Textron eAviation segment revenues were $10 million and the segment loss was $23 million in the fourth quarter of ’23, which reflected the research and development costs for the initiatives related to the development of sustainable aviation solutions. Finance segment revenues were $12 million and profit was $4 million. Moving below segment profit. Corporate expenses were $45 million, net interest expense was $13 million, LIFO inventory provision was $21 million, intangible asset amortization was $9 million, and the non-service components of pension and postretirement income was $60 million. In November, we announced a restructuring plan that resulted in pretax special charges of $126 million in the fourth quarter. We anticipate the restructuring plan will be substantially completed in the first half of 2024, resulting in annualized cost savings of approximately $75 million.
Our manufacturing cash flow before pension contributions was $380 million in the quarter. For the year, manufacturing cash flow before pension contributions totaled $931 million, down $247 million from the prior year. In the quarter, we repurchased approximately 3.7 million shares, returning $283 million in cash to shareholders. For the full year, we repurchased approximately 16.2 million shares, returning $1.2 billion in cash to shareholders. Turning now to our 2024 outlook on Slide 7. We’re expecting adjusted earnings per share to be in the range of $6.20 to $6.40 per share. We’re also expecting manufacturing cash flow before pension contributions to be about $900 million to $1 billion. Moving to segment outlook on Slide 8 and beginning with Textron Aviation, we’re expecting revenues of about $6 billion.
Segment margin is expected to be in the range of approximately 12% to 13%. Looking to Bell, we expect revenues of about $3.5 billion. We’re forecasting a margin in the range of 9.5% to 10.5%. At Systems, we’re estimating revenues of about $1.25 billion, with a margin in the range of about 11% to 12%. At Industrial, we’re expecting segment revenues of about $3.8 billion and a margin in a range of 6% to 7%. At eAviation, we’re expecting revenues of $50 million and a segment loss of $25 million, reflecting our continued investment in sustainable aviation solutions. At Finance, we’re forecasting segment profit of about $30 million. Looking to Slide 8, we’re projecting about $160 million of corporate expense. We’re also projecting about $90 million of net interest expense, $110 million of LIFO inventory provision, $35 million of intangible asset amortization and $265 million of nonservice pension income.
We expect a full year effective tax rate of approximately 17.5%. Turning to Slide 10. R&D is expected to be about $550 million, down from $570 million last year. We’re estimating CapEx will be about $425 million, up from $402 million in 2023. Our outlook assumes an average share count of about 191 million shares in 2024. That concludes our prepared remarks. So, Leah, we can open the line for questions.
Operator: Thank you. [Operator Instructions] And I would now like to start with Sheila Kahyaoglu with Jefferies. Please go ahead.
Sheila Kahyaoglu: Good morning, Scott, Frank, and welcome, David. Scott, maybe first one for you. How do we think about 2024 aviation deliveries and just book-to-bill in the context of your guidance?
Scott Donnelly: Sure, Sheila, I think we’ll continue to see a ramp on the production side. As I noted, I think we did in the fourth quarter, start to see some improved productivity in the line. There are still some supplier issues, but number of parts coming into PO are improving somewhat. So I think that will help us continue to increase volume here as we go through into 2024. So I certainly see unit deliveries being up on a year-over-year basis, the market is still strong. I mean, obviously, our book-to-bill covers ’24 deliveries quite well. But I think our expectation, as we said coming into the year was kind of targeting a 1:1 book-to-bill. We did better than that obviously in 2023, but our assumption as we go into 2024 is that we’ll see a 1:1 book-to-bill.
So the market is still good. I think we’re seeing nice stimulation in some of the new products coming out, like CJ3 Gen2 has been really well received. Ascend, I think will start to also drive strong demand. And overall, the product lineup is in good shape. So I think market-wise, we’re good, and we will see, obviously, to get to the guide of around $6 billion on the Aviation side, we will see continued volume on both aircraft production as well as aftermarket growth.
Sheila Kahyaoglu: Can we get to about 200 deliveries in ’24? Do you think that’s reasonable?
Scott Donnelly: We are — as you know, we don’t put a number out there, but it will be increased from 2023.
Sheila Kahyaoglu: Got it. And if I could ask one on FLRAA, just good progress on the program with ITEP. But I think revenues were about $175 million in 2023, fell short of our expectations. And how do we think about 2024, we have about $850 million of FLRAA according to the budget. So…
