2024-01-24 12:09:02 ET
Textron Inc. (TXT)
Q4 2023 Earnings Call Transcript
January 24, 2024, 08:00 AM ET
Company Participants
David Rosenberg - VP of IR
Scott Donnelly - Chairman and CEO
Frank Connor - CFO
Conference Call Participants
Sheila Kahyaoglu - Jefferies
Peter Arment - Baird
David Strauss - Barclays
Jason Gursky - Citi
Noah Poponak - Goldman Sachs
Myles Walton - Wolfe Research
Robert Stallard - Vertical Research
Seth Seifman - JPMorgan
Kristine Liwag - Morgan Stanley
George Shapiro - Shapiro Research
Pete Skibitski - Alembic Global
Cai von Rumohr - TD Cowen
Doug Harned - Bernstein
Gavin Parsons - UBS
Presentation
Operator
Thank you for standing by. Welcome to the Textron Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] This conference is being recorded for digital replay and will be available after 10 a.m. Eastern Time today through January 24, 2025 at midnight. You may access the replay service by dialing (866) 207-1041 and enter the access code 4065507.
I would now like to turn the conference over to David Rosenberg, Vice President of Investor Relations. Please go ahead.
David Rosenberg
Thanks, Leah, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release. On the call today, we have Scott Donnelly, Textron's Chairman and CEO, and Frank Connor, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.
Revenues in the quarter were $3.9 billion, up $3.6 billion in last year's fourth quarter. Segment profit in the quarter was $384 million, up $78 million from the fourth quarter of 2022. During this year's fourth quarter, adjusted income from continuing operations was $1.60 per share, compared to $1.23 per share in last year's fourth quarter. Manufacturing cash flow before pension contributions totaled $380 million in the quarter, up $12 million from last year's fourth quarter. For the full year, revenues were $13.7 billion, up $814 million from last year. In 2023, segment profit was $1.3 billion, up $191 million from '22. Adjusted income from continuing operations was $5.59 per share as compared to $4.45 per share in '22. Manufacturing cash flow before pension contributions was $931 million, down $247 million from '22.
With that, I'll turn the call over to Scott.
Scott Donnelly
Thanks, David, and good morning, everyone. Our businesses closed out the year with another solid quarter with strong margin performance and cash generation. Throughout the year, our team has worked to mitigate supply chain challenges to deliver products to our customers. At Aviation, while we ended the year with an expectation of a book-to-bill 1:1, solid order flow and customer demand across our product portfolio resulted in year-end backlog of $7.2 billion, an increase of $782 million....
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Textron Inc. (TXT) Q4 2023 Earnings Call Transcript