Textron Reports Fourth Quarter 2022 Results; Announces 2023 Financial Outlook

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:

Segment Profit
Segment profit is an important measure used by our chief operating decision maker for evaluating performance and for decision-making purposes. Segment profit for the manufacturing segments includes non-service components of net periodic benefit cost/(income) and excludes interest expense, certain corporate expenses, special charges and gains/losses on major business dispositions. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense.

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

January 1, 2022

Twelve Months Ended

January 1, 2022

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

Diluted EPS

 

Income from continuing operations - GAAP

 

$

207

 

 

$

0.93

 

 

 

$

747

 

 

 

$

3.30

 

 

Add: Special charges, net of tax

 

 

3

 

 

 

0.01

 

 

 

 

18

 

 

 

 

0.08

 

 

Less: Gain on business disposition, net of tax

 

 

 

 

 

 

 

 

 

(17

)

 

 

 

(0.08

)

 

Adjusted income from continuing operations - Non-GAAP

 

$

210

 

 

$

0.94

 

 

 

$

748

 

 

 

$

3.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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