Curtiss Wright (CW) FY2017 results: revenue $2.3 billion, up 7.7% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.3 billion for fiscal 2017, the year ended 31 December 2017, up 7.7% on the year before. Net income was $215 million, up 14.7%, and diluted earnings per share $4.80. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$2.3 billion
+7.7% on the year
FY2010FY2017
Operating margin
14.3%
14.1% a year earlier
FY2010FY2017
Net income
$215 million
+14.7% on the year
FY2010FY2017
Diluted EPS
$4.80
+15.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,271
2,109
2,206
+7.7%
Cost of revenue
1,470
1,374
1,422
+7.0%
Gross profit
801
735
783
+9.0%
Gross margin
35.3%
34.8%
35.5%
Research and development
61.4
59.4
60.8
+3.3%
Operating income
325
297
311
+9.6%
Operating margin
14.3%
14.1%
14.1%
Interest expense
41.5
41.2
36.0
+0.5%
Pre-tax income
300
268
275
+11.8%
Income tax
84.7
78.6
82.9
+7.8%
Effective tax rate
28.3%
29.3%
30.1%
Net income
215
187
145
+14.7%
Net margin
9.5%
8.9%
6.6%
Diluted EPS
$4.80
$4.15
$3.05
+15.7%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
389
423
162
-8.1%
Capital expenditure
52.7
46.8
35.5
+12.7%
Free cash flow
336
376
127
-10.7%
Free cash flow margin
14.8%
17.8%
5.8%
Cash from investing
-272
-42.9
-15.6
Cash from financing
-214
-96.1
-289
Depreciation and amortisation
100.0
96.0
101
+4.2%
Share-based compensation
11.6
9.5
9.5
+22.1%
Buybacks
52.1
105
294
-50.5%
Dividends paid
24.7
23.1
24.1
+7.3%
Dividend per share
$0.56
$0.52
$0.52
+7.7%
Diluted shares, weighted
45m
45m
48m
-0.6%
Shares outstanding at period end
44m
44m
45m
-0.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,528
1,291
1,255
+18.3%
Debt
814
966
953
-15.7%
Other liabilities
894
780
781
+14.6%
Total liabilities and equity
3,236
3,038
2,990
+6.5%
Fixed assets
390
389
414
+0.3%
Goodwill
1,096
951
973
+15.3%
Intangible assets
330
271
311
+21.4%
Cash and equivalents
475
554
289
-14.2%
Receivables
495
463
566
+6.9%
Inventory
379
367
380
+3.2%
Other assets
71.2
42.5
58.0
+67.6%
Total assets
3,236
3,038
2,990
+6.5%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.