Textron Inc. has reported fourth quarter diluted earnings per share of $0.47 before special charges, restructuring-related expenses and a gain on the sale of Automotive Trim, compared with last year’s diluted earnings per share of $1.28 before special charges. Earnings for the quarter before special charges, restructuring-related expenses and the gain on the sale of Automotive Trim were $67 million versus earnings before special charges of $185 million in the fourth quarter of 2000.
For 2001, diluted earnings per share were $2.32 before special charges and restructuring-related expenses and the gain on the sale of Automotive Trim, compared to diluted earnings per share of $4.65 from
continuing operations before special charges a year ago. Earnings in 2001 before special charges, restructuring-related expenses and the gain on the sale of Automotive Trim were $332 million, compared to year 2000 earnings from continuing operations before special charges of $680 million.
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Reported earnings for the fourth quarter of 2001 were $257 million. This reflects $29 million of pretax special charges and restructuring-related expenses and a pretax gain of $339 million on the sale of Automotive Trim. For the year, reported earnings were $166 million. This reflects $471 million in pretax special charges and restructuring-related expenses and a pretax gain of $342 million on the sale of Automotive Trim and Turbine Engine Components.
Fourth quarter revenues were $3.2 billion, down from $3.3 billion in 2000, primarily due to softening sales across many of Textron’s businesses, partially offset by strong sales in the Aircraft segment.
For the year, free cash flow before restructuring was $384 million compared to $463 million in 2000. The company continued to make progress on its restructuring program, ending the year with
restructuring savings of about $154 million.
“In the midst of what continues to be a challenging economic environment we were pleased to deliver earnings for the quarter consistent with our plan, while exceeding our goals for cash” Textron Chairman, President and Chief Executive Officer Lewis B. Campbell said. “Our cash results were due, in large part, to our plan to aggressively reduce working capital during the quarter.”
More information is available at www.textron.com.
