Growing Opportunity. Credit Suisse Multi-Industry Conference
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1 Growing Opportunity Credit Suisse Multi-Industry Conference August 3,
2 Forward-looking Information Certain statements in this report and other oral and written statements made by Textron from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: [a] changes in worldwide economic and political conditions that impact interest and foreign exchange rates; [b] the interruption of production at Textron facilities or Textron s customers or suppliers; [c] Textron's ability to perform as anticipated and to control costs under contracts with the U.S. Government; [d] the U.S. Government's ability to unilaterally modify or terminate its contracts with Textron for the Government's convenience or for Textron's failure to perform, to change applicable procurement and accounting policies, and, under certain circumstances, to suspend or debar Textron as a contractor eligible to receive future contract awards; [e] changes in national or international funding priorities and government policies on the export and import of military and commercial products; [f] the adequacy of cost estimates for various customer care programs including servicing warranties; [g] the ability to control costs and successful implementation of various cost reduction programs; [h] the timing of certifications of new aircraft products; [i] the occurrence of slowdowns or downturns in customer markets in which Textron products are sold or supplied or where Textron Financial offers financing; [j] changes in aircraft delivery schedules or cancellation of orders; [k] the impact of changes in tax legislation; [l] the extent to which Textron is able to pass raw material price increases through to customers or offset such price increases by reducing other costs; [m] Textron s ability to offset, through cost reductions, pricing pressure brought by original equipment manufacturer customers; [n] Textron's ability to realize full value of receivables and investments in securities; [o] the availability and cost of insurance; [p] increases in pension expenses related to lower than expected asset performance or changes in discount rates; [q] Textron Financial s ability to maintain portfolio credit quality; [r] Textron Financial s access to debt financing at competitive rates; [s] uncertainty in estimating contingent liabilities and establishing reserves to address such contingencies; [t] performance of acquisitions; [u] the efficacy of research and development investments to develop new products; [v] bankruptcy or other financial problems at major suppliers or customers that could cause disruptions in Textron s supply chain or difficulty in collecting amounts owed by such customers; and [w] Textron s ability to execute planned dispositions. 2
3 2006 Off to a Great Start Revenues were $5.5 billion (1 (1 st st Half) Up Up $515 million from last year An An increase of of 10.4% EPS from Continuing Operations for the 1 st st half of of 06 was $2.53 per share Up Up from $1.47 in in the first half of of 05 EPS from Continuing Operations Outlook has increased $0.20 per share from our original guidance. New expectation: $5.10 to to $5.30 for 06 3
4 Textron s Transformation Strategy VISION: To be the premier multi-industry industry company, recognized for our network of powerful brands, world-class enterprise processes and talented people NETWORKED ENTERPRISE A Simpler, More Focused Portfolio of Leading, Branded Businesses in Attractive Industries Enterprise Management How We Manage What We Own Portfolio Management What We Own 4
5 Significant Transformation Accomplishments Since 2001 Enterprise Management Deployed Textron Six Sigma, Lean Manufacturing and Integrated Supply Chain Trained over 1,000 Black Belts and 4,000 Green Belts Enterprise-wide performance culture Customer leadership Common health care plan, IT systems and shared services Talent development Portfolio Management Created strict acquisition and business evaluation criteria and integration process Divested value-dilutive businesses Acquired strategic bolt-ons for: Cessna - CitationShares Bell Aftermarket Textron Systems New Technology Greenlee Plumbing tools Kautex Bought-out JV TFC Loan portfolios Continued focus on acquisitive value creation 5
6 Portfolio Management 2005 Revenue (Excludes TFS) High 0% INDUSTRY ATTRACTIVENESS Med 4% 2% 91% 3% 0% Low Low Med BUSINESS STRENGTH High 6
7 Intrinsic Value Management New strategic decision process Drives Delivery and Decision agendas Intrinsic Value ($B) Intrinsic Value in year % What the plan must be worth in year 5 2 times Year 0 Premier Value Goal 2X5 Decision Agenda New opportunities Potential acquisitions must meet intrinsic value targets May include divestiture plans if necessary to advance value goals Delivery Agenda Current operating plan priorities 0.0 (Year 0) (Year 1) (Year 5) Focuses leadership on the highest value opportunities 7
8 Intrinsic Capital Value Plan is on Track to Meet Objective Intrinsic Capital Value of Multi-Year Plan Note: ICV reflects corporate cash balances and dividends paid 8
9 Textron Overview Leading Branded Businesses Attractive Growth Markets Bell Cessna Industrial Finance 29% 35% 30% 6% Bell Helicopter Textron Systems Cessna E-Z-GO Fluid & Power Greenlee Textron Financial Jacobsen Kautex 2005 Revenue: $10 Billion All presentation revenues 2005 actuals, unless otherwise noted. 9
10 Bell Segment $2.9 Billion in Revenues Bell Helicopter Textron Systems 72% 28% 10
11 Bell Helicopter Revenues: $2.1 Billion U.S. Military 56% 44% Commercial Aircraft Support Aircraft Support ~ $865 Million ~ $300 Million ~ $480 Million ~ $430 Million V-22 - Osprey Spares 206 Spares AH-1Z Super Cobra Overhaul & Repair 210 Huey II UH-1Y - Yankee Technical Data 407 Accessories/Completions OH-58D - Kiowa Support Equipment 412 Repair & Overhaul TH-67 Trainer Field Services 427 Rotor Blade Repair ARH Armed Recon Training Systems 430 Training Academy Eagle Eye/UCAR - UAV Depot Maintenance Technical Support Installed Base: 2,400 Installed Base: 10,200 Balanced Business... Complementing Each Other 11
12 V-22 Program $19B Program Twice the Speed... Five Times the Range Marine Corps Air Force Navy 360 Aircraft Combat Assault Assault Support External Load Operations 50 Aircraft Special Operations Insertion/Extraction WMD Warfare 48 Aircraft Combat SAR Fleet Logistics Special Warfare Aerial Tanker Air Force need is greater than 50 Lt. General M. Wooley, July 21,
13 V-22 Current Ramp-up Schedule Cost-to-Cost As-Delivered Units ~$1.7B Unit Production ~$625M '06 '07 '08 '09 '10 '11 $19 Billion Program & 458 Units 13
14 H-1 Upgrade Program High Performance 84% Commonality Between Y & Z $5.6B Program OPEVAL underway Production performance improving significantly with each new unit Continued recovery in performance and schedule Lot III production authorized UH-1Y 100 Units AH-1Z 180 Units Next program review Fall, 2006 Another Significant Growth Opportunity 14
15 H-1 Current Ramp-up Schedule 20 ~$350M 15 Unit Production 10 ~$150M 5 0 '06 '07 '08 '09 '10 Slight Loss in 06 Growing to High-Single Digit Margins in
16 Bell Armed Reconnaissance Helicopter Militarized commercial Model $5.5 M per Aircraft $3.0B l Total Bell Potentia Delivery over 6 years, beginning in 2007 Significant future foreign military potential First Flight took place July 20th
17 ARH Current Ramp-up Schedule 100 ~$450M Unit Production ~$90M 0 SD&D '06 '07 '08 '09 '10 $3.0 Billion Program & 368 Units Army indicates interest in additional 120 for National Guard 17
18 U.S. Presidential Helicopter $750M Total Bell Potential Initial Contract - Systems Development & Demonstration Phase Lockheed Lead; Bell; AgustaWestland Total Initial Contract: $1.7 Billion Bell: ~$200 Million (~12.5%) 6 Initial Aircraft Final Assembly Will Transition to Amarillo Total Program Potential: 23 Units $6 Billion 18
19 Bell s s Commercial Line-up Tiltrotor NMT MAPL 382 MAPL 381 Medium Single/ Twin MAPL Commercial CTQ s Noise Useful Load Discounts Engine Power Purchase Price Cabin Volume Intermediate Twin Safety/Crashworthiness Direct Operating Cost (DOC) Light Twin 427 Light Singles Comprehensive Suite of Products & Pipeline L-4 206B-3 19
20 Existing Commercial Product Line Upgrades Model Bell 206B3 Customer Benefits 150lbs additional load Timing 2004 Completed Bell 407 Reduced operation costs and increased reliability through 53 improvements Completed Bell lbs additional load Introduction of HUMS (Health Usage Monitoring System) 2006 Completed Bell 210 FAA-certified Huey Best value for useful load 2005 Completed Upgrades Stimulating Commercial Demand 20
21 Commercial Business Growing 2005 orders up over 40% versus 2004 and backlog up over 70% Expanding market demand driven by new requirements, such as homeland security new markets, such as Africa and the Asia Pacific and an emerging replacement demand to modernize fleets Commercial Deliveries F Commercial ~180 Foreign Military Total ~180 21
22 New Introduction from Bell Bell 429 Global Ranger Light Twin First-ever Technologies from Bell s Modular Affordable Product Line (MAPL) Unprecedented Cabin and Cockpit Features New High Performance Rotor Technology First Delivery Over 175 Orders to Date 22
23 New Introduction from Bell Bell 417 Light Single Making our best selling long-light single even better Existing platform with improved engine & avionics HTS900 engine 15% increase in SHP, 5% lower SFC, 50% higher TBO Integrated avionics Modern avionics suite reduces workload, improves safety First Delivery Early 2008 Over 100 Orders to Date 23
24 Expanding Our Aftermarket Business Completions Parts Services Strategy: Expand aftermarket business for Bell fleet Extend selectively into non-bell fleet Acquisitions: Edwards and Associates Carbide Technology Acadian Composites U.S. Helicopter 12 th #1 in Product Support th Consecutive Year per Pro Pilot Magazine 24
25 Textron Systems Revenues: $805 Million 15% Aircraft Products Precision Engagement 46% 21% Marine & Land 18% Aircraft Engines Intelligent Battlefield Sys Combat Vehicles Air Launched Weapons Marine Systems Product Performance Driving Growth 25
26 Cessna $3.5 Billion in Revenues 66% Citations 6% Single Engine 4% Caravan 3% Used Aircraft Parts, Service & Other 17% 4% CitationShares A Global Leader in General Aviation #1 in Product Support Pro Pilot Magazine 26
27 Business Jets - A Growth Industry Economic expansion New lower-cost entry-level models Fractional and card programs Replacement cycle opportunities Market penetration: advantages intensifying Business Jet Value of Time Productivity Security Mobility vs. Commercial Increasingly Difficult Unpleasant Unproductive Less Secure International development Intl. Orders (non-fractional) % 41% 27
28 Primary Driver of Jet Demand Real Corporate Profits 1,200 1,000 Profits (8-Qtr Shift) Jet Shipments 1,200 1, $ Billions Units Source: Global Insight, Cessna estimates 28
29 20% Used Citations for Sale as % of Fleet 15% 10% 5% Percent for Sale 29
30 Cessna Industry Leader New Products Drive Purchases Citation 53% Dassault 2% Raytheon 22% Gulfstream 5% Bombardier 18% New Cessna Jets Launched CJ1/CJ1+ CJ2/CJ2+ CJ3 Encore XLS Sovereign Percentage Light and Midsize Jets Shipped in Source: GAMA and Cessna estimates 30
31 New Products Drive Growth Certified in Citation CJ1+ $4.2M Citation CJ2+ $5.4M Citation CJ3 $6.4M Backlog: ~$115M Backlog: ~$425M Backlog: ~$850M Citation XLS $10.5M Citation Sovereign $15.0M Backlog as of Q Backlog: ~$1.8B Backlog: ~$2.1B 31
32 Cessna Aircraft Product Range Step-Up Strategy $192,000 $312,000 $430, $1.7M $2.5M $4.2M $5.4M CJ2+ CJ1+ Mustang Caravan $6.0M Bravo $6.4M CJ3 $8.1M $10.5M XLS Encore+ $15.0M CX $19.6M Sovereign 65-75% of Citation Sales Are Repeat Purchases Cessna Pilot Centers - Foundation for bringing customers into the Cessna Family 32 21
33 Citation Mustang Strategic Importance & Update Transitions operators from cabin class twins and single/multi-engine turboprops to fanjets Creates a high level of brand loyalty Price: $2.5M Backlog: ~$650M First Delivery: Q Provides attractive entry point to Citation family Expanding the addressable market Backlog as of Q
34 Aftermarket Services Revenues (in millions) $600 $500 $400 $300 $200 $100 $0 10.7% CAGR
35 Strong Growth Outlook Citation Jets Order Board (in Units) Delivered: 143 Orders in Backlog: ~ 147 CitationShares: ~ 10 ~ 320 ~ 15 Total Orders/Delivered: ~ 300 ~ 335 Planned Deliveries: ~ 300 ~
36 NOP Margin Cessna Jet Deliveries and Margins Leveraging Top Line Growth 15% 14% 13% 12% 11% 10% 9% 8% 7% 9.3% Jet Deliveries 10.5% 11.1% 11.8% 8.4% 10.7% Updated 2006 Guidance ~14.5% 13.1% '99 '00 '01 '02 '03 '04 '05 '06E ROIC 14% 19% 21% 23% 12% 17% 33% >35% Unit Deliveries 36
37 Industrial 2005 Revenues $3.1 Billion E-Z-GO $376 million Fluid & Power $495 million Greenlee $331 million Jacobsen $330 million Kautex $1.52 billion 37
38 Key Value Drivers - Industrial Continued Six Sigma focus on new product development and Lean Pricing recovery of resin and other raw material cost increases Expand in China Fluid & Power and Kautex Continue to rationalize and standardize product lines; especially legacy SKU s at Jacobson 38
39 Textron Financial Corporation 33% Distribution Finance Aircraft 19% Finance 16% Golf Finance Resort 13% Finance 8% Structured Capital 8% Asset-Based Lending 3% Non-Core Liquidating (% of Managed Finance Receivables 12/31/05) $9.7 Billion Managed Finance Receivables as of Q206 Growing ~ 10%/Year 39
40 Research & Development Fueling Organic Growth $ Millions Gross R&D (As a % of mfg. sales) 4% 5% 5% 5% 6% 6% '03 '04 '05 '06 '07 '08 R&D Partner R&D Gross R&D will Average 5%-6% of Manufacturing Sales 40
41 Capital Expenditures Supporting Organic Growth 500 $371 $410 $425 $400 $ Millions $ *Manufacturing only
42 Substantial Organic Growth $18 11% 11% CAGR CAGR Optimistic Optimistic $16 $14 9% 9% CAGR CAGR Probable Probable $12 $10 $ CAGR s, Revenues - $ Billion
43 Textron Transformation Strategy Combined With Expanding Markets Strong organic growth Double digit earnings growth Expanding the spread between ROIC and WACC Premier growth of shareholder value Grow & Innovate Eliminate Waste Reduce Variability 43
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