Morningstar

Morningstar, Inc.

Equity Bottom-Up

We are dropping analyst coverage of Textron. We provide broad coverage of more than 1,500 companies and adjust our coverage as necessary based on client demand and investor interest.

We are placing Textron under review as we transfer coverage to a new analyst.

No-moat Textron reported first-quarter results that beat consensus and featured year-over-year EPS growth of 6% thanks largely to a lower-than-expected tax rate that won't repeat. However, segment operating profits did increase in the quarter despite the tools &amp; test divestment. Manufacturing cashflow was a weak spot coming in at negative $291 million versus negative $158 million last year, which we think can be put down to inventory build (probably the Longitude). Although Textron turned in a…

<p>Textron makes a wide array of products, including business jets, piston and turboprop aircraft, civil and military helicopters, unmanned aircraft, military munitions, motorized aircraft tugs, recreational and golf vehicles, and simulation and training solutions. Management organizes its business into four segments: Textron Aviation, Bell Helicopter, Textron Systems, and industrial. The Aviation and Bell segments are the largest, which combined account for just over 60% of our forecast 2019…</p>

United States

Textron Inc. is a global, multi-industry company with operations in aircraft, defense, industrial products, and finance.  The Company's products include airplanes, helicopters, weapons, and automotive products. Textron's finance division offers asset based lending, aviation, distribution, golf, and resort finance, as well as structured capital.

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