NYSE$TXT
Textron Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Textron reported mixed results for Q1 2024 with increased EPS and segment profit, offset by lower industrial revenues and increased restructuring charges.
Textron reported a net income of $1.03 per share for Q1 2024, up from $0.92 per share in Q1 2023. Adjusted EPS was $1.20, compared to $1.05 in the prior year. The company saw profit growth in Aviation, Bell, and Systems businesses, but faced challenges in the Industrial segment. Restructuring charges also impacted the quarter's results.
- EPS reached $1.03, with adjusted EPS at $1.20, an increase from $1.05 in the previous year.
- Segment profit increased to $290 million, up $31 million from the prior year.
- Textron Aviation experienced strong market demand, contributing to a $177 million backlog growth.
- Bell saw revenue growth driven by the FLRAA program.
Headline financials
Revenue & EPS history
Textron · Revenue · Quarterly
$3.14B
Revenue by segment
Textron · $3.34B total across 5 segments · Q3 2023
- Textron Aviation$1.34B+14.7%40.1%
- Industrial$922M+8.6%27.6%
- Bell$754M+0.0%22.6%
- Textron Systems$309M+5.8%9.3%
- Finance$13M+18.2%0.4%
Forward guidance
Textron provided an outlook for 2024, with GAAP EPS expected to be between $5.44 and $5.66, and non-GAAP EPS between $6.20 and $6.40. They anticipate net cash from operating activities to be between $1.272 billion and $1.372 billion, and manufacturing cash flow before pension contributions to be between $900 million and $1 billion.
Tailwinds
- Net income - GAAP: $1,040 - $1,078 million
- LIFO inventory provision, net of tax: $85 million
- Intangible asset amortization, net of tax: $27 million
- Special charges, net of tax: $30 - $33 million
- Net income - Non-GAAP: $1,185 - $1,220 million
Headwinds
- Net cash from operating activities - GAAP: $1,272 - $1,372 million
- Capital expenditures: $425 million
- Total pension contributions: $50 million
- Manufacturing cash flow before pension contributions - Non-GAAP: $900 - $1,000 million
- Restructuring plan from the previously announced range of $115 million to $135 million in pre-tax special charges to a range of $165 million to $170 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.2%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+2.3%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+11.7%
Q2 2023
Best reaction
-12.7%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | +2.1% | +2.4% | |
| Q4 2025 | -7.5% | -7.1% | +4.7% | |
| Q3 2025 | -3.7% | -3.2% | -1.5% | |
| Q2 2025 | +1.2% | +1.7% | +6.0% | |
| Q1 2025 | +2.6% | +5.7% | +10.1% | |
| Q4 2024 | -3.4% | -3.0% | -10.9% | |
| Q3 2024 | -5.2% | -5.9% | -1.7% | |
| Q2 2024 | -1.9% | +0.1% | -4.5% | |
| Q1 2024 | -8.0% | -10.0% | -5.7% | |
| Q4 2023 | +8.6% | +8.1% | +8.4% | |
| Q3 2023 | +1.2% | +2.2% | +5.4% | |
| Q2 2023 | +11.7% | +13.9% | +10.0% | |
| Q1 2023 | +2.1% | +2.8% | -4.2% | |
| Q4 2022 | +3.6% | +1.4% | +5.7% | |
| Q3 2022 | +6.2% | +6.2% | +10.8% | |
| Q2 2022 | +0.7% | -0.5% | -0.9% | |
| Q1 2022 | +3.8% | +4.4% | -1.0% | |
| Q4 2021 | -7.1% | -4.0% | -0.4% | |
| Q3 2021 | +4.4% | +6.5% | +2.8% | |
| Q2 2021 | -0.1% | +3.7% | +5.5% | |
| Q1 2021 | +4.0% | +6.1% | +10.9% | |
| Q4 2020 | -5.4% | -8.6% | +1.5% | |
| Q3 2020 | +11.6% | +22.9% | +46.1% | |
| Q2 2020 | +2.0% | +4.8% | +16.6% | |
| Q1 2020 | -12.7% | -15.7% | +3.2% | |
| Q4 2019 | +2.7% | +1.3% | -11.2% | |
| Q3 2019 | -8.8% | -7.6% | -6.8% | |
| Q2 2019 | -9.6% | -7.9% | -17.9% | |
| Q1 2019 | +5.8% | +3.4% | -5.8% | |
| Q4 2018 | +7.0% | +7.3% | +12.0% | |
| Q3 2018 | -12.4% | -14.7% | -12.6% | |
| Q2 2018 | +0.3% | -0.4% | -0.2% | |
| Q1 2018 | +9.2% | +8.0% | +10.6% | |
| Q4 2017 | -0.6% | -5.8% | -4.2% | |
| Q3 2017 | +0.3% | +1.6% | -1.1% | |
| Q2 2017 | -1.8% | -1.5% | -3.7% | |
| Q1 2017 | -3.0% | -0.8% | -1.8% | |
| Q4 2016 | -1.8% | -3.9% | -4.5% | |
| Q3 2016 | +2.2% | +2.7% | +16.1% | |
| Q2 2016 | -0.2% | +0.2% | +3.7% | |
| Q1 2016 | +3.9% | — | — | |
| Q4 2015 | -11.0% | — | — | |
| Q3 2015 | +8.1% | — | — | |
| Q2 2015 | +8.6% | — | — | |
| Q1 2015 | +1.1% | — | — | |
| Q4 2014 | +2.9% | — | — | |
| Q3 2014 | +8.3% | — | — | |
| Q2 2014 | -0.1% | — | — | |
| Q1 2014 | -4.5% | — | — | |
| Q4 2013 | +4.7% | — | — | |
| Q3 2013 | +2.4% | — | — | |
| Q2 2013 | +1.9% | — | — | |
| Q1 2013 | -12.2% | — | — | |
| Q4 2012 | +4.8% | — | — | |
| Q3 2012 | -2.7% | — | — | |
| Q2 2012 | +10.7% | — | — | |
| Q1 2012 | -4.7% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | -3.4% | — | — | |
| Q2 2011 | -3.2% | — | — | |
| Q4 2009 | -3.0% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q2 2010 | +0.6% | — | — | |
| Q1 2010 | -0.1% | — | — | |
| Q4 2010 | -0.1% | — | — |
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