Curtiss Wright (CW) Q4 FY2023 earnings: revenue $786 million, up 3.7% on the year

Curtiss Wright Corp. (CW) reported revenue of $786 million for Q4 FY2023, the quarter ended 31 December 2023, up 3.7% on the same quarter a year earlier. Net income was $120 million, up 10.0% on the year, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$786 millionup 3.7%

Net income$120 millionup 10.0%

Diluted EPS$3.11

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	786	724	n/a	n/a
Cost of revenue	481	443	n/a	n/a
Gross profit	305	281	n/a	n/a
Gross margin	38.8%	38.9%	n/a
Research and development	20.1	23.5	n/a	n/a
Operating income	161	133	n/a	n/a
Operating margin	20.4%	18.3%	n/a
Interest expense	11.0	12.5	n/a	n/a
Pre-tax income	157	127	n/a	n/a
Income tax	37.0	30.3	n/a	n/a
Effective tax rate	23.6%	23.8%	n/a
Net income	120	96.8	n/a	n/a
Net margin	15.3%	13.4%	n/a
Diluted EPS	$3.11	$2.51	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	282	146	n/a	n/a
Capital expenditure	12.6	9.4	n/a	n/a
Free cash flow	270	137	n/a	n/a
Free cash flow margin	34.3%	18.9%	n/a
Cash from investing	-3.9	-9.4	n/a	n/a
Cash from financing	-28.4	-141	n/a	n/a
Depreciation and amortisation	29.3	28.9	n/a	n/a
Share-based compensation	3.6	4.4	n/a	n/a
Buybacks	12.8	13.0	n/a	n/a
Dividends paid	n/a	7.7	n/a	n/a
Dividend per share	n/a	$0.20	n/a	n/a
Diluted shares, weighted	39m	39m	n/a	n/a
Shares outstanding at period end	38m	38m	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,328	2,185	n/a	n/a
Debt	1,050	1,051	n/a	n/a
Operating lease liabilities	119	117	n/a	n/a
Finance lease liabilities	6.7	n/a	n/a	n/a
Other liabilities	1,117	1,061	n/a	n/a
Total liabilities and equity	4,621	4,414	n/a	n/a
Fixed assets	333	335	n/a	n/a
Goodwill	1,559	1,547	n/a	n/a
Intangible assets	558	572	n/a	n/a
Cash and equivalents	407	149	n/a	n/a
Receivables	733	790	n/a	n/a
Inventory	510	540	n/a	n/a
Other assets	522	481	n/a	n/a
Total assets	4,621	4,414	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	724	786	713	785	799	824	806	877	869	947	914	924
Cost of revenue	443	481	459	501	501	507	513	550	542	592	582	560
Gross profit	281	305	254	284	298	317	292	326	327	355	331	364
Gross margin	39%	39%	36%	36%	37%	39%	36%	37%	38%	38%	36%	39%
R&D	23.5	20.1	23.0	22.2	20.7	25.8	23.0	23.3	23.4	25.4	24.2	25.1
Operating income	133	161	100.0	129	145	155	129	156	166	182	160	179
Operating margin	18%	20%	14%	16%	18%	19%	16%	18%	19%	19%	17%	19%
Interest expense	12.5	11.0	10.6	11.2	11.4	11.7	10.1	10.5	10.5	12.0	9.9	9.9
Pre-tax income	127	157	99.0	126	144	153	125	157	161	177	158	194
Tax rate	24%	24%	23%	21%	23%	23%	19%	23%	23%	23%	19%	22%
Net income	96.8	120	76.5	99.5	111	118	101	121	125	137	128	151
Net margin	13%	15%	11%	13%	14%	14%	13%	14%	14%	14%	14%	16%
Diluted EPS	$2.51	$3.11	$1.99	$2.58	$2.89	$3.09	$2.68	$3.19	$3.31	$3.69	$3.46	$4.07
Operating cash flow	146	282	-45.6	111	177	301	-38.8	137	193	353	-5.7	181
Capital expenditure	9.4	12.6	12.1	11.1	14.6	23.3	15.8	19.4	16.9	37.6	11.8	29.5
Free cash flow	137	270	-57.7	100	163	278	-54.5	117	176	315	-17.5	152
Buybacks	13.0	12.8	12.2	12.6	113	112	14.2	20.8	290	140	14.5	14.7
Dividends paid	7.7	n/a	n/a	n/a	8.0	n/a	n/a	n/a	9.0	n/a	n/a	n/a
Shares outstanding	38m	38m	38m	38m	38m	38m	38m	38m	37m	37m	37m	37m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0000026324-24-000004: the filing on EDGAR. All of Curtiss Wright Corp.'s filings: EDGAR company page.

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