Leading positions in key markets Good diversity of commercial aerospace, military, and industrial products Weak, but stabilizing, business jet market Restructuring efforts likely to result in modestly improving profit margins Credit ratios continuing to improve after debt-financed Beechcraft Holdings LLC acquisition in 2014 A large portion of free cash flow likely to be used for share repurchases and acquisitions, but further debt reduction is unlikely Strong liquidity The outlook on Textron Inc. is stable. We expect steady improvement in credit ratios in 2016 and 2017 resulting from higher deliveries of new business jet models, increased deliveries of wheeled armored vehicles and good demand in most industrial markets. In addition, we expect management to make moderate share repurchases and to pursue
