TEXTRON REPORTS FIRST QUARTER 2017 RESULTS Textron Inc. (NYSE: TXT) reported first quarter 2017 income from continuing operations of $0.37 per share or $0.46 per share of adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, compared to $0.55 per share in the first quarter of 2016. During this year’s first quarter, the company recorded $37 million of pre-tax special charges ($0.09 per share, after-tax). Revenues in the quarter were $3.1 billion, down 3.4 percent from the first quarter of 2016. Textron segment profit in the quarter was $219 million, down $61 million from the first quarter of 2016. “Overall, revenues and profit were down in the quarter consistent with our expectations,” said Textron Chairman and CEO Scott C. Donnelly. “We are continuing to execute our restructuring plan while maintaining our focus on new product investment and the integration of acquired businesses, all of which will have a positive impact on our long term growth outlook.” Cash Flow Net cash used by operating activities of continuing operations of the manufacturing group for the first quarter totaled $143 million, compared to a use of cash of $148 million in last year’s first quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, reflected a use of cash of $205 million compared to a use of cash of $222 million during last year’s first quarter. Outlook As a result of the March 6, 2017 closing of the Arctic Cat acquisition, the company is adjusting its 2017 earnings guidance. The company now expects full-year 2017 GAAP earnings per share from continuing operations in a range of $2.22 to $2.45, or $2.40 to $2.60 on an adjusted basis (nonGAAP), which is reconciled to GAAP in an attachment to this release. This reflects earnings per share dilution of $0.10 per share, consis34 - BART: MAY - JUNE - 2017
tent with our expectations at the time we announced the transaction. The company also estimates that it will record 2017 fullyear Arctic Cat pretax acquisition and restructuring costs of $30 million on the special charges line, which is included in its GAAP guidance range. The company still expects net cash provided by operating activities of continuing operations of the manufacturing group of $1,045 million to $1,145 million and manufacturing cash flow before pension contributions (the nonGAAP measure) of $650 to $750 million.
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PIPER ANNOUNCES 26% INCREASE IN BILLINGS FOR 2016 Piper Aircraft, Inc. announced following the
release of the General Aviation Manufacturers Association (GAMA) Annual Industry Review a 26.7% increase in aircraft billings for 2016. The year-end aircraft shipments and billings numbers were presented by Piper Aircraft President and CEO, Simon Caldecott, the 2017 Chairman of GAMA. The substantial growth was driven by the certification and delivery of the new Piper flagship M600 SETP and a 68% YOY increase of Piper Archer primary trainer aircraft which helped drive Piper total billings up by nearly $32M vs 2015. Sales of all Piper trainers were steady, showing moderate growth at .8% for 2016. Deliveries continued to be largely concentrated within the North American market with more than 80% of aircraft delivered in that region. The remaining 20% were delivered outside of North America with the majority being shipped to the countries within the Pacific Rim. “Our commitment to bring the M600 to market in 2016 as well as implementing a build to order business model has helped increase revenue while securing the health and future of Piper Aircraft. As we look towards 2017, we are excited about the recent trainer contracts that we have been awarded, which has helped develop a backlog of orders. Additionally working in concert with our full-service Dealers we look to continue to grow M-class demand and sales,” said Simon Caldecott, President and CEO of Piper Aircraft.
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LOCKHEED MARTIN DECLARES 2Q 2017 DIVIDEND The Lockheed Martin Corporation (NYSE: LMT) board of directors has authorized a second quarter 2017 dividend of $1.82 per share. The dividend is payable on June 23, 2017 to holders of record as of the close of business on June 1, 2017. Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
PILATUS REPORTS SUCCESSFUL BUSINESS YEAR 2016
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With sales revenue of 821 million Swiss francs, performance in financial 2016 was better than expected. Operating earnings totaled 89 million Swiss francs after deduction of Research and Development investment of 101 million Swiss francs. 56 additional jobs were created across the Group as a whole. 117 aircraft were delivered to customers. The PC-24 development programme is proceeding according to plan. Notwithstanding a drop in sales revenue compared to the record years of 2014 and 2015, financial 2016 was a successful year for Pilatus and exceeded expectations. Total sales amount to 821 million Swiss francs, with operating earnings at 89 million Swiss francs. Orders in hand as of the end of the year under report are at a comfortable 1.7 billion Swiss francs – not including sales revenue from the PC-24.
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