Textron Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total revenues of $3,254 million against $3,127 million a year ago. Loss from continuing operations was $17 million or $0.06 per share against income from continuing operations of $63 million or $0.20 per share a year ago. Net loss was $19 million or $0.07 per share against net income of $60 million or $0.19 per share a year ago. Net cash from operating activities of continuing operations was $242 million against $299 million a year ago. Capital expenditures were $152 million against $136 million a year ago. Manufacturing cash flow before contributions- Non GAAP was $545 million against $533 million a year ago. Adjusted income from continuing operations - Non-GAAP was $212 million or $0.49 per share. For the full year, the company reported total revenues of $11,275 million against $10,525 million a year ago. Income from continuing operations was $242 million or $0.79 per share against $92 million or $0.30 per share a year ago. Net income was $242 million or $0.79 per share against net income of $86 million or $0.28 per share a year ago. Net cash from operating activities of continuing operations was $761 million against $730 million a year ago. Capital expenditures were $423 million against $270 million a year ago. Manufacturing cash flow before contributions- Non GAAP was $1,000 million against $759 million a year ago. Adjusted income from continuing operations - Non-GAAP was $579 million or $1.31 per share. The company also announced that fourth quarter of 2011 includes a $41 million non-cash impairment charge to write down certain intangible assets and approximately $19 million in severance costs. For the first quarter of 2012, the company expects diluted earnings per share in the range of $1.33 to $1.38 which includes a negative year-over-year currency impact of about 7 cents at current exchange rates. For the full year of 2012, the company expects sales in the area of $11.7 to $12 billion, up 4% to 7%. On an underlying basis, Praxair is expecting to sustain sales growth of 8% to 12%, similar to 2011, from volume, price, project start-ups and acquisitions. Textron is forecasting 2012 revenues of approximately $12.5 billion, up about 11%. Earnings per share from continuing operations are expected to be in the range of $1.80 to $2.00. Cash flow from continuing operations of the manufacturing group before pension contributions is estimated to be between $700 and $750 million with planned pension contributions of about $200 million. The company also announced that in 2012, it see relatively flat revenues at Textron Systems, modest growth at Industrial, and double digit growth at both Cessna and Bell. The company expects Bell's commercial business to be particularly robust next year, as investment in product development is driving strong order flow. Impacted by about 5% due to currency translation which is reflected in guidance. The company expects diluted earnings per share to be in the range of $5.70 to $5.90 which includes a negative year-over-year impact of about 25 cents at current rates from the strengthening of the U.S. dollar across a number of currencies including the real, euro, peso, won and rupee. Full-year capital expenditures are expected to be in the range of $2.1 to $2.4 billion, and the effective tax rate is forecasted to remain at about 28%.