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financial data 2018-2017

(Dollars in millions, except per share amounts) 2018 2017
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
Revenues1
Textron Aviation $1,010 $1,276 $1,133 $1,552 $4,971 $970 $1,171 $1,154 $1,391 $4,686
Bell 752 831 770 827 3,180 697 825 812 983 3,317
Textron Systems 387 380 352 345 1,464 416 477 458 489 1,840
Industrial 1,131 1,222 930 1,008 4,291 992 1,113 1,042 1,139 4,286
Finance 16 17 15 18 66 18 18 18 15 69
Total Revenues $3,296 $3,726 $3,200 $3,750 $13,972 $3,093 $3,604 $3,484 $4,017 $14,198
Segment Profit2
Textron Aviation $72 $104 $99 $170 $445 $36 $54 $93 $120 $303
Bell 87 117 113 108 425 83 112 106 114 415
Textron Systems 50 40 29 37 156 20 42 40 37 139
Industrial 64 80 1 73 218 76 82 49 83 290
Finance 6 5 3 9 23 4 5 7 6 22
Total Segment Profit $279 $346 $245 $397 $1,267 $219 $295 $295 $360 $1,169
Segment Profit Margins
Textron Aviation 7.1% 8.2% 8.7% 11.0% 9.0% 3.7% 4.6% 8.1% 8.6% 6.5%
Bell 11.6% 14.1% 14.7% 13.1% 13.4% 11.9% 13.6% 13.1% 11.6% 12.5%
Textron Systems 12.9% 10.5% 8.2% 10.7% 10.7% 4.8% 8.8% 8.7% 7.6% 7.6%
Industrial 5.7% 6.5% 0.1% 7.2% 5.1% 7.7% 7.4% 4.7% 7.3% 6.8%
Finance 37.5% 29.4% 20.0% 50.0% 34.8% 22.2% 27.8% 38.9% 40.0% 31.9%
Total Profit Margin 8.5% 9.3% 7.7% 10.6% 9.1% 7.1% 8.2% 8.5% 9.0% 8.2%
Corporate expenses and other, net $(27) $(51) $(29) $(12) $(119) $(27) $(31) $(30) $(44) $(132)
Interest expense, net for the Manufacturing group (34) (35) (32) (34) (135) (34) (36) (37) (38) (145)
Special charges3 (73) (73) (37) (13) (25) (55) (130)
Gain on business disposition4 444 444
Income tax expense5 (29) (36) (65) (32) (162) (21) (62) (44) (329) (456)
Income (loss) from Continuing Operations — GAAP $189 $224 $563 $246 $1,222 $100 $153 $159 $(106) $306
Gain on business disposition, net of taxes (410) (9) (419)
Special charges, net of taxes 56 56 25 9 15 37 86
Income tax expense (benefit) resulting from the
    Tax Cuts and Jobs Act
(14) (14) 266 266
Adjusted Income from Continuing Operations—Non-GAAP6 $189 $224 $153 $279 $845 $125 $162 $174 $197 $658
Diluted EPS from Continuing Operations—GAAP7 $0.72 $0.87 $2.26 $1.02 $4.83 $0.37 $0.57 $0.60 $(0.40) $1.14
Gain on business disposition, net of taxes $— $— $(1.65) $(0.04) $(1.65)
Special charges, net of taxes 0.23 0.22 0.09 0.03 0.05 0.14 0.32
Income tax expense (benefit) resulting from the
    Tax Cuts and Jobs Act
(0.06) (0.06) 1.00 0.99
Adjusted Diluted EPS from Continuing
    Operations—Non-GAAP6,8
$0.72 $0.87 $0.61 $1.15 $3.34 $0.46 $0.60 $0.65 $0.74 $2.45
1At the beginning of 2018, we adopted the new revenue recognition standard using a modified retrospective basis and as a result, the comparative information has not been restated and is reported under the accounting standards in effect for these periods.
2Segment profit is an important measure used for evaluating performance and for decision-making purposes. Segment profit for the manufacturing segments excludes interest expense, certain corporate expenses, gains/losses on major business dispositions and special charges. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense.
3Special charges of $73 million were recorded in the fourth quarter of 2018 under a restructuring plan for the Textron Specialized Vehicles businesses within our Industrial segment that was initiated in December 2018. Special charges related to our 2016 restructuring plan were $15 million, $12 million, $15 million and $48 million in the first, second, third and fourth quarters of 2017, respectively. In addition, we recorded special charges of $22 million, $1 million, $10 million and $7 million in the first, second, third and fourth quarters of 2017, respectively, related to the Arctic Cat acquisition, which included restructuring, integration and transaction costs.
4On July 2, 2018, Textron completed the sale of the Tools & Test Equipment product line which resulted in an after-tax gain of $419 million.
5Income tax expense for the fourth quarter of 2017 included a $266 million charge to reflect our provisional estimate of the net impact of the Tax Cuts and Jobs Act (the "Tax Act"). We completed our analysis of this legislation in the fourth quarter of 2018 and recorded a $14 million income tax benefit.
6Adjusted income from continuing operations and adjusted diluted earnings per share both exclude Gain on business disposition, net of taxes, Special charges, net of taxes, and the income tax expense (benefit) resulting from the Tax Act. The Gain on business disposition is not considered indicative of ongoing operations as it is a significant one-time transaction. We consider items recorded in Special charges such as enterprise-wide restructuring and acquisition-related restructuring, integration and transaction costs, to be of a non-recurring nature that is not indicative of ongoing operations. In addition, the impact from the Tax Act is not considered to be indicative of ongoing operations since it represents a one-time adjustment related to a significant tax reform of a non-recurring nature.
7 For the fourth quarter of 2017, the diluted average shares outstanding excluded potential common shares (stock options) due to their antidilutive effect resulting from the net loss.
8 The non-GAAP per share information for the fourth quarter of 2017 is calculated using diluted average shares outstanding of 266,099,000.
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