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Hi. New to TXT. Got at 4 and 10 $
What are the thoughts of the price going up or down on Monday? If they go down should we dump or hold for a buyout? I have been researching about it. But have not found tons of info.
Thanks
For Some CEOs, the Perks Keep Flowing Article
By CARI TUNA
The public outcry over corporate jets and other executive perquisites intensified last year, but that didn't ground top brass at Dana Holding Corp.
The Toledo, Ohio, auto supplier, which emerged from Chapter 11 bankruptcy protection in January 2008, spent $2.3 million last year on chartered planes to fly its chairman and chief executive, John M. Devine, and its vice chairman and former CEO, Gary L. Convis, to and from their California homes, according to its latest proxy statement.
Dana Holding Corp.
John Devine
Despite investor grumbling, U.S. companies continue to subsidize a wide array of benefits for their top executives, from round-the-clock personal security to country-club memberships, top-flight healthcare, sporting-event tickets and personal use of corporate-owned retreats, according to The Wall Street Journal CEO pay survey.
"When push comes to shove, companies didn't make as many changes to these programs last year as shareholders would like," said David Wise, a senior consultant at Hay Group, which compiled the Journal's survey.
A public backlash against executives flying in private jets erupted last year when the CEOs of the Big Three U.S. auto makers were excoriated by members of Congress for flying private jets to Washington, D.C., to appeal for government aid. The perk was common last year: 104 of the 200 companies in the Journal survey covered the cost of personal air travel by their CEOs in 2008, down only slightly from 107 in 2007. The median value of the perk jumped to $115,500 from $79,000, probably because of higher fuel prices, Mr. Wise said.
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See the top earners and more details from the CEO pay survey.
Other jet-setting CEOs included James M. Bernhard Jr. of Shaw Group Inc. and Lewis B. Campbell of Textron Inc., who amassed $642,500 and $590,400, respectively, in personal air-travel expenses.
A spokeswoman for Shaw Group declined to comment. Textron, which owns Cessna Aircraft Co., said that private and public use of business jets by Textron executives "increases their productivity and provides a competitive talent attraction and retention advantage." The spokesman added that "it also serves as an extremely important example to showcase the real-life efficiencies and other benefits to potential customers."
Dana sold its six corporate aircraft to cut costs before and after entering Chapter 11 in March 2006. Company spokesman Chuck Hartlage said directors agreed to pay for Messrs. Devine and Convis's commutes to lure the seasoned auto executives out of retirement.
He said the executives' total direct compensation last year, not including benefits, which is valued by the Journal at $8.5 million for Mr. Devine and $6.2 million for Mr. Convis, is "very much in line with similarly situated peers."
Dana also reimbursed the pair for more than $43,000 in taxes associated with the travel expenses, highlighting another controversial benefit: tax "gross-ups" on perks.
Proxy adviser RiskMetrics Group Inc. recently added "gross-up" payments, which cover the taxes owed by executives for employer-provided perks and other benefits, to its list of poor executive-pay practices that can prompt it to advise against directors' reelection.
View Interactive
Interactive Guide
An explanation of how to read proxy statements
This week, for example, it recommended that Dana shareholders withhold votes for compensation committee member Jerome B. York over the gross-up issue. "The tax reimbursements, like the air-travel benefit, were part of the board-approved employment agreements," said Mr. Hartlage of Dana. He said Mr. York is "aware of the story" but didn't return a request for comment.
In the Journal survey, 76 companies disclosed some form of gross-up for chief executives, down from 77 in 2007. The median value of such payments fell to $16,400 from $22,350.
Oil-field services provider BJ Services Co. spent the most on gross-ups, reimbursing CEO J.W. Stewart $718,800 for the taxes on his bonus and certain equity awards. A BJ Services spokesman was unavailable for comment.
Other popular perks include security and financial advice. Occidental Petroleum Corp. CEO Ray R. Irani, whose total direct compensation of $49.9 million ranked second among CEOs in the compensation survey, also received security valued at $575,400 and financial planning valued at $403,300, according to the company's proxy statement.
Occidental spokesman Richard Kline called security "a necessity" for Dr. Irani, adding, "Executives from oil and gas companies have been threatened, abducted and killed." The financial-planning assistance allowed Dr. Irani "to keep his complete attention on the company's business and performance," Mr. Kline said.
Ferro Corp., a Cleveland maker of industrial coatings, reimbursed CEO James F. Kirsch for a $100,000 initiation fee at the Pepper Pike Country Club. The board had suggested he join "to enhance networking opportunities with other Cleveland area CEOs," according to Ferro's proxy statement. The company declined to comment further.
Wall Street Journal CEO Pay Survey
Full Survey Results: 200 CEOs' PayCEO Pay Sinks Along With ProfitsMotorola Co-CEO Tops Pay SurveyCEO Salaries Remain Under Pressure in '09Robert A. Young, the chairman and former CEO of shipping-services company Arkansas Best Corp., received perks valued at $58,449 last year, including an undisclosed amount for personal use of the company's hunting lodge. An Arkansas Best spokesman wasn't available for comment.
The survey found 27 companies that discontinued at least one perk for their CEOs last year, compared with 35 companies that killed perks in 2007. Steve Sabow, Hay Group's director of executive compensation research, said companies eliminated benefits that stood out as "unusual." Mr. Wise, of Hay Group, expects more companies to eliminate executive perks in 2009 in response to mounting criticism of executive pay.
One company trimmed perks after an unusual shareholder revolt. InfoGroup Inc., an Omaha, Neb., database concern, sold its corporate yacht for $1.5 million in October 2008 after a shareholder suit alleged abusive personal spending by founder Vinod Gupta, according to Securities and Exchange Commission filings.
Mr. Gupta resigned as CEO last August and agreed to repay $9 million. But he received a $10 million severance package and remains on the company's board, according to the filings. Mr. Gupta couldn't be immediately reached.
—Phred Dvorak and Joann S. Lublin contributed to this article.
Write to Cari Tuna at cari.tuna@wsj.com
Thats a nice climb up, but I don't think they will sell to this firm, I even have suspicions that the Govt will have some input into this, for all the various reasons. But its helping to move the stockprice.
Mideast group eyes Textron for $21 a share - report
Shares surge nearly on latest takeover speculation
By Christopher Hinton, MarketWatch
Last update: 9:45 a.m. EDT April 9, 2009NEW YORK (MarketWatch) -- Shares of Textron jumped 42% at the open Thursday after a Kuwaiti newspaper reported a group of United Arab Emirates companies and a Kuwaiti firm would like to buy the maker of Cessna jets and Bell helicopters.
Citing unidentified sources, Al-Watan Daily said the unidentified group was offering $21 a share for the Providence, R.I., company, according to a report from AFP.
The consortium would reportedly take the commercial side of Textron's (TXT:Textron Inc
News , chart , profile , more
Last: 13.58+4.47+49.06%
10:08am 04/09/2009
TXT 13.58, +4.47, +49.1%) aerospace business and sell the military side to a U.S. company, the newspaper said.
Officials at Textron were not immediately available for comment.
Textron has been facing a liquidity crisis due to future write offs in its financial arm. The company also has a total debt standing at $9.3 billion, or $39 a share, according to a March 2 note from Cowen & Co.
Executives have said they would consider selling some of their core assets if necessary, but also said as late as March 31 that they are ahead of schedule in improving Textron's financial position.
Wall Street analysts have said no one would want to but the entire company because of crisis in Textron Financial.
Investors apparently view a 65% plunge in Textron's share value over the past six months as making the company an attractive takeover target. Rumors of a possible deal this week have helped lift Textron stock more than 20% at the close Wednesday.
Shares of Textron last traded at $12.98, up 42%. The stock topped $15.90 in pre-market action.
Christopher Hinton is a reporter for MarketWatch based in New York.
Look at this for Textron TXT
http://www.france24.com/en/20090409-emirati-consortium-bidding-textron
Euro
This and insider buying is causing the spike. I like the company. The problems they are confronting is the Defense Department, and the Govt cutting spending on defense. This and the news we've all heard regarding companies under the Tarp and ownership of corporate jets among all the other things we've been witness to in the market. The company will also be reporting earnings at the end of the month.
HARTFORD, Conn. (AP) -- Shares of Textron Inc. jumped for a second consecutive day Tuesday on rumors that a buyout may be in the works for the industrial manufacturer battered by the financial crisis.
Related Quotes
Symbol Price Change
LMT 73.22 -0.57
RTN 41.56 +0.68
TXT 8.87 -0.15
The stock closed up 11 percent Monday amid media reports of a possible sale of Textron. In afternoon trading Tuesday, shares climbed 60 cents, or 7.3 percent, to $8.86.
Analyst Cai von Rumohr of Cowen and Co. said rumors persist that Lockheed Martin Corp. or Raytheon Co. might buy the Providence, R.I.-based company.
Textron and Lockheed Martin representatives did not immediately respond to requests for comment. A Raytheon spokesman said the company does not comment on rumors or speculation.
Andrew Wilkinson of Interactive Brokers Group said the rumors on Monday focused also on the possibility that Textron might benefit from changes in Pentagon spending announced that day by Defense Secretary Robert Gates.
Textron makes Cessna jets, Bell helicopters and turf maintenance equipment.
The company's finance arm provides financing for new and used Cessna business jets, golf courses and to developers of vacation resorts has been particularly hard-hit by the deteriorating economy.
EmailIM Bookmarkdel.icio.usDigg Buzz up!
Just wanted to get your opinion on TXT. Looks like you're running this board.
Thanks
Euro
Photos: Mark 4.7 Unmanned Aircraft
http://www.aerosonde.com/
Woodward Provides Update on Pending HR Textron Acquisition
FORT COLLINS, CO -- (Marketwire) -- 03/26/09 -- Woodward Governor Company (NASDAQ: WGOV) today announced that it expects to close on the previously announced agreement to acquire the HR Textron business from Textron Inc. (NYSE: TXT) on April 2, 2009.
In addition, based on the current status of financing negotiations, Woodward anticipates it will obtain reasonable long-term financing to fund this acquisition without the need to utilize the previously disclosed bridge commitment. There can be no absolute assurance as to the final amount, type or terms of the long-term financing until closing on such financing occurs.
About Woodward
Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for commercial and military aircraft, turbines, reciprocating engines, and electrical power system equipment. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable, and more cost-effective equipment. Leading original equipment manufacturers use our products and services in aerospace, power and process industries, and transportation. Woodward is headquartered in Fort Collins, Colo., USA and serves global markets in aerospace, power and process industries, and transportation. Visit our website at www.woodward.com.
AAI to Unveil Aerosonde® Mark 4.7 Unmanned Aircraft
AAI Corporation, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, today announced it will unveil the Mark 4.7, the newest addition to its family of Aerosonde small unmanned aircraft systems (SUAS), at the 2009 Australian International Air Show in Avalon, Victoria (Hall C, booth 3K17) on March 10, 2009. The aircraft successfully completed test flights at Yuma Proving Grounds in Yuma, Ariz., during February.
The Mark 4.7 aircraft’s design leverages the current trend toward miniaturization of sensor technology; it carries a multi-sensor payload combining high-fidelity electro-optic, infrared and laser range finder/pointer capabilities, as well as a common data link. The aircraft also builds upon the proven features of the Aerosonde Mark 4.4 by using the same power plant and avionics, while incorporating a larger wing and fuselage that enable the system to conduct endurance missions in excess of 12 hours. The Mark 4.7 is compatible with AAI’s Expeditionary Ground Control Station for fast, easy setup and launch, as well as with AAI’s NATO standardization agreement 4586-compliant One System® Ground Control Station. In addition, the system deploys a newly integrated launch and recovery system for space-constrained field and shipboard operations.
“The Aerosonde Mark 4.7 is designed to meet the requirements of tactical and maritime missions when persistent intelligence and surveillance are required,” says Vice President of Unmanned Aircraft Systems Steven Reid of AAI. “Like our entire family of Aerosonde SUAS, the Mark 4.7 also incorporates features for ease of use. It is capable of fully autonomous flight, including takeoff and landing, as well as catapult launch and innovative recovery methods.”
The Mark 4.7 was developed through close collaboration between experts at AAI’s Hunt Valley, Md., headquarters, and those on location at Aerosonde Pty Ltd., the company’s SUAS business located in Melbourne, Australia.
About AAI
AAI Corporation designs, produces, and supports aerospace and defense systems through its direct and indirect wholly owned subsidiaries, AAI Services Corporation, Aerosonde Pty Ltd, ESL Defence Limited, and Symtx, Inc. Its high-technology products and services include unmanned aircraft systems, training and simulation systems, automated aerospace test and maintenance equipment, armament systems, aviation ground support equipment, and logistical, engineering, and supply chain services. AAI Corporation is an indirect wholly owned subsidiary of Textron Inc. More information is available at www.aaicorp
Textron to Release First Quarter Results on April 29, 2009
Textron Inc. (NYSE: TXT) will release its first quarter 2009 financial results on Wednesday, April 29, 2009.
The company will also host a conference call at 9:00 a.m. Eastern daylight time to discuss the results and the company’s outlook. The call will be available via webcast at www.textron.com or by direct dial at (800) 553-0329 in the U.S. or (612) 332-0819 outside of the U.S. (request the Textron Earnings Call).
In addition, the call will be recorded and available for playback beginning at 12:30 p.m. Eastern daylight time on Wednesday, April 29, 2009 by dialing (320) 365-3844; Access Code: 991791.
Textron Inc. is a $14.2 billion multi-industry company operating in 28 countries with approximately 42,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Systems and Textron Financial Corporation. More information is available at
This is a unique situation
Gonna be more
the vultures will make a killing the next few years though....
Another bad debt situation.
Everything is dropping . :(
This would be great. At these prices, TXT could be a real bargain for a healthier competitor
Bought @ 6.89 on Friday. Looking for a bounce.
Trying to find a bottom and consolodate. nice
They have various business segments that will also benefit from the infrastructure spending coming
Textron shoul ddefinetly be making a comeback./
Revenue Est Current Qtr
Mar-09 Next Qtr
Jun-09 Current Year
Dec-09 Next Year
Dec-10
Avg. Estimate 2.83B 3.03B 12.42B 12.42B
No. of Analysts 7 6 9 9
Low Estimate 2.69B 2.94B 11.73B 11.38B
High Estimate 2.93B 3.10B 13.79B 15.25B
Year Ago Sales 3.52B 3.92B 14.25B 12.42B
Sales Growth (year/est) -19.6% -22.7% -12.8% 0.0%
At least one analyst says Cessna and Bell Helicopter´s parent company Textron is ripe for a takeover after its stock price slipped another 18 percent on Tuesday. The latest decline was prompted by Textron´s prediction that it will post a net loss of 80 to 90 cents a share in the fourth quarter and that it plans to lay off about 2,000 more people at Cessna and Bell in 2009. The company is also selling off most of its credit arm, leaving only enough to finance products made by its manufacturing facilities. "While the stock will likely remain under a cloud given earnings uncertainty, Textron does have valuable assets and could become a takeover target as [Textron Financial Corp.] diminishes in size," Citi Investment Research analyst Richard Sprague told MarketWatch.
Cessna has already announced hundreds of layoffs in Wichita as the aviation market softens. The drop in Textron´s share value is the latest in a year-long slide that has seen the price decrease by 83 percent. Still, the company thinks the measures it´s taken will allow it to pull through. "Looking ahead to 2009, we continue to believe that losses at TFC will be manageable. While we expect manufacturing revenues will be down next year, we believe our cost-reduction plans will contribute to our operating performance as we focus to offset the impact of slowing demand," Chairman and CEO Lewis Campbell said, according to a Textron statement.
PE Ratio - LTM 1.7
Market Capitalisation 1,506.9 mil
Latest Shares Outstanding 241.1 mil
Earnings pS (EPS) 3.60 $
Dividend pS (DPS) 0.81 ¢
Dividend Yield 14.7 %
Dividend Payout Ratio 23 %
Revenue per Employee 300,568 $
Effective Tax Rate 29.6 %
Float 240.4 mil
http://finance.yahoo.com/q/ud?s=TXT
This one should be an interesting watch. Problems on the horizon with corporations whose Ceo's have been rewarded with exhuberant comp pkgs, bonuses, along with their key executives, who come to Washington to ask for more and more, have been requested to sell their jets to help repay their govt loans.
Fitch downgrades Textron debt ratings
Fitch downgrades debt ratings, saying Textron faces liquidity pressures in 2010
Tuesday February 10, 2009, 1:45 pm EST
Yahoo! Buzz Print Related:Textron Inc.
CHICAGO (AP) -- Fitch Ratings has downgraded debt ratings for Textron Inc., citing possible liquidity problems next year as the maker of Cessna jets, Bell helicopters and E-Z-GO golf carts seeks to exit its finance business.
Related Quotes
Symbol Price Change
TXT 6.76 +0.51
The ratings agency downgraded the Issuer Default Ratings and long-term debt ratings to "BBB-" from "BBB" for the Providence, R.I.-based company and its finance business, Textron Financial Corp.
In addition, the short-term Issuer Default Ratings and commercial paper ratings have been downgraded to "F3" from "F2". The Rating Outlook is "Negative."
Fitch also has downgraded and withdrawn its ratings for Textron's preferred securities due to what it said is a small amount outstanding. Debt and preferred securities totaled nearly $11 billion as of Jan. 3, including $2.5 billion at Textron and $8.3 billion at Textron Financial Corp., the ratings agency said.
A message seeking comment was left with a spokeswoman for Textron.
The downgrades recognize risks related to Textron Financial Corp.'s plans to exit its finance business and the weak economy that could pressure its asset quality and financial performance at Textron's manufacturing businesses, Fitch said.
"These factors could lead to liquidity pressures in 2010 in the absence of asset sales or capital market transactions," it said.
Other developments considered in the ratings include a "full drawdown" of the company's bank facilities and recently announced management changes, which Fitch said emphasize the "broad challenges" facing the company.
The company on Monday announced the departures of Ted French, executive vice president and chief financial officer, and Buell "Jay" Carter, president and chief operating officer of Textron Financial.
Some on Wall Street have been calling for a change in senior management, especially at Textron Financial Corp. The business that provides financing for new and used Cessna business jets, golf courses, as well as to developers of vacation resorts continues to deteriorate.
Last week, Textron drew $3 billion in credit to pay off debt and pump liquidity as it exits nearly all of its commercial financial business. After repaying all commercial paper, or short-term debt, valued at $1.8 billion, Textron said it will use the remaining $1.2 billion for additional liquidity.
Fitch said that despite higher cash balances as a result of Textron Financial Corp.'s drawdown, liquidity "continues to represent a key rating concern."
Shares fell 99 cents, or 13.51 percent, to $6.34 in afternoon trading.
TOP INSTITUTIONAL HOLDERS
Holder Shares % Out Value* Reported
Barclays Global Investors UK Holdings Ltd 8,999,068 3.73 $263,492,711 30-Sep-08
Bank of New York Mellon Corporation 8,339,686 3.46 $244,186,006 30-Sep-08
GENERAL ELECTRIC COMPANY 8,133,165 3.37 $238,139,071 30-Sep-08
VANGUARD GROUP, INC. (THE) 7,754,816 3.22 $227,061,012 30-Sep-08
STATE STREET CORPORATION 7,742,801 3.21 $226,709,213 30-Sep-08
BANK OF AMERICA CORPORATION 7,340,924 3.04 $214,942,254 30-Sep-08
LAZARD ASSET MANAGEMENT LLC 6,874,086 2.85 $201,273,238 30-Sep-08
INSTITUTIONAL CAPITAL CORPORATION 5,405,036 2.24 $158,259,454 30-Sep-08
LSV ASSET MANAGEMENT 4,581,700 1.90 $134,152,176 30-Sep-08
JP MORGAN CHASE & COMPANY 3,922,188 1.63 $114,841,664 30-Sep-08
Lewis B. Campbell
Chief Executive Officer
Textron Inc.
The proxy statement for Textron Inc. uses the new SEC executive compensation rules.
In 2007, Lewis B. Campbell raked in $24,395,128 in total compensation according to the SEC. According to the AFL-CIO's calculation method*, this CEO raked in $21,606,434 in total 2007 compensation.
This is just one of the key execs.............but the companies bond ratings are near junk status.
BridgewaterEquity.com Free Fundamental Sector & Market Research on RHI, TXT, PFG and PRU
Date : 01/30/2009 @ 10:01AM
Source : MarketWire
Stock : Bridgewater Equity (TXT)
Quote : 8.37 -0.66 (-7.31%) @ 8:00PM
BridgewaterEquity.com Free Fundamental Sector & Market Research on RHI, TXT, PFG and PRU
LONDON -- (Marketwire) -- 01/30/09 -- BridgewaterEquity.com inspires to bring the best from the internet under one roof, providing you with a one click option to view what the market, researchers and financial pundits worldwide have to say about any particular large cap stocks in any given financial environment. We have a large pool of in-house financial professionals, a wide array of research platforms and a dedicated team that combined would bring enhanced knowledge and first-hand information that would help you manage your understanding of the market. It will take you a few minutes, if not less, to cross the bridge to our website, www.bridgewaterequity.com.
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We have recently begun in-depth analysis of the following equities & their respective sectors:
1. Robert Half International Inc. (NYSE: RHI)
Sector: Services
2. Textron Inc. (NYSE: TXT)
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Sector: Financial
4. Prudential Financial Inc. (NYSE: PRU)
Sector: Financial
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NYSE:PFG NYSE:RHI NYSE:TXT NYSE:PRU
I cant believe its this cheap.Been sinse 1988 as far as I can see sinse it has been this cheap.
I'm with ya! Picked up some Feb. $10 calls on Friday.
Norway's oil fund drops Textron, Barrick stock
Norway's oil fund drops stock of US firm Textron and Canada's Barrick Gold on ethics concerns
Doug Mellgren, Associated Press Writer
Friday January 30, 2009, 10:46 am EST
Yahoo! Buzz Print Related:Barrick Gold Corporation, Textron Inc.
OSLO, Norway (AP) -- Norway's oil fund has blacklisted the U.S. conglomerate Textron Inc. and the Canadian mining company Barrick Gold Corp. over concerns that their operations violate the fund's ethnical guidelines, the government said Friday.
Related Quotes
Symbol Price Change
ABX 37.49 -1.08
TXT 9.03 -0.06
{"s" : "abx,txt","k" : "c10,l10,p20,t10","o" : "","j" : ""} Barrick was excluded over concerns about the environmental impact of its mines, while Textron was blacklisted because its defense unit makes cluster bombs, Finance Minister Kristin Halvorsen said.
Norway led a drive to ban the munitions in a treaty that was signed by 93 countries in Oslo in December. Key powers, including the United States, rejected the treaty.
"We cannot participate in the funding of this type of production," Halvorsen said in a statement
Change in Directors or Principal Officers, Financial Statements and Exhibits
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b), (c) On January 16, 2009, the Board of Directors of Textron Inc. ("Textron") appointed Scott C. Donnelly to the position of President, effective immediately. Mr. Donnelly will also continue in his role as Chief Operating Officer of Textron as he has since he joined Textron in June 2008.
In view of the appointment of Mr. Donnelly, Lewis B. Campbell has relinquished the title of President, effective January 16, 2009. Mr. Campbell will continue in his role as Chairman and Chief Executive Officer of Textron.
Reference is made to Textron's Current Report on Form 8-K filed on June 30, 2008 for Mr. Donnelly's biographical information and for information regarding his compensation arrangements. In addition, as a result of his appointment to the position of President, his base salary was increased from $850,000 to $935,000 per year, and he will also receive a one-time grant of cash-settled restricted stock units valued at $1 million which will vest in equal installments over the next three years and will receive dividend equivalent payments on a quarterly basis prior to vesting.
(e) On January 23, 2009, the Organization and Compensation Committee of the Board of Directors of Textron approved the design of the annual and long-term incentive compensation program for 2009 with respect to Textron's executive officers, including grant levels under these arrangements for such executive officers as well as the mix of grant type and the type of metrics to be used for performance goals for such executive officers for 2009 and for the 2009-2011 performance share unit cycle. Other than as described herein, awards of stock options, restricted stock units and performance share units operate on substantially the same terms as those granted in prior years.
Incentive payments to executive officers for 2009 under the Textron Inc. Short-Term Incentive Plan (As amended and restated effective July 25, 2007) will be based on the following:
· Achieving earnings per share target: 45%
· Achieving enterprise return on invested capital target: 25%
· Achieving workforce diversity target: 5%
· Achieving cash efficiency target: 25%
Target payouts for the named executive officers range from 65% to 100% of the executive's base salary, and the maximum payout on these components, regardless of how much the targets are exceeded, will be 200%.
Fitch places ratings for Textron and financing arm under review for possible downgrade
CHICAGO (AP) -- Fitch Ratings on Thursday said it placed its ratings for Textron Inc., which makes Cessna jets, helicopters and golf carts, and its financing arm under review for possible downgrade.
Fitch said the review is mainly a result of the risks related to Textron's decision to exit nearly all its commercial finance businesses and the resulting potential for the further weakening of its overall finances.
AAI Conducts Successful Test Flight of Its New Aerosonde® Mark 5 Unmanned Aircraft
AAI Corporation, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, announced today that it conducted a successful first flight of its new Aerosonde Mark 5 unmanned aircraft system (UAS) at Yuma Proving Grounds in Yuma, Ariz. This initial flight met or exceeded all test objectives and validated the aerodynamic capabilities of the new airframe. Future flight testing is planned to validate additional key performance parameters for this aircraft class, including new payload capabilities as they are integrated. This rigorous validation process was initiated in preparation for AAI’s possible entry of the Aerosonde Mark 5 UAS in the upcoming U.S. Navy’s Small Tactical UAS, or STUAS, program as well as the U.S. Marine Corps’ Tier II UAS program.
While the Aerosonde Mark 5 aircraft has been under development for two years, this successful test flight validation program was started once the services confirmed their requirements for these programs. As such, AAI designed the aircraft’s final configuration to comply with the objectives of these programs. In accordance with these requirements, the Aerosonde Mark 5 UAS builds on the best practices of AAI’s more than 20 years designing, producing, fielding and sustaining UAS.
“We have incorporated the best features of our proven Aerosonde aircraft and Shadow® tactical UAS,” explains AAI’s Vice President of Unmanned Aircraft Systems Steven Reid. “The Aerosonde Mark 5 delivers impressive endurance with superior intelligence, surveillance, reconnaissance and target acquisition capabilities. Our experience and understanding of our military customers’ needs uniquely position us to meet these Navy and Marine Corps requirements.” About AAI AAI Corporation designs, produces, and supports aerospace and defense systems through its direct and indirect wholly owned subsidiaries, AAI Services Corporation, Aerosonde Pty Ltd, ESL Defence Limited, and Symtx, Inc. Its high-technology products and services include unmanned aircraft systems, training and simulation systems, automated aerospace test and maintenance equipment, armament systems, aviation ground support equipment, and logistical, engineering, and supply chain services. AAI Corporation is an indirect wholly owned subsidiary of Textron Inc. More information is available at www.aaicorp.com.
About Textron Systems Textron Systems Corporation has been providing innovative solutions to the defense, homeland security and aerospace communities for over 50 years. Known for its precision smart weapons, intelligent battlefield systems, surveillance systems, intelligence software solutions, aircraft control components, piston engines, armored vehicles and unmanned aircraft systems, Textron Systems includes AAI, HR Textron, Lycoming Engines, Overwatch Tactical Operations, Overwatch Geospatial Operations, Textron Defense Systems, and Textron Marine & Land Systems. Textron Systems Corporation is an indirect wholly owned subsidiary of Textron Inc. More information is available at www.textronsystems.com.
About Textron Inc.
Textron Inc. is a $12.6 billion multi-industry company operating in 28 countries with approximately 42,000 employees. The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Textron Systems and Textron Financial Corporation. More information is available at www.textron.com.
Forward-looking Information: Certain statements in this press release are forward-looking statements and 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 but not limited to the following: (a) changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; (b) the interruption of production at Textron facilities or at Textron's customers or suppliers; (c) changing priorities or reductions in the U.S. Government defense budget, including those related to Operation Iraqi Freedom, Operation Enduring Freedom and the Global War on Terrorism; (d) our ability to perform as anticipated and to control costs under contracts with the U.S. Government; (e) the U.S. Government's ability to unilaterally modify or terminate its contracts with us for the U.S. Government's convenience or for our failure to perform, to change applicable procurement and accounting policies, and, under certain circumstances, to suspend or debar us as a contractor eligible to receive future contract awards; (f) changes in delivery schedules or cancellation of orders; and (g) legislative or regulatory actions impacting defense operations.
Textron shares plunge on earnings warning
Cessna aircraft and Bell helicopter maker also to cut workforce by 5%
By Shawn Langlois, MarketWatch
Last update: 11:57 a.m. EST Dec. 23, 2008SAN FRANCISCO (MarketWatch) -- Textron Inc. shares plunged 19% in early trades Tuesday after the company slashed its fourth-quarter earnings estimate, announced more than 2,000 job cuts and said it is exiting most of its commercial-finance business
The manufacturer of Cessna jets, Bell helicopters and E-Z-GO golf carts announced a cost-cutting effort in October, when it reported a drop in third-quarter profits. The firm's financing unit for business jet and other customers got hammered by the global credit crisis.
Textron Completes Sale of Fluid & Power to Clyde Blowers
Marking its exit from the pump and power transmission industries, Textron Inc. (NYSE: TXT) today announced that it has completed the sale of its Fluid & Power business unit to Clyde Blowers Capital Fund II LP.
Textron Revising Citation Jet Production Schedule
Textron Inc. (NYSE: TXT) today announced that due to continued softening in the global economic environment, it is revising its 2009 Citation jet production schedule. The company had previously targeted about 535 Citations for delivery in 2009, up from about 475 planned for 2008.
While detailed planning is still underway, at this time, the company expects deliveries will be up slightly over 2008 next year, reflecting continued ramp-up of the new Mustang program. On this basis, the company estimates that 2009 Cessna revenues will be similar to this year’s record revenue expectation of about $5.9 billion.
Textron to Present at Goldman Sachs Conference
Textron Inc. (NYSE: TXT) today announced that Chairman, President and CEO, Lewis B. Campbell will be presenting at the Goldman Sachs Global Industrials Conference in New York City tomorrow, Wednesday, November, 5, 2008 at 9:30 a.m., Eastern. The presentation will cover the company’s strategy and 2009 business outlook in the current economic environment. A copy of the presentation materials and a simultaneous webcast of the presentation will be available in the Investor Relations section of the company’s website at www.textron.com. The webcast will be available for replay beginning at 1:00 p.m., Eastern on the same day
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40 Westminster Street
Providence, RI 02903
United States
Phone: 401-421-2800
Fax: 401-421-2878
Web Site: http://www.textron.com
DETAILS
Index Membership: S&P 500
S&P 1500 Super Comp
Sector: Conglomerates
Industry: Conglomerates
Full Time Employees: 42,000
BUSINESS SUMMARY
Textron, Inc. operates in the aircraft, industrial, and finance industries worldwide. It operates through four segments: Bell, Cessna, Industrial, and Finance.
The Bell segment
manufactures and supplies helicopters, tiltrotor aircraft, and helicopter-related spare parts and services for both military and commercial applications.
It also manufactures precision weapons; airborne and ground-based surveillance systems; intelligence and situational awareness software;
armored vehicles and turrets; reciprocating piston aircraft engines; and aircraft and missile control actuators, valves, and related components for the defense,
aerospace, and general aviation markets.
The Cessna segment
manufactures general aviation aircraft, such as business jets, single engine turboprops, and single engine piston aircraft,
as well as provides aftermarket services.
The Industrial segment
designs and manufactures blow-molded fuel systems and other blow-molded parts primarily for automobile original equipment
manufacturers. It offers metal fuel fillers and engine camshafts for the automotive market; bottles and plastic containers for food, household,
laboratory and industrial uses; and blow-molded fuel systems for the all-terrain vehicle and watercraft markets.
This segment also designs and manufactures products related to gear technologies, industrial pumps, polymer systems, and hydraulics; powered equipment,
electrical test and measurement instruments, hand and hydraulic powered tools; golf cars and off-road utility vehicles powered by electric
and internal combustion engines; and turf-maintenance equipment and turf-care vehicles.
The Finance segment
provides aircraft finance, asset-based lending, distribution finance, golf finance, resort finance, and structured capital.
The company sells its products through a network of sales representatives, distributors, and authorized independent sales representatives.
Textron was founded in 1923 and is based in Providence, the Rhode Island.
Vision and Strategy
Textron's vision is to become the premier multi-industry company, recognized for our network of powerful brands, world-class enterprise processes and talented people.
Our strategy is to create superior shareholder value by building world-class competencies in:
Enterprise Management - building, deploying and leveraging world-class operating capabilities through a focus on customers, people and processes.
Portfolio Management - identifying, selecting, acquiring and integrating the right mix of businesses that will drive higher performance while benefiting from our Enterprise Management capabilities.
Enterprise Management
This element of our strategy has three facets:
making our customers successful;
attracting and developing talented people;
implementing world-class processes to enhance productivity and innovation.
Indeed, "customers, people, process" has become a Textron mantra.
Our performance will be only as good as our commitment and ability to help customers succeed.
And we will only help customers succeed if we have the right people and processes in place.
Textron Inc. is a $14.2 billion multi-industry company operating in 34 countries with approximately 44,000 employees.
The company leverages its global network of aircraft, defense and intelligence, industrial and finance businesses to
provide customers with innovative solutions and services.
Bell(19% of revenues), Cessna (38% ), Defense and Intelligence (10%), The Industrial segment (26%), Finance(7%)
Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation.
Latest Shares Outstanding: 241.1 mil
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