Curtiss Wright (CW) FY2024 results: revenue $3.1 billion, up 9.7% on the year
Curtiss Wright Corp. (CW) reported revenue of $3.1 billion for fiscal 2024, the year ended 31 December 2024, up 9.7% on the year before. Net income was $405 million, up 14.2%, and diluted earnings per share $10.55. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.
Revenue
$3.1 billion
+9.7% on the year
FY2017FY2024
Operating margin
16.9%
17.0% a year earlier
FY2017FY2024
Net income
$405 million
+14.2% on the year
FY2017FY2024
Diluted EPS
$10.55
+14.7% on the year
FY2017FY2024
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 11 new.
Fourth-quarter reported sales rose 5%: Reported sales were $824 million, up 5%, with reported operating margin of 18.8% and reported diluted EPS of $3.09.
Full-year sales and EPS grew double digits: Full-year reported sales were $3.1 billion, up 10%, and reported diluted EPS was $10.55; adjusted diluted EPS was $10.90, up 16%.
Defense Electronics sales and margin fell: Segment sales were $227 million, down 5%, and adjusted operating margin fell to 24.3% from 28.8%.
Naval & Power sales rose on submarines: Segment sales were $346 million, up 12%, led by naval defense demand and revenue timing on submarine programs.
R&D spending offset absorption gains: Adjusted margin benefited from overhead absorption on higher revenue, partly offset by R&D investment in all three segments and mix in two.
$ 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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
544
448
295
+21.5%
Capital expenditure
61.0
44.7
38.2
+36.5%
Free cash flow
483
403
257
+19.8%
Free cash flow margin
15.5%
14.2%
10.0%
Cash from investing
-283
-35.5
-326
Cash from financing
-271
-273
129
Depreciation and amortisation
108
116
112
-7.3%
Share-based compensation
18.9
16.8
15.4
+12.4%
Buybacks
250
50.1
56.9
+398.6%
Dividends paid
31.7
30.2
28.8
+4.7%
Dividend per share
$0.83
$0.79
$0.75
+5.1%
Diluted shares, weighted
38m
39m
39m
-0.4%
Shares outstanding at period end
38m
38m
38m
-1.4%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
2,450
2,328
1,981
+5.2%
Debt
1,049
1,050
1,254
-0.1%
Operating lease liabilities
148
119
132
+24.9%
Finance lease liabilities
5.5
6.7
7.9
-18.8%
Other liabilities
1,333
1,117
1,074
+19.4%
Total liabilities and equity
4,986
4,621
4,450
+7.9%
Fixed assets
339
333
343
+1.9%
Goodwill
1,676
1,559
1,545
+7.5%
Intangible assets
597
558
621
+7.0%
Cash and equivalents
385
407
257
-5.4%
Receivables
835
733
725
+14.0%
Inventory
541
510
483
+6.2%
Other assets
613
522
477
+17.3%
Total assets
4,986
4,621
4,450
+7.9%
10-K for the year ended 31 December 2024, filed 13 February 2025: the filing.