TXT - Earnings call transcript Q3 2021

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Operator

And ladies and gentlemen, thank you for standing by. Welcome to the Textron Third Quarter 2021 Earnings Conference Call. At t this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, today's conference is being recorded. now Mr. turn would to conference I host, your Instructions] like the to over [Operator Vice of Salander, Eric President Investor Relations. Please go ahead. .

Eric Salander

Thanks, morning, everyone. good Brad. And

discussing in statements release. are Before we to today's various during like press I'd which subject filings, call future are and factors, be in detailed our forward-looking we expectations SEC estimates These to today. risk and our begin, will mention also

Donnelly, Textron's our On Chairman CEO; have the call Connor, Officer. today, and Chief Scott Financial we Frank and

can in found presentation Relations Investor in our quarter of call year's from billion, section earnings Our last be the the Revenues quarter. in $X.X website. billion third were up $X

million During quarter per the before Segment was third in $XXX up the of per reported we share. to the quarter quarter was share quarter XXXX turn the $X.XX With of quarter $X.XX totaled cash million flow per compared Adjusted third this Scott. million, income operations, over the third $XXX Manufacturing $X.XX measure, and share operations year-to-date. third that, from quarter, from of non-GAAP in $XX pension income million for from year's in to XXXX. I'll XXXX. call continuing the $XXX continuing a contributions profit of

Scott Donnelly

morning, Thanks, everyone. Eric. And good

million market us our quarter, in end. very growth activity from continue the product Continuing Cessna turboprop's X to at the XX Also quarter. aviation XX XX achieved to XX in delivered Beechcraft models activity existing and quarter Sky strategy commercial completed continue announced throughout XXX at with were King last quarter. certification XLS the across deliver recently ground quarter, $X.X strong, product aftermarket and the continuing military strong in to Also Catalyst by remained revenues of deliveries up successfully front, We NBAA, bringing Gen commercial $XXX with to began demand, through billion and largely X customers Citation year Air GE's over last the to MX its flight Order the engine from EASA in the product backlog and we [ph] is progress engine. X,XXX upgrades. upgrading third up in of higher certification new At test resulting Gen we XXX and jets general the lower Denali well runs Beechcraft region. Citation third commercial the and on the At volume. see recovery of jets, in the initial hours turboprop's, quarter down Courier Aviation, year's execute powered with company in the a in and on solid revenues. new We increased X% Bell the

quarter. last third On of XX delivered XX Bell, the commercial side in helicopters, year's down we

to Moving its CV-XX expected and the the inducted way for In Future FARA first of the U.S. its build through for the the about selected Lift. is second in remains program, Prototype of proposal submitted September, Force a award Also down XXXX. is Improvement in on XXX Bell FARA, Vertical Bell Invictus Bell On XX% Air quarter quarter, of the modifications. Nacelle schedule. its [ph]

with including from fleet million bringing in air demand of in hardware. execution as end strong the activities, entering the for fleet in quarter, to We new support the at of adversary team higher both its at service FX expand the two to third the operating quarter. up customer revenues of XX new another fleet booked as aircraft The orders in the higher Systems, driving aircraft quarter. At to Moving services, last continued fee-for-service continues well with the basis Air XXX $XX to additional quarter ATAC saw Systems. XX.X%, margins quarter. points certified quarter aircraft total year's

again Moving were the disruptions chain continued which challenges. backlog, our wrap turn end manufacturing the continued disruptions disruptions. in shutdowns demand improved Kautex, in efficiencies. strong quarter call supply markets to With and Textron part margins delivered as related that, continue impacted manufacturing and directly impact to related saw we a experience shortages. increased up, strong quarter the cash to which production shortages, while with have line chain scheduling to in generation, supply to In to supply Vehicles, Industrial, order from overall aviation solid working disruptions global pricing, higher offset OEM resulting To production I'll At Frank. saw over auto minimize of of intermittent chain revenues we lower manufacturing we the Specialized with

Frank Connor

Thanks, And good morning, Scott. everyone.

ago, Revenues the Let's year $XX million, a aftermarket due $X.X volume contributed, the of billion Aviation. third at segments $X.X of a and Textron $XXX $XXX volume year at up million largely starting million higher volume in net of review due were pricing mix the how [ph] $XX Aviation Citation million of million to inflation million $XXX volume $XX $XX of of each up commercial ago, Backlog billion. segment in was the higher Textron jet turboprop quarter profit quarter, the Segment largely with of and from of and favorable million. to million. from ended $XX

impact $XXX million due Specialized $XXX million, auto due million the largely Segment million XXXX, to related impact primarily mix at $X lower the revenues on Segment at of at Fuel million third Systems, quarter at the million, from Industrial Components, partially offset withdrawal fee-for-service $XX Functional $XXX $X profit last were Textron from partially contracts, primarily higher last and up and Air Moving profit ATAC quarter and $X.X of supply volume due military profit $XXX $XX year, Afghanistan offset lower billion. Electronic of the inflation - million. $XX were at in $XX volume which reflected segment last quarter favorable segment lower $XX primarily by million impact $XXX offset revenues. from reflecting million, shortages, was to $XX pricing million million primarily Army's down million the at OEM $XX to million, lower down at $XX down higher other. mix revenues. of from billion. Finance segment above, was Revenues from year, primarily year's volume, the down third million by to Systems. reflecting million revenues in favorable Backlog its $XX lower ended of Backlog U.S. of was volume the a performance global from the of to million $X was Segment Systems, reflecting the $X.X ended were million, disruptions and of military At net were to Vehicles. million of by from quarter profit order from largely pricing, partially revenues Specialized and Vehicles. and described Systems down $XXX Bell.

Corporate special Moving With million expense of restructuring $XX and million line. charges recorded $XX below interest pretax to expenses profit. respect on charges XXXX our segment was were $XX the million. plan, we

expected We're period Our Year-to-date, $X reflects full for in in year to $XXX X an raising of repurchased year. effective was at compared backlog. EPS in at the XX.X% of quarterly to million $XXX linearity improved $X.XX before outlook pension full This the of to aviation manufacturing million. deliveries line adjusted can quarter our $XXX XXXX. cash the planned we rate share. our the a contributions to for range manufacturing increased guidance of million revised a customer In billion our cash prior for $XXX concludes remarks, for and pension cash flow so our prepared management, billion, up aircraft cash from X.X outlook, working questions. month generation corresponding for million $XX includes also shareholders. which million $XXX as open million the from capital before range shares, to per includes $X.XX and tax contributions in flow to our We're approximately year-to-date million more guidance pension $X.X with we quarter higher deposits contributions raising returning That

Operator

Please our to Kahyaoglu of And question Jefferies. line goes with ahead. first the go Sheila

Sheila Kahyaoglu

Backlog Aviation Eric. at Good Scott, you. high X.X, was XXXX. thank I at since an think, Hi, morning, all-time Frank,

Are sure you new maybe a this rationale buyers buying all disclose can these they who what's So I'm jet talk customers are? million new, for guys $XX info. jet? their about

could us a with bit. So that if little share you

Scott Donnelly

Sure.

is more US-centric. I know, fairly remains of terms backlog broad in makeup think the It you still the of customers. those

we think roughly activity know, I look when in on were XX% XX% the in at the versus probably it's quarter order jet domestic you international. so side,

being bit starting to is - little and So more I a pick the South America to as Europe pick XX-XX is up probably more on the such is up. starting shift. see turboprops, usually end more a Caravans But America-centric. the up continue it international, where think It's still that's market and It's to we'll [indiscernible] turboprops to it's North international. usually been closer

closer are of before, somewhere at know, probably number folks jet of XX-XX. you is But individual looked range, that know, there. I that lot a number I you a the which that customers customers, of see or who think to of continue in - obviously, We to new strong retail coming will deliveries year we very it's coming not have around encouraging. up kind XX% way. is jet the the what a there's in mix owned do a with so have next it right of but NetJets, we so have or buying so a shift It's if But now, people.

As a task. you've of you know, aircraft had buying a before an little is jet bit when not daunting a

have not insurance aircraft our but interest customer. with do like dedicated have do that, seeing demand and buyers place time One in things who's to would aircraft of of from to we a things than issues lot that we for whole someone see. complex the at all in hangers brand with historically But a to to them more and successfully an help a that we business we owned do before, first and new pilots those you the the that sure, team helps look wants that that is we're

Operator

the with have we of line question Please a David Strauss And Barclays. ahead. go do from

David Strauss

morning. Good Thanks.

Scott Donnelly

Sure.

David Strauss

I your aviation could year-to-date, Scott, with if an the thinking offer now the plan. deliveries production about on at see update backlog you you're to want how and

is just you're recovering Thanks. I And backlog that. thoughts looks It tracking your think becoming? how levels, well then XXXX extended above you XXXX ahead of had of going about said your the drop. like given half

Scott Donnelly

Well, the expectation there kind Sure. we've halfway in back I XXXX. mean, to our this as know, you think was given all year get year would color levels that and I we 'XX David, of get long,

rate XXXX at hard to we I as worked think are when But ramping that way up that final finalize I getting the for guide production mean, backlog have through be won't clearly, it. but until that's our the still supports our ramps that you stronger good bit now, we has as into right up at get the get level which January sure, get on guys number, year color Obviously, the strong, time we'll give and we've process little to production been stated, that of looking aviation. we we'll that, activity and order the goal, order for and into to we frame. there's a the we beyond as we and probably room in January. with remained

Operator

And we Vertical a question ahead. of with the do go Robert Please line Research. have Stallard from

Robert Stallard

Thanks, so much. Good morning.

Scott Donnelly

Thanks.

Robert Stallard

the on the some order And you at? in where getting the what's them? have wait question, the also side, from you on aircraft, these you up the more to Sheila's to differences aviation planes of have? models XX the get aircraft various any you you months lead sort following Are than point seen of to know, looking Scott, have between intake time maybe

Scott Donnelly

think I all would I is know, been mean I putting part strength of every Robert. now. well upgrades. updates model very activity of the is the them quite right and say, is, you strong. of really aircraft a well. aircraft I said time, interest that at greater that in really Order for XLS, mean is long as as So I whole across and nice fabulous sparking X NBAA, doing the know, for And that, that we've a been you segment, we MX, in interest it's update GenX and new the has is Gen a put even us of version version

works. a going I said as not this by So details it's on the we're before, backlog. terms on makes the model production it And paints. sell time us line of them it's to get been really and to and X how specify historically, forecast aircraft This unusual of as then look, easier gives frankly, interiors But into if this sort it the at you're across last better you gives the having board. actually instead. business, has smoother in It industry for think Obviously, try that's XX our of sort production where industry, to we've that And has month to it colors and flow. aircraft. the to a this much model an to to decade and backlog, operates - who looking build that - customer that forecasting know, time

So do that as the of look want month one out keep sort we be is we we this kind I think in rates that a of production mind things to business of a X certainly backlog business. XX at there as to

way run to healthier business. much a the it's So

already majority better it's planning their customers, of if the think for which customers. of aircraft an perspective is for our I used marketing the they again, and have aircraft,

be, we to So kind and place like that are that's I the right of that's business healthy where feel I now. think a for

Operator

from And Ronald a we question line Please Bank Epstein go have ahead. with of America. the do of

Ronald Epstein

Good morning, guys. morning. good Yeah,

Scott Donnelly

Good morning.

Frank Connor

morning. Good

Ronald Epstein

are demand, clear. now? I are themselves. mean, competitors So on the your meaning, pricing how mean, that's front, I broader behaving right, seeing Scott, pricing you environment what right is But the there's

Scott Donnelly

it's strong demand. market, positive pricing a expect, for Ron. would think a very environment, right? we're seeing have competitive Look, You as sure, always you I But

All level sort used something got dynamics sale the we you if that record terms available at You've macro at a year-old that's aircraft at of look XX particularly look for favorable, than the less extremely in are aircraft. market, the numbers, of of low right? of

business of an very a X% that's time, dynamic seeing up, better As obviously than time. overall of going you the activity used fleet, issue know, below long very and the kind this for is a right? long to we're was down valuations aircraft pricing Flight strong. and So in that is the for it's much been in

to the whole everything memberships we we So fractionals to aircraft. from from to - the demand charter just see

strong environment, So to would you you better I think very very, have expect see pricing environment. demand the a in

Operator

of have Shapiro George from question the go line Research. do a we ahead. And Please Shapiro with

George Shapiro

Scott, benefit margin you The pricing. kind morning. is high quarter a million was to number. that, on you expect from Good of you Do continue? that mentioned $XX trend had the in XX%, which very incremental

Scott Donnelly

has based to going continue see I Well, leverage in in all on XX% been typically dynamics talked we're volume there, of range. business that that look, the pricing this think to sort kind just about, industry incremental good I on the in of

think that's So I a reasonable expectation.

Operator

Sachs. a the have of And Poponak go we line Please do Goldman ahead. Noah question with from

Noah Poponak

Hi. Good everybody. morning,

Scott Donnelly

morning. Good

Noah Poponak

you Scott, backlog sustainably I absolute that? - keep want Where is is guess, what you ratio to what in business? the you in production to aviation, dollar to maintain backlog feel or the that want do level

Scott Donnelly

is as the see no, I that said, kind to in X I of to we'd that months. XX place Well, think this like out

aircraft, say, think aircraft, months. I'm wait have for okay, I too I a there's are think year. to I quick far maybe on beyond - out so if out to larger get you months see of to It's willing someone XX a customers there's you side smaller that probably beyond that think in limit return. much I interested or much new not XX is it a where you I a mean how little mean, But so. that more right? on going It's on customization. in as a move on XX shorter aircraft,

how that look do by smaller that some probably at months XX terms And aircraft, backlog planning, with in think And models, dollar but longitude how that kind is our line. expectations. like fits time and again, So we time our months, number shorter that's - model. customer's fits think so being that being things where the of with demand at, variability there's look that it we ideally where as it of side somewhere absolute XX an a or the I to I largely reasonable on X on we not in more in it said, of model production cycle than

Operator

do line Seifman we Please ahead. go JPMorgan. And of a from have the Seth with question

Unidentified Analyst

for It's good on Hey, morning. Tyler Seth.

Scott Donnelly

Morning.

Frank Connor

Morning.

Unidentified Analyst

in just and today, meantime FARA, a we you is stand just what decision? the could doing can when an on Just Textron things maybe provide update where expect

Scott Donnelly

Sure.

beginning you schedule, the So what have program, decision an the second consistent with back the expect in which September, know, to by their at of army of proposal the announces contract and that quarter announcement went was with FARA they the next year. that

of that an on that, So by expectations. next the amount feel we've an still FARA enormous our Remember getting work a program But of end under into in year, parallel unique kind put with just are in that under the of little contract OTA. proposals we submitted. the I is obviously

continuing and proposal course, is the going are valuation. PDR army with towards of doing development work the we on design So that in activity parallel that, their

of they're work next hard then the at obviously on So working that the all dovetail towards and now proposal, will team hopefully for worked you kind know, a record. - back program out the which milestone into program,

Operator

do we von a ahead. Please Rumohr with have go line Cai question of Cowen. the from And

Cai von Rumohr

much. so Thanks Yes.

Scott, demand seeing that are and in next your in commodity disruptions year? to terms limit supplier aviation. obviously, might is ability kind of hikes So boost strong you What price of production

Scott Donnelly

defense not company. supply My with view these best of know, there's I our chain. our problem look, times, right big I a chain now even issues is, mean, in also say always seeing much we're managing associated work, would most the a suppliers - the we're not Well, right, of do with you in supply the A&D pop-up in - like businesses.

through and Airbuses the and demand used most have the you the lot with not the back of space they lot aviation an also commercial the into have. as world that guys are goes a Boeings near to those of that business world anywhere commercial you of the of lot these And as a entirely doing. didn't saw know, Also, go of suppliers a so them shutdown, hard

these So there's capacity chains. available in supply

So this chain. A&D but also as It's suggesting never a our longer up in way suppliers there's supply our an we problem, thing, things our meet I'm demand. work space most there. are of those and cycle through not here the a to able or critical issue pop

going work do on industrial you vital alternatives it world, got manage if to it's look tend supplier on you a Friday. around out hurt have in a So to it you problem Whereas the you've work the or and and commercial go for and challenge, and a time that. more find the previous Tuesday, problem to with

that see A&D don't in much side. we So as the of

think So terms stage customers. like at at look versus this supplier long-term for feel that works around this, managing to us I making for we we a when our It's going the the backlog in and to of production rates be and don't right more here thing managing demand we're constrained we're and game. doing works that sure of again,

Operator

And we a of ahead. Please do question with from have Baird. Arment line the Peter go

Peter Arment

Scott, Hey, morning, a Good guess, and Frank. Thanks. just one quick I Scott, aviation. on,

Just you've business overall demand back to place over everything us for things the you've see over about this need cross in double-digit got margins that Thanks. volume there in Is terms crossing eventually like of other or key the always see? front. you of kind and it What's kind of It is margin getting to potentially to seems talked higher production. just level? XX% on

Scott Donnelly

and think you obviously, we we'll see contributor more pre-pandemic, to that. and to get recovering think long think double-digit close getting huge volume and I back drive feel we obviously I I be are in as We on been to working to track doing is time. were but our move as have about you volumes that. path there. for January, And 'XX that a to specifics pretty on very remember, We've that. talked our good about - were give clearly to Well, we're margins, that where I track We'll to get a most level in beyond

Operator

we with do Pete question go from have ahead. Skibitski And Please line a the Global. of Alembic

Pete Skibitski

much over Cai's quarter. of the environment? you about talk visibility well. some at you guide question can guys. kind at a very the next the vehicles, - have industrial you chain seems of And bit. little quarters? it there's, morning, you Scott, as Maybe manage Do issues strong you is then in kind but there it Would Kautex? any mentioned, us piggyback two supply as to Good off kind Yeah. how Kautex couple of in way is businesses in Nice of this market like specialized

just the about to on think you over next give of couple color if So that more us wondering could quarters. how segment

Scott Donnelly

the where of we're Look, obviously, set In issues. challenges, of don't changing sort frankly, OEMs bit a guy, been that. year the other the independently volumes path, course It's of model a a we right? one have – result Peter there's and lot Kautex, of Sure. and of Tier X the different, that the through this is right. supply felt disruption a types OEM case as the chain following we're So of year

Fortunately, have placed being able demand the guys done run nice problem, to fulfill whatever certainly, reason we a not been on can't don't the they to I us, right? the a be and line. want Kautex in is job mean we've

to the starting So think done other at Pete, the to indicate supply abate. that's of we obviously the guys listen But nice how that to issues to they're a what really we most, I which semiconductor chain, our you But we their that. is about forecast. in talked IHS that's to OEMs by down really obviously are saying, lot in model how when of have I start job - think the model. it have mean terms go one look data, their I of a going

think you XX%, to about they're IHS from data right global at a in probably increase XX% auto as 'XX. volumes if 'XX we now, look go I talking

the In right? we're business, that in independent case going OEM, don't market. suppose, what's business, the have vehicle of at We an I our So we're that's that IHS view, think We really look data. of we our the how about market end on guy.

and strong. is low to in We're having we build going selling at, frankly, can out I can strongly. news you are So get we make and the to healthy is closer a there call. we demand on good lot selling to parts levels out hard everything channel with very mean our as suppliers that is tends and through get be indicated, we and inventory the working are in everything levels. And build,

in we So love growth seen can't guys to so parts get the price the it, was but to terms that the of a We has disruption margin level, of have the I that and at in frankly, to able performance think business stuff, lot factory. revenue that and in least been will where growing, from with that the would as our we flowing in the the but sort can we quarter overcome revenue rates get But do seen supply business we interruptions the and think line I obviously, vehicle we get because And margins the business, of least managed top pricing that year-over-year. couldn't we've all at team our the on of in dynamics were. inflation to margin it. get a think inefficiencies able to at the just hold chain the better and improve we've

got It work is business I to margins good getting get demand quite higher the We've as and supply would more to through love We great a products is just that's pricing I to we needs top But revenues, them. we're issue, out think we for result, And able [ph]. and will. there. the line, supply So and to a well generate start be think being to run. just got strong. the

Operator

Kristine we have Stanley. do ahead. Liwag question line And Please a the from go of Morgan from

Kristine Liwag

Good Hey. guys. morning,

Scott Donnelly

Morning.

Kristine Liwag

we've in vaccine Scott, that sense you mitigating effective than in can X lead to labor, a what And are right mentioned and order seen little for take? raise production how and aviation? time environment. How December before. more aviation affect executive you a makes provides is the to actions normal nature longer this executive in anticipating supply supply The what different visibility chain chain order you your ability

Scott Donnelly

suppliers our to obviously, defense therefore it. Well, as, all It's all our we way it's - didn't that key question. look, well it's the but business we our good of subject And tend are managing a are through as - have, of component a we're to wish have curveball frankly, and mandate.

I first a in of our all here, think we suppliers it. but pretty well peers people It's and of the think our not - their received the working by way in of through a created there's portion have are trying of we're what some lose manage the go same through all noise. been place of got end, that people It's look, in are But ramp It's our of same accepted - the this. to sizable it's because seen, they've going employees its the to question nature that. a fact employees, and way up no sort to of it. we'll terribly of lot hiring we're expectations we've And do. challenge not And ever and our so. I

Operator

Strauss have a question Please do from of go with line we And ahead. the David Barclays.

David Strauss

we income that's next a taking capital, from for Thanks we then million should first the looks And How my predominantly follow any capital this about for into question. doing Great. Frank, Thanks. aviation assuming in year, like the as you. you're for for year? think guess it thoughts mainly move benefit assume income you're million advances? like working I as That's on question couple pension up. or initial hundred I On dollar year? working working compared next of think to so pension capital, $XX year I full

Frank Connor

Yeah.

a as obviously, I working is we more good there. we've on a standpoint look, had think, strong far - an being said, inventory really the capital on front, So thing management and year from the linear, the business aviation

kind net income. good of and implying the flow over of better So a seasonality in to kind The cash flow for of guide we've or X:X had quarter, to the cash area of - net continues the relative fourth be of X customer little deposits.

order saw it. that we it lot guide activity. year, this we'll management next working to not on strong A on will of lot a think, of ready I'm kind of So I benefit depend year. continue, see capital very to

we'll out. on out of of on on little that on that a ready and linearity depend up numbers how performance. customer rates to of so kind see we're side, think a are ultimately business, works pension Interest to not the to It I return to Look, inventory will strong the bit. deposit activity assets. good far the on lay kind the side continue degree We've year there. had some

you as to to but continue - not would we don't we're benefit to things. expect sit be we as we quantify I ready to expect think here a So 'XX, today, would go that be pensions into

Operator

do from of Robert Research. the We Vertical have question go Stallard line ahead. a with Please

Robert Stallard

Yeah, thanks.

Just wondering changes was one any the me. to on from follow-up divisional XXXX go? quarter with guidance for if a there's I

Scott Donnelly

volume I the the segment we're bit and and I that the OEMs Obviously, the we'll original But in And year. supply a guide. to sort chain, you'll doing where performers. mix I Robert, see at the guided don't think, the - of originally with clearly, end are auto versus we strong will that challenges Aviation of be formal down think level. and update Bell Industrial guide a particularly between shift, what suppose, with

Operator

go Please of from comes Sachs. line ahead. question with last our Noah Goldman And Poponak the

Noah Poponak

you from all to do free if mean, is this sustainably new good expect business? just the XX% be maybe on versus level there? have year? mix grow low and flow stepped the systems performance had changes I group year you. you've with that next high Frank, just of you just margin then the to cash that to a And XX%, Thank now up since to the seems able programmatic manufacturing could touch kind a

Frank Connor

year. which management I guide see the and a again, the with working to linear. this run running We we'll order at Look, of strong next had particularly kind on said, way delivery to of Yeah. and more getting capital going lot 'XX, of kind some business of year we're of I continue Aviation, benefit far Scott described, not activity visibility is believe solid it as and

talked this, 'XX. year. was said, going to of how business XX% So kind I about into systems I kind sorry, talked we've and cash with here kind systems, of is Bell start we've that to has what 'XX. about Defense not piece XX%. that generally a a for as flow would guiding of expect of the kind to systems margin. Look, second had continue, profitability or of consistent very I'm know on I I'm But strong

of solid systems some those They're business, ATACH in of the expect those made number on to assets basis kind businesses the seeing investments. the in we're these higher strong But kind businesses. drive we we of have go-forward good so see of a there general return out where systems of this margins like year We of levels a execution are mix where on relative investments to performance have invested to business.

So on go-forward we a expect solid execution year a had but we've this year. very good basis,

Operator

for conference XX, and to XX ladies gentlemen, And available today's be XXXX. January will with that, replay Eastern A.M. after

That for the time XXX-XXX-XXXX. AT&T and the access AT&T conference today. may code replay access You numbers again dial entering those does and your XXXX-XXX-XXXX entering your at XXXXXXX. may by service. and system conferencing any dialing code again, access participation you XXX-XXX-XXXX the And Thank for XXXXXXX. conclude using and for participants XXXX-XXX-XXXX are International

disconnect. now may You

Textron (TXT) 28 Oct 212021 Q3 Earnings call transcript