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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.
Textron's revenues in the quarter were $3.7 billion, down $368 million from last year.
During this year's fourth quarter, we recorded $23 million in pre-tax special charges, largely related to restructuring activities on industrial and Textron Aviation or $0.07 per share after tax.
We also recognized a one-time favorable tax benefit related to the sale of TRU Canada of $0.04 per share.
Excluding special charges and the one-time favorable benefit, adjusted net income was $1.06 per share compared to $1.11 in last year's fourth quarter.
Manufacturing cash flow before pension contributions was $467 million, down $183 million from last year's fourth quarter.
For the full year, revenues were $11.7 billion, down from $13.6 billion a year ago.
Adjusted net income was $2.07 per share compared to $3.74 last year.
Manufacturing cash flow before pension contributions was $596 million, as compared to $642 million last year.
Our business has closed out the year with a strong operating performance in the fourth quarter, as we saw margin improvement in Systems, Industrial, and Bell that drove an increase in Textron's manufacturing margin to 8.8% on lower revenues.
At Bell, margins of 12.6% were up 30 basis points, as compared to the prior year despite lower military revenues and commercial volume.
We delivered 57 commercial helicopters, down from 76 in last year's fourth quarter.
On the military side, the Japanese officially began V-22 flight operations in November.
This continues the growth of the worldwide fleet of operating aircraft, which has amassed over 560,000 flight hours.
Looking to Future Vertical Lift, Bell marked the third anniversary of the V-280's first flight in December, with the aircraft having now flown more than 200 hours.
Army leadership and Congress have been very supportive of Future Vertical Lift and we expect this will continue under the new administration.
In December, the U.S. Army provided the draft RFP for the FLRAA program for review and comment.
The Army continues to anticipate a down-select and FLRAA program award in mid-2022.
At Systems, revenues were down primarily on lower volume at the TRU Simulation + Training business.
In November, Systems announced sale of its commercial air transport simulator business to CAE.
This transaction closed in January.
In the quarter, ATAC won the recompete of the U.S. Navy and Marine Corps flight, fighter jet training services program.
This contract expands the scope of the services we currently provide into the program and it's worth up to $440 million over the next five years.
Also in the quarter, unmanned systems was awarded a $66 million contract for the U.S. Army for 36 Shadow aircraft.
The Shadow platform now has over 1.2 million flight hours globally.
Revenues were down primarily due to reduced demand in the ground support equipment business within Specialized Vehicles.
Kautex, the automotive production outlook, has steadily improved since the low point in May and demand from our customers continues to ramp in the fourth quarter as revenues approach their prior-year levels.
Moving to Textron Aviation.
Revenues were down in the quarter, primarily on lower jet deliveries and aftermarket volume.
We delivered 61 jets, down from 71 last year and 61 commercial turboprops, up from 59 in last year's fourth quarter.
On the new product front, Aviation began deliveries of the new King Air 360 with eight units in the quarter and announced the new King Air 260.
Cessna SkyCourier program continues to progress with three aircraft flying in the certification program.
The flight test -- test program has completed over 400 flight hours and the aircraft is on track for entry into service in the second half of 2021.
In summary, 2020 was a difficult year with many challenges for our operations and I'm proud of the way our teams responded.
Through our focus on working capital management and cost control, the business has generated a strong manufacturing cash flow performance for the year.
At our defense businesses, we were able to maintain our operations, meeting our customer commitments and delivering strong results.
On the commercial side, we overcame temporary manufacturing shutdowns and disruptions in our end markets to deliver strong fourth-quarter results and look forward to carrying that momentum into 2021.
With this backdrop, we're projecting revenues of about $12.5 billion for Textron's 2021 financial guidance.
At Aviation, we are projecting growth from increased aircraft deliveries on both jets and turboprops, including the entry into service of our new Cessna SkyCourier and higher aftermarket revenues driven by increased fleet utilization.
At Systems, we're expecting higher revenues and margin expansion, primarily driven by growth in ATAC and Marine and Land Systems.
At Bell, we expect solid margin performance despite lower military and commercial revenues while continuing to invest in Future Vertical Lift.
At Industrial, we're expecting revenue growth and margin improvement at Kautex as auto demand continues to recover from pre -- to pre-COVID levels.
At Textron Specialized Vehicles, we're also expecting revenue growth and margin improvement as we continue to grow our powersports business with Bass Pro Shops.
We are projecting adjusted earnings per share in the range of $2.70 to $2.90 per share.
Manufacturing cash flow before pension contributions is expected to be in the range of $600 million to $700 million.
Segment profit in the quarter was $324 million, down $16 million from the fourth quarter of 2019 on a $368 million decrease in revenues.
Let's review how each of the segments contributed, starting with Textron Aviation.
Revenues at Textron Aviation of $1.6 billion were down 10%, primarily due to lower Citation jet volume and lower aftermarket volume.
Segment profit was $108 million in the fourth quarter, down from $134 million a year ago, primarily due to the impact from lower volume and mix.
Backlog in the segment ended the quarter at $1.6 billion.
Moving to Bell, revenues were $871 million, down from $961 million last year, primarily on lower military revenues and commercial volume.
Segment profit of $110 million was down $8 million, largely on the lower volume, partially offset by a favorable impact from performance, primarily reflecting higher favorable program adjustments.
Backlog in the segment ended the quarter at $5.3 billion.
At Textron Systems, revenues were $357 million, down from $399 million a year ago, primarily due to lower volume at TRU Simulation and training.
Segment profit of $49 million was up $16 million, primarily due to favorable performance.
Backlog in the segment ended the quarter at $2.6 billion.
Industrial revenues were $866 million, a decrease of $61 million from last year, primarily due to reduced demand in the ground support equipment business within Specialized Vehicles.
Segment profit was $55 million, up 25% from the fourth quarter of 2019, largely due to a favorable impact from pricing and inflation and favorable performance, partially offset by the impact of lower volume and mix.
Finance segment revenues were $13 million and profit was $2 million.
Moving below segment profit, corporate expenses were $50 million and interest expense was $36 million.
We recorded pre -- pre-tax special charges of $23 million in the quarter related to restructuring activities.
Following the strong cash performance in the quarter, we ended the year with approximately $2.3 billion of cash on the balance sheet.
The $2.3 billion represents a higher-than-normal level of cash on hand, reflecting a prefunding of $500 million of 2021 debt maturities.
During the quarter, we repaid $350 million of floating rate notes that matured in November and $362 million of outstanding borrowings on corporate-owned life insurance policies that were drawn in the first quarter for additional liquidity.
In the quarter, we also reactivated our share repurchase program and repurchased approximately 120 -- 129 million of shares.
At Textron Aviation, we're expecting higher revenues of about $4.5 billion, reflecting higher aircraft deliveries for both jets and turboprops, as well as, higher aftermarket revenues.
Segment margin is expected to be approximately 5.5%, reflecting the higher volume and increased production.
Looking to Bell, we expect slightly lower revenues of about $3.1 billion, reflecting lower military revenues from a lower H-1 production and aftermarket volume and lower commercial deliveries.
We're forecasting a margin of about 12.5%, largely reflecting the lower military and commercial revenues and increased R&D investments related to FLRAA and FARA.
At Systems, we're estimating higher 2021 rev -- revenues of about $1.4 billion.
Segment margin is expected to be about 12.5%.
At Industrial, we're expecting segment revenues of about $3.4 billion, reflecting higher revenues at Kautex and Textron Specialized Vehicles.
Segment margin is expected to be about 6%.
At finance, we're forecasting segment profit of about $10 million.
Turning to Slide 10.
We're estimating 2021 pension income of about $30 million versus a pension cost of $33 million last year.
Our 2021 pension, reflects the strong return on our pension assets for 2020 of 17.4% and a change to the amortization period for accumulated actuarial losses for one of our domestic plans, resulting in those losses being amortized over a longer period.
Offsetting these favorable changes are a 75-basis point decrease in our discount rate to 2.7% and a decrease in our estimated long-term asset return of 50 basis points to 7.25%.
Turning to Slide 11.
R&D is expected to be about $600 million, up from $545 million in 2020.
We're estimating capex will be about $400 million, up from $317 million last year.
Moving below the segment line and looking at Slide 12, we're projecting about $120 million of corporate expense, $135 million of interest expense, and a full-year effective tax rate of approximately 18%.
Our full-year 2021 adjusted earnings per share guidance is $2.70 to $2.90 per share, which excludes $20 million to $30 million of pre-tax special charges for the completion of our previously announced restructuring plan and a pre-tax gain of about $10 million from the sale of TRU Canada.
Our outlook assumes an average share count of about 227 million shares as we continue to deploy the majority of our free cash toward share repurchases in 2021.

user
q4 adjusted non-gaap earnings per share $1.06.
textron aviation backlog at end of q4 was $1.6 billion.
bell backlog at end of q4 was $5.3 billion.
forecasting 2021 revenues of about $12.5 billion, up from $11.7 billion in 2020.
expects full-year 2021 adjusted earnings per share from continuing operations in range $2.70 to $2.90.

assistant