Curtiss Wright (CW) FY2020 results: revenue $2.4 billion, down 3.9% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.4 billion for fiscal 2020, the year ended 31 December 2020, down 3.9% on the year before. Net income was $201 million, down 34.5%, and diluted earnings per share $4.80. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$2.4 billion
-3.9% on the year
FY2013FY2020
Operating margin
12.1%
16.2% a year earlier
FY2013FY2020
Net income
$201 million
-34.5% on the year
FY2013FY2020
Diluted EPS
$4.80
-32.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,391
2,488
2,412
-3.9%
Cost of revenue
1,550
1,589
1,541
-2.5%
Gross profit
841
899
871
-6.4%
Gross margin
35.2%
36.1%
36.1%
Research and development
74.8
72.5
64.5
+3.2%
Operating income
289
404
374
-28.5%
Operating margin
12.1%
16.2%
15.5%
Interest expense
35.5
31.3
34.0
+13.4%
Pre-tax income
263
396
356
-33.7%
Income tax
61.7
88.9
80.5
-30.6%
Effective tax rate
23.4%
22.4%
22.6%
Net income
201
308
276
-34.5%
Net margin
8.4%
12.4%
11.4%
Diluted EPS
$4.80
$7.15
$6.22
-32.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
261
421
336
-38.0%
Capital expenditure
47.5
69.8
53.4
-31.9%
Free cash flow
214
352
283
-39.2%
Free cash flow margin
8.9%
14.1%
11.7%
Cash from investing
-533
-240
-256
Cash from financing
82.1
-68.1
-264
Depreciation and amortisation
116
102
103
+13.2%
Share-based compensation
14.4
13.7
14.1
+5.6%
Buybacks
200
50.7
199
+294.8%
Dividends paid
28.2
28.2
26.3
-0.1%
Dividend per share
$0.68
$0.66
$0.60
+3.0%
Diluted shares, weighted
42m
43m
44m
-2.4%
Shares outstanding at period end
41m
43m
43m
-4.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,788
1,774
1,531
+0.7%
Debt
1,058
761
763
+39.1%
Operating lease liabilities
133
145
0.0
-8.3%
Finance lease liabilities
10.0
11.0
n/a
-8.6%
Other liabilities
1,032
1,073
962
-3.8%
Total liabilities and equity
4,021
3,764
3,255
+6.8%
Fixed assets
378
386
375
-1.9%
Goodwill
1,455
1,167
1,088
+24.7%
Intangible assets
610
480
430
+27.0%
Cash and equivalents
198
391
276
-49.3%
Receivables
589
632
594
-6.9%
Inventory
429
425
423
+1.0%
Other assets
363
284
69.9
+27.6%
Total assets
4,021
3,764
3,255
+6.8%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.