Curtiss Wright (CW) FY2015 results: revenue $2.2 billion, down 1.7% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.2 billion for fiscal 2015, the year ended 31 December 2015, down 1.7% on the year before. Net income was $145 million, up 28.3%, and diluted earnings per share $3.05. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2016.
Revenue
$2.2 billion
-1.7% on the year
FY2008FY2015
Operating margin
14.1%
12.6% a year earlier
FY2008FY2015
Net income
$145 million
+28.3% on the year
FY2008FY2015
Diluted EPS
$3.05
+32.0% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,206
2,243
2,118
-1.7%
Cost of revenue
1,422
1,467
1,382
-3.0%
Gross profit
783
777
736
+0.9%
Gross margin
35.5%
34.6%
34.7%
Research and development
60.8
67.8
63.6
-10.3%
Operating income
311
282
237
+10.0%
Operating margin
14.1%
12.6%
11.2%
Interest expense
36.0
35.8
37.0
+0.7%
Pre-tax income
275
247
201
+11.4%
Income tax
82.9
77.0
61.6
+7.7%
Effective tax rate
30.1%
31.2%
30.7%
Net income
145
113
138
+28.3%
Net margin
6.6%
5.1%
6.5%
Diluted EPS
$3.05
$2.31
$2.88
+32.0%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
162
332
238
-51.0%
Capital expenditure
35.5
67.1
72.2
-47.1%
Free cash flow
127
265
166
-52.0%
Free cash flow margin
5.8%
11.8%
7.8%
Cash from investing
-15.6
53.4
-314
Cash from financing
-289
-92.4
140
Depreciation and amortisation
101
119
121
-15.2%
Share-based compensation
9.5
8.5
7.3
+11.4%
Buybacks
294
65.2
0.0
+351.0%
Dividends paid
24.1
25.0
18.4
-3.6%
Dividend per share
$0.52
$0.52
$0.39
0.0%
Diluted shares, weighted
48m
49m
48m
-3.0%
Shares outstanding at period end
45m
48m
48m
-6.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,255
1,478
1,553
-15.1%
Debt
953
954
960
-0.1%
Other liabilities
781
950
946
-17.8%
Total liabilities and equity
2,990
3,382
3,458
-11.6%
Fixed assets
414
459
516
-9.9%
Goodwill
973
1,041
1,110
-6.6%
Intangible assets
311
349
471
-11.0%
Cash and equivalents
289
450
175
-35.9%
Receivables
566
495
604
+14.3%
Inventory
380
389
452
-2.3%
Other assets
58.0
199
130
-70.9%
Total assets
2,990
3,382
3,458
-11.6%
10-K for the year ended 31 December 2015, filed 25 February 2016: the filing.