Because I’m T.X.T., I’m Dynamite: Textron Beats Thanks to Lower Taxes and Business Jet Growth
No-moat Textron reported first-quarter results that beat consensus and featured year-over-year EPS growth of 6% thanks largely to a lower-than-expected tax rate that won't repeat. However, segment operating profits did increase in the quarter despite the tools & test divestment. Manufacturing cashflow was a weak spot coming in at negative $291 million versus negative $158 million last year, which we think can be put down to inventory build (probably the Longitude). Although Textron turned in...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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