process
Improvements, streamline internal operations
and improve response times to customers.
Textron Financial employees, such as Angelo Butera, Debra Raymond and John
Salvator (from left), are committed to bringing our business-to-business financing
solutions on-line – just a click away from the customer.
21 Consecutive Years of t Textron Financial, we know financing solutions electronically
A
Net Income Growth what it means to keep pace with over the internet. Through Textron
($ in millions) the rapid changes in the commercial Financial’s web site and third-party
$78.9
lending landscape. Competition is sites, we are bringing our products
fierce and customers’ need for speed, on-line. The response has been
value and convenience is escalating. tremendous. At our Aviation Finance
Through a comprehensive line of Division, over one third of new business
commercial lending solutions, we meet is now generated over the internet.
these evolving customer needs every day.
Textron Financial has enjoyed a stellar
We know that processes need to be sim- record of growth and profitability over
pler in an increasingly complex world. the past 21 years. We continue to grow
With our state-of-the-art information our seasoned businesses in aviation
technology and unparalleled knowledge finance, golf finance, and vendor and
of the markets we serve, we improve floorplan finance, while applying our
our customers’ competitive advantage. niche expertise to newer businesses
We understand their financing needs serving high-return, specialty markets
and are inspired by them. like timeshare, telecommunications
and franchise finance.
$1.4 Our investments in technology have
allowed us to launch business-to-business
79 81 83 85 87 89 91 93 95 97 99
26 Consistent Growth
29. 1999
financial
report
Business Segment Data 28
Management’s Discussion and Analysis 29
Report of Management,
Report of Independent Auditors 39
Consolidated Financial Statements 40
Notes to Consolidated Financial Statements 45
Quarterly Data 62
Selected Financial Information 63
Executive Leadership Team 64
Textron Business Directory 66
1999 Textron Annual Report 27
30. Business Segment Data
For a description of the businesses comprising each segment, see pages 66 through 68.
Operating
Revenues Operating Income Income Margins
1999 1998 1997 1999 1998 1997 1999 1998 1997
(In millions)
Aircraft $ 3,744 $3,189 $3,025 $ 362 $ 338 $ 313 9.7% 10.6% 10.3%
Automotive 2,916 2,405 2,127 228 179 150 7.8 7.4 7.1
Industrial 4,456 3,722 3,181 483 410 346 10.8 11.0 10.9
Finance 463 367 350 128 113 108 27.6 30.8 30.9
$11,579 $9,683 $8,683 1,201 1,040 917 10.4% 10.7% 10.6%
Gain on sale of division – 97 –
Special credits/(charges) 1 (87) –
Corporate expenses and other – net (143) (141) (152)
Interest income 27 – –
Interest expense (56) (146) (117)
Income from continuing operations
before income taxes* $1,030 $ 763 $ 648
*Before distributions on preferred securities of subsidiary trusts.
1999 Revenues – $11.6 billion 1999 Operating Income – $1.201 billion
4% 30%
32% $362 (30%) Aircraft
$3,744 (32%) Aircraft
11% $228 (19%) Automotive
$2,916 (25%) Automotive 19%
25%
$483 (40%) Industrial
$4,456 (39%) Industrial
39%
40%
$128 (11%) Finance
$463 (4%) Finance
28 Consistent Growth
31. Management’s Discussion and Analysis
Results of Textron Inc.
Operations
1999 vs. 1998
Revenues
◗ Diluted earnings per share from continuing operations for 1999 were $4.05 per share,
$11,579
up 51% from the 1998 amount of $2.68. Income from continuing operations in 1999
of $623 million was up 41% from $443 million in 1998. Revenues increased 20% to
$9,683
$8,683
$11.6 billion in 1999 from $9.7 billion in 1998.
◗ In August 1998, Textron announced that it had reached an agreement to sell Avco
Financial Services (AFS) to Associates First Capital Corporation for $3.9 billion in
cash. The sale of AFS was completed on January 6, 1999 and a gain of $1.62 billion
on the sale of AFS was recorded in the first quarter 1999. Textron also recorded an
extraordinary loss of $43 million (net of tax) on the early retirement of debt in the
first quarter 1999. Textron increased the gain on the sale of AFS to $1.65 billion in the
97 98 99
fourth quarter 1999, as a result of finalizing all activities associated with the sale. Net
16% 12% 20%
income, including the gain and extraordinary loss, was $2.23 billion vs. $608 million
in 1998, which included $165 million from AFS, a discontinued operation.
Earnings
◗ Operating income of Textron’s four business segments aggregated $1.201 billion in
$4.05
per Share*
1999, up 15% from 1998, as a result of continued improved financial results across all
business segments, reflecting the benefit of organic growth and acquisitions.
$2.68
◗ Total segment margins decreased to 10.4% in 1999 from 10.7% in 1998, due primarily
$2.19
to lower Aircraft margins and the impact of lower margin acquisitions.
◗ Interest income and expense – the net interest expense for Textron Manufacturing
decreased $117 million as a result of the proceeds received in January 1999 from the
divestiture of AFS. Interest income increased $27 million, as a result of Textron’s net
investment position during the year, while interest expense decreased $90 million
97 98 99
due to a lower level of average debt, resulting from the pay down of debt with the
23% 22% 51%
* Income from continuing
AFS proceeds, partially offset by incremental debt associated with acquisitions and
operations - diluted
share repurchases.
1998 vs. 1997
◗ Diluted earnings per share from continuing operations for 1998 were $2.68 per share,
up 22% from the 1997 amount of $2.19. Income from continuing operations in 1998
of $443 million was up 19% from $372 million in 1997. Revenues increased 12% to
$9.7 billion in 1998 from $8.7 billion in 1997. Net income including the results of
AFS which is a discontinued operation was $608 million vs. $558 million in 1997.
◗ Operating income of Textron’s four business segments aggregated $1.040 billion in
1998, up 13% from 1997, as a result of continued improved financial results across all
business segments.
◗ Total segment margins increased to 10.7% in 1998 from 10.6% in 1997.
◗ Corporate expenses and other – net decreased $11 million due primarily to 1997 costs
associated with the termination of interest rate swap agreements no longer qualifying
as accounting hedges and 1997 litigation expenses related to a divested operation.
◗ Interest income and expense – the net interest expense for Textron manufacturing
increased $29 million due to higher average debt resulting from the incremental debt
associated with acquisitions and share repurchases, partially offset by the payment of
debt with proceeds in 1997 from the divestiture of Paul Revere.
1999 Textron Annual Report 29
32. Aircraft
Aircraft
Revenues
$3,744
1999 vs. 1998
$3,189
The Aircraft segment’s revenues and income increased $555 million (17%) and $24 million
$3,025
(7%), respectively, due to higher results at Cessna Aircraft.
◗ Cessna Aircraft’s revenues increased $435 million as a result of higher sales of business
jets, primarily the Citation X and the Citation Excel, higher single-engine piston air-
craft sales, and increased spares and service revenues. Its income increased as a result of
the higher sales, partially offset by increased manufacturing costs associated with the
ramp-up in production of new aircraft, higher warranty expense and increased new
product development expense related to the Citation CJ2.
97 98 99
17% 5% 17%
◗ Bell Helicopter’s revenues increased $120 million, due primarily to higher revenues on
the V-22 production contract ($105 million) and the Huey and Cobra upgrade contracts
($63 million) and higher foreign military sales ($42 million), partially offset by lower
Operating
commercial and U.S. Government helicopter sales ($102 million). Bell’s income was
Income $362
$338 unchanged from the 1998 level. 1999 results reflected the full year recognition into
$313
income ($37 million in 1999 vs. $10 million in 1998) of cash received in the fourth
quarter of 1998 on the formation of a joint venture on the Bell Agusta commercial
tiltrotor program (BA609), partially offset by higher expense related to new product
development, while 1998 results reflected favorable contract adjustments related to the
Bell-Boeing V-22 Engineering, Manufacturing and Development contract.
Research and development efforts for the BA609 program are provided by each joint
venture partner in accordance with work plans developed at the time of the venture
formation. Under the agreement, the venture is jointly controlled by both partners, with
97 98 99
the individual parties retaining management responsibility for individual programs
20% 8% 7%
within the venture. Bell’s research and development effort under the program is classi-
fied as company-funded research and development and totaled approximately $60 mil-
lion in 1999. This amount is net of approximately $23 million of reimbursements from
the joint venture partner, but excludes all amounts spent by Agusta for development
activities that it is responsible for under the joint venture agreement. In addition, a por-
tion of Bell’s development responsibilities under the partnership agreement are being
performed by risk-sharing subcontractors. The joint venture agreement provides for the
sharing of marketing and production efforts and related profits on the BA609 program,
as well as on other aircraft under development.
1998 vs. 1997
The Aircraft segment’s revenues increased $164 million (5%) and income before special
charges increased $25 million (8%) due to higher results at Cessna Aircraft.
◗ Cessna Aircraft’s revenues increased $301 million, primarily as a result of higher sales of
business jets, single-engine piston aircraft and Caravans. Income increased as a result of the
higher sales combined with improved results in the single-engine piston aircraft business.
◗ Bell Helicopter’s revenues decreased $137 million, due primarily to the completion
in 1997 of the Canadian Forces contract ($180 million), partially offset by higher
commercial spares sales ($23 million) and higher revenues to the U.S. Government
($29 million). The higher U.S. Government revenues were due to higher revenues
on the V-22 program ($89 million) and the Huey and Cobra upgrade contracts
($51 million), partially offset by lower foreign military sales ($39 million) and lower
revenues on other U.S. Government aircraft and spares ($72 million). Bell’s income
decreased due to the lower revenues and a change in product mix, primarily resulting
from lower margins on U.S. Government contracts. This unfavorable impact was par-
tially offset by the benefit on the BA609 program from the joint venture with Agusta
described above, and a lower level of product development expense in 1998.
Under the joint venture agreement, Bell has received $100 million in cash and
its partner has assumed a significant portion of product development effort for joint
venture aircraft. The benefit from the joint venture contribution in the fourth quarter
1998 ($10 million) has been recognized in relation to total projected product develop-
ment spending. The quarter also benefited by $7 million for development spending
that will be reimbursed by the venture partner.
30 Consistent Growth