Leading positions in key markets Good diversity of commercial aerospace, military, and industrial products Weak but slowly recovering business jet market Pressure on U.S. defense spending Restructuring efforts likely to result in modestly improving profit margins Credit ratios depressed in 2014 because of the debt-financed Beechcraft acquisition, but now improving A large portion of free cash flow likely to be used for share repurchases and acquisitions, with some debt reduction possible "Strong" liquidity The outlook on Providence, R.I.-based aerospace, defense, and industrial products provider Textron Inc. is stable. Although credit protection measures deteriorated in 2014 from the debt-financed Beechcraft Holding LLC acquisition and higher pension liability, we expect steady improvement in 2015 and 2016 as a result of higher demand
