Textron Inc. (NYSE:TXT) Q4 2023 Earnings Call Transcript January 24, 2024 8:00 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

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.