Simonton, Brandon

Textron, Inc. vs. The Boeing Company

Analysis of Two Competitors in the Aviation Industry

2016 – 2019 Financial Statements

Textron, Inc. vs. the Boeing Company

Brandon Simonton

Texas A&M University-Commerce

Financial Statement Analysis, ACCT 575, 01W

FINANCIAL STATEMENT ANALYSIS

Fall 2020

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Textron, Inc. vs. The Boeing Company

INTRODUCTION

The underlying purpose behind this paper is assessing the two leading companies operating in the aviation

sector, Textron, Inc. (TXT), and Boeing Company (BA). The paper is based on an evaluation of the financial

weaknesses and strengths of both companies, along with a comparison of their relevant operating philosophies and a

detailed assessment of the firm’s financial statements as presented in their latest annual reports. This analysis will

determine that among these two aviation companies, which one is a better stock purchase, and which firm presents

greater risk with regards to long-term investment. To add on, it is recommended for the management of Boeing

Company make initiatives of improving its business strategy as it suffered a corporate crisis involving a loss of

human life in crash of Ethiopian Airlines Flight 302 and the crash of Lion Air Flight 610. The bright side is that

Boeing Company is not a failure and is strong enough to revert back to its initial market leader position. Recently

the firm had several technical setbacks, one quite serious, and none unsolvable. Their share price does not in any

way see Boeing as a failure, which normally would be the prime indicator of a failed company.

BACKGROUND

The aviation industry includes all domains involved in air travel and the underlying activities facilitating

them. As a result, it incorporates military aviation, research companies, aircraft manufacturing, and the entire airline

industry, among others. Two of the leading companies in the aviation industry are Textron, Inc. and Boeing

Company.

Textron, Inc.

The underlying firm is an industrial conglomerate based in America. The subsidiaries of Textron Inc. are

Lycoming Engines, Textron Aviation (including Cessna, Hawker, and Beechcraft brands), Bell Textron, and Arctic

Cat (Root, 2019). The firm was found in the year 1923 by the Royal Little. As of 2018, the firm employs 37,000

individuals on a global level. As a result, the firm is ranked the 208th number on the Fortune 500 list based on the

statistics of 2018. Besides, Textron Inc. is a $13.6 billion firm employing a team of doers, creators, thinkers, and

talented makers. The firm believes in making things the move people, including things that launch, zoom, hover, ad

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Textron, Inc. vs. The Boeing Company

fly. The five business segments of Textron Inc. are Finance, Textron Systems, Industrial, Textron Aviation, and Bell

(Whiteman, 2019). Besides, the SIC code of Textron Inc. is 3721, while the NAICS code is 336411.

Boeing Company

The firm is a multinational corporation based in America that deals with designing, manufacturing, and

selling missiles, telecommunications equipment, satellites, rockets, rotorcraft, and air places on a global level

(Boeing Company, 2020). The firm can be seen as the leading aerospace manufacturers globally, the largest US

exporter in terms of dollar value, and the second-largest defense contractor as per FY2018 statistics (Boeing

Company, 2020). The firm is incorporated in Delaware, while its stock is a part of the Dow Jones Industrial

Average. Also, the SIC code of Boeing Company is 3721, while the NAICS code is 336411 (Boeing Company,

2019). There are five primary divisions of Boeing Company: Boeing Shared Services Group; Boeing Capital;

Engineering, Operations & Technology; Defense, Space & Security (BDS); and Boeing Commercial Airplanes

(BCA) (Boeing Company, 2020). In terms of its global reputation, the firm was ranked as 121st on the "Fortune

Global 500" list in the year 2020.

ANALYSIS OF THE INCOME STATEMENT

Vertical Common Size Analysis (CSA)

The vertical common-size analysis is calculated by converting the income statement from 2016 to 2019 as a

percentage of their total sales. Table 1 indicated below reveals that both TXT and BA have presented consistent

percentages over the years. Considering this, it’s important to assess the horizontal analysis of Boeing Company in

detail as its vertical analysis shows very unstable percentages. On the other hand, with regards to Textron Inc.’s

vertical analysis, the firm has shown consistent results in overall years. Considering the case of Textron Inc., the

value of COGS varied between the ranges of 82% to 83% in all the years. Without any major change in any

provisions found on the income statement, the value of net income varied between 2% to 8%.

As far as Boeing’s COGS is concerned, the firm was maintaining a stable cost outlays varying between the

ranges 80% to 85% from the year 2016 to 2018, however, the cost percentage increased to 94.17% in the year 2019.

A detailed analysis reveals that a 24.29% reduction in revenue from the year 2018 to 21019 is the contributing factor

behind this trend. The COGS percentage also decreased by 11.56% but the huge decrease in revenue percentage

resulted in the COGS percentage of sales to jump up to 94.17. The underlying reason behind decreasing sales

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revenue is two Boeing place crashes by Lion Air Crash killing 189 people and 737 Max crash in Ethiopia (Reuters,

2019). This impact was translated into reduced gross profit from 19.42% to 5.83% in the year 2019. The percentage

of operating expenses also increased from 7.75% to 9.31%, resulting in a negative operating income in the year

2019. To add on, the whole decreasing revenue impact trickled down to a net loss of 0.83% in the year 2019. To

summarize both firms show impressive financial numbers but Boeing suffers a major loss due to the two Boeing 737

Max plane crashes.

TABLE 1: COMMON SIZE ANALYSIS: INCOME STATEMENT - VERTICAL ANALYSIS

  Boeing Company Textron Inc.

INCOME STATEMENT 2019 2018 2017 2016 2019 2018 2017 2016
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - - -
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Net Sales % % % % % % % %
Less: Cost of Goods Sold 94.17% 80.58% 81.45% 85.43% 83.68% 82.98% 83.08% 82.04%
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - -
Gross Profit 5.83% 19.42% 18.55% 14.57% 16.32% 17.02% 16.92% 17.96%

Other Operating Revenue 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Less: Operating Expenses 9.31% 7.75% 7.79% 8.72% 8.45% 9.13% 9.42% 9.46%
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - -
Operating Income -3.48% 11.67% 10.76% 5.86% 7.87% 7.89% 7.51% 8.51%

Less: Interest Expense 0.94% 0.47% 0.39% 0.32% 1.25% 1.19% 1.23% 1.26%
(no capitalized interest)
Other Income (Expenses) 1.47% 0.27% 0.38% 0.36% 0.30% 3.20% -0.92% -0.89%
Unusual or Infreq. Item;
Gain (Loss) 2.12% -1.13% -1.98% -0.71% 0.00% 0.00% 0.00% 0.00%
Equity in Earnings of Assoc.;
Profit (Loss) 0.00% -0.01% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00%
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - -
Income before Taxes -0.83% 10.34% 8.77% 5.17% 6.91% 9.91% 5.37% 6.35%

Less: Taxes Related to

Operations 0.00% 0.00% 0.00% 0.00% 0.93% 1.16% 3.21% 0.24%
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - -
N.I. before Noncontr. Inc. -0.83% 10.34% 8.77% 5.17% 5.98% 8.75% 2.16% 6.11%

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Noncontrolling income (loss) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - -
N.I. before Nonrecurring
Items -0.83% 10.34% 8.77% 5.17% 5.98% 8.75% 2.16% 6.11%

Oper. of Discontinued
Segment;
Income (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.86%
Disposal of Discont.
Segment;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Extraordinary Item;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cum. Effect of Acct Change;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
--------- --------- --------- --------- --------- --------- --------- ---------
- - - - - - - -
Net Income (Loss) -0.83% 10.34% 8.77% 5.17% 5.98% 8.75% 2.16% 6.98%

The horizontal common-size analysis converts the income statement from the year 2017 to 2019 as a

percentage of the income statement of the year 2016 to see how much the values changed over the years. As per the

analysis, both firms performed better in FY2018 as compared to 2017 and 2019. The net income of BA in the year

2018 was 213.68% higher than that in 2017, while the net income of TXT in the year 2018 was 127.03% higher than

that in 2017. As far as the statistics presented in the year 2019 are concerned, Boeing Company showed decreasing

percentages owing to the Plain crash as discussed above and Textron Inc. still recorded a net income increase of

84% showing a promising performance by the firm.

TABLE 2: COMMON SIZE ANALYSIS: INCOME STATEMENT –HORIZONTAL ANALYSIS

  Boeing Company Textron Inc.

INCOME STATEMENT 2019 2018 2017 2016 2019 2018 2017 2016
--------- --------- --------- --------- ---------
- ---------- - - - - ---------- ---------- -
106.93 100.00 101.33 102.97 100.00
Net Sales 80.95% % 98.75% % 98.85% % % %
100.87 100.00 100.84 102.50 104.28 100.00
Less: Cost of Goods Sold 89.24% % 94.15% % % % % %
---------- --------- --------- --------- --------- ---------- ---------- ---------

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- - - - -
142.49 125.72 100.00 100.00
Gross Profit 32.41% % % % 89.79% 96.00% 97.01% %

Other Operating Revenue

100.00 102.53 100.00
Less: Operating Expenses 86.47% 95.06% 88.23% % 88.34% 97.78% % %
--------- --------- --------- --------- ---------
---------- - - - - ---------- ---------- -
- 213.09 181.53 100.00 100.00
Operating Income 48.07% % % % 91.39% 94.03% 90.88% %

235.95 155.23 117.65 100.00 100.00 100.00

Less: Interest Expense % % % % 98.28% 95.40% % %
(no capitalized interest)
-
334.82 105.36 100.00 - 363.41 105.69 100.00
Other Income (Expenses) % 82.74% % % 33.33% % % %
Unusual or Infreq. Item;
-
241.16 169.99 274.89 100.00
Gain (Loss) % % % %
Equity in Earnings of Assoc.;
233.33 200.00 100.00
Profit (Loss) 0.00% % % %
--------- --------- --------- --------- ---------
---------- - - - - ---------- ---------- -
- 213.68 167.44 100.00 107.53 157.99 100.00
Income before Taxes 13.00% % % % % % 86.99% %

Less: Taxes Related to 384.85 490.91 1381.82 100.00

Operations % % % %
--------- --------- --------- --------- ---------
---------- - - - - ---------- ---------- -
- 213.68 167.44 100.00 144.96 100.00
N.I. before Noncontr. Inc. 13.00% % % % 96.68% % 36.30% %

Noncontrolling income (loss)

--------- --------- --------- --------- ---------
---------- - - - - ---------- ---------- -
N.I. before Nonrecurring - 213.68 167.44 100.00 144.96 100.00
Items 13.00% % % % 96.68% % 36.30% %

Oper. of Discontinued
Segment;
100.00
Income (Loss) 0.00% 0.00% 0.84% %
Disposal of Discont.
Segment;
---------- --------- --------- --------- --------- ---------- ---------- ---------

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Textron, Inc. vs. The Boeing Company

- - - - -
- 213.68 167.44 100.00 127.03 100.00
Net Income (Loss) 13.00% % % % 84.72% % 31.91% %

To summarize both firms show impressive financial numbers but Boeing suffers a major loss due to the two

Boeing 737 Max plane crashes. In terms of comparative analysis, Textron Inc. showed a much stable and promising

result.

ANALYSIS OF THE BALANCE SHEET

Vertical Common Analysis of the Balance Sheet

The vertical analysis has converted the balance sheet from the years 2016 to 2019 into a percentage of total

assets. The largest variance as seen from the analysis is a 6% reduction in total equity by Boeing Company in the

year 2019. This is mainly due to the cash dividend of $8.22 per share amounting to $4,628 and repurchase of

common shares worth $2,651. On the other hand, assessing the balance sheet of Textron Inc. reveals that there have

been no major changes or fluctuations in the component of the balance sheet at Textron Inc. over the years.

LIQUIDITY

The liquidity analysis assesses the current liabilities and assets of a firm to evaluate its ability to pay off

obligations in the short-term.

Day’s Sales in Receivables

This ratio denotes the amount of time a firm takes for collecting its sales after the transaction has been

conducted. As per the calculations, the DSR of Boeing Company has been increasing over the years which denotes

that the firm has been making its credit sales policy a bit flexible over the years. However, TXT’s DSR is showing

exactly the opposite and decreasing trend.

Day’s Sales in Inventory

This shows the time taken to convert inventory into sales. The DSI is increasing in BA which means the

firm is giving greater leverage owing to its damaged reputation due to the pain crashes. While the TXT’s DSI is

reducing slowly over the years, proving the efficiency of the firm in generating sales.

Inventory Turnover Ratio

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This denotes the speed of the firm in selling and replacing its inventory. Both firms have consistently lower

Inventory Turnover ratios ranging between 0.94 and 3. However, TXT has slightly better ratios improving its

efficiency in selling inventory.

Working Capital

This is the difference between current liabilities and current assets for determining the financial health of a

firm. BS consistently has better working capital as opposed to TXT, however, in terms of trend analysis the working

capital of BA is reducing and that of TXT is stable over the years. The management of BA needs to assure that it

ensures working capital does not reduce further.

Current Ratio

Both TXT and BA has a current ratio greater than 1, however, the current ratio of TXT is even higher than

2. This means that both firms are very well in proving their abilities to pay back their short-term obligations.

Acid-Test Ratio

The quick ratio does not incorporate the provision for inventory. Both firm's acid-test ratio is below 1 as these firms

are very high valued inventories.

Cash Ratio

This assessed the ability of the firm concerning cash management. The cash ratio of both firms BA and

TXT is stable over the years while BA's cash ratio is lower than that of TXT.

Sales to Working Capital Ratio

This ratio must have a stable value for denoting that the firm is efficiently using its cash base. In this

regards the performance of TXT is very impressive, while BA's ratio is showing a major increasing trend denoting a

risky situation for the management.

Summary of Liquidity

All in all, Boeing Company had a very promising liquidity stance in initial years; however, the situation is

not very impressive now. This denotes that the management of BA must take proactive measures in improving its

liquidity scenario in the long-run.

TABLE 3: LIQUIDITY

Textron Inc. Boeing Company

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LIQUIDITY 2019 2018 2017 2016 2019 2018 2017 2016

- - - - - - - - -

Days' Sales in Receivables 44.37 48.07 57.59 54.72 59.46 51.84 42.31 35.74

* Accounts Receivable Turnover 8.23 7.59 6.34 6.67 6.14 7.04 8.63 10.21

* A/R Turnover in Days 44.37 48.07 57.59 54.72 59.46 51.84 42.31 35.74

120.2 144.0 280.2 212.7

Days' Sales in Inventory 130.21 128.42 387.93 195.17
4 8
0 5
* Inventory Turnover 2.80 3.04 2.84 2.53 0.94 1.30 1.72 1.87

120.2 144.0 280.2 212.7

* Inventory Turnover in Days 130.21 128.42 387.93 195.17
4 8
0 5

168.2 198.7 332.0 255.0

* Operating Cycle 174.58 186.01 447.39 230.91
9 9
7 7
Working Capital 4,077 3,988 4,369 4,256 4,917 6,240 8,892 12,354

Current Ratio 2.06 2.14 2.19 2.09 1.05 1.08 1.16 1.25

Acid Test 0.77 0.82 0.94 0.85 0.23 0.28 0.37 0.38

Cash Ratio 0.35 0.32 0.34 0.33 0.10 0.10 0.18 0.20

* Sales to Working Capital 3.34 3.50 3.25 3.24 15.57 16.21 10.50 7.66

Cash Flow/Cur. Mat. of Debt &

0.00 0.00 0.07 0.00 0.00 0.01 0.03
NP

LONG-TERM DEBT PAYING ABILITY

The assessment of the debt-paying ability in the long-term deters the firm's financial stability for paying back its

debt obligations.

Times Interest Earned Ratio

The underlying ratio deters the capability of a firm in paying back its long-term debt. Analysis reveals that

BA TIE increased from 2016 to 2018, whereas it reduced in the year 2019. This reveals that in 2019, BA lost its

financial stability. Besides the TIE of TXT is stable over the years, indicating its financial stability.

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Fixed Charge Coverage Ratio

It shows the stability of the firm in covering its underlying interest payments. The fixed charge coverage or

both firms is following the same pattern as the TIE ratio.

Debt Ratio

This ratio deters the capability of the firm in paying back its debt. The debt ratio of the firm has been stable

from 2016 to 2018, while it increased in 2019 indicating greater financial risk and more leverage. The 2019 debt

ratio is more than 100% showing the firm has greater debt as compared to its assets. The BA firm is highly

leveraged, whereas TXT has a stable debt ratio.

Debt to Equity Ratio

The ratio shows how the firm is assuming debt. The debt/equity ratio of BA is negative in the year 2019

because the firm has an interest rate on debts that's higher than its investment’s returns.

Debt to Tangible Net worth Ratio

It shows the financial health of the firm. The ratio for BA is generally negative for the year 2016 to 2019,

while TXT is positive and stable over the years indicating that there is a reduction in treasury stock valuation after

buybacks of common stock.

 Table 4: LONG-TERM DEBT PAYING ABILITY

Textron Inc. Boeing Company

LONG-TERM DEBT-PAYING
2019 2018 2017 2016 2019 2018 2017 2016
ABILITY
- - - - - - - - -

Times Interest Earned 6.51 9.34 5.38 6.03 0.12 23.02 23.77 17.00

Fixed Charge Coverage 6.51 9.34 5.38 6.03 0.12 23.02 23.77 17.00

63.26 63.60 63.19 63.71 106.21

Debt Ratio 99.65% 99.55% 99.03%
%
% % % %

172.16 174.73 171.65 175.53 -

28524.1 22310.9 10161.9
Debt/Equity 1709.9
5% 2% 2%
% % % % 4%

282.07 305.04 384.95 282.69 - - - -

Debt to Tangible Net Worth 720.50 1076.98 1190.69 1275.51
% % % % % % % %

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Cash Flow/Total Debt 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

To summarize, BA is highly leveraged in comparison to TXT and its long-term debt-paying ability is not very

impressive raising red flags for the investors in the long-run.

PROFITABILITY

Net Profit Margin Ratio

This shows a comparison of forecasted profits and current profits for determining the financial health of the

firm. The profit margins of BA are impressive in the year 2016 to 2018, while it reduced in 2019 own to the Boeing

757 blasts (McCoy, 2019). The underlying profit of TXT has been stable over the years.

Total Asset Turnover Ratio

It shows how well the firm is utilizing its assets for creating profits. The TAT has been reducing for BA,

while for TXT it has been stable over the years.

Return on Assets Ratio

It shows the amount of profitability earned from the assets of a firm. The ROA has been reducing for BA

owing to low revenues, while for TXT it has been stable over the years.

Operating Income Margin Ratio

It denotes the firm’s riskiness. For BA it has been increasing over the years, while for TXT its stable

indicating that TXT has stable or controlled risk as compared to BA.

Operating Asset Turnover Ratio

It shows the ability of the firm in converting its assets to profits. BA's ratio was reduced in the year 2019,

while TXT has been stable.

Sales to Fixed Assets Ratio

It denotes the impact of fixed assets with regards to revenue generation. The ratio has been stable from

2016 to 2019 for both firms, while for BA in the year 2019 it reduced owing to lower revenues.

Return on Investment Ratio

It shows the profitability of an underlying investment. For BA, the ratio was increasing over the years but

it immensely reduced in the year 2019 owing to a drop in revenues in the year 2019. For TXT it has been

increasingly showing that it’s giving better returns to investors.

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Return on Total Equity Ratio

It denotes how well the firm is creating profits from equity. It has been showing an increasing and

decreasing, in short, fluctuating trend for BA.

Gross Profit Margin

The profit margins of BA are impressive in the year 2016 to 2018, while it reduced in 2019 own to the

Boeing 757 blasts (McCoy, 2019). The underlying profit of TXT has been stable over the years.

 Table 5: PROFITABILITY

Textron Inc. Boeing Company

PROFITABILITY 2019 2018 2017 2016 2019 2018 2017 2016

- - - - - - - - -

Net Profit Margin 5.98% 8.75% 2.16% 6.11% 10.34% 8.78% 5.18%

* Total Asset Turnover 0.91 0.98 0.93 0.90 0.57 0.86 1.01 1.05

* Return on Assets 5.43% 8.57% 1.99% 5.49% 8.91% 8.87% 5.44%

Operating Income Margin 7.87% 7.89% 7.51% 8.51% 11.67% 10.76% 5.86%

* Operating Asset Turnover 1.06 1.16 1.16 1.04 0.66 1.00 1.17 1.22

* Return on Operating
8.33% 9.16% 8.73% 8.86% 11.62% 12.65% 7.17%
Assets

* Sales to Fixed Assets 5.39 5.34 5.22 5.34 6.84 8.94 8.06 8.58

12.90 0.24
* Return on Investment 8.83% 4.11% 8.87% 30.55% 23.71% 13.04%
%
%
14.77 23.54 15.12 2549.51 1988.11 557.81
* Return on Total Equity 5.42% % % %
% % %

14.77 23.54 15.12 2549.51 1988.11 557.81

* Return on Common Equity 5.42% % % %
% % %
16.32 17.02 16.92 17.96 5.83
Gross Profit Margin 19.42% 18.55% 14.57%
%
% % % %

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To summarize the profitability prospects of Boeing Company showed a massive reduction in the year 2019

owing to the two blasts which hampered the firm's net worth and reputation.

INVESTOR ANALYSIS

Earnings per Share

EPS offers an insight into the firm's profitability. As expected, the EPS of BA was doing very well from

2016 to 2018 and it reduced immensely in 2019 due to low revenues.

Book Value per Share

This is also following the same trend as EPS.

 Table 6: INVESTOR ANALYSIS

Textron Inc. Boeing Company

INVESTOR ANALYSIS 2019 2018 2017 2016 2019 2018 2017 2016

- - - - - - - - -

Degree of Financial Leverage 1.18 1.12 1.23 1.20 1.05 1.04 1.06

Earnings per Share 3.50 4.88 1.15 3.55 (1.12) 17.85 13.43 7.61
(282.49
Price/Earnings Ratio 13.10 10.87 50.77 13.26 20.99 25.15 19.91
)

Percentage of Earnings 100.00 100.00 100.00 100.00 100.00 100.00 100.00

% % %
Retained % % % %
-
Dividend Payout 2.29% 1.64% 6.96% 2.25% 733.93 38.32% 42.29% 57.29%
%
Dividend Yield 0.17% 0.15% 0.14% 0.17% 2.60% 1.83% 1.68% 2.88%

Book Value per Share 23.99 21.63 21.72 20.64 (14.77) 0.72 0.70 1.42

Materiality of Options

Oper. Cash Flow per Share

Oper. Cash Flow/Cash

Dividends
Year-end Market Price 45.85 53.05 58.38 47.06 316.39 374.71 337.71 151.51

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CONCLUSION

It's not possible for predicting the performance of the company in the future. It is recommended for the

management of Boeing Company to take active initiatives in improving its profitability prospects. The two recent

blasts earned the company a bad reputation which is translated into the profitability ratios of the firm and

performance of its stock. It is not recommended to buy the shares of BA, but if there is a need for investment TXT

is a stable well-performed firm.

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REFERENCES

Boeing Company. (2019). Form 10-K 2019. Retrieved from:

https://www.sec.gov/Archives/edgar/data/12927/000001292716000099/a201512dec3110k.htm

Boeing Company. (2020). Boeing History. Retrieved from: https://www.boeing.com/history/

Boeing Company. (2020). FAQS. Retrieved from https://www.boeing.com/faqs-and-requests.page

Boeing Company. (2020). Financial Reports. Retrieved from: https://investors.boeing.com/investors/financial-

reports/default.aspx

Boeing Company. (2020). Our Company. Retrieved from https://www.boeing.com/company/

McCoy, D. (2019). 'Textron Aviation growing with aftermarket 737 work'. Biz Journals, Retrieved from

https://www.bizjournals.com/wichita/news/2019/11/05/textron-aviation-growing-with-aftermarket-737-

work.html

Reuters. (2019). ‘Textron to increase the number of Boeing 737 MAX simulators in production’, Reuters. Retrieved

from: https://www.reuters.com/article/us-textron-results-idUSKBN1ZS1UI

Root, A. (2019). ‘What Textron’s Good News Means For Boeing’, Barrons. Retrieved from:

https://www.barrons.com/articles/what-textrons-good-news-means-for-boeing-51555518812

Textron. (2020). Our Company. Retrieved from: https://www.textron.com/About/Company

Whiteman, L. (2019). ‘Better Buy: Boeing vs. Textron’, Fool. Retrieved from:

https://www.fool.com/investing/2019/08/04/better-buy-boeing-vs-textron.aspx

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