The company’s full-year 2021 income from continuing operations was $3.30 per share while adjusted income from continuing operations grew to $3.30 per share, from $2.07 in 2020.
Textron’s net cash from operating activities of continuing operations for the year was $1.5bn.
During the fourth quarter (Q4), the company’s earnings totalled $207m, compared to $236m in the corresponding quarter last year.
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Excluding items, Textron reported adjusted earnings of $210m, against $244m a year ago.
Earnings per share (EPS) from continuing operations was $0.93, against $1.03 last year, while adjusted EPS dropped to $0.94, compared to $1.06 in the same period last year.
The company’s revenue for the quarter fell to $3.32bn, down from $3.67bn last year.
Textron Aviation revenues were $1.4bn, down $201m from the same quarter in the previous year. The aviation backlog rose by $655m during the quarter, and $2.5bn in full-year, to $4.1bn at year-end.
Revenues at Bell were $858m, down $13m from last year, and at Textron Systems were $313m, down $44m from last year’s fourth quarter.
Textron chairman and CEO Scott Donnelly said: “2021 was a solid year for Textron with strong order flow and execution at Aviation, continued progress on future vertical lift programs at Bell, strong execution and margin performance at Systems, and higher revenues and operating profit at Industrial.”
Textron expects its 2022 revenues to grow from $12.4bn to approximately $13.3bn.
The company expects full-year 2022 earnings per share to be in the range of $3.80 to $4.00.
Donnelly added: “Our outlook reflects continued momentum in our commercial businesses and ongoing investment in new products to increase long-term shareholder value.”
Last year, Textron, along with krtkl and VISIMO, received a small business innovation research (SBIR) award from the US Army.