Textron Q1 adjusted EPS $1.20, up 14% YoY; expands restructuring plan to $165-170M

TEXTRON INC

2024-Q1 EPS reported $1.03 revenue$3,135,000,000

GAAP EPS $1.03, adjusted EPS $1.20 vs $1.05 prior year; segment profit $290M (+$31M YoY).
Aviation backlog $7.3B (+$177M); Bell revenue up $106M on FLRAA; Bell backlog $4.5B.
Net cash used by operating activities $30M vs $153M provided last year; $317M in share repurchases.
Restructuring plan expanded to $165-170M pre-tax; headcount reduction ~1,500 (4% of workforce).
Shadow and FARA program cancellations at Textron Systems and Bell drove severance costs.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TEXTRON INC reported first quarter 2024 results: EPS $1.03 per share.

Period: first quarter 2024
EPS: $1.03 per share
Result: reported results

Exact text from the filing

Textron Reports First Quarter 2024 Results • EPS of $1.03; adjusted EPS of $1.20, up from $1.05 from prior year

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

TEXTRON INC announced a restructuring with charges of $25 million to $30 million affecting Textron Systems, Bell, Industrial (approximately 1,500 positions).

Type: restructuring
Charge: $25 million to $30 million
Affected area: Textron Systems, Bell, Industrial
Headcount: approximately 1,500 positions

Exact text from the filing

of the 2023 restructuring plan, we have incurred $140 million in pre-tax special charges and now expect to incur severance costs in the second quarter of 2024 in the range of $25 million to $30 million. Headcount reductions for the plan are now expected to total approximately 1,500 positions, representing 4% of our global workforce. We estimate that remaining

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Source: SEC EDGAR

accession 0000217346-24-000050

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