Textron Inc. (TXT) Q4 2022 Earnings Call Transcript

Textron Inc. (NYSE:TXT) Q4 2022 Earnings Conference Call January 25, 2023 8:00 AM ET

Corporate Participants

Eric Salander - Vice President, Investor Relations

Scott Donnelly - Chairman and Chief Executive Officer

Frank Connor - Chief Financial Officer

Conference Call Participants

Sheila Kahyaoglu - Jefferies

David Strauss - Barclays

Robert Stallard - Vertical Research

Peter Arment - Baird

Pete Skibitski - Alembic Global

George Shapiro - Shapiro Research

Noah Poponak - Goldman Sachs

Ron Epstein - Bank of America

Cai von Rumohr - Cowen

Kristine Liwag - Morgan Stanley

Seth Seifman - JPMorgan

Doug Harned - Bernstein

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fourth Quarter 2022 Textron Earnings Release Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Vice President, Investor Relations, Mr. Eric Salander. Please go ahead.

Eric Salander

Thanks, Greg, 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 $3.6 billion, up $3.3 billion in last year's third quarter. Segment profit in the quarter was $317 million, up $7 million from the fourth quarter of '21. During this year's fourth quarter, we reported income from continuing operations of $1.07 per share.

Manufacturing cash flow before pension contributions totaled $368 million in the quarter, up $70 million from last year's fourth quarter. For the full year, revenues were $12.9 billion up from $487 million from last year.

In 2022, segment profit was $1.2 billion up $89 million from 2021. Income from continuing operations was $4.01 per share, compared to $3.30 in 2021. Manufacturing cash flow before pension contributions was $1.2 billion, up $29 million from 2021.

With that, I'll turn the call over to Scott.

Scott Donnelly

Thanks, Eric, and good morning, everyone.

Our business closed out the year with another strong quarter. In the quarter aviation grew revenue and segment profit reflecting high record deliveries increased aftermarket volume and strong pricing net of inflation as compared to last year's fourth quarter. Also in the quarter, we continue to see solid order flow customer demand across our aircraft product portfolio ended the year with 6.4 billion of backlog.