Curtiss Wright (CW) FY2016 results: revenue $2.1 billion, down 4.4% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.1 billion for fiscal 2016, the year ended 31 December 2016, down 4.4% on the year before. Net income was $187 million, up 28.8%, and diluted earnings per share $4.15. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$2.1 billion
-4.4% on the year
FY2009FY2016
Operating margin
14.1%
14.1% a year earlier
FY2009FY2016
Net income
$187 million
+28.8% on the year
FY2009FY2016
Diluted EPS
$4.15
+36.1% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,109
2,206
2,243
-4.4%
Cost of revenue
1,374
1,422
1,467
-3.4%
Gross profit
735
783
777
-6.2%
Gross margin
34.8%
35.5%
34.6%
Research and development
59.4
60.8
67.8
-2.3%
Operating income
297
311
282
-4.5%
Operating margin
14.1%
14.1%
12.6%
Interest expense
41.2
36.0
35.8
+14.5%
Pre-tax income
268
275
247
-2.6%
Income tax
78.6
82.9
77.0
-5.3%
Effective tax rate
29.3%
30.1%
31.2%
Net income
187
145
113
+28.8%
Net margin
8.9%
6.6%
5.1%
Diluted EPS
$4.15
$3.05
$2.31
+36.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
423
162
332
+160.5%
Capital expenditure
46.8
35.5
67.1
+31.7%
Free cash flow
376
127
265
+196.5%
Free cash flow margin
17.8%
5.8%
11.8%
Cash from investing
-42.9
-15.6
53.4
Cash from financing
-96.1
-289
-92.4
Depreciation and amortisation
96.0
101
119
-4.8%
Share-based compensation
9.5
9.5
8.5
+0.1%
Buybacks
105
294
65.2
-64.2%
Dividends paid
23.1
24.1
25.0
-4.4%
Dividend per share
$0.52
$0.52
$0.52
0.0%
Diluted shares, weighted
45m
48m
49m
-5.4%
Shares outstanding at period end
44m
45m
48m
-1.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,291
1,255
1,478
+2.8%
Debt
966
953
954
+1.4%
Other liabilities
780
781
950
-0.1%
Total liabilities and equity
3,038
2,990
3,382
+1.6%
Fixed assets
389
414
459
-6.0%
Goodwill
951
973
1,041
-2.2%
Intangible assets
271
311
349
-12.6%
Cash and equivalents
554
289
450
+91.8%
Receivables
463
566
495
-18.2%
Inventory
367
380
389
-3.3%
Other assets
42.5
58.0
199
-26.8%
Total assets
3,038
2,990
3,382
+1.6%
10-K for the year ended 31 December 2016, filed 27 February 2019: the filing.