Curtiss Wright (CW) Q4 FY2021 earnings: revenue $662 million, down 1.0% on the year

Curtiss Wright Corp. (CW) reported revenue of $662 million for Q4 FY2021, the quarter ended 31 December 2021, down 1.0% on the same quarter a year earlier. Net income was $77 million, up 41.8% on the year, and diluted earnings per share $1.94. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$662 million

-1.0% on the year · +6.6% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

15.9%

11.4% a year earlier

Q1 FY2020Q4 FY2021

Net income

$77 million

+41.8% on the year · +9.9% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$1.94

+49.2% on the year · +14.1% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	662	621	668	+6.6%	-1.0%
Cost of revenue	405	n/a	n/a
Gross profit	262	n/a	n/a
Gross margin	39.6%	n/a	n/a
Research and development	21.8	n/a	n/a
Operating income	105	97.7	76.5	+7.9%	+37.8%
Operating margin	15.9%	15.7%	11.4%
Interest expense	10.1	n/a	n/a
Pre-tax income	98.4	n/a	n/a
Income tax	21.8	n/a	n/a
Effective tax rate	22.2%	n/a	n/a
Net income	76.6	69.7	54.0	+9.9%	+41.8%
Net margin	11.6%	n/a	n/a
Diluted EPS	$1.94	$1.70	$1.30	+14.1%	+49.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	232	n/a	n/a
Capital expenditure	13.2	n/a	n/a
Free cash flow	219	n/a	n/a
Free cash flow margin	33.1%	n/a	n/a
Cash from investing	-12.6	n/a	n/a
Cash from financing	-285	n/a	n/a
Depreciation and amortisation	28.1	28.6	31.1	-1.7%	-9.6%
Share-based compensation	2.6	n/a	n/a
Buybacks	264	n/a	n/a
Diluted shares, weighted	41m	41m	n/a	-0.8%
Shares outstanding at period end	38m	40m	41m	-5.0%	-6.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	1,826	1,900	1,788	-3.9%	+2.2%
Debt	1,051	1,057	1,058	-0.6%	-0.7%
Operating lease liabilities	127	n/a	n/a
Finance lease liabilities	9.0	n/a	n/a
Other liabilities	1,090	n/a	n/a
Total liabilities and equity	4,104	n/a	n/a
Fixed assets	360	n/a	n/a
Goodwill	1,463	n/a	n/a
Intangible assets	538	n/a	n/a
Cash and equivalents	171	234	198	-27.1%	-13.7%
Receivables	647	n/a	n/a
Inventory	412	n/a	n/a
Other assets	513	n/a	n/a
Total assets	4,104	n/a	n/a

Questions

What was Curtiss Wright's revenue in Q4 FY2021?

Curtiss Wright (CW) reported revenue of $662 million for Q4 FY2021, the quarter ended 31 December 2021, down 1.0% on the same quarter a year earlier.

How much did Curtiss Wright earn in Q4 FY2021?

Net income for Q4 FY2021 was $77 million, up 41.8% on the year, and diluted earnings per share $1.94.

When did Curtiss Wright report Q4 FY2021 results?

Curtiss Wright filed its 10-K for the year that ended with the quarter on 20 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	662	559	609	631	758	631	704	724	786	713	785	799	824	806	877	869	947	914	924	953
Cost of revenue	405	358	381	398	465	409	445	443	481	459	501	501	507	513	550	542	592	582	560	581
Gross profit	262	201	229	232	292	221	260	281	305	254	284	298	317	292	326	327	355	331	364	372
Gross margin	40%	36%	38%	37%	39%	35%	37%	39%	39%	36%	36%	37%	39%	36%	37%	38%	38%	36%	39%	39%
R&D	21.8	20.5	23.9	17.4	19.0	22.0	20.2	23.5	20.1	23.0	22.2	20.7	25.8	23.0	23.3	23.4	25.4	24.2	25.1	24.1
Operating income	105	60.5	98.1	108	157	78.6	113	133	161	100.0	129	145	155	129	156	166	182	160	179	188
Operating margin	16%	11%	16%	17%	21%	12%	16%	18%	20%	14%	16%	18%	19%	16%	18%	19%	19%	17%	19%	20%
Interest expense	10.1	9.5	9.8	14.0	13.7	12.9	15.0	12.5	11.0	10.6	11.2	11.4	11.7	10.1	10.5	10.5	12.0	9.9	9.9	10.3
Pre-tax income	98.4	54.0	92.9	97.3	145	73.4	106	127	157	99.0	126	144	153	125	157	161	177	158	194	178
Tax rate	22%	25%	24%	24%	25%	23%	23%	24%	24%	23%	21%	23%	23%	19%	23%	23%	23%	19%	22%	22%
Net income	76.6	40.7	70.9	73.8	109	56.8	81.0	96.8	120	76.5	99.5	111	118	101	121	125	137	128	151	139
Net margin	12%	7%	12%	12%	14%	9%	11%	13%	15%	11%	13%	14%	14%	13%	14%	14%	14%	14%	16%	15%
Diluted EPS	$1.94	$1.05	$1.83	$1.91	$2.82	$1.48	$2.10	$2.51	$3.11	$1.99	$2.58	$2.89	$3.09	$2.68	$3.19	$3.31	$3.69	$3.46	$4.07	$3.77
Operating cash flow	232	-124	31.0	95.7	292	-91.6	111	146	282	-45.6	111	177	301	-38.8	137	193	353	-5.7	181	180
Capital expenditure	13.2	10.9	8.6	9.3	9.4	10.7	12.0	9.4	12.6	12.1	11.1	14.6	23.3	15.8	19.4	16.9	37.6	11.8	29.5	40.0
Free cash flow	219	-135	22.4	86.4	283	-102	98.9	137	270	-57.7	100	163	278	-54.5	117	176	315	-17.5	152	140
Buybacks	264	18.9	12.8	12.8	12.4	12.4	12.0	13.0	12.8	12.2	12.6	113	112	14.2	20.8	290	140	14.5	14.7	352
Dividends paid	n/a	n/a	n/a	0.0	n/a	n/a	n/a	7.7	n/a	n/a	n/a	8.0	n/a	n/a	n/a	9.0	n/a	n/a	n/a	9.6
Shares outstanding	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	37m	37m	37m	37m	36m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 20 February 2024: the filing.