Textron Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Textron first quarter earnings release conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. If you would like to ask a question, you may press 1, then 0 on your telephone keypad. You will hear acknowledgement that your line has been placed in queue. As a reminder, this conference is being recorded. I would now like to turn the conference over to Eric Salander, Vice President of Investor Relations. Please go ahead.

Thanks, Leah, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release. On the call today, we have Scott Donnelly, Textron's Chairman and CEO, and Frank Conner, our Chief Financial Officer. Our earnings call presentation can be found in the investor relations section of our website. Revenues in the quarter were $3 billion, up from $2.9 billion in last year's first quarter. Segment profit in the quarter was $304 million, up $48 million from the first quarter of 2021. During this year's first quarter, we reported net income of $0.88 per share, compared to $0.70 per share on an adjusted basis in last year's first quarter. Manufacturing cash flow before pension contributions totaled $209 million in the quarter, up $138 million from the first quarter of 2021. With that, I'll turn the call over to Scott. Thanks, Eric, and good morning, everyone.

Revenues and margins were up in the quarter driven by Textron Aviation. Aviation demonstrated strong execution in the quarter, resulting in 11.6% segment margin. We continue to see very strong demand, solid pricing, and increased deliveries from our cetacean jet and commercial turboprop products and higher aftermarket volume from increased aircraft utilization. We delivered 39 jets, up from 28 last year, and 31 commercial turboprops, up from 14 last year's first quarter. Order activity was very strong in the quarter, with $1 billion of backlog growth, reflecting continued order momentum across our product portfolio. We ended the quarter with $5.1 billion in backlog. In March, our new commercial turboprop, the Cessna SkyCurator, received FAA certification, and we expect to begin deliveries in the second quarter. At Bell, revenues were down 1% in the quarter, largely driven by the mix of commercial products sold. On the commercial side of Bell, we delivered 25 helicopters, up from 17 in last year's first quarter. During the quarter, we saw momentum building commercial demand across all our product aircraft models and in markets, with a strong quarter of new orders. Moving to future vertical lift, in March, Bell submitted its final flyer proposal revision to the U.S. Army. A down select and award announcement is expected this summer. Moving to Textron Systems, revenues were down in the quarter on lower volume, primarily reflecting the impact of last year's withdrawal of the U.S. Army from Afghanistan on our fee-for-service and aircraft support contracts. At ATAC, we continue to see increased flight activity and revenue on our U.S. Navy and Air Force adversary air contracts. During the quarter, systems successfully deployed the first aerosol and UAS system in a maritime environment aboard a U.S. Navy guided missile destroyer. Systems expects to deploy a second aerosol and UAS aboard an additional ship later this year. Moving to industrial, we saw higher revenue in the quarter driven by higher pricing and volume in specialized vehicles and our PTV and Golf product lines. We continue to see strong in-market demand in most of our product lines across specialized vehicles. Caltech saw disruptions related to global auto OEM supply chain shortages that continue to directly impact our production schedules, resulting in lower volume. At the product level, hybrid revenue increased 24% year-over-year with 12% of total Caltech's revenues in the first quarter, up from 9% a year ago as we continue to penetrate the hybrid fuel system segment. On April 15th, we closed our acquisition of Pipistrel, a pioneer and global leader in electrically powered aircraft. Pipistrel brings its technical and regulatory expertise in the development of electric and hybrid aircraft to support Textron's long-term strategy to offer families a sustainable aircraft for urban air mobility, general aviation, cargo, and special mission roles. With that, I'll turn the call over to Frank.