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Textron Reports Third Quarter 2022 Results; Narrows Full Year EPS Range and Raises Cash Flow Guidance

  • EPS from continuing operations of $1.06, up $0.24 from the third quarter of 2021
  • Net cash from operating activities of $356 million in the third quarter of 2022
  • Aviation backlog $6.4 billion, up $524 million from the second quarter of 2022
  • Full-year EPS outlook narrowed to a range of $3.90 to $4.00
  • Full-year cash flow guidance raised to a range of $1.1 billion to $1.2 billion

Textron Inc. (NYSE: TXT) today reported third quarter 2022 income from continuing operations of $1.06 per share, compared with $0.82 per share, or $0.85 per share of adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, in the third quarter of 2021.

“In the quarter, we saw higher segment profit margin and strong cash generation,” said Textron Chairman and CEO Scott C. Donnelly. "The operating results demonstrate the resiliency of our business segments while navigating ongoing supply chain and labor challenges."

Cash Flow

Net cash provided by operating activities of the manufacturing group for the third quarter was $356 million, compared to $333 million last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, totaled $292 million for the third quarter, compared to $271 million last year. Year to date, manufacturing cash flow before pension contributions totaled $810 million.

In the quarter, Textron returned $200 million to shareholders through share repurchases. Year to date, share repurchases totaled $639 million.

Outlook

Textron now expects 2022 earnings per share from continuing operations to be in a range of $3.90 to $4.00. Textron also expects 2022 manufacturing cash flow before pension contributions to be in a range of $1.1 billion to $1.2 billion, up $300 million from the previous outlook, with planned pension contributions of $50 million.

Third Quarter Segment Results

Textron Aviation

Revenues at Textron Aviation of $1.2 billion were down $14 million from the third quarter of 2021, largely due to lower Citation jet and pre-owned volume, partially offset by favorable pricing and higher aftermarket volume.

Textron Aviation delivered 39 jets in the quarter, down from 49 last year, and 33 commercial turboprops, down from 35 in last year's third quarter.

Segment profit was $139 million in the third quarter, up $41 million from a year ago, largely due to favorable pricing, net of inflation of $31 million.

Textron Aviation backlog at the end of the third quarter was $6.4 billion.

Bell

Bell revenues in the quarter were $754 million, down $15 million from last year, due to lower military revenues of $112 million, primarily in the H-1 program due to lower aircraft and spares volume, offset by higher commercial revenues of $97 million.

Bell delivered 49 commercial helicopters in the quarter, up from 33 last year.

Segment profit of $85 million was down $20 million from last year's third quarter, primarily reflecting lower volume and mix, partially offset by favorable pricing, net of inflation.

Bell backlog at the end of the third quarter was $4.9 billion.

Textron Systems

Revenues at Textron Systems were $292 million, down $7 million from last year's third quarter, largely due to lower volume.

Segment profit of $37 million was down $8 million, compared with the third quarter of 2021, primarily due to lower volume and mix.

Textron Systems’ backlog at the end of the third quarter was $2.0 billion.

Industrial

Industrial revenues were $849 million, up $119 million from last year's third quarter, primarily due to higher volume and mix of $95 million and a $58 million favorable impact from pricing, principally in the Specialized Vehicles product line, partially offset by an unfavorable impact of $34 million from foreign exchange rate fluctuations.

Segment profit of $39 million was up $16 million from the third quarter of 2021, primarily due to higher volume and mix.

Textron eAviation

Textron eAviation segment revenues were $5 million and segment loss was $8 million in the third quarter of 2022, which reflected the operating results of Pipistrel along with research and development costs for initiatives related to the development of sustainable aviation solutions.

Finance

Finance segment revenues were $11 million, and profit was $7 million.

Conference Call Information

Textron will host its conference call today, October 27, 2022 at 8:00 a.m. (Eastern) to discuss its results and outlook. The call will be available via webcast at www.textron.com or by direct dial at (844) 867-6169 in the U.S. or (409) 207-6975 outside of the U.S.; Access Code: 6069432.

In addition, the call will be recorded and available for playback beginning at 11:00 a.m. (Eastern) on Thursday, October 27, 2022 by dialing (409) 970-0847; Access Code: 2659646.

A package containing key data that will be covered on today’s call can be found in the Investor Relations section of the company’s website at www.textron.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more information visit: www.textron.com.

Forward-looking Information

Certain statements in this release and other oral and written statements made by us from time to time are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may describe strategies, goals, outlook or other non-historical matters, or project revenues, income, returns or other financial measures, often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “guidance,” “project,” “target,” “potential,” “will,” “should,” “could,” “likely” or “may” and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: Interruptions in the U.S. Government’s ability to fund its activities and/or pay its obligations; changing priorities or reductions in the U.S. Government defense budget, including those related to military operations in foreign countries; our ability to perform as anticipated and to control costs under contracts with the U.S. Government; the U.S. Government’s ability to unilaterally modify or terminate its contracts with us for the U.S. Government’s convenience or for our failure to perform, to change applicable procurement and accounting policies, or, under certain circumstances, to withhold payment or suspend or debar us as a contractor eligible to receive future contract awards; changes in foreign military funding priorities or budget constraints and determinations, or changes in government regulations or policies on the export and import of military and commercial products; volatility in the global economy or changes in worldwide political conditions that adversely impact demand for our products; volatility in interest rates or foreign exchange rates and inflationary pressures; risks related to our international business, including establishing and maintaining facilities in locations around the world and relying on joint venture partners, subcontractors, suppliers, representatives, consultants and other business partners in connection with international business, including in emerging market countries; our Finance segment’s ability to maintain portfolio credit quality or to realize full value of receivables; performance issues with key suppliers or subcontractors; legislative or regulatory actions, both domestic and foreign, impacting our operations or demand for our products; our ability to control costs and successfully implement various cost-reduction activities; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; pension plan assumptions and future contributions; demand softness or volatility in the markets in which we do business; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or, operational disruption; difficulty or unanticipated expenses in connection with integrating acquired businesses; the risk that acquisitions do not perform as planned, including, for example, the risk that acquired businesses will not achieve revenue and profit projections; the impact of changes in tax legislation; risks and uncertainties related to the ongoing impacts of the COVID-19 pandemic and the war between Russia and Ukraine on our business and operations; and the ability of our businesses to hire and retain the highly skilled personnel necessary for our businesses to succeed.

TEXTRON INC.

Revenues by Segment and Reconciliation of Segment Profit to Net Income

(Dollars in millions, except per share amounts)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

October 1,

2022

October 2,

2021

 

October 1,

2022

October 2,

2021

REVENUES

 

 

 

 

 

MANUFACTURING:

 

 

 

 

 

Textron Aviation

$

1,167

 

$

1,181

 

 

$

3,491

 

$

3,207

 

Bell

 

754

 

 

769

 

 

 

2,275

 

 

2,506

 

Textron Systems

 

292

 

 

299

 

 

 

858

 

 

960

 

Industrial

 

849

 

 

730

 

 

 

2,558

 

 

2,349

 

Textron eAviation (a)

 

5

 

 

 

 

 

10

 

 

 

 

 

3,067

 

 

2,979

 

 

 

9,192

 

 

9,022

 

FINANCE

 

11

 

 

11

 

 

 

41

 

 

38

 

Total revenues

$

3,078

 

$

2,990

 

 

$

9,233

 

$

9,060

 

 

 

 

 

 

 

SEGMENT PROFIT

 

 

 

 

 

MANUFACTURING:

 

 

 

 

 

Textron Aviation

$

139

 

$

98

 

 

$

415

 

$

241

 

Bell

 

85

 

 

105

 

 

 

246

 

 

320

 

Textron Systems

 

37

 

 

45

 

 

 

112

 

 

144

 

Industrial

 

39

 

 

23

 

 

 

123

 

 

102

 

Textron eAviation (a)

 

(8

)

 

 

 

 

(16

)

 

 

 

 

292

 

 

271

 

 

 

880

 

 

807

 

FINANCE

 

7

 

 

8

 

 

 

26

 

 

17

 

Segment profit

 

299

 

 

279

 

 

 

906

 

 

824

 

 

 

 

 

 

 

Corporate expenses and other, net

 

(14

)

 

(23

)

 

 

(70

)

 

(100

)

Interest expense, net for Manufacturing group

 

(21

)

 

(28

)

 

 

(77

)

 

(95

)

Special charges (b)

 

 

 

(10

)

 

 

 

 

(20

)

Gain on business disposition (c)

 

 

 

 

 

 

 

 

17

 

Income from continuing operations before income taxes

 

264

 

 

218

 

 

 

759

 

 

626

 

Income tax expense

 

(39

)

 

(33

)

 

 

(123

)

 

(86

)

Income from continuing operations

$

225

 

$

185

 

 

$

636

 

$

540

 

Discontinued operations, net of income taxes

 

 

 

 

 

 

(1

)

 

(1

)

Net income

$

225

 

$

185

 

 

$

635

 

$

539

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

Income from continuing operations

$

1.06

 

$

0.82

 

 

$

2.94

 

$

2.37

 

Discontinued operations, net of income taxes

 

 

 

 

 

 

 

 

 

Earnings per share

$

1.06

 

$

0.82

 

 

$

2.94

 

$

2.37

 

 

 

 

 

 

 

Diluted average shares outstanding

 

213,140,000

 

 

226,490,000

 

 

 

216,468,000

 

 

227,795,000

 

 

 

 

 

 

 

Income from continuing operations and Diluted earnings per share (EPS) GAAP to Non-GAAP reconciliation for the three and nine months ended October 2, 2021:

 

 

 

 

 

 

 

 

October 2,

2021

 

 

October 2,

2021

Income from continuing operations - GAAP

 

$

185

 

 

 

$

540

 

Add: Special charges, net of tax (b)

 

 

8

 

 

 

 

15

 

Less: Gain on business disposition, net of tax (c)

 

 

 

 

 

 

(17

)

Adjusted income from continuing operations - Non-GAAP (d)

 

$

193

 

 

 

$

538

 

 

 

 

 

 

 

Earnings Per Share:

 

 

 

 

 

Income from continuing operations - GAAP

 

$

0.82

 

 

 

$

2.37

 

Add: Special charges, net of tax (b)

 

 

0.03

 

 

 

 

0.07

 

Less: Gain on business disposition, net of tax (c)

 

 

 

 

 

 

(0.08

)

Adjusted income from continuing operations - Non-GAAP (d)

 

$

0.85

 

 

 

$

2.36

 

 

 

 

 

 

 

(a) On April 15, 2022, we acquired Pipistrel, a manufacturer of electrically powered aircraft. Beginning in the second quarter of 2022, we formed a new reporting segment, Textron eAviation, which combines the operating results of Pipistrel along with other research and development initiatives related to sustainable aviation solutions.
(b)

In connection with a restructuring plan initiated in the second quarter of 2020, we incurred special charges of $10 million and $20 million for the three and nine months ended October 2, 2021.

(c)

In January 2021, we completed the sale of TRU Simulation + Training Canada Inc. which resulted in an after-tax gain of $17 million.

(d)

Adjusted income from continuing operations and adjusted diluted earnings per share are non-GAAP financial measures as defined in "Non-GAAP Financial Measures" attached to this release.

 
 

TEXTRON INC.

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

 

 

 

 

October 1,

2022

January 1,

2022

Assets

 

 

Cash and equivalents

$

1,817

$

1,922

Accounts receivable, net

 

836

 

838

Inventories

 

3,817

 

3,468

Other current assets

 

943

 

1,018

Net property, plant and equipment

 

2,443

 

2,538

Goodwill

 

2,262

 

2,149

Other assets

 

3,173

 

3,027

Finance group assets

 

665

 

867

Total Assets

$

15,956

$

15,827

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

Current portion of long-term debt

$

7

$

6

Accounts payable

 

887

 

786

Other current liabilities

 

2,733

 

2,344

Other liabilities

 

1,930

 

2,005

Long-term debt

 

3,176

 

3,179

Finance group liabilities

 

461

 

692

Total Liabilities

 

9,194

 

9,012

 

 

 

Total Shareholders' Equity

 

6,762

 

6,815

Total Liabilities and Shareholders' Equity

$

15,956

$

15,827

 

TEXTRON INC.

MANUFACTURING GROUP

Condensed Schedule of Cash Flows

(In millions)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

October 1,

2022

October 2,

2021

 

October 1,

2022

October 2,

2021

Cash Flows from Operating Activities:

 

 

 

 

 

Income from continuing operations

$

220

 

$

179

 

 

$

615

 

$

537

 

Depreciation and amortization

 

96

 

 

94

 

 

 

287

 

 

277

 

Deferred income taxes and income taxes receivable/payable

 

(48

)

 

7

 

 

 

(126

)

 

25

 

Pension, net

 

(40

)

 

(20

)

 

 

(123

)

 

(62

)

Gain on business disposition

 

 

 

 

 

 

 

 

(17

)

Changes in assets and liabilities:

 

 

 

 

 

Accounts receivable, net

 

25

 

 

46

 

 

 

(23

)

 

8

 

Inventories

 

(107

)

 

(2

)

 

 

(353

)

 

(164

)

Accounts payable

 

92

 

 

(187

)

 

 

116

 

 

1

 

Other, net

 

118

 

 

216

 

 

 

552

 

 

407

 

Net cash from operating activities

 

356

 

 

333

 

 

 

945

 

 

1,012

 

Cash Flows from Investing Activities:

 

 

 

 

 

Capital expenditures

 

(78

)

 

(76

)

 

 

(192

)

 

(204

)

Net cash used in business acquisitions

 

(3

)

 

 

 

 

(201

)

 

 

Net (payments)/proceeds from corporate-owned life insurance policies

 

(2

)

 

 

 

 

23

 

 

 

Proceeds from sale of property, plant and equipment

 

3

 

 

3

 

 

 

21

 

 

3

 

Net proceeds from business disposition

 

 

 

 

 

 

 

 

38

 

Net cash from investing activities

 

(80

)

 

(73

)

 

 

(349

)

 

(163

)

Cash Flows from Financing Activities:

 

 

 

 

 

Decrease in short-term debt

 

 

 

 

 

 

(15

)

 

 

Principal payments on long-term debt and nonrecourse debt

 

(2

)

 

(3

)

 

 

(16

)

 

(522

)

Purchases of Textron common stock

 

(200

)

 

(299

)

 

 

(639

)

 

(586

)

Dividends paid

 

(4

)

 

(5

)

 

 

(13

)

 

(14

)

Other financing activities, net

 

5

 

 

28

 

 

 

33

 

 

103

 

Net cash from financing activities

 

(201

)

 

(279

)

 

 

(650

)

 

(1,019

)

Total cash flows from continuing operations

 

75

 

 

(19

)

 

 

(54

)

 

(170

)

Total cash flows from discontinued operations

 

 

 

 

 

 

(2

)

 

(1

)

Effect of exchange rate changes on cash and equivalents

 

(22

)

 

(7

)

 

 

(49

)

 

(6

)

Net change in cash and equivalents

 

53

 

 

(26

)

 

 

(105

)

 

(177

)

Cash and equivalents at beginning of period

 

1,764

 

 

1,995

 

 

 

1,922

 

 

2,146

 

Cash and equivalents at end of period

$

1,817

 

$

1,969

 

 

$

1,817

 

$

1,969

 

 

 

 

 

 

 

Manufacturing cash flow GAAP to Non-GAAP reconciliation:

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

October 1,

2022

October 2,

2021

 

October 1,

2022

October 2,

2021

Net cash from operating activities - GAAP

$

356

 

$

333

 

 

$

945

 

$

1,012

 

Less: Capital expenditures

 

(78

)

 

(76

)

 

 

(192

)

 

(204

)

Add: Total pension contributions

 

11

 

 

11

 

 

 

36

 

 

40

 

Proceeds from sale of property, plant and equipment

 

3

 

 

3

 

 

 

21

 

 

3

 

Manufacturing cash flow before pension contributions - Non-GAAP (a)

$

292

 

$

271

 

 

$

810

 

$

851

 

(a)

Manufacturing cash flow before pension contributions is a non-GAAP financial measure as defined in "Non-GAAP Financial Measures" attached to this release.

 
 

TEXTRON INC.

Condensed Consolidated Schedule of Cash Flows

(In millions)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

October 1,

2022

October 2,

2021

 

October 1,

2022

October 2,

2021

Cash Flows from Operating Activities:

 

 

 

 

 

Income from continuing operations

$

225

 

$

185

 

 

$

636

 

$

540

 

Depreciation and amortization

 

97

 

 

97

 

 

 

288

 

 

285

 

Deferred income taxes and income taxes receivable/payable

 

(53

)

 

9

 

 

 

(139

)

 

33

 

Pension, net

 

(40

)

 

(20

)

 

 

(123

)

 

(62

)

Gain on business disposition

 

 

 

 

 

 

 

 

(17

)

Changes in assets and liabilities:

 

 

 

 

 

Accounts receivable, net

 

25

 

 

46

 

 

 

(23

)

 

8

 

Inventories

 

(107

)

 

(2

)

 

 

(353

)

 

(164

)

Accounts payable

 

92

 

 

(187

)

 

 

116

 

 

1

 

Captive finance receivables, net

 

(6

)

 

63

 

 

 

29

 

 

152

 

Other, net

 

115

 

 

210

 

 

 

532

 

 

398

 

Net cash from operating activities

 

348

 

 

401

 

 

 

963

 

 

1,174

 

Cash Flows from Investing Activities:

 

 

 

 

 

Capital expenditures

 

(78

)

 

(76

)

 

 

(192

)

 

(204

)

Net cash used in business acquisitions

 

(3

)

 

 

 

 

(201

)

 

 

Net (payments)/proceeds from corporate-owned life insurance policies

 

(2

)

 

 

 

 

23

 

 

 

Proceeds from sale of property, plant and equipment

 

3

 

 

3

 

 

 

21

 

 

3

 

Net proceeds from business disposition

 

 

 

 

 

 

 

 

38

 

Finance receivables repaid

 

 

 

 

 

 

21

 

 

19

 

Other investing activities, net

 

 

 

11

 

 

 

44

 

 

17

 

Net cash from investing activities

 

(80

)

 

(62

)

 

 

(284

)

 

(127

)

Cash Flows from Financing Activities:

 

 

 

 

 

Decrease in short-term debt

 

 

 

 

 

 

(15

)

 

 

Principal payments on long-term debt and nonrecourse debt

 

(4

)

 

(62

)

 

 

(227

)

 

(615

)

Purchases of Textron common stock

 

(200

)

 

(299

)

 

 

(639

)

 

(586

)

Dividends paid

 

(4

)

 

(5

)

 

 

(13

)

 

(14

)

Other financing activities, net

 

5

 

 

28

 

 

 

33

 

 

103

 

Net cash from financing activities

 

(203

)

 

(338

)

 

 

(861

)

 

(1,112

)

Total cash flows from continuing operations

 

65

 

 

1

 

 

 

(182

)

 

(65

)

Total cash flows from discontinued operations

 

 

 

 

 

 

(2

)

 

(1

)

Effect of exchange rate changes on cash and equivalents

 

(22

)

 

(7

)

 

 

(49

)

 

(6

)

Net change in cash and equivalents

 

43

 

 

(6

)

 

 

(233

)

 

(72

)

Cash and equivalents at beginning of period

 

1,841

 

 

2,188

 

 

 

2,117

 

 

2,254

 

Cash and equivalents at end of period

$

1,884

 

$

2,182

 

 

$

1,884

 

$

2,182

 

 

TEXTRON INC.

Non-GAAP Financial Measures

(Dollars in millions, except per share amounts)

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures. These non-GAAP financial measures exclude certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures may be useful for period-over-period comparisons of underlying business trends and our ongoing business performance, however, they should be used in conjunction with GAAP measures. Our non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define similarly named measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. We utilize the following definitions for the non-GAAP financial measures included in this release and have provided a reconciliation of the GAAP to non-GAAP amounts for each measure:

Adjusted Income from Continuing Operations and Adjusted Diluted Earnings Per Share

Adjusted income from continuing operations and adjusted diluted earnings per share exclude special charges, net of tax. We consider items recorded in special charges, such as enterprise-wide restructuring, certain asset impairment charges, and acquisition-related restructuring, integration and transaction costs, to be of a non-recurring nature that is not indicative of ongoing operations. The gain on disposition, net of tax is also excluded as it relates to a disposition in connection with our enterprise-wide restructuring plan, which resulted in the sale of the TRU Simulation + Training Canada Inc. business.

 

Three Months Ended

Nine Months Ended

October 2, 2021

October 2, 2021

 

 

 

Diluted EPS

 

Diluted EPS

Adjusted income from continuing operations - GAAP

$

185

 

$

0.82

$

540

 

$

2.37

 

Add: Special charges, net of tax

 

8

 

 

0.03

 

15

 

 

0.07

 

Less: Gain on business disposition, net of tax

 

 

 

 

(17

)

 

(0.08

)

Adjusted income from continuing operations - Non-GAAP

$

193

 

$

0.85

$

538

 

$

2.36

 

 

Manufacturing Cash Flow Before Pension Contributions

Manufacturing cash flow before pension contributions adjusts net cash from operating activities (GAAP) for the following:

  • Deducts capital expenditures and includes proceeds from insurance recoveries and the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations;
  • Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations;
  • Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period and we believe that they are not representative of cash used by our manufacturing operations during the period.

While we believe this measure provides a focus on cash generated from manufacturing operations, before pension contributions, and may be used as an additional relevant measure of liquidity, it does not necessarily provide the amount available for discretionary expenditures since we have certain non-discretionary obligations that are not deducted from the measure.

 

Three Months Ended

Nine Months Ended

 

October 1,

2022

October 2,

2021

October 1,

2022

October 2,

2021

Net cash from operating activities - GAAP

$

356

 

$

333

 

$

945

 

$

1,012

 

Less: Capital expenditures

 

(78

)

 

(76

)

 

(192

)

 

(204

)

Plus: Total pension contributions

 

11

 

 

11

 

 

36

 

 

40

 

Proceeds from sale of property, plant and equipment

 

3

 

 

3

 

 

21

 

 

3

 

Manufacturing cash flow before pension contributions - Non-GAAP

$

292

 

$

271

 

$

810

 

$

851

 

 

2022 Outlook

Net cash from operating activities - GAAP

$

1,404

$

1,504

Less: Capital expenditures

 

(375)

 

Add: Total pension contributions

 

50

 

Proceeds from sale of property, plant and equipment

 

21

 

Manufacturing cash flow before pension contributions - Non-GAAP

$

1,100

$

1,200

 

Contacts

Investor Contacts:

Eric Salander – 401-457-2288

Cameron Vollmuth – 401-457-2288

Media Contact:

Mike Maynard – 401-457-2362

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