DAVIDSON, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights:
"Curtiss-Wright delivered solid Adjusted diluted EPS of $1.31 in the first quarter, exceeding our expectations, as the benefits of our combined portfolio of businesses enabled us to partially mitigate the headwinds of continued global supply chain disruption and the delayed signing of the FY22 Defense budget," said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. "We are greatly encouraged by the double-digit order growth in the first quarter, which builds upon our already strong backlog and provides further confidence in our full-year outlook."
“Looking ahead to the remainder of the year, we anticipate steady, sequential improvement in sales, operating margin, diluted EPS and free cash flow, with a greater percentage of our full-year sales weighted to the second half of the year due to the timing of revenue within our defense markets. Overall, we are maintaining our full-year 2022 guidance for total sales growth of 3% to 5% driven by growth in all of our A&D and Commercial markets, continued operating margin expansion, and double-digit Adjusted diluted EPS growth of 10% to 12%, as we continue to successfully execute on our Pivot to Growth strategy to drive long-term shareholder value.”
First Quarter 2022 Operating Results
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Reported |
|
|
|
||||||||
Sales |
$ |
559 |
|
$ |
597 |
|
(6 |
%) |
|||
Operating income |
$ |
61 |
|
$ |
85 |
|
(29 |
%) |
|||
Operating margin |
|
10.8 |
% |
|
14.2 |
% |
(340 bps) |
||||
|
|
|
|
||||||||
Adjusted (1) |
|
|
|
||||||||
Sales |
$ |
559 |
|
$ |
590 |
|
(5 |
%) |
|||
Operating income |
$ |
71 |
|
$ |
89 |
|
(20 |
%) |
|||
Operating margin |
|
12.7 |
% |
|
15.0 |
% |
(230 bps) |
||||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
First Quarter 2022 Segment Performance
Aerospace & Industrial
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Reported |
|
|
|
||||||||
Sales |
$ |
191 |
|
$ |
180 |
|
6 |
% |
|||
Operating income |
$ |
25 |
|
$ |
19 |
|
31 |
% |
|||
Operating margin |
|
13.0 |
% |
|
10.6 |
% |
240 bps |
||||
|
|
|
|
||||||||
Adjusted (1) |
|
|
|
||||||||
Sales |
$ |
191 |
|
$ |
178 |
|
8 |
% |
|||
Operating income |
$ |
25 |
|
$ |
19 |
|
34 |
% |
|||
Operating margin |
|
13.0 |
% |
|
10.4 |
% |
260 bps |
||||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Defense Electronics
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Reported |
|
|
|
||||||||
Sales |
$ |
143 |
|
$ |
181 |
|
(21 |
%) |
|||
Operating income |
$ |
23 |
|
$ |
37 |
|
(36 |
%) |
|||
Operating margin |
|
16.3 |
% |
|
20.2 |
% |
(390 bps) |
||||
|
|
|
|
||||||||
Adjusted (1) |
|
|
|
||||||||
Sales |
$ |
143 |
|
$ |
182 |
|
(22 |
%) |
|||
Operating income |
$ |
23 |
|
$ |
38 |
|
(39 |
%) |
|||
Operating margin |
|
16.3 |
% |
|
20.9 |
% |
(460 bps) |
||||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
|||||||
Reported |
|
|
|
|||||||
Sales |
$ |
225 |
|
$ |
236 |
|
(4 |
%) |
||
Operating income |
$ |
27 |
|
$ |
38 |
|
(28 |
%) |
||
Operating margin |
|
12.1 |
% |
|
16.2 |
% |
(410 bps) |
|||
|
|
|
|
|||||||
Adjusted (1) |
|
|
|
|||||||
Sales |
$ |
225 |
|
$ |
230 |
|
(2 |
%) |
||
Operating income |
$ |
33 |
|
$ |
41 |
|
(20 |
%) |
||
Operating margin |
|
14.5 |
% |
|
17.7 |
% |
(320 bps) |
|||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Net cash used for operating activities |
$ |
(124 |
) |
$ |
(27 |
) |
(367 |
%) |
|||
Capital expenditures |
(11 |
) |
(9 |
) |
(28 |
%) |
|||||
Reported free cash flow |
$ |
(135 |
) |
$ |
(35 |
) |
(285 |
%) |
|||
Adjusted free cash flow (1) |
$ |
(112 |
) |
$ |
(35 |
) |
(219 |
%) |
|||
(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix. |
New Orders and Backlog
Share Repurchase and Dividends
Other Items – Westinghouse Legal Settlement
Full-Year 2022 Guidance
The Company maintains its full-year 2022 Adjusted financial guidance (1) as follows:
(In millions, except EPS) |
2022 Adjusted
|
% Chg vs 2021 |
||
Total Sales |
$2,530 - $2,580 |
Up 3% - 5% |
||
Operating Income |
$432 - $446 |
Up 3% - 6% |
||
Operating Margin |
17.1% - 17.3% |
Up 10 - 30 bps |
||
Diluted EPS |
$8.05 - $8.25 |
Up 10% - 12% |
||
Free Cash Flow (2) |
$345 - $365 |
Up 0% - 5% |
||
(1) Reconciliations of Reported to Adjusted 2021 operating results and 2022 financial guidance are available in the Appendix. |
||||
(2) 2022 Adjusted Free Cash Flow includes $50 - $60 million in capital expenditures, compared with $41 million in 2021. |
A more detailed breakdown of the Company’s 2022 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss first quarter 2022 financial results and updates to 2022 guidance at 10:00 a.m. ET on Thursday, May 5, 2022. A live webcast of the call and the accompanying financial presentation, as well as a replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) |
||||||||
($'s in thousands, except per share data) |
||||||||
|
|
|
|
|||||
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
Product sales |
$ |
453,421 |
|
|
$ |
508,975 |
|
|
Service sales |
|
106,040 |
|
|
|
88,084 |
|
|
Total net sales |
|
559,461 |
|
|
|
597,059 |
|
|
|
|
|
|
|||||
Cost of product sales |
|
294,527 |
|
|
|
329,454 |
|
|
Cost of service sales |
|
63,532 |
|
|
|
57,848 |
|
|
Total cost of sales |
|
358,059 |
|
|
|
387,302 |
|
|
|
|
|
|
|||||
Gross profit |
|
201,402 |
|
|
|
209,757 |
|
|
|
|
|
|
|||||
Research and development expenses |
|
20,549 |
|
|
|
21,863 |
|
|
Selling expenses |
|
28,092 |
|
|
|
29,596 |
|
|
General and administrative expenses |
|
87,600 |
|
|
|
73,232 |
|
|
Loss on divestiture |
|
4,651 |
|
|
|
— |
|
|
|
|
|
|
|||||
Operating income |
|
60,510 |
|
|
|
85,066 |
|
|
|
|
|
|
|||||
Interest expense |
|
9,530 |
|
|
|
9,959 |
|
|
Other income, net |
|
2,997 |
|
|
|
4,843 |
|
|
|
|
|
|
|||||
Earnings before income taxes |
|
53,977 |
|
|
|
79,950 |
|
|
Provision for income taxes |
|
(13,292 |
) |
|
|
(20,481 |
) |
|
Net earnings |
$ |
40,685 |
|
|
$ |
59,469 |
|
|
|
|
|
|
|||||
Net earnings per share: |
|
|
|
|||||
Basic earnings per share |
$ |
1.06 |
|
|
$ |
1.45 |
|
|
Diluted earnings per share |
$ |
1.05 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|||||
Dividends per share |
$ |
0.18 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|||||
Weighted average shares outstanding: |
|
|
|
|||||
Basic |
|
38,456 |
|
|
|
40,933 |
|
|
Diluted |
|
38,668 |
|
|
|
41,103 |
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||
($'s in thousands, except par value) |
||||||||
|
|
|
|
|||||
|
March 31, |
|
December 31, |
|||||
|
2022 |
|
2021 |
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
136,682 |
|
|
$ |
171,004 |
|
|
Receivables, net |
|
661,129 |
|
|
|
647,148 |
|
|
Inventories, net |
|
448,122 |
|
|
|
411,567 |
|
|
Assets held for sale |
|
— |
|
|
|
10,988 |
|
|
Other current assets |
|
63,942 |
|
|
|
67,101 |
|
|
Total current assets |
|
1,309,875 |
|
|
|
1,307,808 |
|
|
Property, plant, and equipment, net |
|
355,363 |
|
|
|
360,031 |
|
|
Goodwill |
|
1,458,899 |
|
|
|
1,463,026 |
|
|
Other intangible assets, net |
|
523,913 |
|
|
|
538,077 |
|
|
Operating lease right-of-use assets, net |
|
147,224 |
|
|
|
143,613 |
|
|
Prepaid pension asset |
|
260,238 |
|
|
|
256,422 |
|
|
Other assets |
|
33,855 |
|
|
|
34,568 |
|
|
Total assets |
$ |
4,089,367 |
|
|
$ |
4,103,545 |
|
|
|
|
|
|
|||||
Liabilities |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Current portion of long-term and short term debt |
$ |
202,500 |
|
|
$ |
— |
|
|
Accounts payable |
|
168,772 |
|
|
|
211,640 |
|
|
Accrued expenses |
|
109,077 |
|
|
|
144,466 |
|
|
Income taxes payable |
|
1,478 |
|
|
|
3,235 |
|
|
Deferred revenue |
|
224,679 |
|
|
|
260,157 |
|
|
Liabilities held for sale |
|
— |
|
|
|
12,655 |
|
|
Other current liabilities |
|
93,745 |
|
|
|
102,714 |
|
|
Total current liabilities |
|
800,251 |
|
|
|
734,867 |
|
|
Long-term debt, net |
|
967,744 |
|
|
|
1,050,610 |
|
|
Deferred tax liabilities |
|
150,085 |
|
|
|
147,349 |
|
|
Accrued pension and other postretirement benefit costs |
|
84,610 |
|
|
|
91,329 |
|
|
Long-term operating lease liability |
|
128,897 |
|
|
|
127,152 |
|
|
Long-term portion of environmental reserves |
|
13,924 |
|
|
|
13,656 |
|
|
Other liabilities |
|
94,436 |
|
|
|
112,092 |
|
|
Total liabilities |
|
2,239,947 |
|
|
|
2,277,055 |
|
|
|
|
|
|
|||||
Stockholders' equity |
|
|
|
|||||
Common stock, $1 par value |
$ |
49,187 |
|
|
$ |
49,187 |
|
|
Additional paid in capital |
|
122,603 |
|
|
|
127,104 |
|
|
Retained earnings |
|
2,942,580 |
|
|
|
2,908,827 |
|
|
Accumulated other comprehensive loss |
|
(191,524 |
) |
|
|
(190,465 |
) |
|
Less: cost of treasury stock |
|
(1,073,426 |
) |
|
|
(1,068,163 |
) |
|
Total stockholders' equity |
|
1,849,420 |
|
|
|
1,826,490 |
|
|
|
|
|
|
|||||
Total liabilities and stockholders' equity |
$ |
4,089,367 |
|
|
$ |
4,103,545 |
|
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions in the prior year, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
|||||||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
||||||||||||||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
|
% Change |
||||||||||||||||||||||||
|
As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjustments |
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Aerospace & Industrial (1) |
$ |
191,112 |
|
|
$ |
— |
|
$ |
191,112 |
|
|
$ |
180,331 |
|
|
$ |
(2,599 |
) |
|
$ |
177,732 |
|
|
6 |
% |
|
8 |
% |
|
Defense Electronics (2) |
|
143,069 |
|
|
|
— |
|
|
143,069 |
|
|
|
181,212 |
|
|
|
1,080 |
|
|
|
182,292 |
|
|
(21 |
)% |
|
(22 |
)% |
|
Naval & Power (3) |
|
225,280 |
|
|
|
— |
|
|
225,280 |
|
|
|
235,516 |
|
|
|
(5,583 |
) |
|
|
229,933 |
|
|
(4 |
)% |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total sales |
$ |
559,461 |
|
|
$ |
— |
|
$ |
559,461 |
|
|
$ |
597,059 |
|
|
$ |
(7,102 |
) |
|
$ |
589,957 |
|
|
(6 |
)% |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Aerospace & Industrial (1) |
$ |
24,853 |
|
|
$ |
— |
|
$ |
24,853 |
|
|
$ |
19,025 |
|
|
$ |
(476 |
) |
|
$ |
18,549 |
|
|
31 |
% |
|
34 |
% |
|
Defense Electronics (2) |
|
23,290 |
|
|
|
— |
|
|
23,290 |
|
|
|
36,623 |
|
|
|
1,560 |
|
|
|
38,183 |
|
|
(36 |
)% |
|
(39 |
)% |
|
Naval & Power (3) |
|
27,288 |
|
|
|
5,427 |
|
|
32,715 |
|
|
|
38,057 |
|
|
|
2,589 |
|
|
|
40,646 |
|
|
(28 |
)% |
|
(20 |
) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Corporate and other (4) |
|
(14,921 |
) |
|
|
4,876 |
|
|
(10,045 |
) |
|
|
(8,639 |
) |
|
|
45 |
|
|
|
(8,594 |
) |
|
(73 |
)% |
|
(17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total operating income |
$ |
60,510 |
|
|
$ |
10,303 |
|
$ |
70,813 |
|
|
$ |
85,066 |
|
|
$ |
3,718 |
|
|
$ |
88,784 |
|
|
(29 |
)% |
|
(20 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating margins: |
As Reported |
|
|
|
Adjusted |
|
As Reported |
|
|
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||||
Aerospace & Industrial |
|
13.0 |
% |
|
|
|
|
13.0 |
% |
|
|
10.6 |
% |
|
|
|
|
10.4 |
% |
|
240 bps |
|
260 bps |
||||||
Defense Electronics |
|
16.3 |
% |
|
|
|
|
16.3 |
% |
|
|
20.2 |
% |
|
|
|
|
20.9 |
% |
|
(390 bps) |
|
(460 bps) |
||||||
Naval & Power |
|
12.1 |
% |
|
|
|
|
14.5 |
% |
|
|
16.2 |
% |
|
|
|
|
17.7 |
% |
|
(410 bps) |
|
(320 bps) |
||||||
Total Curtiss-Wright |
|
10.8 |
% |
|
|
|
|
12.7 |
% |
|
|
14.2 |
% |
|
|
|
|
15.0 |
% |
|
(340 bps) |
|
(230 bps) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Segment margins |
|
13.5 |
% |
|
|
|
|
14.5 |
% |
|
|
15.7 |
% |
|
|
|
|
16.5 |
% |
|
(220 bps) |
|
(200 bps) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020. |
|||||||||||||||||||||||||||||
(2) Excludes first year purchase accounting adjustments in the prior period. |
|||||||||||||||||||||||||||||
(3) Excludes the results of operations from our German valves business, which was sold in January 2022, and the loss on divestiture in the current period. |
|||||||||||||||||||||||||||||
(4) Excludes costs associated with shareholder activism in the current period. |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED) |
|||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
|
|
||||||||||||||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
|
2022 vs. 2021 |
|||||||||||||||||||
Reported |
Reported |
Change in |
Change in |
||||||||||||||||||||||
|
|
Sales |
|
Adjustments |
|
Adjusted Sales |
|
Sales |
|
Adjustments |
|
Adjusted Sales |
|
Reported Sales |
Adjusted Sales |
||||||||||
Aerospace & Defense markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Aerospace Defense |
|
$ |
98,004 |
|
$ |
— |
|
$ |
98,004 |
|
$ |
111,016 |
|
$ |
— |
|
|
$ |
111,016 |
|
(12 |
%) |
(12 |
%) |
|
Ground Defense (1) |
|
|
39,108 |
|
|
— |
|
|
39,108 |
|
|
55,746 |
|
|
1,080 |
|
|
|
56,826 |
|
(30 |
%) |
(31 |
%) |
|
Naval Defense |
|
|
162,967 |
|
|
— |
|
|
162,967 |
|
|
177,905 |
|
|
— |
|
|
|
177,905 |
|
(8 |
%) |
(8 |
%) |
|
Commercial Aerospace (2) |
|
|
60,892 |
|
|
— |
|
|
60,892 |
|
|
57,269 |
|
|
(2,599 |
) |
|
|
54,670 |
|
6 |
% |
11 |
% |
|
Total Aerospace & Defense |
|
$ |
360,971 |
|
$ |
— |
|
$ |
360,971 |
|
$ |
401,936 |
|
$ |
(1,519 |
) |
|
$ |
400,417 |
|
(10 |
%) |
(10 |
%) |
|
|
|||||||||||||||||||||||||
Commercial markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Power & Process (3) |
|
|
104,788 |
|
|
— |
|
|
104,788 |
|
|
105,504 |
|
|
(5,583 |
) |
|
|
99,921 |
|
(1 |
%) |
5 |
% |
|
General Industrial |
|
|
93,702 |
|
|
— |
|
|
93,702 |
|
|
89,619 |
|
|
— |
|
|
|
89,619 |
|
5 |
% |
5 |
% |
|
Total Commercial |
|
$ |
198,490 |
|
$ |
— |
|
$ |
198,490 |
|
$ |
195,123 |
|
$ |
(5,583 |
) |
|
$ |
189,540 |
|
2 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Curtiss-Wright |
|
$ |
559,461 |
|
$ |
— |
|
$ |
559,461 |
|
$ |
597,059 |
|
$ |
(7,102 |
) |
|
$ |
589,957 |
|
(6 |
%) |
(5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Excludes first year purchase accounting adjustments in the prior period. |
|||||||||||||||||||||||||
(2) Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program, which we substantially exited in the fourth quarter of 2020. |
|||||||||||||||||||||||||
(3) Excludes the prior period results of our German valves business, which was sold in January 2022. |
|||||||||||||||||||||||||
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) |
|||||||
|
|
|
|
||||
|
Three Months Ended |
||||||
|
March 31, |
||||||
|
2022 |
|
2021 |
||||
Diluted earnings per share - As Reported |
$ |
1.05 |
|
$ |
1.45 |
|
|
Divested German valves business |
|
0.11 |
|
|
0.04 |
|
|
Costs associated with shareholder activism |
|
0.10 |
|
|
— |
|
|
Former executive pension settlement expense |
|
0.05 |
|
|
— |
|
|
First year purchase accounting adjustments |
|
— |
|
|
0.03 |
|
|
Exit of build-to-print actuation product line |
|
— |
|
|
(0.01 |
) |
|
Diluted earnings per share - Adjusted (1) |
$ |
1.31 |
|
$ |
1.51 |
|
|
|
|
|
|
||||
(1) All adjustments are presented net of income taxes. |
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions made during the last twelve months, loss on divestiture of the German valves business, and foreign currency fluctuations.
|
Three Months Ended |
|||||||||||||||
|
March 31, |
|||||||||||||||
|
2022 vs. 2021 |
|||||||||||||||
|
Aerospace & Industrial |
|
Defense Electronics |
|
Naval & Power |
|
Total Curtiss-Wright |
|||||||||
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
As Reported |
6% |
|
31% |
|
(21%) |
|
(36%) |
|
(4%) |
|
(28%) |
|
(6%) |
|
(29%) |
|
Less: Acquisitions |
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
Loss on divestiture |
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
14% |
|
0% |
|
6% |
|
Foreign Currency |
1% |
|
2% |
|
0% |
|
(1%) |
|
0% |
|
0% |
|
0% |
|
1% |
|
Organic |
7% |
|
33% |
|
(21%) |
|
(37%) |
|
(4%) |
|
(14%) |
|
(6%) |
|
(22%) |
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2022 excludes: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
||||||||
NON-GAAP FINANCIAL DATA (UNAUDITED) |
||||||||
($'s in thousands) |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
Net cash used for operating activities |
$ |
(124,315 |
) |
|
$ |
(26,603 |
) |
|
Capital expenditures |
|
(10,896 |
) |
|
|
(8,537 |
) |
|
Free cash flow |
$ |
(135,211 |
) |
|
$ |
(35,140 |
) |
|
Westinghouse legal settlement |
|
15,000 |
|
|
|
— |
|
|
Pension payment to former executive |
|
8,214 |
|
|
|
— |
|
|
Adjusted free cash flow |
$ |
(111,997 |
) |
|
$ |
(35,140 |
) |
|
Adjusted free cash flow conversion |
|
(221 |
%) |
|
|
(56 |
%) |
CURTISS-WRIGHT CORPORATION |
|||||||||||||||||||||||||||||||||
2022 Guidance |
|||||||||||||||||||||||||||||||||
As of May 4, 2022 |
|||||||||||||||||||||||||||||||||
($'s in millions, except per share data) |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
2021 |
|
2021 |
|
2021 |
|
2022 |
|
2022 |
|
2022 |
||||||||||||||||||||||
Reported |
Adjustments(1) |
Adjusted(1) |
Reported Guidance |
Adjustments(2,3) |
Adjusted Guidance(1,2,3) |
||||||||||||||||||||||||||||
(GAAP) |
(Non-GAAP) |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
(Non-GAAP) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Chg |
||||||||||||||||||
vs 2021 |
|||||||||||||||||||||||||||||||||
Low |
High |
Low |
High |
Adjusted |
|||||||||||||||||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace & Industrial |
$ |
786 |
|
|
$ |
(11 |
) |
|
$ |
775 |
|
|
$ |
805 |
|
$ |
825 |
|
|
$ |
— |
|
|
$ |
805 |
|
$ |
825 |
|
|
4 - 6 |
% |
|
Defense Electronics |
|
724 |
|
|
|
4 |
|
|
|
728 |
|
|
|
745 |
|
|
760 |
|
|
|
— |
|
|
|
745 |
|
|
760 |
|
|
2 - 4 |
% |
|
Naval & Power |
|
995 |
|
|
|
(30 |
) |
|
|
965 |
|
|
|
980 |
|
|
995 |
|
|
|
— |
|
|
|
980 |
|
|
995 |
|
|
2 - 3 |
% |
|
Total sales |
$ |
2,506 |
|
|
$ |
(37 |
) |
|
$ |
2,468 |
|
|
$ |
2,530 |
|
$ |
2,580 |
|
|
$ |
— |
|
|
$ |
2,530 |
|
$ |
2,580 |
|
|
3 to 5% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace & Industrial |
$ |
122 |
|
|
$ |
(2 |
) |
|
$ |
120 |
|
|
$ |
131 |
|
$ |
135 |
|
|
$ |
— |
|
|
$ |
131 |
|
$ |
135 |
|
|
9 - 12 |
% |
|
Defense Electronics |
|
159 |
|
|
|
5 |
|
|
|
164 |
|
|
|
164 |
|
|
169 |
|
|
|
— |
|
|
|
164 |
|
|
169 |
|
|
0 - 3 |
% |
|
Naval & Power |
|
142 |
|
|
|
34 |
|
|
|
176 |
|
|
|
172 |
|
|
176 |
|
|
|
6 |
|
|
|
177 |
|
|
182 |
|
|
1 - 4 |
% |
|
Total segments |
|
423 |
|
|
|
38 |
|
|
|
460 |
|
|
|
466 |
|
|
480 |
|
|
|
6 |
|
|
|
472 |
|
|
486 |
|
|
|
||
Corporate and other |
|
(40 |
) |
|
|
— |
|
|
|
(40 |
) |
|
|
(44 |
) |
|
(45 |
) |
|
|
5 |
|
|
|
(39 |
) |
|
(40 |
) |
|
|
||
Total operating income |
$ |
383 |
|
|
$ |
38 |
|
|
$ |
420 |
|
|
$ |
422 |
|
$ |
435 |
|
|
$ |
11 |
|
|
$ |
432 |
|
$ |
446 |
|
|
3 to 6% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest expense |
$ |
(40 |
) |
|
$ |
— |
|
|
$ |
(40 |
) |
|
$ |
(40 |
) |
$ |
(41 |
) |
|
$ |
— |
|
|
$ |
(40 |
) |
$ |
(41 |
) |
|
|
||
Other income, net |
|
12 |
|
|
|
3 |
|
|
|
15 |
|
|
|
8 |
|
|
9 |
|
|
|
9 |
|
|
|
17 |
|
|
18 |
|
|
|
||
Earnings before income taxes |
|
355 |
|
|
|
41 |
|
|
|
395 |
|
|
|
390 |
|
|
403 |
|
|
|
20 |
|
|
|
409 |
|
|
422 |
|
|
|
||
Provision for income taxes |
|
(87 |
) |
|
|
(10 |
) |
|
|
(97 |
) |
|
|
(95 |
) |
|
(97 |
) |
|
|
(5 |
) |
|
|
(98 |
) |
|
(101 |
) |
|
|
||
Net earnings |
$ |
267 |
|
|
$ |
31 |
|
|
$ |
298 |
|
|
$ |
296 |
|
$ |
306 |
|
|
$ |
15 |
|
|
$ |
311 |
|
$ |
321 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted earnings per share |
$ |
6.58 |
|
|
$ |
0.76 |
|
|
$ |
7.34 |
|
|
$ |
7.67 |
|
$ |
7.87 |
|
|
$ |
0.38 |
|
|
$ |
8.05 |
|
$ |
8.25 |
|
|
10 to 12% |
||
Diluted shares outstanding |
|
40.6 |
|
|
|
|
|
40.6 |
|
|
|
38.6 |
|
|
38.8 |
|
|
|
|
|
38.6 |
|
|
38.8 |
|
|
|
||||||
Effective tax rate |
|
24.6 |
% |
|
|
|
|
24.6 |
% |
|
|
24.0 |
% |
|
24.0 |
% |
|
|
|
|
24.0 |
% |
|
24.0 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating margins: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace & Industrial |
|
15.5 |
% |
|
|
|
|
15.5 |
% |
|
|
16.2 |
% |
|
16.4 |
% |
|
|
|
|
16.2 |
% |
|
16.4 |
% |
|
70 to 90 bps |
||||||
Defense Electronics |
|
22.0 |
% |
|
|
|
|
22.6 |
% |
|
|
22.0 |
% |
|
22.2 |
% |
|
|
|
|
22.0 |
% |
|
22.2 |
% |
|
(40 to 60 bps) |
||||||
Naval & Power |
|
14.2 |
% |
|
|
|
|
18.2 |
% |
|
|
17.5 |
% |
|
17.7 |
% |
|
|
|
|
18.1 |
% |
|
18.3 |
% |
|
(10) to 10 bps |
||||||
Total operating margin |
|
15.3 |
% |
|
|
|
|
17.0 |
% |
|
|
16.7 |
% |
|
16.9 |
% |
|
|
|
|
17.1 |
% |
|
17.3 |
% |
|
10 to 30 bps |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Free cash flow |
$ |
347 |
|
|
|
|
$ |
347 |
|
|
$ |
306 |
|
$ |
326 |
|
|
$ |
39 |
|
|
$ |
345 |
|
$ |
365 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Notes: Full year amounts may not add due to rounding. |
|||||||||||||||||||||||||||||||||
(1) 2021 Adjusted financials excludes the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max program; the results of operations and related impairments from our German valves business; pension settlement charges related to the retirement of two former executives (within non-operating income); and one-time legal settlement costs. |
|||||||||||||||||||||||||||||||||
(2) 2022 Adjusted financials exclude the loss on sale of our German valves business, costs associated with shareholder activism and pension settlement charges related to the retirement of two former executives. |
|||||||||||||||||||||||||||||||||
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow guidance excludes executive pension settlement payments of $24 million and a legal settlement payment of $15 million. |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURTISS-WRIGHT CORPORATION |
||||
2022 Sales Growth Guidance by End Market |
||||
As of May 4, 2022 |
||||
|
|
|
||
|
|
|
||
|
|
|||
|
2022 % Change |
|
||
|
vs 2021 Adjusted(1) |
% Total Sales |
||
Aerospace & Defense Markets |
|
|
||
Aerospace Defense |
0 - 2% |
|
18% |
|
Ground Defense |
2 - 4% |
|
9% |
|
Naval Defense |
1 - 3% |
|
28% |
|
Commercial Aerospace |
9 - 11% |
|
11% |
|
Total Aerospace & Defense |
2 - 4% |
|
66% |
|
|
|
|
|
|
Commercial Markets |
|
|
|
|
Power & Process |
1 - 3% |
|
18% |
|
General Industrial |
6 - 8% |
|
16% |
|
Total Commercial |
4 - 6% |
|
34% |
|
|
|
|
|
|
Total Curtiss-Wright Sales |
3 - 5% |
|
100% |
|
|
|
|
||
(1) 2021 Adjusted Sales exclude the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max programs; and the results of operations from our German valves business. |
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of 7,800 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
ДЭВИДСОН, Северная Каролина--(BUSINESS WIRE)--Корпорация Curtiss-Wright (NYSE: CW) сообщает о финансовых результатах за первый квартал, закончившийся 31 марта 2022 года.
Основные моменты Первого квартала 2022 года:
"В первом квартале Curtiss-Wright показала хорошую скорректированную разводненную прибыль на акцию в размере 1,31 доллара, превысив наши ожидания, поскольку преимущества нашего объединенного портфеля предприятий позволили нам частично смягчить препятствия, связанные с продолжающимися сбоями в глобальных цепочках поставок и задержкой подписания оборонного бюджета на 22 финансовый год", - сказала Линн М. Бэмфорд, президент и главный исполнительный директор. из корпорации Curtiss-Wright. "Мы очень воодушевлены двузначным ростом заказов в первом квартале, который усиливает наше и без того значительное отставание и придает дополнительную уверенность в наших прогнозах на весь год".
“Заглядывая в будущее до конца года, мы ожидаем устойчивого последовательного улучшения продаж, операционной маржи, разводненной прибыли на акцию и свободного денежного потока, при этом больший процент наших продаж за весь год приходится на вторую половину года из-за сроков поступления выручки на наших оборонных рынках. В целом, мы сохраняем наш прогноз на весь 2022 год по общему росту продаж на 3-5%, обусловленный ростом на всех наших рынках A& D и коммерческих рынках, продолжающимся увеличением операционной маржи и двузначным скорректированным ростом разводненной прибыли на акцию на 10-12%, поскольку мы продолжаем успешно реализуйте нашу стратегию ”Поворот к росту", чтобы повысить долгосрочную акционерную стоимость".
Операционные результаты за Первый квартал 2022 года
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Reported |
|
|
|
||||||||
Sales |
$ |
559 |
|
$ |
597 |
|
(6 |
%) |
|||
Operating income |
$ |
61 |
|
$ |
85 |
|
(29 |
%) |
|||
Operating margin |
|
10.8 |
% |
|
14.2 |
% |
(340 bps) |
||||
|
|
|
|
||||||||
Adjusted (1) |
|
|
|
||||||||
Sales |
$ |
559 |
|
$ |
590 |
|
(5 |
%) |
|||
Operating income |
$ |
71 |
|
$ |
89 |
|
(20 |
%) |
|||
Operating margin |
|
12.7 |
% |
|
15.0 |
% |
(230 bps) |
||||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Показатели сегмента за Первый квартал 2022 года
Аэрокосмическая и промышленная промышленность
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Reported |
|
|
|
||||||||
Sales |
$ |
191 |
|
$ |
180 |
|
6 |
% |
|||
Operating income |
$ |
25 |
|
$ |
19 |
|
31 |
% |
|||
Operating margin |
|
13.0 |
% |
|
10.6 |
% |
240 bps |
||||
|
|
|
|
||||||||
Adjusted (1) |
|
|
|
||||||||
Sales |
$ |
191 |
|
$ |
178 |
|
8 |
% |
|||
Operating income |
$ |
25 |
|
$ |
19 |
|
34 |
% |
|||
Operating margin |
|
13.0 |
% |
|
10.4 |
% |
260 bps |
||||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Оборонная электроника
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Reported |
|
|
|
||||||||
Sales |
$ |
143 |
|
$ |
181 |
|
(21 |
%) |
|||
Operating income |
$ |
23 |
|
$ |
37 |
|
(36 |
%) |
|||
Operating margin |
|
16.3 |
% |
|
20.2 |
% |
(390 bps) |
||||
|
|
|
|
||||||||
Adjusted (1) |
|
|
|
||||||||
Sales |
$ |
143 |
|
$ |
182 |
|
(22 |
%) |
|||
Operating income |
$ |
23 |
|
$ |
38 |
|
(39 |
%) |
|||
Operating margin |
|
16.3 |
% |
|
20.9 |
% |
(460 bps) |
||||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
|||||||
Reported |
|
|
|
|||||||
Sales |
$ |
225 |
|
$ |
236 |
|
(4 |
%) |
||
Operating income |
$ |
27 |
|
$ |
38 |
|
(28 |
%) |
||
Operating margin |
|
12.1 |
% |
|
16.2 |
% |
(410 bps) |
|||
|
|
|
|
|||||||
Adjusted (1) |
|
|
|
|||||||
Sales |
$ |
225 |
|
$ |
230 |
|
(2 |
%) |
||
Operating income |
$ |
33 |
|
$ |
41 |
|
(20 |
%) |
||
Operating margin |
|
14.5 |
% |
|
17.7 |
% |
(320 bps) |
|||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
(In millions) |
Q1-2022 |
Q1-2021 |
Change |
||||||||
Net cash used for operating activities |
$ |
(124 |
) |
$ |
(27 |
) |
(367 |
%) |
|||
Capital expenditures |
(11 |
) |
(9 |
) |
(28 |
%) |
|||||
Reported free cash flow |
$ |
(135 |
) |
$ |
(35 |
) |
(285 |
%) |
|||
Adjusted free cash flow (1) |
$ |
(112 |
) |
$ |
(35 |
) |
(219 |
%) |
|||
(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix. |
Новые заказы и Невыполненные заказы
Выкуп акций и Дивиденды
Другие вопросы – Юридическое урегулирование Westinghouse
Руководство на весь 2022 год
Компания сохраняет свои скорректированные финансовые рекомендации на весь 2022 год (1) следующим образом:
(In millions, except EPS) |
2022 Adjusted
|
% Chg vs 2021 |
||
Total Sales |
$2,530 - $2,580 |
Up 3% - 5% |
||
Operating Income |
$432 - $446 |
Up 3% - 6% |
||
Operating Margin |
17.1% - 17.3% |
Up 10 - 30 bps |
||
Diluted EPS |
$8.05 - $8.25 |
Up 10% - 12% |
||
Free Cash Flow (2) |
$345 - $365 |
Up 0% - 5% |
||
(1) Reconciliations of Reported to Adjusted 2021 operating results and 2022 financial guidance are available in the Appendix. |
||||
(2) 2022 Adjusted Free Cash Flow includes $50 - $60 million in capital expenditures, compared with $41 million in 2021. |
Более подробную разбивку финансовых прогнозов Компании на 2022 год по сегментам и рынкам, а также все сверки заявленных сумм по GAAP с скорректированными суммами, не относящимися к GAAP, можно найти в прилагаемых таблицах. Исторические финансовые результаты доступны в разделе по связям с инвесторами на веб-сайте Curtiss-Wright.
Конференц-связь и Информация о веб-трансляции
Компания проведет селекторное совещание для обсуждения финансовых результатов за первый квартал 2022 года и обновлений руководства на 2022 год в 10:00 утра по восточному времени в четверг, 5 мая 2022 года. Прямая трансляция звонка и сопровождающая финансовая презентация, а также воспроизведение звонка будут доступны в Интернете, посетив раздел по связям с инвесторами на веб-сайте Компании по адресу www.curtisswright.com .
(Далее следуют таблицы)
Curtiss-Wright CORPORATION and SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) |
||||||||
($'s in thousands, except per share data) |
||||||||
|
|
|
|
|||||
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
Product sales |
$ |
453,421 |
|
|
$ |
508,975 |
|
|
Service sales |
|
106,040 |
|
|
|
88,084 |
|
|
Total net sales |
|
559,461 |
|
|
|
597,059 |
|
|
|
|
|
|
|||||
Cost of product sales |
|
294,527 |
|
|
|
329,454 |
|
|
Cost of service sales |
|
63,532 |
|
|
|
57,848 |
|
|
Total cost of sales |
|
358,059 |
|
|
|
387,302 |
|
|
|
|
|
|
|||||
Gross profit |
|
201,402 |
|
|
|
209,757 |
|
|
|
|
|
|
|||||
Research and development expenses |
|
20,549 |
|
|
|
21,863 |
|
|
Selling expenses |
|
28,092 |
|
|
|
29,596 |
|
|
General and administrative expenses |
|
87,600 |
|
|
|
73,232 |
|
|
Loss on divestiture |
|
4,651 |
|
|
|
— |
|
|
|
|
|
|
|||||
Operating income |
|
60,510 |
|
|
|
85,066 |
|
|
|
|
|
|
|||||
Interest expense |
|
9,530 |
|
|
|
9,959 |
|
|
Other income, net |
|
2,997 |
|
|
|
4,843 |
|
|
|
|
|
|
|||||
Earnings before income taxes |
|
53,977 |
|
|
|
79,950 |
|
|
Provision for income taxes |
|
(13,292 |
) |
|
|
(20,481 |
) |
|
Net earnings |
$ |
40,685 |
|
|
$ |
59,469 |
|
|
|
|
|
|
|||||
Net earnings per share: |
|
|
|
|||||
Basic earnings per share |
$ |
1.06 |
|
|
$ |
1.45 |
|
|
Diluted earnings per share |
$ |
1.05 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|||||
Dividends per share |
$ |
0.18 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|||||
Weighted average shares outstanding: |
|
|
|
|||||
Basic |
|
38,456 |
|
|
|
40,933 |
|
|
Diluted |
|
38,668 |
|
|
|
41,103 |
|
Curtiss-Wright CORPORATION and SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||
($'s in thousands, except par value) |
||||||||
|
|
|
|
|||||
|
March 31, |
|
December 31, |
|||||
|
2022 |
|
2021 |
|||||
Assets |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
136,682 |
|
|
$ |
171,004 |
|
|
Receivables, net |
|
661,129 |
|
|
|
647,148 |
|
|
Inventories, net |
|
448,122 |
|
|
|
411,567 |
|
|
Assets held for sale |
|
— |
|
|
|
10,988 |
|
|
Other current assets |
|
63,942 |
|
|
|
67,101 |
|
|
Total current assets |
|
1,309,875 |
|
|
|
1,307,808 |
|
|
Property, plant, and equipment, net |
|
355,363 |
|
|
|
360,031 |
|
|
Goodwill |
|
1,458,899 |
|
|
|
1,463,026 |
|
|
Other intangible assets, net |
|
523,913 |
|
|
|
538,077 |
|
|
Operating lease right-of-use assets, net |
|
147,224 |
|
|
|
143,613 |
|
|
Prepaid pension asset |
|
260,238 |
|
|
|
256,422 |
|
|
Other assets |
|
33,855 |
|
|
|
34,568 |
|
|
Total assets |
$ |
4,089,367 |
|
|
$ |
4,103,545 |
|
|
|
|
|
|
|||||
Liabilities |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Current portion of long-term and short term debt |
$ |
202,500 |
|
|
$ |
— |
|
|
Accounts payable |
|
168,772 |
|
|
|
211,640 |
|
|
Accrued expenses |
|
109,077 |
|
|
|
144,466 |
|
|
Income taxes payable |
|
1,478 |
|
|
|
3,235 |
|
|
Deferred revenue |
|
224,679 |
|
|
|
260,157 |
|
|
Liabilities held for sale |
|
— |
|
|
|
12,655 |
|
|
Other current liabilities |
|
93,745 |
|
|
|
102,714 |
|
|
Total current liabilities |
|
800,251 |
|
|
|
734,867 |
|
|
Long-term debt, net |
|
967,744 |
|
|
|
1,050,610 |
|
|
Deferred tax liabilities |
|
150,085 |
|
|
|
147,349 |
|
|
Accrued pension and other postretirement benefit costs |
|
84,610 |
|
|
|
91,329 |
|
|
Long-term operating lease liability |
|
128,897 |
|
|
|
127,152 |
|
|
Long-term portion of environmental reserves |
|
13,924 |
|
|
|
13,656 |
|
|
Other liabilities |
|
94,436 |
|
|
|
112,092 |
|
|
Total liabilities |
|
2,239,947 |
|
|
|
2,277,055 |
|
|
|
|
|
|
|||||
Stockholders' equity |
|
|
|
|||||
Common stock, $1 par value |
$ |
49,187 |
|
|
$ |
49,187 |
|
|
Additional paid in capital |
|
122,603 |
|
|
|
127,104 |
|
|
Retained earnings |
|
2,942,580 |
|
|
|
2,908,827 |
|
|
Accumulated other comprehensive loss |
|
(191,524 |
) |
|
|
(190,465 |
) |
|
Less: cost of treasury stock |
|
(1,073,426 |
) |
|
|
(1,068,163 |
) |
|
Total stockholders' equity |
|
1,849,420 |
|
|
|
1,826,490 |
|
|
|
|
|
|
|||||
Total liabilities and stockholders' equity |
$ |
4,089,367 |
|
|
$ |
4,103,545 |
|
Использование и определения Финансовой информации, не относящейся к ОПБУ (неаудированной)
Корпорация дополняет свою финансовую информацию, определенную в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP), определенной финансовой информацией, не относящейся к GAAP. Curtiss-Wright считает, что эти скорректированные (не по GAAP) показатели обеспечивают инвесторам повышенную прозрачность, чтобы лучше оценивать текущие операционные и финансовые показатели Curtiss-Wright и лучше сравнивать наши ключевые финансовые показатели с аналогичными показателями. Эти меры, не относящиеся к GAAP, не следует рассматривать изолированно или в качестве замены соответствующих мер GAAP, и другие компании могут определять такие меры по-другому. Curtiss-Wright призывает инвесторов полностью ознакомиться с его финансовой отчетностью и публичными отчетами и не полагаться на какой-либо один финансовый показатель. Сверка “Заявленных” сумм по ОПБУ с “Скорректированными” суммами, не относящимися к ОПБУ, представлена в этом выпуске.
Приводятся следующие определения:
Скорректированные продажи, Операционная прибыль, Операционная маржа, Чистая прибыль и Разводненная прибыль на акцию
Эти Скорректированные финансовые показатели определяются как Отраженные в Отчетности продажи, Операционная прибыль, Операционная маржа, Чистая прибыль и Разводненная прибыль на акцию в соответствии с GAAP, исключая: (i) влияние затрат на учет покупок в первый год, связанных с приобретениями в предыдущем году, в частности, единовременное увеличение запасов, амортизация накопившихся запасов, корректировки отложенной выручки. и операционные издержки; (ii) продажа или отчуждение бизнеса или продуктовой линейки; (iii) расходы на выплату пенсий; и (iv) значительные судебные издержки, затраты на обесценение и расходы, связанные с активностью акционеров, в зависимости от обстоятельств.
Curtiss-Wright CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
|||||||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
||||||||||||||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
|
% Change |
||||||||||||||||||||||||
|
As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjustments |
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Aerospace & Industrial (1) |
$ |
191,112 |
|
|
$ |
— |
|
$ |
191,112 |
|
|
$ |
180,331 |
|
|
$ |
(2,599 |
) |
|
$ |
177,732 |
|
|
6 |
% |
|
8 |
% |
|
Defense Electronics (2) |
|
143,069 |
|
|
|
— |
|
|
143,069 |
|
|
|
181,212 |
|
|
|
1,080 |
|
|
|
182,292 |
|
|
(21 |
)% |
|
(22 |
)% |
|
Naval & Power (3) |
|
225,280 |
|
|
|
— |
|
|
225,280 |
|
|
|
235,516 |
|
|
|
(5,583 |
) |
|
|
229,933 |
|
|
(4 |
)% |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total sales |
$ |
559,461 |
|
|
$ |
— |
|
$ |
559,461 |
|
|
$ |
597,059 |
|
|
$ |
(7,102 |
) |
|
$ |
589,957 |
|
|
(6 |
)% |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Aerospace & Industrial (1) |
$ |
24,853 |
|
|
$ |
— |
|
$ |
24,853 |
|
|
$ |
19,025 |
|
|
$ |
(476 |
) |
|
$ |
18,549 |
|
|
31 |
% |
|
34 |
% |
|
Defense Electronics (2) |
|
23,290 |
|
|
|
— |
|
|
23,290 |
|
|
|
36,623 |
|
|
|
1,560 |
|
|
|
38,183 |
|
|
(36 |
)% |
|
(39 |
)% |
|
Naval & Power (3) |
|
27,288 |
|
|
|
5,427 |
|
|
32,715 |
|
|
|
38,057 |
|
|
|
2,589 |
|
|
|
40,646 |
|
|
(28 |
)% |
|
(20 |
) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Corporate and other (4) |
|
(14,921 |
) |
|
|
4,876 |
|
|
(10,045 |
) |
|
|
(8,639 |
) |
|
|
45 |
|
|
|
(8,594 |
) |
|
(73 |
)% |
|
(17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total operating income |
$ |
60,510 |
|
|
$ |
10,303 |
|
$ |
70,813 |
|
|
$ |
85,066 |
|
|
$ |
3,718 |
|
|
$ |
88,784 |
|
|
(29 |
)% |
|
(20 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating margins: |
As Reported |
|
|
|
Adjusted |
|
As Reported |
|
|
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||||
Aerospace & Industrial |
|
13.0 |
% |
|
|
|
|
13.0 |
% |
|
|
10.6 |
% |
|
|
|
|
10.4 |
% |
|
240 bps |
|
260 bps |
||||||
Defense Electronics |
|
16.3 |
% |
|
|
|
|
16.3 |
% |
|
|
20.2 |
% |
|
|
|
|
20.9 |
% |
|
(390 bps) |
|
(460 bps) |
||||||
Naval & Power |
|
12.1 |
% |
|
|
|
|
14.5 |
% |
|
|
16.2 |
% |
|
|
|
|
17.7 |
% |
|
(410 bps) |
|
(320 bps) |
||||||
Total Curtiss-Wright |
|
10.8 |
% |
|
|
|
|
12.7 |
% |
|
|
14.2 |
% |
|
|
|
|
15.0 |
% |
|
(340 bps) |
|
(230 bps) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Segment margins |
|
13.5 |
% |
|
|
|
|
14.5 |
% |
|
|
15.7 |
% |
|
|
|
|
16.5 |
% |
|
(220 bps) |
|
(200 bps) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020. |
|||||||||||||||||||||||||||||
(2) Excludes first year purchase accounting adjustments in the prior period. |
|||||||||||||||||||||||||||||
(3) Excludes the results of operations from our German valves business, which was sold in January 2022, and the loss on divestiture in the current period. |
|||||||||||||||||||||||||||||
(4) Excludes costs associated with shareholder activism in the current period. |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curtiss-Wright CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED) |
|||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
|
|
||||||||||||||||||
|
|
March 31, 2022 |
|
March 31, 2021 |
|
2022 vs. 2021 |
|||||||||||||||||||
Reported |
Reported |
Change in |
Change in |
||||||||||||||||||||||
|
|
Sales |
|
Adjustments |
|
Adjusted Sales |
|
Sales |
|
Adjustments |
|
Adjusted Sales |
|
Reported Sales |
Adjusted Sales |
||||||||||
Aerospace & Defense markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Aerospace Defense |
|
$ |
98,004 |
|
$ |
— |
|
$ |
98,004 |
|
$ |
111,016 |
|
$ |
— |
|
|
$ |
111,016 |
|
(12 |
%) |
(12 |
%) |
|
Ground Defense (1) |
|
|
39,108 |
|
|
— |
|
|
39,108 |
|
|
55,746 |
|
|
1,080 |
|
|
|
56,826 |
|
(30 |
%) |
(31 |
%) |
|
Naval Defense |
|
|
162,967 |
|
|
— |
|
|
162,967 |
|
|
177,905 |
|
|
— |
|
|
|
177,905 |
|
(8 |
%) |
(8 |
%) |
|
Commercial Aerospace (2) |
|
|
60,892 |
|
|
— |
|
|
60,892 |
|
|
57,269 |
|
|
(2,599 |
) |
|
|
54,670 |
|
6 |
% |
11 |
% |
|
Total Aerospace & Defense |
|
$ |
360,971 |
|
$ |
— |
|
$ |
360,971 |
|
$ |
401,936 |
|
$ |
(1,519 |
) |
|
$ |
400,417 |
|
(10 |
%) |
(10 |
%) |
|
|
|||||||||||||||||||||||||
Commercial markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Power & Process (3) |
|
|
104,788 |
|
|
— |
|
|
104,788 |
|
|
105,504 |
|
|
(5,583 |
) |
|
|
99,921 |
|
(1 |
%) |
5 |
% |
|
General Industrial |
|
|
93,702 |
|
|
— |
|
|
93,702 |
|
|
89,619 |
|
|
— |
|
|
|
89,619 |
|
5 |
% |
5 |
% |
|
Total Commercial |
|
$ |
198,490 |
|
$ |
— |
|
$ |
198,490 |
|
$ |
195,123 |
|
$ |
(5,583 |
) |
|
$ |
189,540 |
|
2 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Curtiss-Wright |
|
$ |
559,461 |
|
$ |
— |
|
$ |
559,461 |
|
$ |
597,059 |
|
$ |
(7,102 |
) |
|
$ |
589,957 |
|
(6 |
%) |
(5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Excludes first year purchase accounting adjustments in the prior period. |
|||||||||||||||||||||||||
(2) Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program, which we substantially exited in the fourth quarter of 2020. |
|||||||||||||||||||||||||
(3) Excludes the prior period results of our German valves business, which was sold in January 2022. |
|||||||||||||||||||||||||
|
Curtiss-Wright CORPORATION and SUBSIDIARIES |
|||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) |
|||||||
|
|
|
|
||||
|
Three Months Ended |
||||||
|
March 31, |
||||||
|
2022 |
|
2021 |
||||
Diluted earnings per share - As Reported |
$ |
1.05 |
|
$ |
1.45 |
|
|
Divested German valves business |
|
0.11 |
|
|
0.04 |
|
|
Costs associated with shareholder activism |
|
0.10 |
|
|
— |
|
|
Former executive pension settlement expense |
|
0.05 |
|
|
— |
|
|
First year purchase accounting adjustments |
|
— |
|
|
0.03 |
|
|
Exit of build-to-print actuation product line |
|
— |
|
|
(0.01 |
) |
|
Diluted earnings per share - Adjusted (1) |
$ |
1.31 |
|
$ |
1.51 |
|
|
|
|
|
|
||||
(1) All adjustments are presented net of income taxes. |
Органические Продажи и Органический Операционный доход
Корпорация раскрывает информацию об органических продажах и органическом операционном доходе, поскольку Корпорация считает, что это дает инвесторам представление о текущих показателях бизнеса Компании. Органический объем продаж и органический операционный доход определяются как объем продаж и операционный доход, за исключением взносов от приобретений, совершенных в течение последних двенадцати месяцев, убытков от продажи немецкого бизнеса клапанов и колебаний валютных курсов.
|
Three Months Ended |
|||||||||||||||
|
March 31, |
|||||||||||||||
|
2022 vs. 2021 |
|||||||||||||||
|
Aerospace & Industrial |
|
Defense Electronics |
|
Naval & Power |
|
Total Curtiss-Wright |
|||||||||
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
As Reported |
6% |
|
31% |
|
(21%) |
|
(36%) |
|
(4%) |
|
(28%) |
|
(6%) |
|
(29%) |
|
Less: Acquisitions |
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
Loss on divestiture |
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
14% |
|
0% |
|
6% |
|
Foreign Currency |
1% |
|
2% |
|
0% |
|
(1%) |
|
0% |
|
0% |
|
0% |
|
1% |
|
Organic |
7% |
|
33% |
|
(21%) |
|
(37%) |
|
(4%) |
|
(14%) |
|
(6%) |
|
(22%) |
Свободный денежный поток и Конвертация Свободного денежного потока
Корпорация раскрывает информацию о свободном денежном потоке, поскольку она измеряет денежный поток, доступный для инвестиционной и финансовой деятельности. Свободный денежный поток представляет собой денежные средства, доступные для погашения непогашенной задолженности, инвестирования в бизнес, приобретения бизнеса, возврата капитала акционерам и осуществления других стратегических инвестиций. Свободный денежный поток определяется как чистые денежные средства, полученные от операционной деятельности за вычетом капитальных затрат. Скорректированный свободный денежный поток на 2022 год исключает: (i) платежи, связанные с юридическим урегулированием Westinghouse, и (ii) пенсионные выплаты руководителям. Корпорация раскрывает скорректированную конвертацию свободного денежного потока, поскольку она измеряет долю чистой прибыли, конвертированной в свободный денежный поток, и определяется как скорректированный свободный денежный поток, деленный на скорректированную чистую прибыль.
Curtiss-Wright CORPORATION and SUBSIDIARIES |
||||||||
NON-GAAP FINANCIAL DATA (UNAUDITED) |
||||||||
($'s in thousands) |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
Net cash used for operating activities |
$ |
(124,315 |
) |
|
$ |
(26,603 |
) |
|
Capital expenditures |
|
(10,896 |
) |
|
|
(8,537 |
) |
|
Free cash flow |
$ |
(135,211 |
) |
|
$ |
(35,140 |
) |
|
Westinghouse legal settlement |
|
15,000 |
|
|
|
— |
|
|
Pension payment to former executive |
|
8,214 |
|
|
|
— |
|
|
Adjusted free cash flow |
$ |
(111,997 |
) |
|
$ |
(35,140 |
) |
|
Adjusted free cash flow conversion |
|
(221 |
%) |
|
|
(56 |
%) |
Curtiss-Wright CORPORATION |
|||||||||||||||||||||||||||||||||
2022 Guidance |
|||||||||||||||||||||||||||||||||
As of May 4, 2022 |
|||||||||||||||||||||||||||||||||
($'s in millions, except per share data) |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
2021 |
|
2021 |
|
2021 |
|
2022 |
|
2022 |
|
2022 |
||||||||||||||||||||||
Reported |
Adjustments(1) |
Adjusted(1) |
Reported Guidance |
Adjustments(2,3) |
Adjusted Guidance(1,2,3) |
||||||||||||||||||||||||||||
(GAAP) |
(Non-GAAP) |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
(Non-GAAP) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Chg |
||||||||||||||||||
vs 2021 |
|||||||||||||||||||||||||||||||||
Low |
High |
Low |
High |
Adjusted |
|||||||||||||||||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace & Industrial |
$ |
786 |
|
|
$ |
(11 |
) |
|
$ |
775 |
|
|
$ |
805 |
|
$ |
825 |
|
|
$ |
— |
|
|
$ |
805 |
|
$ |
825 |
|
|
4 - 6 |
% |
|
Defense Electronics |
|
724 |
|
|
|
4 |
|
|
|
728 |
|
|
|
745 |
|
|
760 |
|
|
|
— |
|
|
|
745 |
|
|
760 |
|
|
2 - 4 |
% |
|
Naval & Power |
|
995 |
|
|
|
(30 |
) |
|
|
965 |
|
|
|
980 |
|
|
995 |
|
|
|
— |
|
|
|
980 |
|
|
995 |
|
|
2 - 3 |
% |
|
Total sales |
$ |
2,506 |
|
|
$ |
(37 |
) |
|
$ |
2,468 |
|
|
$ |
2,530 |
|
$ |
2,580 |
|
|
$ |
— |
|
|
$ |
2,530 |
|
$ |
2,580 |
|
|
3 to 5% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace & Industrial |
$ |
122 |
|
|
$ |
(2 |
) |
|
$ |
120 |
|
|
$ |
131 |
|
$ |
135 |
|
|
$ |
— |
|
|
$ |
131 |
|
$ |
135 |
|
|
9 - 12 |
% |
|
Defense Electronics |
|
159 |
|
|
|
5 |
|
|
|
164 |
|
|
|
164 |
|
|
169 |
|
|
|
— |
|
|
|
164 |
|
|
169 |
|
|
0 - 3 |
% |
|
Naval & Power |
|
142 |
|
|
|
34 |
|
|
|
176 |
|
|
|
172 |
|
|
176 |
|
|
|
6 |
|
|
|
177 |
|
|
182 |
|
|
1 - 4 |
% |
|
Total segments |
|
423 |
|
|
|
38 |
|
|
|
460 |
|
|
|
466 |
|
|
480 |
|
|
|
6 |
|
|
|
472 |
|
|
486 |
|
|
|
||
Corporate and other |
|
(40 |
) |
|
|
— |
|
|
|
(40 |
) |
|
|
(44 |
) |
|
(45 |
) |
|
|
5 |
|
|
|
(39 |
) |
|
(40 |
) |
|
|
||
Total operating income |
$ |
383 |
|
|
$ |
38 |
|
|
$ |
420 |
|
|
$ |
422 |
|
$ |
435 |
|
|
$ |
11 |
|
|
$ |
432 |
|
$ |
446 |
|
|
3 to 6% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Interest expense |
$ |
(40 |
) |
|
$ |
— |
|
|
$ |
(40 |
) |
|
$ |
(40 |
) |
$ |
(41 |
) |
|
$ |
— |
|
|
$ |
(40 |
) |
$ |
(41 |
) |
|
|
||
Other income, net |
|
12 |
|
|
|
3 |
|
|
|
15 |
|
|
|
8 |
|
|
9 |
|
|
|
9 |
|
|
|
17 |
|
|
18 |
|
|
|
||
Earnings before income taxes |
|
355 |
|
|
|
41 |
|
|
|
395 |
|
|
|
390 |
|
|
403 |
|
|
|
20 |
|
|
|
409 |
|
|
422 |
|
|
|
||
Provision for income taxes |
|
(87 |
) |
|
|
(10 |
) |
|
|
(97 |
) |
|
|
(95 |
) |
|
(97 |
) |
|
|
(5 |
) |
|
|
(98 |
) |
|
(101 |
) |
|
|
||
Net earnings |
$ |
267 |
|
|
$ |
31 |
|
|
$ |
298 |
|
|
$ |
296 |
|
$ |
306 |
|
|
$ |
15 |
|
|
$ |
311 |
|
$ |
321 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diluted earnings per share |
$ |
6.58 |
|
|
$ |
0.76 |
|
|
$ |
7.34 |
|
|
$ |
7.67 |
|
$ |
7.87 |
|
|
$ |
0.38 |
|
|
$ |
8.05 |
|
$ |
8.25 |
|
|
10 to 12% |
||
Diluted shares outstanding |
|
40.6 |
|
|
|
|
|
40.6 |
|
|
|
38.6 |
|
|
38.8 |
|
|
|
|
|
38.6 |
|
|
38.8 |
|
|
|
||||||
Effective tax rate |
|
24.6 |
% |
|
|
|
|
24.6 |
% |
|
|
24.0 |
% |
|
24.0 |
% |
|
|
|
|
24.0 |
% |
|
24.0 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating margins: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Aerospace & Industrial |
|
15.5 |
% |
|
|
|
|
15.5 |
% |
|
|
16.2 |
% |
|
16.4 |
% |
|
|
|
|
16.2 |
% |
|
16.4 |
% |
|
70 to 90 bps |
||||||
Defense Electronics |
|
22.0 |
% |
|
|
|
|
22.6 |
% |
|
|
22.0 |
% |
|
22.2 |
% |
|
|
|
|
22.0 |
% |
|
22.2 |
% |
|
(40 to 60 bps) |
||||||
Naval & Power |
|
14.2 |
% |
|
|
|
|
18.2 |
% |
|
|
17.5 |
% |
|
17.7 |
% |
|
|
|
|
18.1 |
% |
|
18.3 |
% |
|
(10) to 10 bps |
||||||
Total operating margin |
|
15.3 |
% |
|
|
|
|
17.0 |
% |
|
|
16.7 |
% |
|
16.9 |
% |
|
|
|
|
17.1 |
% |
|
17.3 |
% |
|
10 to 30 bps |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Free cash flow |
$ |
347 |
|
|
|
|
$ |
347 |
|
|
$ |
306 |
|
$ |
326 |
|
|
$ |
39 |
|
|
$ |
345 |
|
$ |
365 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Notes: Full year amounts may not add due to rounding. |
|||||||||||||||||||||||||||||||||
(1) 2021 Adjusted financials excludes the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max program; the results of operations and related impairments from our German valves business; pension settlement charges related to the retirement of two former executives (within non-operating income); and one-time legal settlement costs. |
|||||||||||||||||||||||||||||||||
(2) 2022 Adjusted financials exclude the loss on sale of our German valves business, costs associated with shareholder activism and pension settlement charges related to the retirement of two former executives. |
|||||||||||||||||||||||||||||||||
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow guidance excludes executive pension settlement payments of $24 million and a legal settlement payment of $15 million. |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curtiss-Wright CORPORATION |
||||
2022 Sales Growth Guidance by End Market |
||||
As of May 4, 2022 |
||||
|
|
|
||
|
|
|
||
|
|
|||
|
2022 % Change |
|
||
|
vs 2021 Adjusted(1) |
% Total Sales |
||
Aerospace & Defense Markets |
|
|
||
Aerospace Defense |
0 - 2% |
|
18% |
|
Ground Defense |
2 - 4% |
|
9% |
|
Naval Defense |
1 - 3% |
|
28% |
|
Commercial Aerospace |
9 - 11% |
|
11% |
|
Total Aerospace & Defense |
2 - 4% |
|
66% |
|
|
|
|
|
|
Commercial Markets |
|
|
|
|
Power & Process |
1 - 3% |
|
18% |
|
General Industrial |
6 - 8% |
|
16% |
|
Total Commercial |
4 - 6% |
|
34% |
|
|
|
|
|
|
Total Curtiss-Wright Sales |
3 - 5% |
|
100% |
|
|
|
|
||
(1) 2021 Adjusted Sales exclude the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max programs; and the results of operations from our German valves business. |
О корпорации Curtiss-Wright
Корпорация Curtiss-Wright (NYSE: CW) - это глобальный интегрированный бизнес, предоставляющий высокотехнологичные продукты, решения и услуги в основном для аэрокосмических и оборонных рынков, а также критически важные технологии для требовательных коммерческих энергетических, Технологических и промышленных рынков. Мы используем штат из 7800 высококвалифицированных сотрудников, которые разрабатывают, проектируют и создают то, что, по нашему мнению, является лучшими инженерными решениями для рынков, которые мы обслуживаем. Опираясь на наследие Гленна Кертисса и братьев Райт, Curtiss-Wright имеет давнюю традицию предоставления инновационных решений на основе доверительных отношений с клиентами. Для получения дополнительной информации посетите www.curtisswright.com .
Некоторые заявления, сделанные в этом пресс-релизе, включая заявления о будущих доходах, рекомендации по финансовым показателям, квартальной и годовой выручке, чистой прибыли, росте операционной прибыли, будущих возможностях для бизнеса, инициативах по снижению затрат, успешной интеграции приобретений Компании и будущих денежных потоках от операций, являются прогнозными заявлениями в рамках значение Закона о реформе судопроизводства по частным ценным бумагам 1995 года. Эти заявления отражают ожидания, убеждения, планы и цели руководства в отношении будущих финансовых результатов, а также допущения или суждения относительно таких результатов. Любые обсуждения, содержащиеся в настоящем пресс-релизе, за исключением случаев, когда они содержат исторические факты, носят прогнозный характер и, соответственно, включают оценки, предположения, суждения и неопределенности. Такие прогнозные заявления подвержены определенным рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от выраженных или подразумеваемых. Читателей предостерегают от чрезмерного доверия к этим прогнозным заявлениям, которые относятся только к дате настоящего документа. Такие риски и неопределенности включают, но не ограничиваются ими: сокращение ожидаемых заказов; экономический спад; изменения на конкурентном рынке и / или требования клиентов; изменение государственных расходов; неспособность выполнять контракты с клиентами при ожидаемых уровнях затрат; и другие факторы, которые в целом влияют на бизнес аэрокосмической отрасли., оборонные подрядные, электронные, морские и промышленные компании. Такие факторы подробно описаны в Годовом отчете Компании по форме 10-K за финансовый год, закончившийся 31 декабря 2021 года, и последующих отчетах, поданных в Комиссию по ценным бумагам и биржам.
С этим пресс-релизом и дополнительной информацией можно ознакомиться по адресу www.curtisswright.com .
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