Exhibit 99.1

NEWS Release

Textron Reports Growth in Third Quarter Earnings and Cash Flow

Providence, Rhode Island — October 19, 2011 — Textron Inc. (NYSE: TXT) today reported third quarter 2011 income from continuing operations of $0.45 per share, compared to a loss from continuing operations of $0.17 per share in the third quarter of 2010. Last year’s result included $0.30 per share in special charges.

Total revenues in the quarter were $2.8 billion, up 13.5% from the third quarter of 2010, while manufacturing revenues were up 15%.  Segment profit was $236 million, up $124 million from the year-ago quarter.

“Third quarter results reflected good execution and cost performance at Bell and Cessna, including continued success in selling commercial aircraft in a tough environment. We believe this reflects the strength of our brands and investments we are making in new products, aftermarket services and sales capabilities,” said Textron Chairman and CEO Scott C. Donnelly.

Manufacturing cash flow before pension contributions was $339 million during the third quarter compared to $174 million during last year’s third quarter.  Textron’s consolidated net debt was $3.9 billion, down $500 million from the end of the second quarter 2011.

Outlook

The company is now forecasting 2011 earnings per share from continuing operations of $1.05 to $1.15. This forecast reflects the impact of the company’s recent tender for its outstanding convertible notes. Textron expects to record an approximate $0.08 per share special charge in the fourth quarter as a result of the tender, with an offsetting benefit of about $0.02 per share due to the impact of a lower diluted share count. The company’s previous guidance of $0.90 - $1.00, assumed $0.24 per share in special charges and an offsetting benefit from lower share count of $0.04 per share. The company also confirmed its outlook for manufacturing cash flow from continuing operations before pension contributions of $800 - $850 million.

Third Quarter Segment Results

Cessna

Revenues increased $236 million, reflecting higher jet volume. Cessna delivered 47 new Citation jets in the quarter, compared with 26 deliveries in last year’s third quarter.

Segment profit increased $64 million primarily due to higher volume, mix and favorable performance.

Cessna backlog at the end of the third quarter was $2.2 billion, down $359 million from the end of the second quarter 2011.

Bell

Revenues increased $69 million in the third quarter from the same period in the prior year.  Bell delivered 9 V-22’s, 7 H-1’s and 26 commercial aircraft in the quarter compared to 7 V-22’s, 5 H-1’s and 24 commercial units in last year’s third quarter.

Segment profit increased $36 million, reflecting improved performance.

Bell backlog at the end of the third quarter was $6.4 billion, down $588 million from the end of the second quarter 2011, reflecting military deliveries during the quarter, as well as a $781 million dollar reduction in the backlog primarily to correct an error made in the fourth quarter of 2009 which recorded as backlog the full value of a V-22 contract rather than Bell’s proportionate share.

Textron Systems

Revenues and profits were essentially unchanged on flat overall volumes.

Textron Systems backlog at the end of the third quarter was $1.5 billion, essentially flat with the second quarter 2011.

Industrial

Industrial revenues increased $55 million, primarily due to the impact of foreign exchange and higher volumes. Segment profit was flat with last year’s third quarter.

Finance

Finance segment revenues decreased $27 million compared to the third quarter of 2010, primarily due to reduced earnings on lower finance receivables.

Finance segment loss was lower by $27 million, primarily due to lower loan loss provision and lower operating expenses, partially offset by lower interest margin on the reduced portfolio of finance receivables.

Since the end of the second quarter 2011, nonaccrual finance receivables decreased from $696 million to $606 million and sixty-day plus delinquencies decreased from $302 million to $275 million.

Charge-offs in the third quarter were $26 million compared to $38 million in the second quarter of 2011.

Finance receivables ended the quarter at $3.5 billion, down $277 million from the end of the second quarter 2011.

Textron Inc. 40 Westminster Street Providence, RI 02903-2596 (401) 421-2800

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Non-GAAP Measure

Manufacturing cash flow before pension contributions is a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release.

Conference Call Information

Textron will host its conference call today, October 19, 2011 at 8:00 a.m. (Eastern) to discuss its results and outlook.  The call will be available via webcast at www.textron.com or by direct dial at (800) 700-7353 in the U.S. or (612) 332-1025 outside of the U.S. (request the Textron Earnings Call).

In addition, the call will be recorded and available for playback beginning at 10:30 a.m. (Eastern) on Wednesday, October 19, 2011 by dialing (320) 365-3844; Access Code: 186400.

A package containing key data that will be covered on today’s call can be found in the Investor Relations section of the company’s website at www.textron.com.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.

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Forward-looking Information

Certain statements in this release and other oral and written statements made by us from time to time are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements, which may describe strategies, goals, outlook or other non-historical matters, or project revenues, income, returns or other financial measures, often include words such as “believe,” “expect,” “anticipate,” “intend”, “plan,” “estimate,” “guidance”, “project”, “target”, “potential”, “will”, “should”, “could”, “likely”  or “may” and similar expressions intended to identify forward-looking statements.  These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements.  Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. In addition to those factors described herein under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following:  changing priorities or reductions in the U.S. Government defense budget, including those related to military operations in foreign countries; changes in worldwide economic or political conditions that impact demand for our products, interest rates or foreign exchange rates; our ability to perform as anticipated and to control costs under contracts with the U.S. Government; the U.S. Government’s ability to unilaterally modify or terminate its contracts with us for the U.S. Government’s convenience or for our failure to perform, to change applicable procurement and accounting policies, or, under certain circumstances, to withhold payment or suspend or debar us as a contractor eligible to receive future contract awards; changes in foreign military funding priorities or budget constraints and determinations, or changes in government regulations or policies on the export and import of military and commercial products; our Finance segment’s ability to maintain portfolio credit quality or to realize full value of receivables and of assets acquired upon foreclosure of receivables; Textron Financial Corporation’s (“TFC”) ability to maintain certain minimum levels of financial performance required under its

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committed bank line of credit and under Textron’s support agreement with TFC; our ability to access the capital markets at reasonable rates; performance issues with key suppliers, subcontractors or business partners; legislative or regulatory actions impacting our operations or demand for our products; our ability to control costs and successfully implement various cost-reduction activities; the efficacy of research and development investments to develop new products or unanticipated expenses in connection with the launching of significant new products or programs; the timing of our new product launches or certifications of our new aircraft products; our ability to keep pace with our competitors in the introduction of new products and upgrades with features and technologies desired by our customers; the extent to which we are able to pass raw material price increases through to customers or offset such price increases by reducing other costs;  Increases in pension expenses or employee and retiree medical benefits; uncertainty in estimating reserves, including reserves established to address contingent liabilities, unrecognized tax benefits, or potential losses on TFC’s receivables;  difficult conditions in the financial markets which may adversely impact our customers’ ability to fund or finance purchases of our products; and continued volatility in the economy resulting in a prolonged downturn in the markets in which we do business.

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TEXTRON INC.
REVENUES BY SEGMENT AND RECONCILIATION OF SEGMENT PROFIT TO NET INCOME (LOSS)
THREE AND NINE MONTHS ENDED OCTOBER 1, 2011 AND OCTOBER 2, 2010
(Dollars in millions, except per share amounts)
(Unaudited)

TEXTRON INC.
Condensed Consolidated Balance Sheets
(Unaudited)

TEXTRON INC.

MANUFACTURING GROUP

Condensed Schedule of Cash Flows and Free Cash Flow GAAP to Non-GAAP Reconciliations

(Unaudited)

Manufacturing Cash Flow GAAP to Non-GAAP Reconciliations:

Free cash flow is a measure generally used by investors, analysts and management to gauge a company’s ability to generate cash from operations in excess of that necessary to be reinvested to sustain and grow the business and fund its obligations.  Our definition of Manufacturing free cash flow adjusts net cash from operating activities of continuing operations for dividends received from TFC, capital contributions provided under the Support Agreement, capital expenditures, proceeds from the sale of property, plant and equipment and contributions to our pension plans.  Beginning in 2011, we changed our basis for projecting and measuring Manufacturing cash flow to adjust for all pension contributions, both mandatory and voluntary, so that the total impact of these contributions can be more clearly understood.  We believe that our calculation provides a relevant measure of liquidity and is a useful basis for assessing our ability to fund operations and obligations.  This measure is not a financial measure under GAAP and should be used in conjunction with GAAP cash measures provided in our Consolidated Statement of Cash Flows.  Prior periods have been recast to conform with this presentation.

TEXTRON INC.

Condensed Consolidated Schedule of Cash Flows

(Unaudited)