Textron Continues to Invest for Growth but Investor Patience Is Being Tested
No-moat Textron reported earnings that missed consensus expectations, which sent shares down. Management's 2018 outlook featured a step-up in capital expenditures and a smaller-than-expected decrease in research and development expense. We think investors are getting a bit impatient as they look for these investments to translate into growth. We’re planning to modestly increase our fair value estimate of $49 by about 4% due to the time value of money, a lower-than-expected tax rate (we were fore...Textron is a multi-industry company. The company's segments include: Textron Aviation, which manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets; Bell, which supplies military and commercial helicopters, tiltrotor aircraft, and related spare parts and services; Textron Systems, which includes unmanned systems, marine and land systems, and simulation, training and other; Industrial, which designs and manufactures a variety of products within fuel systems and functional components and specialized vehicles product lines; and Finance, which provides financing to purchasers of new and pre-owned Textron Aviation aircraft and Bell helicopters.
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