Curtiss Wright (CW) FY2014 results: revenue $2.2 billion, up 5.9% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.2 billion for fiscal 2014, the year ended 31 December 2014, up 5.9% on the year before. Net income was $113 million, down 17.9%, and diluted earnings per share $2.31. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$2.2 billion
+5.9% on the year
FY2008FY2014
Operating margin
12.6%
11.2% a year earlier
FY2008FY2014
Net income
$113 million
-17.9% on the year
FY2008FY2014
Diluted EPS
$2.31
-19.8% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,243
2,118
1,823
+5.9%
Cost of revenue
1,467
1,382
1,211
+6.1%
Gross profit
777
736
612
+5.5%
Gross margin
34.6%
34.7%
33.6%
Research and development
67.8
63.6
54.4
+6.7%
Operating income
282
237
181
+19.1%
Operating margin
12.6%
11.2%
9.9%
Interest expense
35.8
37.0
26.3
-3.3%
Pre-tax income
247
201
155
+22.8%
Income tax
77.0
61.6
51.1
+24.9%
Effective tax rate
31.2%
30.7%
32.9%
Net income
113
138
114
-17.9%
Net margin
5.1%
6.5%
6.2%
Diluted EPS
$2.31
$2.88
$2.40
-19.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
332
238
152
+39.5%
Capital expenditure
67.1
72.2
83.0
-7.1%
Free cash flow
265
166
69.5
+59.8%
Free cash flow margin
11.8%
7.8%
3.8%
Cash from investing
53.4
-314
-493
Cash from financing
-92.4
140
254
Depreciation and amortisation
119
121
93.9
-2.1%
Share-based compensation
8.5
7.3
9.4
+15.7%
Buybacks
65.2
0.0
25.7
Dividends paid
25.0
18.4
16.4
+36.1%
Dividend per share
$0.52
$0.39
$0.35
+33.3%
Diluted shares, weighted
49m
48m
47m
+2.4%
Shares outstanding at period end
48m
48m
46m
+0.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,478
1,553
1,313
-4.8%
Debt
954
960
880
-0.6%
Other liabilities
950
946
922
+0.4%
Total liabilities and equity
3,382
3,458
3,115
-2.2%
Fixed assets
459
516
490
-11.0%
Goodwill
1,041
1,110
1,013
-6.3%
Intangible assets
349
471
419
-25.9%
Cash and equivalents
450
175
112
+156.8%
Receivables
495
604
578
-17.9%
Inventory
389
452
397
-14.0%
Other assets
199
130
105
+53.4%
Total assets
3,382
3,458
3,115
-2.2%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.