Curtiss Wright (CW) FY2018 results: revenue $2.4 billion, up 6.2% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.4 billion for fiscal 2018, the year ended 31 December 2018, up 6.2% on the year before. Net income was $276 million, up 28.3%, and diluted earnings per share $6.22. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$2.4 billion
+6.2% on the year
FY2011FY2018
Operating margin
15.5%
14.3% a year earlier
FY2011FY2018
Net income
$276 million
+28.3% on the year
FY2011FY2018
Diluted EPS
$6.22
+29.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,412
2,271
2,109
+6.2%
Cost of revenue
1,541
1,470
1,374
+4.8%
Gross profit
871
801
735
+8.8%
Gross margin
36.1%
35.3%
34.8%
Research and development
64.5
61.4
59.4
+5.1%
Operating income
374
325
297
+14.9%
Operating margin
15.5%
14.3%
14.1%
Interest expense
34.0
41.5
41.2
-18.1%
Pre-tax income
356
300
268
+18.9%
Income tax
80.5
84.7
78.6
-5.0%
Effective tax rate
22.6%
28.3%
29.3%
Net income
276
215
187
+28.3%
Net margin
11.4%
9.5%
8.9%
Diluted EPS
$6.22
$4.80
$4.15
+29.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
336
389
423
-13.5%
Capital expenditure
53.4
52.7
46.8
+1.4%
Free cash flow
283
336
376
-15.8%
Free cash flow margin
11.7%
14.8%
17.8%
Cash from investing
-256
-272
-42.9
Cash from financing
-264
-214
-96.1
Depreciation and amortisation
103
100.0
96.0
+3.0%
Share-based compensation
14.1
11.6
9.5
+21.8%
Buybacks
199
52.1
105
+281.0%
Dividends paid
26.3
24.7
23.1
+6.4%
Dividend per share
$0.60
$0.56
$0.52
+7.1%
Diluted shares, weighted
44m
45m
45m
-1.0%
Shares outstanding at period end
43m
44m
44m
-3.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,531
1,528
1,291
+0.2%
Debt
763
814
966
-6.3%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
962
894
780
+7.6%
Total liabilities and equity
3,255
3,236
3,038
+0.6%
Fixed assets
375
390
389
-4.0%
Goodwill
1,088
1,096
951
-0.8%
Intangible assets
430
330
271
+30.3%
Cash and equivalents
276
475
554
-41.9%
Receivables
594
495
463
+20.0%
Inventory
423
379
367
+11.8%
Other assets
69.9
71.2
42.5
-1.8%
Total assets
3,255
3,236
3,038
+0.6%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.