Textron (TXT) FY2013 results: revenue $12.1 billion, down 1.1% on the year
Textron Inc. (TXT) reported revenue of $12.1 billion for fiscal 2013, the year ended 28 December 2013, down 1.1% on the year before. Net income was $498 million, down 15.4%, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2014.
Revenue
$12.1 billion
-1.1% on the year
FY2008FY2013
Operating margin
5.6%
6.9% a year earlier
FY2008FY2013
Net income
$498 million
-15.4% on the year
FY2008FY2013
Diluted EPS
$1.75
-12.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
12,104
12,237
11,275
-1.1%
Cost of revenue
10,131
10,019
9,308
+1.1%
Gross profit
1,973
2,218
1,967
-11.0%
Gross margin
16.3%
18.1%
17.4%
Research and development
651
584
525
+11.5%
Selling, general and administrative
1,126
1,165
1,195
-3.3%
Operating income
674
841
337
-19.9%
Operating margin
5.6%
6.9%
3.0%
Interest expense
173
212
246
-18.4%
Pre-tax income
674
841
337
-19.9%
Income tax
176
260
95.0
-32.3%
Effective tax rate
26.1%
30.9%
28.2%
Net income
498
589
242
-15.4%
Net margin
4.1%
4.8%
2.1%
Diluted EPS
$1.75
$2.00
$0.79
-12.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
810
927
1,063
-12.6%
Capital expenditure
444
480
423
-7.5%
Free cash flow
366
447
640
-18.1%
Free cash flow margin
3.0%
3.7%
5.7%
Cash from investing
-264
378
843
Cash from financing
-742
-781
-1,951
Depreciation and amortisation
389
383
403
+1.6%
Share-based compensation
86.0
71.0
50.0
+21.1%
Buybacks
n/a
272
n/a
Dividends paid
22.0
17.0
22.0
+29.4%
Dividend per share
$0.08
$0.08
$0.08
0.0%
Diluted shares, weighted
284m
295m
307m
-3.5%
Shares outstanding at period end
282m
271m
279m
+4.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,384
2,991
2,745
+46.6%
Other liabilities
8,560
10,042
10,870
-14.8%
Total liabilities and equity
12,944
13,033
13,615
-0.7%
Fixed assets
2,215
2,149
1,996
+3.1%
Intangible assets
276
238
277
+16.0%
Cash and equivalents
1,211
1,413
885
-14.3%
Inventory
2,963
2,712
2,402
+9.3%
Other assets
6,279
6,521
8,055
-3.7%
Total assets
12,944
13,033
13,615
-0.7%
10-K for the year ended 28 December 2013, filed 14 February 2014: the filing.