Textron Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Textron Inc. has filed its Q1 2024 10-Q report, detailing financial performance and position as of March 30, 2024.</b>

AI Summary

TEXTRON INC (TXT) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Textron Inc. filed its 10-Q report for the period ending March 30, 2024. The filing covers financial data for the first quarter of fiscal year 2024. Key financial periods reported include Q1 2024 and Q1 2023. The company's fiscal year ends on December 28th. Textron Inc. is incorporated in Delaware and operates in the Aircraft & Parts industry.

Why It Matters

For investors and stakeholders tracking TEXTRON INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial results and operational updates for Textron Inc., crucial for assessing the company's performance and future outlook. Understanding the financial health and segment performance detailed in this 10-Q is essential for making informed investment decisions regarding Textron Inc. (TXT).

Risk Assessment

Risk Level: medium — TEXTRON INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, severe risks beyond normal business operations.

Analyst Insight

Review the detailed segment revenues and net income figures to understand performance drivers and potential shifts in Textron's business segments.

Key Numbers

• 2024-03-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 12-28 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• TEXTRON INC (company) — FILER
• 0000217346 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• 20240330 (date) — CONFORMED PERIOD OF REPORT
• 20240425 (date) — FILED AS OF DATE
• 4014212800 (dollar_amount) — BUSINESS PHONE

FAQ

Industry Context

Textron Inc. operates within the aerospace and defense industry, a sector characterized by significant government contracts and complex manufacturing processes.

Regulatory Implications

As a publicly traded company, Textron Inc. is subject to SEC regulations and reporting requirements, including the timely filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Manufacturing, Finance) for Q1 2024 compared to Q1 2023.
2. Examine any disclosed changes in debt or equity structures from the previous reporting period.
3. Review the company's liquidity and cash position as of March 30, 2024.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of fiscal year 2024, providing updated financial data compared to the previous year's Q1 results and the most recent annual report.

Key Financial Figures

• $0.125 — ange on which registered Common stock, $0.125 par value TXT New York Stock Exchange (

Filing Documents

• txt-20240330.htm (10-Q) — 1118KB
• q1202410qex-311.htm (EX-31.1) — 10KB
• q1202410qex-312.htm (EX-31.2) — 10KB
• q1202410qex-321.htm (EX-32.1) — 5KB
• q1202410qex-322.htm (EX-32.2) — 5KB
• 0000217346-24-000052.txt (&nbsp;) — 7431KB
• txt-20240330.xsd (EX-101.SCH) — 49KB
• txt-20240330_cal.xml (EX-101.CAL) — 97KB
• txt-20240330_def.xml (EX-101.DEF) — 282KB
• txt-20240330_lab.xml (EX-101.LAB) — 692KB
• txt-20240330_pre.xml (EX-101.PRE) — 497KB
• txt-20240330_htm.xml (XML) — 1148KB

Financial Statements

Financial Statements Consolidated Statements of Operations (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 4 Consolidated Balance Sheets (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Notes to the Consolidated Financial Statements (Unaudited) 8 Note 1. Basis of Presentation 8 Note 2. Accounts Receivable and Finance Receivables 8 Note 3. Inventories 10 Note 4. Accounts Payable and Warranty Liability 10 Note 5. Leases 10 Note 6. Derivative Instruments and Fair Value Measurements 11 Note 7. Shareholders' Equity 12 Note 8. Segment Information 14 Note 9 Revenues 14 Note 10. Share-Based Compensation 15 Note 11. Retirement Plans 17 Note 1 2 . Special Charges 17 Note 13 . Income Taxes 18 Note 14 . Commitments and Contingencies 18 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 PART II. OTHER INFORMATION Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 5. Other Information 29 Item 6. Exhibits 29

Signatures

Signatures 30 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TEXTRON INC. Consolidated Statements of Operations (Unaudited) Three Months Ended (In millions, except per share amounts) March 30, 2024 April 1, 2023 Revenues Manufacturing product revenues $ 2,432 $ 2,550 Manufacturing service revenues 688 462 Finance revenues 15 12 Total revenues 3,135 3,024 Costs, expenses and other Cost of products sold 2,069 2,176 Cost of services sold 545 355 Selling and administrative expense 316 305 Interest expense, net 20 20 Special charges 14 — Non-service components of pension and postretirement income, net ( 66 ) ( 59 ) Total costs, expenses and other 2,898 2,797 Income before income taxes 237 227 Income tax expense 36 36 Net income $ 201 $ 191 Earnings per share Basic $ 1.04 $ 0.93 Diluted $ 1.03 $ 0.92 See Notes to the Consolidated Financial Statements . 3 Table of Contents TEXTRON INC. Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended (In millions) March 30, 2024 April 1, 2023 Net income $ 201 $ 191 Other comprehensive income (loss), net of tax Pension and postretirement benefits adjustments, net of reclassifications 1 — Foreign currency translation adjustments ( 33 ) 28 Deferred losses on hedge contracts, net of reclassifications ( 5 ) ( 2 ) Other comprehensive income (loss) ( 37 ) 26 Comprehensive income $ 164 $ 217 See Notes to the Consolidated Financial Statements . 4 Table of Contents TEXTRON INC. Consolidated Balance Sheets (Unaudited) (Dollars in millions) March 30, 2024 December 30, 2023 Assets Manufacturing group Cash and equivalents $ 1,388 $ 2,121 Accounts receivable, net 894 868 Inventories 4,267 3,914 Other current assets 755 857 Total current assets 7,304 7,760 Property, plant and equipment, less accumulated depreciation and amortization of $ 5,286 and $ 5,247 , respectively 2,451 2,477 Goodwill 2,288 2,295 Other assets 3,692 3,663 Total Manufacturing group assets 15,735 16,195 Finance group