Curtiss Wright (CW) FY2023 results: revenue $2.8 billion, up 11.3% on the year
Curtiss Wright Corp. (CW) reported revenue of $2.8 billion for fiscal 2023, the year ended 31 December 2023, up 11.3% on the year before. Net income was $355 million, up 20.4%, and diluted earnings per share $9.20. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$2.8 billion
+11.3% on the year
FY2016FY2023
Operating margin
17.0%
16.6% a year earlier
FY2016FY2023
Net income
$355 million
+20.4% on the year
FY2016FY2023
Diluted EPS
$9.20
+20.7% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
448
295
388
+52.0%
Capital expenditure
44.7
38.2
41.1
+16.9%
Free cash flow
403
257
347
+57.2%
Free cash flow margin
14.2%
10.0%
13.9%
Cash from investing
-35.5
-326
-42.4
Cash from financing
-273
129
-369
Depreciation and amortisation
116
112
114
+3.7%
Share-based compensation
16.8
15.4
13.4
+9.2%
Buybacks
50.1
56.9
343
-11.8%
Dividends paid
30.2
28.8
28.7
+5.1%
Dividend per share
$0.79
$0.75
$0.71
+5.3%
Diluted shares, weighted
39m
39m
41m
-0.3%
Shares outstanding at period end
38m
38m
38m
-0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,328
1,981
1,826
+17.5%
Debt
1,050
1,254
1,051
-16.3%
Operating lease liabilities
119
132
127
-10.3%
Finance lease liabilities
6.7
7.9
9.0
-14.9%
Other liabilities
1,117
1,074
1,090
+4.0%
Total liabilities and equity
4,621
4,450
4,104
+3.9%
Fixed assets
333
343
360
-2.9%
Goodwill
1,559
1,545
1,463
+0.9%
Intangible assets
558
621
538
-10.2%
Cash and equivalents
407
257
171
+58.3%
Receivables
733
725
647
+1.1%
Inventory
510
483
412
+5.6%
Other assets
522
477
513
+9.5%
Total assets
4,621
4,450
4,104
+3.9%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.