Curtiss Wright (CW) FY2012 results: revenue $1.8 billion, down 9.6% on the year
Curtiss Wright Corp. (CW) reported revenue of $1.8 billion for fiscal 2012, the year ended 31 December 2012, down 9.6% on the year before. Net income was $114 million, down 9.9%, and diluted earnings per share $2.40. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2013.
Revenue
$1.8 billion
-9.6% on the year
FY2008FY2012
Operating margin
9.9%
9.3% a year earlier
FY2008FY2012
Net income
$114 million
-9.9% on the year
FY2008FY2012
Diluted EPS
$2.40
-10.8% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,823
2,017
1,855
-9.6%
Cost of revenue
1,211
1,360
1,248
-11.0%
Gross profit
612
657
606
-6.8%
Gross margin
33.6%
32.6%
32.7%
Research and development
54.4
62.1
54.1
-12.5%
Operating income
181
187
167
-2.9%
Operating margin
9.9%
9.3%
9.0%
Interest expense
26.3
20.8
22.1
+26.4%
Pre-tax income
155
167
145
-7.0%
Income tax
51.1
48.3
47.3
+6.0%
Effective tax rate
32.9%
28.9%
32.6%
Net income
114
126
102
-9.9%
Net margin
6.2%
6.3%
5.5%
Diluted EPS
$2.40
$2.69
$2.21
-10.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
152
202
172
-24.5%
Capital expenditure
83.0
84.3
52.8
-1.6%
Free cash flow
69.5
118
119
-40.8%
Free cash flow margin
3.8%
5.8%
6.4%
Cash from investing
-493
-252
-95.8
Cash from financing
254
180
-71.9
+41.4%
Depreciation and amortisation
93.9
88.3
79.9
+6.3%
Share-based compensation
9.4
9.6
13.4
-2.0%
Buybacks
25.7
8.2
0.0
+214.3%
Dividends paid
16.4
14.9
14.7
+10.1%
Dividend per share
$0.35
$0.32
$0.32
+9.4%
Diluted shares, weighted
47m
47m
46m
+0.8%
Shares outstanding at period end
46m
46m
46m
-0.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,313
1,205
1,160
+8.9%
Debt
880
586
397
+50.1%
Other liabilities
922
844
676
+9.2%
Total liabilities and equity
3,115
2,636
2,233
+18.2%
Fixed assets
490
444
397
+10.4%
Goodwill
1,013
759
694
+33.4%
Intangible assets
419
261
240
+60.3%
Cash and equivalents
112
194
68.1
-42.4%
Receivables
578
543
462
+6.5%
Inventory
397
313
281
+27.0%
Other assets
105
121
91.2
-13.1%
Total assets
3,115
2,636
2,233
+18.2%
10-K for the year ended 31 December 2012, filed 21 February 2013: the filing.