Textron Inc. (TXT) Q2 2010 Earnings Call July 21, 2010 8:00 a.m. ET Executives Doug Wilburne - VP of IR Scott Donnelly - President and CEO Frank Connor - CFO Analysts Cai von Rumohr - Cowen & Company Noah Poponak - Goldman Sachs Jeff Sprague - Vertical Research Partners Steve Tusa - JPMorgan George Shapiro - Access 342 PresentationOperator
Welcome to Textron's second quarter earnings call. (Operator Instructions) I would now like to turn the conference over to our host, Doug Wilburne, Vice President of Investor Relations. Doug Wilburne Thanks, Robert, and good morning everyone. Before we begin, I'd like to mention that 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 President and CEO; and Frank Connor, Textron's Chief Financial Officer. We are originating our call from London today, as Scott and Frank are here meeting with customers and industry participants in conjunction with the Farnborough Air Show. Our customary earnings call presentation can be found in the Investor Relations section of our website. Moving now to the second quarter results, which appear on slide three of the presentation, revenues in the quarter were $2.7 billion, up 3.7% from a year ago, which yielded GAAP earnings per share from continuing operations of $0.27. This compares to a $0.23 per share loss in last year's second quarter. We incurred $0.02 per share on restructuring charges in the quarter. So our second quarter EPS from continuing operations before special charges was $0.29 per share compared to $0.08 a share a year ago. The manufacturing operations generated $170 million in free cash flow during the quarter.