Intrinsic value of Textron - TXT

Previous Close

$50.30

  Intrinsic Value

$39.00

stock screener

  Rating & Target

sell

-22%

Previous close

$50.30

 
Intrinsic value

$39.00

 
Up/down potential

-22%

 
Rating

sell

We calculate the intrinsic value of TXT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  14,681
  15,203
  15,766
  16,371
  17,018
  17,708
  18,443
  19,224
  20,052
  20,931
  21,860
  22,844
  23,883
  24,980
  26,137
  27,358
  28,645
  30,000
  31,428
  32,932
  34,514
  36,180
  37,932
  39,775
  41,713
  43,750
  45,893
  48,144
  50,511
  52,999
Variable operating expenses, $m
  13,557
  14,031
  14,542
  15,091
  15,677
  16,303
  16,970
  17,679
  18,431
  19,228
  19,835
  20,727
  21,670
  22,665
  23,716
  24,823
  25,991
  27,221
  28,517
  29,881
  31,317
  32,828
  34,417
  36,089
  37,848
  39,697
  41,641
  43,684
  45,831
  48,089
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  13,557
  14,031
  14,542
  15,091
  15,677
  16,303
  16,970
  17,679
  18,431
  19,228
  19,835
  20,727
  21,670
  22,665
  23,716
  24,823
  25,991
  27,221
  28,517
  29,881
  31,317
  32,828
  34,417
  36,089
  37,848
  39,697
  41,641
  43,684
  45,831
  48,089
Operating income, $m
  1,124
  1,172
  1,224
  1,280
  1,340
  1,404
  1,472
  1,545
  1,621
  1,703
  2,025
  2,116
  2,213
  2,314
  2,422
  2,535
  2,654
  2,780
  2,912
  3,051
  3,198
  3,352
  3,514
  3,685
  3,865
  4,053
  4,252
  4,461
  4,680
  4,910
EBITDA, $m
  1,709
  1,770
  1,835
  1,906
  1,981
  2,061
  2,147
  2,238
  2,334
  2,436
  2,545
  2,659
  2,780
  2,908
  3,042
  3,184
  3,334
  3,492
  3,658
  3,833
  4,017
  4,211
  4,415
  4,630
  4,855
  5,093
  5,342
  5,604
  5,880
  6,169
Interest expense (income), $m
  164
  211
  229
  248
  269
  291
  315
  340
  368
  396
  427
  459
  493
  530
  568
  608
  651
  696
  744
  794
  846
  902
  960
  1,021
  1,086
  1,154
  1,225
  1,300
  1,379
  1,462
  1,549
Earnings before tax, $m
  913
  943
  976
  1,011
  1,049
  1,089
  1,132
  1,177
  1,225
  1,276
  1,566
  1,623
  1,683
  1,746
  1,813
  1,884
  1,958
  2,036
  2,118
  2,205
  2,296
  2,392
  2,493
  2,599
  2,711
  2,828
  2,952
  3,081
  3,218
  3,361
Tax expense, $m
  246
  255
  264
  273
  283
  294
  306
  318
  331
  345
  423
  438
  454
  472
  490
  509
  529
  550
  572
  595
  620
  646
  673
  702
  732
  764
  797
  832
  869
  907
Net income, $m
  666
  689
  713
  738
  766
  795
  826
  859
  894
  931
  1,143
  1,185
  1,229
  1,275
  1,324
  1,375
  1,429
  1,486
  1,546
  1,610
  1,676
  1,746
  1,820
  1,897
  1,979
  2,065
  2,155
  2,249
  2,349
  2,453

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,854
  16,418
  17,026
  17,679
  18,378
  19,123
  19,916
  20,760
  21,655
  22,603
  23,607
  24,669
  25,791
  26,976
  28,226
  29,544
  30,934
  32,398
  33,940
  35,564
  37,273
  39,071
  40,963
  42,953
  45,046
  47,246
  49,560
  51,992
  54,548
  57,234
Adjusted assets (=assets-cash), $m
  15,854
  16,418
  17,026
  17,679
  18,378
  19,123
  19,916
  20,760
  21,655
  22,603
  23,607
  24,669
  25,791
  26,976
  28,226
  29,544
  30,934
  32,398
  33,940
  35,564
  37,273
  39,071
  40,963
  42,953
  45,046
  47,246
  49,560
  51,992
  54,548
  57,234
Revenue / Adjusted assets
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
Average production assets, $m
  3,905
  4,044
  4,194
  4,355
  4,527
  4,710
  4,906
  5,113
  5,334
  5,568
  5,815
  6,076
  6,353
  6,645
  6,952
  7,277
  7,619
  7,980
  8,360
  8,760
  9,181
  9,624
  10,090
  10,580
  11,096
  11,638
  12,207
  12,806
  13,436
  14,098
Working capital, $m
  2,187
  2,265
  2,349
  2,439
  2,536
  2,638
  2,748
  2,864
  2,988
  3,119
  3,257
  3,404
  3,559
  3,722
  3,894
  4,076
  4,268
  4,470
  4,683
  4,907
  5,143
  5,391
  5,652
  5,926
  6,215
  6,519
  6,838
  7,174
  7,526
  7,897
Total debt, $m
  4,239
  4,595
  4,980
  5,392
  5,834
  6,305
  6,806
  7,339
  7,905
  8,504
  9,139
  9,810
  10,519
  11,268
  12,058
  12,891
  13,769
  14,694
  15,669
  16,695
  17,775
  18,912
  20,108
  21,365
  22,688
  24,079
  25,541
  27,078
  28,693
  30,391
Total liabilities, $m
  10,020
  10,376
  10,761
  11,173
  11,615
  12,086
  12,587
  13,120
  13,686
  14,285
  14,920
  15,591
  16,300
  17,049
  17,839
  18,672
  19,550
  20,475
  21,450
  22,476
  23,556
  24,693
  25,889
  27,146
  28,469
  29,860
  31,322
  32,859
  34,474
  36,172
Total equity, $m
  5,834
  6,042
  6,266
  6,506
  6,763
  7,037
  7,329
  7,640
  7,969
  8,318
  8,687
  9,078
  9,491
  9,927
  10,387
  10,872
  11,384
  11,922
  12,490
  13,087
  13,716
  14,378
  15,074
  15,807
  16,577
  17,387
  18,238
  19,133
  20,074
  21,062
Total liabilities and equity, $m
  15,854
  16,418
  17,027
  17,679
  18,378
  19,123
  19,916
  20,760
  21,655
  22,603
  23,607
  24,669
  25,791
  26,976
  28,226
  29,544
  30,934
  32,397
  33,940
  35,563
  37,272
  39,071
  40,963
  42,953
  45,046
  47,247
  49,560
  51,992
  54,548
  57,234
Debt-to-equity ratio
  0.730
  0.760
  0.790
  0.830
  0.860
  0.900
  0.930
  0.960
  0.990
  1.020
  1.050
  1.080
  1.110
  1.140
  1.160
  1.190
  1.210
  1.230
  1.250
  1.280
  1.300
  1.320
  1.330
  1.350
  1.370
  1.380
  1.400
  1.420
  1.430
  1.440
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  666
  689
  713
  738
  766
  795
  826
  859
  894
  931
  1,143
  1,185
  1,229
  1,275
  1,324
  1,375
  1,429
  1,486
  1,546
  1,610
  1,676
  1,746
  1,820
  1,897
  1,979
  2,065
  2,155
  2,249
  2,349
  2,453
Depreciation, amort., depletion, $m
  585
  597
  611
  625
  641
  657
  674
  693
  713
  734
  519
  543
  567
  593
  621
  650
  680
  713
  746
  782
  820
  859
  901
  945
  991
  1,039
  1,090
  1,143
  1,200
  1,259
Funds from operations, $m
  1,251
  1,286
  1,323
  1,364
  1,406
  1,452
  1,501
  1,552
  1,607
  1,665
  1,662
  1,727
  1,796
  1,868
  1,944
  2,025
  2,110
  2,199
  2,293
  2,392
  2,496
  2,606
  2,721
  2,842
  2,970
  3,104
  3,245
  3,393
  3,549
  3,712
Change in working capital, $m
  72
  78
  84
  90
  96
  103
  109
  116
  123
  131
  139
  147
  155
  163
  172
  182
  192
  202
  213
  224
  236
  248
  261
  275
  289
  304
  319
  336
  353
  371
Cash from operations, $m
  1,179
  1,208
  1,240
  1,274
  1,310
  1,349
  1,391
  1,436
  1,484
  1,534
  1,524
  1,581
  1,641
  1,705
  1,772
  1,843
  1,918
  1,997
  2,080
  2,168
  2,260
  2,357
  2,460
  2,568
  2,681
  2,800
  2,925
  3,057
  3,196
  3,342
Maintenance CAPEX, $m
  -337
  -349
  -361
  -374
  -389
  -404
  -421
  -438
  -457
  -476
  -497
  -519
  -543
  -567
  -593
  -621
  -650
  -680
  -713
  -746
  -782
  -820
  -859
  -901
  -945
  -991
  -1,039
  -1,090
  -1,143
  -1,200
New CAPEX, $m
  -135
  -139
  -150
  -161
  -172
  -184
  -195
  -208
  -220
  -234
  -247
  -262
  -276
  -292
  -308
  -325
  -342
  -361
  -380
  -400
  -421
  -443
  -466
  -490
  -515
  -542
  -570
  -599
  -630
  -662
Cash from investing activities, $m
  -472
  -488
  -511
  -535
  -561
  -588
  -616
  -646
  -677
  -710
  -744
  -781
  -819
  -859
  -901
  -946
  -992
  -1,041
  -1,093
  -1,146
  -1,203
  -1,263
  -1,325
  -1,391
  -1,460
  -1,533
  -1,609
  -1,689
  -1,773
  -1,862
Free cash flow, $m
  708
  721
  729
  738
  749
  762
  775
  790
  806
  824
  780
  800
  822
  846
  871
  897
  926
  956
  988
  1,021
  1,057
  1,095
  1,135
  1,177
  1,221
  1,267
  1,317
  1,368
  1,423
  1,480
Issuance/(repayment) of debt, $m
  327
  357
  384
  413
  441
  471
  502
  533
  566
  599
  635
  671
  709
  749
  790
  833
  878
  925
  975
  1,026
  1,080
  1,137
  1,196
  1,258
  1,323
  1,391
  1,462
  1,537
  1,615
  1,698
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  327
  357
  384
  413
  441
  471
  502
  533
  566
  599
  635
  671
  709
  749
  790
  833
  878
  925
  975
  1,026
  1,080
  1,137
  1,196
  1,258
  1,323
  1,391
  1,462
  1,537
  1,615
  1,698
Total cash flow (excl. dividends), $m
  1,035
  1,077
  1,113
  1,151
  1,191
  1,233
  1,277
  1,323
  1,372
  1,424
  1,414
  1,471
  1,531
  1,594
  1,661
  1,731
  1,804
  1,881
  1,962
  2,048
  2,137
  2,231
  2,330
  2,434
  2,543
  2,658
  2,779
  2,905
  3,038
  3,178
Retained Cash Flow (-), $m
  -187
  -208
  -224
  -240
  -257
  -274
  -292
  -310
  -329
  -349
  -369
  -391
  -413
  -436
  -460
  -485
  -511
  -539
  -567
  -598
  -629
  -662
  -696
  -732
  -770
  -810
  -851
  -895
  -941
  -989
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  847
  870
  889
  911
  934
  958
  985
  1,013
  1,043
  1,075
  1,045
  1,080
  1,118
  1,158
  1,201
  1,245
  1,293
  1,342
  1,395
  1,450
  1,508
  1,570
  1,634
  1,702
  1,773
  1,848
  1,927
  2,010
  2,098
  2,189
Discount rate, %
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
  805
  782
  752
  721
  687
  652
  614
  576
  536
  495
  427
  389
  350
  313
  276
  241
  208
  177
  148
  123
  100
  80
  63
  49
  37
  27
  20
  14
  10
  7
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Textron Inc. is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation. The Bell segment supplies military helicopters and support to the United States Government and to military customers outside the United States. The Textron Systems segment is a supplier to the defense, aerospace and general aviation markets. The Industrial segment designs and manufactures a range of products within three product lines: fuel systems and functional components, specialized vehicles and equipment, and tools and test equipment. The Finance segment is a commercial finance business that consists of Textron Financial Corporation (TFC) and its subsidiaries.

FINANCIAL RATIOS  of  Textron (TXT)

Valuation Ratios
P/E Ratio 14.1
Price to Sales 1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 24
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.2%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 63.5%
Total Debt to Equity 70%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 18.3%
Return On Equity - 3 Yr. Avg. 15.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 18%
EBITDA Margin 10.8%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.3%
Payout Ratio 2.3%

TXT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TXT stock intrinsic value calculation we used $14198 million for the last fiscal year's total revenue generated by Textron. The default revenue input number comes from 0001 income statement of Textron. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TXT stock valuation model: a) initial revenue growth rate of 3.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.2%, whose default value for TXT is calculated based on our internal credit rating of Textron, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Textron.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TXT stock the variable cost ratio is equal to 92.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TXT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Textron.

Corporate tax rate of 27% is the nominal tax rate for Textron. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TXT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TXT are equal to 26.6%.

Life of production assets of 11.2 years is the average useful life of capital assets used in Textron operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TXT is equal to 14.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5647 million for Textron - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 248.411 million for Textron is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Textron at the current share price and the inputted number of shares is $12.5 billion.

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COMPANY NEWS

▶ Scott Ernests new division at Textron laying off 400 workers   [Dec-10-18 12:33PM  American City Business Journals]
▶ Business aviation gears up for new battles in 2019   [Dec-06-18 03:43PM  American City Business Journals]
▶ Aerospace company expands Mesa HQ, hiring another 100 for high-skilled jobs   [Dec-05-18 09:00AM  American City Business Journals]
▶ Lawsuit faults Textron Aviation repair work in 2015 Cessna crash   [Dec-04-18 03:26PM  American City Business Journals]
▶ Used business jet sales point to improving market for new jets   [Nov-28-18 03:49PM  American City Business Journals]
▶ Slideshow: See the most popular business jets of 2018   [Nov-27-18 12:29PM  American City Business Journals]
▶ Taking A Look At Textron Incs (NYSE:TXT) ROE   [Nov-20-18 09:13AM  Simply Wall St.]
▶ The Ultimate Symbol Of The Future Is Finally Coming True   [Nov-17-18 09:40AM  Investor's Business Daily]
▶ Business jet and general aviation deliveries on the rise in 2018   [02:38PM  American City Business Journals]
▶ Why Textron, Inc. Stock Dropped 25% in October   [Nov-13-18 06:04PM  Motley Fool]
▶ 7 Aerospace Stocks to Buy That Were Previously Grounded   [Nov-12-18 02:54PM  InvestorPlace]
▶ A rare look at what this DFW company hopes will be its aircraft of the future   [Nov-10-18 04:54PM  American City Business Journals]
▶ Jim Walters retiring as head of HR at Textron Aviation   [Nov-09-18 03:23PM  American City Business Journals]
▶ Bell to partner with California company to help build Uber air taxis   [Nov-06-18 01:05PM  American City Business Journals]
▶ WSU Tech program reaches relocation goal as it garners national attention   [Nov-05-18 03:33PM  American City Business Journals]
▶ Textron Wants to Build a Robot Army   [07:20AM  Motley Fool]
▶ CEOs at Trump event have given $64,000 to Republicans   [Oct-31-18 01:02PM  MarketWatch]
▶ Network 200: 25 manufacturing and logistics leaders to know in DFW   [04:07AM  American City Business Journals]
▶ [$$] Military spending surge spurs defence industry deals   [Oct-29-18 07:14AM  Financial Times]
▶ Bell CEO sits down to talk name change, future of the company   [07:12AM  American City Business Journals]
▶ Bell moves flight testing of key aircraft from Amarillo to DFW   [07:39AM  American City Business Journals]
▶ Bell snaps up another key supplier for its air taxi   [Oct-24-18 01:51PM  American City Business Journals]
▶ Textron Declares Quarterly Dividend   [11:48AM  Business Wire]
▶ Textron chief says new Wichita boss the right choice for next growth phase   [Oct-23-18 01:58PM  American City Business Journals]
▶ Textron CEO anticipates upward tweak in Wichita jet production   [Oct-22-18 03:00PM  American City Business Journals]
▶ Company News For Oct 19, 2018   [Oct-19-18 09:48AM  Zacks]
▶ Here are the top defense stocks to watch   [07:30AM  CNBC Videos]
▶ Textron Earnings Fall on Industrial Weakness   [Oct-18-18 06:04PM  Motley Fool]
▶ 2 Stocks Fall Thursday   [05:18PM  GuruFocus.com]
▶ What Happened in the Stock Market Today   [05:01PM  Motley Fool]
▶ Why Textron Stock Just Dropped 8%   [12:33PM  Motley Fool]
▶ Textron: 3Q Earnings Snapshot   [06:41AM  Associated Press]
▶ 5 industrial stocks Cramer likes right now   [Oct-17-18 07:06PM  CNBC Videos]
▶ Jack Pelton to receive Wichita Aero Club annual trophy   [03:06PM  American City Business Journals]
▶ Textron's Q3 Earnings Outlook   [02:21PM  Benzinga]
▶ Biz jet deliveries expected to rise in 2019   [Oct-16-18 02:51PM  CNBC Videos]
▶ Aerospace company breaks ground on new facility at Alliance Airport   [07:11AM  American City Business Journals]
▶ NBAA news includes new planes, new partnerships and first deliveries   [02:48PM  American City Business Journals]
▶ NetJets agrees to buy up to 325 new Cessna jets   [12:02PM  Associated Press]
▶ NetJets signs on as launch customer for Citation Hemisphere   [11:38AM  American City Business Journals]
▶ Textron Soars on NetJets Deal   [10:46AM  TheStreet.com]
▶ Five things to know about Textron Aviations new CEO   [Oct-12-18 12:41PM  American City Business Journals]
▶ Textron Aviation announces leadership changes   [11:31AM  American City Business Journals]
▶ FlightSafety CEO Bruce Whitman dies at 85   [Oct-11-18 12:52PM  American City Business Journals]

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