TEXTRON INC. (NYSE:TXT) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k

7 years ago

TEXTRON INC. (NYSE:TXT) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition

On April18, 2018, Textron Inc. (“Textron”) issued a press release announcing its financial results for the fiscal quarter ended March31, 2018. This press release is attached hereto as Exhibit99.1 and is incorporated herein by reference.

A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding Textron’s financial condition and results of operations is attached to the press release attached hereto as Exhibit99.1.

Item 8.01 Other Events

Textron announced that it has reached a definitive agreement to sell its Tools& Test business to Emerson, a global technology and engineering company, for approximately $810 million in cash. Included in the sale are all the Textron Tools& Test businesses and brands — Greenlee, Greenlee Communications, Greenlee Utility, HD Electric, Klauke, Sherman+Reilly, and Endura. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close during the third quarter of 2018. Proceeds from the sale are expected to be used to fund additional share repurchases to offset the earnings impact related to the sale.

In connection with approving the divestiture, on April16, 2018, Textron’s Board of Directors authorized the repurchase of up to 40 million shares of the company’s common stock. This repurchase plan is sufficient for repurchases related to the Tools& Test divestiture as well as to continue the company’s practice of repurchasing shares to offset the impact of dilution from stock-based compensation and benefit plans, and for opportunistic capital management purposes. The new authorization replaces a previous one, approved in January2017, which was nearing completion.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

The following exhibit is filed herewith:

Exhibit
Number	Description
99.1	Press release dated April18, 2018.

TEXTRON INC ExhibitEX-99.1 2 a18-11106_1ex99d1.htm EX-99.1 Exhibit 99.1 Corporate Communications Department NEWS Release Textron Reports First Quarter 2018 Income from Continuing Operations of $0.72 per Share; Signs Agreement to Sell Tools & Test Business for $810 Million · Income from continuing operations of $0.72 per share · Segment profit $279 million · Operating margin of 8.5%,…To view the full exhibit click here
About TEXTRON INC. (NYSE:TXT)
Textron Inc. is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets. Bell Helicopter is a supplier of military and commercial helicopters, tiltrotor aircraft, and related spare parts and services in the world. Textron Systems segment’s product lines consist of unmanned aircraft systems, marine and land systems, weapons and sensors, and simulation, training and other defense and aviation mission support products and services. The Industrial segment designs and manufactures a range of products under three principal product lines. The Finance segment provides financing to purchasers of Textron Aviation aircraft and Bell helicopters.