Textron Reaffirms Confidence in 1999 Results and Expects Strong Performance in 2000

November 11, 1999

Providence, RI - November 11, 1999 - In response to recent declines in its stock price, Textron Inc. (NYSE: TXT) today reaffirmed its confidence in meeting analyst expectations for 1999 and 2000. In addition, the company is actively buying back Textron shares, maximizing market opportunities at today's share price.

"There is absolutely no unusual corporate development that would justify the irregular trading of our stock," said Textron Chairman and Chief Executive Officer Lewis B. Campbell. "We remain on track to deliver strong fourth quarter and full-year results that are completely in line with analysts' consensus. Our businesses continue to perform well in their markets, and we look forward to continued strong performance in 2000."

Referencing Textron's Aircraft segment, Campbell said, "Our Cessna Aircraft unit is, and will remain, one of the strongest performers in Textron's portfolio with an all-time record backlog of $4.35 billion, already up over $100 million since the close of the third quarter. Furthermore, Cessna has already taken more than 230 Citation business jet orders this year and has essentially sold out its planned 2000 production."

Textron has posted strong results in 1999, driven by a balance of organic growth and strategic acquisitions. In the third quarter, Textron acquired OmniQuip International, a $520 million maker of light construction equipment. "OmniQuip is exceeding their 1999 targets established at the time of acquisition, and plans indicate a stronger performance in 2000 than our original projections," said Campbell. "Further, our integration plan is on track and we will fully capitalize on the synergistic potential between OmniQuip and other Textron units."

Since August of 1998, when Textron announced its 25-million-share buyback plan in conjunction with the announced divestiture of Avco Financial Services, Textron has repurchased approximately 18 million shares. "The current market price makes repurchasing our shares an especially attractive opportunity," Campbell continued.

Textron Inc. is an $11.5 billion global, multi-industry company with market-leading operations in Aircraft, Automotive, Industrial and Finance. Textron has a workforce of over 65,000 employees and major manufacturing facilities in over 27 countries, and is among Fortune magazine's Global Most Admired companies.

Forward-looking Information: Certain statements in this release are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or other financial measures. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following: (a) the extent which Textron is able to successfully integrate acquisitions, (b) changes in worldwide economic and political conditions and associated impact on interest and foreign exchange rates, © the occurrence of work stoppages and strikes at key facilities of Textron or Textron's customers or suppliers, (d) the extent to which the Company is able to successfully develop, introduce, and launch new products and enter new markets, (e) the level of government funding for Textron products and (f) Textron's ability to complete Year 2000 conversion without unexpected complications and the ability of its suppliers and customers to successfully modify their own programs. For the Aircraft Segment: (a) the timing of certifications of new aircraft products and (b) the occurrence of a severe downturn in the U.S. economy that discourages businesses from purchasing business jets. For the Automotive Segment: (a) the level of consumer demand for the vehicle models for which Textron supplies parts to automotive original equipment manufacturers ("OEM's") and (b) the ability to offset, through cost reductions, pricing pressure brought by automotive OEM customers. For the Industrial Segment: the ability of Textron Fastening Systems to offset, through cost reductions, pricing pressure brought by automotive OEM customers. For the Finance Segment: (a) the level of sales of Textron products for which TFC offers financing and (b) the ability of TFC to maintain credit quality and control costs when entering new markets.

Connect with Textron IR

Eric Salander, Vice President, Investor Relations
(401) 457-2288
Cameron Vollmuth, Manager,
Investor Relations (401) 457-2288

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