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Text: Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today.
On the call today, we have Scott Donnelly, Textron's chairman and CEO, and Frank Connor, our chief financial officer.
Revenues in the quarter were $3.3 billion, down from $3.7 billion in last year's fourth quarter.
During this year's fourth quarter, we reported income from continuing operations of $0.93 per share.
In the quarter, we recorded $5 million in pre-tax special charges related to our 2020 restructuring plan or $0.01 per share after tax.
Excluding these special charges, adjusted income from continuing operations, a non-GAAP measure, was $0.94 per share for the fourth quarter of 2021 compared to $1.06 per share in the fourth quarter of 2020.
Segment profit in the quarter was $310 million, down $14 million from the fourth quarter of 2020.
Manufacturing cash flow before pension contributions totaled $298 million in the quarter.
For the full year, revenues were $12.4 billion, up $731 million from last year.
Adjusted income from continuing operations was $3.30 per share compared to $2.07 per share in 2020.
Manufacturing cash flow before pension contributions was $1.1 billion, up from $596 million in 2020.
Our business has closed out the year with another solid quarter.
At aviation, we continue to see favorable market conditions, including improved aircraft utilization, low preowned inventory levels and strong customer demand.
Order activity remained very strong with backlog growth of $655 million in the quarter and $2.5 billion for the full year, resulting in a $4.1 billion backlog at year-end.
As a result, we delivered aircraft on a more linear trend through the year, which improved manufacturing efficiency and cash flow generation.
Reflecting this improved operating environment and strong execution of our teams, aviation achieved a segment margin of 10.1% in the fourth quarter.
For the year, we delivered 167 jets, up from 132 last year and 125 commercial turboprops, up from 113 in 2020.
Also in the year, we saw sequentially higher aftermarket revenue on a quarterly basis driven by increased aircraft utilization.
Moving to defense, aviation was awarded a $143 million contract for eight AT-6 aircraft, ground support equipment, spare parts and training from the Royal Thai Air Force.
This contract establishes Thailand as the international launch customer for the U.S. Air Force's latest light attack aircraft.
On the new product front, the Beechcraft Denali completed its first plate in November, launching the start of the flight test program.
Total revenues were down slightly in the quarter, largely on lower military revenues as expected, reflecting the continued wind down of the H-1 production program, partially offset by higher commercial revenues.
In December, Bell completed the first assault improvement modifications of an Air Force CV-22 Osprey.
This effort is part of an ongoing process to upgrade the Air Force Osprey fleet.
On the commercial side of Bell, we delivered 156 helicopters in 2021, up from 140 in 2020.
We also saw solid commercial order activity for the year, reflecting broad-based demand.
Moving to Textron Systems.
We saw another strong quarter of execution that contributed to a full year margin of 14.8%, up 320 basis points from 2020.
During the quarter, we delivered the fourth Ship-to-Shore Connector to the U.S. Navy after its successful completion of acceptance trials.
On the Shadow program, systems was awarded an $82 million logistics support contract for 2022.
On our common unmanned surface vessel platform, we completed file testing related to the unmanned influenced sweep system program, setting up potential for a production contract award in the first quarter of 2022.
Revenues were lower in the quarter as we continue to experience supply chain challenges, including order disruptions in Kautex related to global auto OEM production schedules.
At Textron specialized vehicles, we continue to see a strong pricing environment and steady retail demand.
Despite the ongoing supply chain challenges, both businesses saw sequential revenue improvements in the quarter.
In summary, there were many items to highlight in 2021 across our segments.
In aviation, strong order activity and customer demand throughout the year drove $2.5 billion of backlog growth.
On the new product front, we continued our product refresh strategy with the introduction of the Citation M2 XLS and CJ4 Gen2 aircraft.
Sky Courier completed the flight test program with 2,100 hours of flight test activity, and we expect FAA certification in the first half of 2022.
At Bell, we continued our work on the FVL programs.
We submitted the proposal for the FLRAA program in September, and the U.S. Army is expected to award the FLRAA program contract in 2022.
On FARA, we've made significant progress on the 360 Invictus prototype build with 75% of the effort complete at year-end.
We opened the Bell Manufacturing Technology Center, an innovative proving ground to test and refine technologies and processes across Bell's core production capabilities.
Textron Systems, ATAC continued to grow its fleet of certified F1 aircraft in support of increased demand on U.S. Air Force, Navy, and Marine Corp tactical air programs.
We continued our innovation and development activities with the rollout of the Ripsaw M5 prototype vehicle for the U.S. Army and the Cottonmouth ARV for the Marine Corps.
At Textron specialized vehicles, we entered into a strategic collaboration with GM, which will assist our ground support equipment business and electrification of baggage tractors, cargo tractors and belt loaders for use in airports globally.
We also introduced the Liberty, the industry's first PTV to offer four forward-facing seats in a compact golf cart-sized platform powered by lithium-ion battery.
At Kautex in 2021, we were awarded eight contracts on new vehicle programs for our hybrid electric fuel systems.
Looking to 2022 at aviation, we are projecting growth driven by increased deliveries across all product lines and higher aftermarket volume.
At Bell 2022 represents the beginning of a transitional period as we expect lower revenues related to military production programs while awaiting a downselect and award on the FLRAA program.
At systems, we're expecting flat revenue with growth on ship-to-store and tactical air programs, offset by lower fee-for-service volume.
In industrial, we're expecting revenue growth and margin improvement.
Within Kautex, we expect increasing volumes from improving OEM auto production.
While specialized vehicles, we anticipate improving supply chain conditions and increasing volumes across our products.
Earlier in 2021, we launched our eAviation initiative to leverage the resources and expertise across our aviation businesses to develop new opportunities in aircraft-utilizing electric propulsion systems.
In 2022, we plan to expand these efforts and increase our investment in developing technologies to accelerate the shift to sustainable flight, including eVTOL and fixed-wing aircraft.
With this backdrop, we're projecting revenues of about $13.3 billion for Textron's 2022 financial guidance.
We're projecting earnings per share in the range of $3.80 to $4 per share.
Manufacturing cash flow before pension contributions is expected to be in the range of $700 million to $800 million.
Let's review how each of the segments contributed, starting with Textron aviation revenues at Textron aviation of $1.4 billion were down $201 million from a year ago, largely due to lower aircraft volume, partially offset by higher aftermarket volume.
Segment profit was $137 million in the fourth quarter, up $29 million from last year's fourth quarter, largely due to favorable pricing net of inflation of $21 million and improved manufacturing performance.
Backlog in the segment ended the quarter at $4.1 billion.
Revenues were $858 million, down $13 million from last year, reflecting lower military revenues, partially offset by higher commercial revenues.
Segment profit was $88 million -- of $88 million was down $22 million, primarily due to lower military volume and mix.
Backlog in the segment ended the quarter at $3.9 billion.
At Textron Systems, revenues were $313 million, down $44 million from last year's fourth quarter due to lower volume, which included the impact from the U.S. Army's withdrawal from Afghanistan on the segment's fee-for-service contracts.
Segment profit of $45 million was down $4 million from a year ago, largely due to the lower volume.
Backlog in the segment ended the quarter at $2.1 billion.
Industrial revenues were $781 million, down $85 million from last year, reflecting lower volume and mix of $133 million, largely in the fuel systems and functional components product line, reflecting order disruptions related to the global auto OEM supply chain shortages, partially offset by a favorable impact of $50 million for pricing largely in the specialized vehicles product line.
Segment profit of $38 million was down $17 million from the fourth quarter of 2020, primarily due to lower volume and mix, partially offset by favorable impact from performance.
Finance segment revenues were $11 million, and profit was $2 million.
Moving below segment profit, corporate expenses, and interest expense were each $29 million.
Our manufacturing cash flow before pension contributions was $298 million in the quarter and $1.1 billion for the full year.
In the quarter, we repurchased approximately 4.5 million shares, returning $335 million in cash to shareholders.
For the full year, we repurchased approximately 13.5 million shares, returning $921 million of cash to shareholders.
Turning now to our 2022 outlook.
At Textron aviation, we're expecting revenues of about $5.5 billion, reflecting higher deliveries across all our product lines and increased aftermarket volume.
Segment margin is expected to be in the range of approximately 10% to 11%, reflecting higher volume, favorable pricing and increased operating leverage.
Looking to Bell, we expect revenues of about $3 billion, reflecting lower military volume, primarily related to lower H-1 production.
We're forecasting a margin in the range of about 10% to 11%, largely due to the lower military volumes and continuing high levels of R&D investment.
At systems, we're estimating revenues of about $1.3 billion with a margin in the range of about 13.5% to 14.5%.
At industrial, we're expecting segment revenues of about $3.5 billion on higher volumes at Kautex and specialized vehicles.
We're estimating industrial margins to be in the range of about 5.5% to 6.5%.
At finance, we're forecasting segment profit of about $15 million.
Moving to slide nine.
On a consolidated basis, we're expecting earnings per share to be in the range of $3.80 to $4 per share.
We're also expecting manufacturing cash flow before pension contributions to be about $700 million to $800 million, which includes an approximately $300 million impact from a change in the R&D tax law beginning in 2022.
Looking to slide 10.
We're projecting about $150 million of corporate expense, which includes $30 million of investment in eAviation.
We're also projecting about $120 million of interest expense and a full year effective tax rate of approximately 18%.
Looking to the other items and turning to slide 11.
We're estimating 2022 pension income to be about $120 million, up from $30 million last year.
Turning to slide 12.
R&D is expected to be about $585 million, down from $619 million last year.
We're estimating capex will be about $425 million, up from $375 million in 2021.
Our outlook assumes an average share count of about 219 million shares in 2022.

user
q4 adjusted non-gaap earnings per share $0.94 from continuing operations.
q4 earnings per share $0.93 from continuing operations.
sees fy earnings per share $3.80 to $4.00.
sees 2022 revenues of approximately $13.3 billion, up from $12.4 billion.
expects full-year 2022 earnings per share will be in range of $3.80 to $4.00.
aviation backlog $4.1 billion at year-end, up $655 million in quarter and $2.5 billion full year.
bell backlog at end of q4 was $3.9 billion.

assistant