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Textron Inc. (TXT+0.10%) has submitted its 10-K filing for the fiscal year ended December 28, 2024.
The filing details the company's financial performance, including total revenues of $13.7 billion, a slight increase from the previous year. The growth was driven by higher revenues in the Bell segment, offset by declines in the Industrial and Textron Aviation segments.
Textron Aviation's revenues decreased by 2% to $5.3 billion, impacted by a strike that delayed aircraft deliveries and caused manufacturing inefficiencies. Bell's revenues increased by 14% to $3.6 billion, largely due to the ramp-up of the Future Long Range Assault Aircraft (FLRAA) program.
Textron Systems reported revenues of $1.2 billion, with a slight increase from the previous year, while Industrial revenues declined by 8% to $3.5 billion due to lower demand in the powersports and personal transportation vehicles product lines.
The Textron eAviation segment, focused on sustainable aviation solutions, reported revenues of $33 million, while the Finance segment's revenues decreased to $50 million, primarily due to lower recoveries of credit losses.
Textron's total backlog increased to $17.9 billion, reflecting strong order activity in the Bell and Textron Aviation segments. The company generated $1.0 billion of net cash from operating activities and returned $1.1 billion to shareholders through share repurchases.
The filing also highlights Textron's strategic priorities, including investments in research and development, with $491 million spent in 2024, and ongoing efforts to address supply chain challenges and inflationary pressures.
Textron's effective tax rate for 2024 was 12.5%, lower than the U.S. federal statutory rate, due to research and development credits and the effective settlement of certain tax positions.
The company continues to focus on its long-term growth strategy, leveraging its diverse portfolio of businesses in aviation, defense, industrial, and finance sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Textron Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.