Curtiss Wright (CW) FY2019 results: revenue $2.5 billion, up 3.2% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.5 billion for fiscal 2019, the year ended 31 December 2019, up 3.2% on the year before. Net income was $308 million, up 11.5%, and diluted earnings per share $7.15. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$2.5 billion
+3.2% on the year
FY2012FY2019
Operating margin
16.2%
15.5% a year earlier
FY2012FY2019
Net income
$308 million
+11.5% on the year
FY2012FY2019
Diluted EPS
$7.15
+15.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,488
2,412
2,271
+3.2%
Cost of revenue
1,589
1,541
1,470
+3.2%
Gross profit
899
871
801
+3.2%
Gross margin
36.1%
36.1%
35.3%
Research and development
72.5
64.5
61.4
+12.4%
Operating income
404
374
325
+8.1%
Operating margin
16.2%
15.5%
14.3%
Interest expense
31.3
34.0
41.5
-7.8%
Pre-tax income
396
356
300
+11.3%
Income tax
88.9
80.5
84.7
+10.4%
Effective tax rate
22.4%
22.6%
28.3%
Net income
308
276
215
+11.5%
Net margin
12.4%
11.4%
9.5%
Diluted EPS
$7.15
$6.22
$4.80
+15.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
421
336
389
+25.3%
Capital expenditure
69.8
53.4
52.7
+30.6%
Free cash flow
352
283
336
+24.3%
Free cash flow margin
14.1%
11.7%
14.8%
Cash from investing
-240
-256
-272
Cash from financing
-68.1
-264
-214
Depreciation and amortisation
102
103
100.0
-0.5%
Share-based compensation
13.7
14.1
11.6
-3.0%
Buybacks
50.7
199
52.1
-74.5%
Dividends paid
28.2
26.3
24.7
+7.1%
Dividend per share
$0.66
$0.60
$0.56
+10.0%
Diluted shares, weighted
43m
44m
45m
-2.9%
Shares outstanding at period end
43m
43m
44m
-0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,774
1,531
1,528
+15.9%
Debt
761
763
814
-0.3%
Operating lease liabilities
145
0.0
n/a
Finance lease liabilities
11.0
n/a
n/a
Other liabilities
1,073
962
894
+11.5%
Total liabilities and equity
3,764
3,255
3,236
+15.6%
Fixed assets
386
375
390
+2.9%
Goodwill
1,167
1,088
1,096
+7.2%
Intangible assets
480
430
330
+11.7%
Cash and equivalents
391
276
475
+41.6%
Receivables
632
594
495
+6.5%
Inventory
425
423
379
+0.3%
Other assets
284
69.9
71.2
+306.4%
Total assets
3,764
3,255
3,236
+15.6%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.