Curtiss Wright (CW) FY2013 results: revenue $2.1 billion, up 16.2% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.1 billion for fiscal 2013, the year ended 31 December 2013, up 16.2% on the year before. Net income was $138 million, up 21.2%, and diluted earnings per share $2.88. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$2.1 billion
+16.2% on the year
FY2008FY2013
Operating margin
11.2%
9.9% a year earlier
FY2008FY2013
Net income
$138 million
+21.2% on the year
FY2008FY2013
Diluted EPS
$2.88
+20.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,118
1,823
2,017
+16.2%
Cost of revenue
1,382
1,211
1,360
+14.2%
Gross profit
736
612
657
+20.2%
Gross margin
34.7%
33.6%
32.6%
Research and development
63.6
54.4
62.1
+17.0%
Operating income
237
181
187
+30.7%
Operating margin
11.2%
9.9%
9.3%
Interest expense
37.0
26.3
20.8
+40.6%
Pre-tax income
201
155
167
+29.5%
Income tax
61.6
51.1
48.3
+20.5%
Effective tax rate
30.7%
32.9%
28.9%
Net income
138
114
126
+21.2%
Net margin
6.5%
6.2%
6.3%
Diluted EPS
$2.88
$2.40
$2.69
+20.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
238
152
202
+56.0%
Capital expenditure
72.2
83.0
84.3
-12.9%
Free cash flow
166
69.5
118
+138.2%
Free cash flow margin
7.8%
3.8%
5.8%
Cash from investing
-314
-493
-252
Cash from financing
140
254
180
-44.9%
Depreciation and amortisation
121
93.9
88.3
+29.4%
Share-based compensation
7.3
9.4
9.6
-22.1%
Buybacks
0.0
25.7
8.2
Dividends paid
18.4
16.4
14.9
+12.1%
Dividend per share
$0.39
$0.35
$0.32
+11.4%
Diluted shares, weighted
48m
47m
47m
+1.1%
Shares outstanding at period end
48m
46m
46m
+2.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,553
1,313
1,205
+18.3%
Debt
960
880
586
+9.1%
Other liabilities
946
922
844
+2.6%
Total liabilities and equity
3,458
3,115
2,636
+11.0%
Fixed assets
516
490
444
+5.3%
Goodwill
1,110
1,013
759
+9.6%
Intangible assets
471
419
261
+12.5%
Cash and equivalents
175
112
194
+56.5%
Receivables
604
578
543
+4.4%
Inventory
452
397
313
+13.7%
Other assets
130
105
121
+23.8%
Total assets
3,458
3,115
2,636
+11.0%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.