Textron (TXT) FY2019 results: revenue $13.6 billion, down 2.4% on the year
Textron Inc. (TXT) reported revenue of $13.6 billion for fiscal 2019, the year ended 4 January 2020, down 2.4% on the year before. Net income was $815 million, down 33.3%, and diluted earnings per share $3.50. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$13.6 billion
-2.4% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$815 million
-33.3% on the year
FY2012FY2019
Diluted EPS
$3.50
-27.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
13,630
13,972
14,198
-2.4%
Cost of revenue
11,406
11,594
11,827
-1.6%
Gross profit
2,224
2,378
2,371
-6.5%
Gross margin
16.3%
17.0%
16.7%
Research and development
647
643
634
+0.6%
Selling, general and administrative
1,152
1,275
1,334
-9.6%
Interest expense
171
166
174
+3.0%
Pre-tax income
942
1,384
762
-31.9%
Income tax
127
162
456
-21.6%
Effective tax rate
13.5%
11.7%
59.8%
Net income
815
1,222
307
-33.3%
Net margin
6.0%
8.7%
2.2%
Diluted EPS
$3.50
$4.83
$1.14
-27.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,014
1,107
936
-8.4%
Capital expenditure
339
369
423
-8.1%
Free cash flow
675
738
513
-8.5%
Free cash flow margin
5.0%
5.3%
3.6%
Cash from investing
-266
620
-645
Cash from financing
-502
-1,864
-360
Depreciation and amortisation
416
437
447
-4.8%
Share-based compensation
52.0
35.0
77.0
+48.6%
Buybacks
503
1,783
582
-71.8%
Dividends paid
18.0
20.0
21.0
-10.0%
Dividend per share
$0.08
$0.08
$0.08
0.0%
Diluted shares, weighted
233m
253m
269m
-8.1%
Shares outstanding at period end
228m
236m
261m
-3.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,518
5,192
5,647
+6.3%
Operating lease liabilities
233
n/a
n/a
Finance lease liabilities
40.0
n/a
n/a
Other liabilities
9,227
9,072
9,693
+1.7%
Total liabilities and equity
15,018
14,264
15,340
+5.3%
Fixed assets
2,527
2,615
2,721
-3.4%
Intangible assets
589
658
765
-10.5%
Cash and equivalents
1,357
1,107
1,262
+22.6%
Inventory
4,069
3,818
4,150
+6.6%
Other assets
6,476
6,066
6,442
+6.8%
Total assets
15,018
14,264
15,340
+5.3%
10-K for the year ended 4 January 2020, filed 25 February 2020: the filing.