Textron — Oct 24, 2024 release

Three Months Ended Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Income from continuing operations - GAAP $ 223   $ 269   $ 684   $ 723   Add: LIFO inventory provision, net of tax 37  20  72  65  Intangible asset amortization, net of tax 6  8  19  23  Special charges, net of tax (1) —  19  —  Adjusted income from continuing operations - Non-GAAP $ 265   $ 297   $ 794   $ 811   Diluted Earnings Per Share: Income from continuing operations - GAAP $ 1.18   $ 1.35   $ 3.56   $ 3.56   Add: LIFO inventory provision, net of tax 0.20  0.10  0.38  0.32  Intangible asset amortization, net of tax 0.03  0.04  0.10  0.11  Special charges, net of tax (0.01) —  0.10  —  Adjusted income from continuing operations - Non-GAAP $ 1.40   $ 1.49   $ 4.14   $ 3.99   2024 Outlook Diluted EPS Income from continuing operations - GAAP $ 870   $ 908   $ 4.56   $ 4.77   Add: LIFO inventory provision, net of tax 100 0.53 Intangible asset amortization, net of tax 27 0.14 Special charges, net of tax 33  — 30  0.17  — 0.16  Adjusted income from continuing operations - Non-GAAP $ 1,030   — $ 1,065   $ 5.40   — $ 5.60   TEXTRON INC. Non-GAAP Financial Measures and Outlook (Continued) (Dollars in millions, except per share amounts) Manufacturing Cash Flow Before Pension Contributions Manufacturing cash flow before pension contributions adjusts net cash from operating activities (GAAP) for the following: • Deducts capital expenditures and includes proceeds from insurance recoveries and the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations; • Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations; • Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period