Skip to content

CW · CURTISS WRIGHT CORP

37 filings

10-K

CW 10-K Annual Reports

CURTISS WRIGHT CORP - 37 annual reports

Filing record · 2016–202610-K1110-Q338-K95

2025
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2025
Curtiss-Wright Corporation's (CW) 2025 Form 10-K highlights a year of robust growth, with total sales increasing by 12% to $3.5 billion and operating income surging by 20% to $634 million. This strong performance was driven by broad-based strength across its three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The company benefited from increased demand in both defense and commercial aerospace markets, with notable growth in naval shipbuilding programs and commercial nuclear power services. Strategically, Curtiss-Wright's "Pivot to Growth" initiative continues to yield positive results, emphasizing top-line acceleration through organic and inorganic growth. The company also demonstrated strong financial discipline, increasing its backlog by 18% to $4.1 billion, a testament to the continued demand for its highly engineered products and solutions. Key financial metrics like diluted EPS also saw significant improvement, reflecting effective operational management and a favorable market environment. The company also actively managed its capital structure, including share repurchases and dividend payments, reinforcing its commitment to shareholder value.
Feb 12, 2026
2024
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2024
Curtiss-Wright Corporation (CW) reported a strong fiscal year 2024, demonstrating robust growth across its diverse segments. Total sales increased by 10% to $3.12 billion, driven by significant expansion in the Defense Electronics and Naval & Power segments, which both saw 12% sales growth. The Aerospace & Industrial segment also contributed positively with a 5% sales increase. This top-line growth translated into a 9% increase in operating income, reaching $529 million, indicating effective cost management and favorable overhead absorption. The company's strategic focus on its 'Pivot to Growth' strategy, which emphasizes organic and inorganic growth, operational excellence, and disciplined capital allocation, appears to be yielding positive results. Management's outlook remains optimistic, supported by strong new orders and a growing backlog, particularly in defense-related areas, reflecting continued demand for CW's highly engineered products and services in critical aerospace, defense, and industrial markets.
Feb 13, 2025
2023
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2023
Curtiss-Wright Corporation's 2023 Form 10-K highlights a strong performance driven by its core Aerospace & Defense (A&D) and critical commercial markets. The company demonstrated robust sales growth across all three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This growth was fueled by increased demand in defense programs, a rebound in commercial aerospace, and continued strength in the power and process sectors, particularly nuclear. The company's strategy focuses on "Pivot to Growth," emphasizing organic and inorganic sales acceleration, operational excellence, and disciplined capital allocation, including share repurchases and dividends. Financial results show a significant increase in net earnings and operating income, supported by favorable pricing and operational efficiencies, despite inflationary pressures. Curtiss-Wright's diversified business model, with a substantial portion of revenue (56% in 2023) tied to U.S. government defense spending, provides a degree of stability. The company is well-positioned to capitalize on long-term trends such as increased global defense spending and the growing demand for advanced nuclear technologies. While managing risks related to supply chain, geopolitical events, and economic volatility, Curtiss-Wright continues to invest in innovation and leverage its engineering expertise to drive shareholder value. The company maintained effective internal controls over financial reporting and reported no material cybersecurity incidents in 2023.
Feb 20, 2024
2022
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2022
Curtiss-Wright Corporation (CW) reported solid performance in its fiscal year 2022, driven by growth in its Aerospace & Industrial and Naval & Power segments. Total sales increased by 2% to $2.56 billion, with operating income rising 11% to $423 million, reflecting improved operating margins across key segments. The company continues to benefit from its strong position in defense markets, with significant revenue derived from U.S. government contracts. The Aerospace & Industrial segment saw a 6% increase in sales, primarily from general industrial and commercial aerospace markets, while the Naval & Power segment experienced a 4% sales increase, bolstered by acquisitions and demand in naval defense. The Defense Electronics segment, however, saw a 5% decline in sales due to ongoing supply chain challenges. Financially, Curtiss-Wright demonstrated strong cash flow generation and maintained a healthy balance sheet. The company repurchased $57 million in stock and paid $29 million in dividends, indicating a commitment to returning capital to shareholders. Management expects continued growth in defense spending to support future performance, although it remains watchful of inflationary pressures and supply chain disruptions impacting its commercial businesses.
Feb 22, 2023
2021
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2021
Curtiss-Wright Corporation (CW) reported solid performance in its 2021 10-K filing, demonstrating revenue growth driven primarily by its Defense Electronics and Naval & Power segments. The company's diversified business model, serving both aerospace & defense and critical commercial markets, appears to be a key strength in navigating market fluctuations. Significant investments in acquisitions, particularly in the Defense Electronics segment, contributed to growth. While facing some headwinds in the commercial aerospace market due to the lingering effects of the pandemic and supply chain disruptions, the company maintained a strong backlog and indicated positive outlooks for its key end markets, especially within defense spending. Financially, CW showed improved operating income and margins, supported by operational excellence initiatives and cost-saving measures stemming from prior restructuring. The company also actively managed its capital resources through share repurchases and dividend payments. However, investors should note the ongoing risks associated with government contract dependence, supply chain volatility, and potential impacts from global economic conditions and geopolitical events.
Feb 24, 2022
2020
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2020
Curtiss-Wright Corporation's 2020 10-K filing reveals a diversified global manufacturing and service company operating across defense, commercial/industrial, and power generation markets. The company experienced a revenue decline of 4% in 2020, primarily driven by the impact of the COVID-19 pandemic on its Commercial/Industrial segment, particularly in commercial aerospace and general industrial sectors. Despite this, the Defense segment showed robust growth of 17%, bolstered by strong performance in naval and aerospace defense, partly due to strategic acquisitions. The company is actively managing its operations through restructuring efforts and focusing on its core strengths in highly engineered products and services for critical applications. Financially, Curtiss-Wright demonstrated resilience, with a significant portion of its sales driven by government contracts (53% in 2020). The company also focused on capital allocation, completing strategic acquisitions and repurchasing shares. While facing headwinds from the pandemic in certain segments, the company's diversified portfolio, particularly its strong defense business, positions it to navigate market fluctuations. Investors should monitor the company's ability to leverage its defense segment strength and manage the recovery in its commercial markets.
Feb 25, 2021
2019
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2019
Curtiss-Wright Corporation (CW) reported solid performance in its 2019 10-K filing, demonstrating revenue growth driven by its Defense and Power segments. The company's diversified business model, spanning defense, commercial aerospace, general industrial, and power generation markets, showcased resilience. Notably, the Defense segment saw increased sales from naval and aerospace programs, while the Power segment benefited from naval defense programs and aftermarket services for commercial nuclear power plants. The company also highlighted strategic acquisitions and a strong backlog, indicating positive future prospects. Management's focus on margin improvement initiatives and operational efficiencies contributed to operating income growth. CW's financial health appears robust, with adequate liquidity and cash flow from operations to support ongoing investments and shareholder returns.
Feb 27, 2020
2018
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2018
Curtiss-Wright Corporation's 2018 10-K filing highlights a year of solid growth and strategic execution. The company reported a 6% increase in total net sales, reaching $2.41 billion, driven by robust performance in the Power and Commercial/Industrial segments. Operating income saw a significant 15% increase, with operating margins improving across all segments due to higher volumes, favorable overhead absorption, and ongoing margin improvement initiatives. The Defense segment remained stable, while acquisitions in the Power segment contributed positively to sales and income. The company's strategy focuses on leveraging its diversified portfolio across aerospace, defense, general industrial, and power generation markets to mitigate business cycle volatility and drive long-term shareholder value. Curtiss-Wright continues to invest in research and development, with R&D expenses increasing to $65 million in 2018, underscoring its commitment to technological innovation. Management expressed cautious optimism regarding future growth, citing stable U.S. defense spending and continued demand in commercial aerospace, while acknowledging global economic uncertainties. The company also actively manages its capital structure, evidenced by significant share repurchases and a well-covered dividend, indicating a commitment to returning value to shareholders.
Feb 27, 2019
2017
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2017
Curtiss-Wright Corporation's 2017 10-K filing reveals a company with diversified revenue streams across Commercial/Industrial, Defense, and Power segments. The company demonstrated growth in sales and operating income, largely driven by strong performance in the Defense sector and the successful integration of acquisitions, notably Teletronics Technology Corporation (TTC). The Power segment also saw an increase in sales, primarily due to the AP1000 China Direct program. While the company navigates various market dynamics, including government spending on defense and the cyclical nature of commercial aerospace, it has shown resilience. Key financial metrics indicate a healthy operational performance, with a focus on margin improvement initiatives. The company also actively manages its capital structure, including share repurchases and debt management, and maintains a disciplined approach to acquisitions to drive long-term shareholder value. Investors should note the ongoing impact of government contracts, potential economic sensitivities in industrial markets, and strategic investments in technological advancements.
Feb 22, 2018
2016
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2016
Curtiss-Wright Corporation (CW) reported a slight decrease in net sales for 2016 to $2.11 billion from $2.21 billion in 2015, and a minor decrease in operating income to $308 million. Despite lower sales in the Commercial/Industrial and Power segments, the Defense segment showed resilience. The company's strategy remains focused on diversification across aerospace, defense, power generation, and general industrial markets to mitigate business cycle volatility. Financially, CW maintained a solid position with $554 million in cash and cash equivalents at year-end 2016, and its debt-to-capitalization ratio remained well within its covenant limits. The company returned value to shareholders through $105 million in share repurchases and $23 million in dividends during 2016. Management expressed optimism for 2017, anticipating modest growth, particularly in the defense sector and continued strength in commercial aerospace, while navigating challenges in the oil and gas market. The company also highlighted its ongoing investment in technology and operational efficiencies.
Feb 21, 2017
2015
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2015
Curtiss-Wright Corporation's 2015 10-K filing reveals a company navigating a dynamic market landscape. While overall sales saw a slight dip of 2% to $2.21 billion, the company demonstrated resilience with a 10% increase in operating income to $311 million, driven by improved performance in the Defense and Power segments, and a favorable foreign currency impact. The company's strategic focus on highly engineered, critical function products across Commercial/Industrial, Defense, and Power segments appears to be paying off, particularly with a strong order backlog of $1.93 billion. Key drivers for growth include increased defense spending, a healthy commercial aerospace market, and a stable nuclear power generation sector, although the oil and gas market faced headwinds. Curtiss-Wright also actively managed its capital structure, repurchasing shares and maintaining a solid liquidity position. Investors should note the company's significant reliance on U.S. government defense spending (approximately 30% of sales), which is subject to budgetary fluctuations. The company is also exposed to risks related to long-term contracts, including potential liquidated damages, and is actively managing its pension obligations. Overall, the filing presents a diversified industrial company with a clear strategy, demonstrating operational improvements despite some market challenges.
Feb 25, 2016
2014
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2014
Curtiss-Wright Corporation's 2014 10-K filing reveals a company in a growth phase, driven significantly by strategic acquisitions across its Commercial/Industrial and Energy segments. The company reported a 6% increase in net sales to $2.24 billion, with strong performance in its Commercial/Industrial segment (+13%) and Energy segment (+8%), while the Defense segment saw a slight decline (-4%). Net earnings from continuing operations grew by a notable 22% to $170 million, demonstrating effective cost management and operational improvements. The company's strategy centers on diversification to mitigate business cycle volatility and leveraging its position in high-performance, technically sophisticated markets. Curtiss-Wright continued its acquisition strategy in 2014, acquiring three businesses to bolster its portfolio, and indicated plans for continued M&A activity. The report also highlights the company's commitment to returning capital to shareholders, evidenced by a 30% increase in its quarterly dividend and an authorized $300 million share repurchase program starting in 2015.
Feb 19, 2015
2013
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2013
Curtiss-Wright Corporation's (CW) 2013 10-K filing reveals a year of significant growth and strategic acquisitions across its three main segments: Flow Control, Controls, and Surface Technologies. The company reported a 20% increase in total sales to $2.51 billion, driven largely by a robust performance in its commercial markets, particularly in Oil & Gas and Commercial Aerospace, bolstered by five strategic acquisitions totaling $236 million. Despite a slight decrease in Defense sales, the overall revenue growth reflects successful diversification and expansion into growing commercial sectors. The company's net earnings from continuing operations saw a substantial increase of 50% to $138 million, or $2.88 per diluted share. This strong financial performance was supported by operational improvements, strategic acquisitions, and a reduction in certain prior-year charges. CW continues to focus on its strategy of being an integrated, market-facing global company, aiming for superior operating margins and return metrics, while maintaining a disciplined capital deployment strategy that includes reinvestment in the business and returning capital to shareholders.
Feb 21, 2014
2012
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2012
Curtiss-Wright Corporation's 2012 Form 10-K report details a robust year of strategic growth driven by a strong acquisition strategy. The company successfully integrated eight new businesses, expanding its reach in key markets like defense, aerospace, oil & gas, and power generation. Despite a slight decline in defense revenue due to program wind-downs and budget uncertainties, the company saw significant growth in its commercial aerospace and power generation segments, bolstered by these acquisitions. The company's diversification across its three segments—Flow Control, Controls, and Surface Technologies—provides a resilient business model. Management remains focused on operational efficiency, cost management, and innovation to navigate economic fluctuations and competitive pressures. The report highlights continued investment in research and development and a commitment to returning capital to shareholders through dividends and share repurchases, underscoring a positive outlook for continued financial strength and market leadership.
Feb 21, 2013
2011
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2011
Curtiss-Wright Corporation's 2011 10-K filing highlights a strong year with a 9% increase in sales, reaching $2.05 billion, driven by growth across all three segments: Flow Control, Motion Control, and Metal Treatment. The company's diversified portfolio, with a significant portion of revenue derived from defense and commercial aerospace, contributed to a 22% increase in net earnings to $130.4 million. Strategic acquisitions throughout the year bolstered performance, particularly in the Metal Treatment segment, which saw a 28% sales increase. The company maintained a robust backlog of $1.7 billion, indicating continued demand for its highly engineered products and services. Management is focused on organic growth supplemented by strategic acquisitions. The defense sector, representing approximately 40% of revenues, is navigating a period of expected moderation in government spending, but demand for C4ISR and unmanned systems remains strong. The commercial markets, particularly commercial aerospace and power generation, are experiencing solid growth, driven by increased aircraft production and the need for nuclear power plant maintenance and upgrades. The company's financial position remains strong, with significant operating cash flow and available credit, supporting ongoing investment in capital expenditures and strategic initiatives.
Feb 24, 2012
2010-A
CURTISS WRIGHT CORP Annual Report (Amendment), Year Ended Dec 31, 2010
This filing is an Amendment No. 1 to Curtiss-Wright Corporation's (CW) Form 10-K for the fiscal year ended December 31, 2010. The amendment primarily corrects an XBRL exhibit (Exhibit 101) that contained technical transmission errors and updates the performance graph in Item 5. Investors should note that this amendment does not introduce new financial information or subsequent events, but rather refines the original filing. The performance graph in Item 5 shows that Curtiss-Wright's common stock has demonstrated positive total returns over the five fiscal years ending December 31, 2010. The company's stock performance appears to have outpaced the S&P SmallCap 600 Index and the Russell 2000 Index in 2010, and its cumulative return since 2005 shows it has grown significantly, indicating a potentially strong trend during this period, especially when compared to broader market indices.
Mar 4, 2011
2010
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2010
Curtiss-Wright Corporation's 2010 10-K filing reveals a diversified, multinational provider of highly engineered products and services across defense, power generation, oil and gas, commercial aerospace, and general industrial markets. The company reported total net sales of $1.89 billion, a 4.6% increase from the prior year, driven by organic growth in its Flow Control and Metal Treatment segments, alongside contributions from recent acquisitions. Net earnings grew 12% to $107 million, with diluted earnings per share at $2.30. The company's strategy focuses on maintaining a balanced portfolio and leveraging its technical capabilities in demanding, harsh environments. The defense sector, representing 41% of revenues, saw growth in naval and aerospace defense, though tempered by a decline in ground defense spending. Commercial markets rebounded, with notable increases in general industrial and commercial aerospace, while the oil and gas sector experienced some pressure. The company's financial health remains robust, with strong cash flow from operations and manageable debt levels.
Feb 25, 2011
2008-A
CURTISS WRIGHT CORP Annual Report (Amendment), Year Ended Dec 31, 2008
This 10-K/A filing from Curtiss-Wright Corporation (CW) provides an amendment to its 2008 annual report, primarily focusing on the executive compensation details. The document details the compensation philosophy, objectives, and specific elements for its Named Executive Officers (NEOs) for the fiscal year 2008. The company's compensation strategy is designed to align executive pay with company performance, shareholder interests, and market competitiveness, utilizing a mix of base salary, annual incentives, long-term equity-based awards, and retirement benefits. Key aspects of the executive compensation program include a strong emphasis on performance-based pay, with a significant portion of Total Direct Compensation (TDC) at risk and tied to achieving aggressive financial and operational goals. The company utilizes a peer group analysis to benchmark compensation levels and ensure competitiveness in attracting and retaining executive talent. Furthermore, the filing outlines detailed severance and change-in-control agreements, designed to provide security to executives and align their interests with shareholders during significant corporate events. For investors, this filing offers transparency into how the company incentivizes its top leadership and links their pay to the company's financial success and strategic objectives.
Mar 19, 2010
2009-A
CURTISS WRIGHT CORP Annual Report (Amendment), Year Ended Dec 31, 2009
This filing is an amendment to Curtiss-Wright Corporation's (CW) 2009 Form 10-K, filed on March 19, 2010. It primarily serves to provide a comprehensive list of exhibits and financial statement schedules that were part of the original 10-K filed on February 24, 2010. Investors reviewing this amendment should understand that it does not introduce new financial data or operational updates but rather serves as a detailed index of supporting documents, including key agreements, incentive plans, and certifications related to the fiscal year ended December 31, 2009. The listed exhibits encompass a wide range of corporate governance documents, material contracts, and compensation arrangements. This includes merger agreements, certificates of incorporation, by-laws, various incentive and retirement plans, stock plans, severance agreements, and credit agreements. The amendment also confirms the inclusion of the company's subsidiaries and the independent auditor's consent, along with required Sarbanes-Oxley certifications from the CEO and CFO.
Mar 19, 2010
2009
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2009
Curtiss-Wright Corporation's 2009 10-K filing highlights a company navigating a challenging economic environment while demonstrating resilience through its diversified business segments. The company's primary markets are defense, energy, commercial aerospace, and general industrial. Defense sector sales showed robust growth, driven by increased demand across military branches, particularly naval programs like the Virginia-class submarines and aircraft carrier projects. Conversely, commercial markets, including general industrial, oil and gas, and commercial aerospace, experienced declines due to the global economic downturn. The company's strategy emphasizes diversification and the development of advanced technologies. Acquisitions played a significant role in 2009, with the company acquiring EST Group, Inc., Nu-Torque, and Skyquest Systems Ltd. to bolster its capabilities in key areas. Despite a challenging year for its commercial segments, Curtiss-Wright maintained a strong backlog, particularly in its Flow Control segment, bolstered by long-term defense contracts and significant orders for nuclear power plant components. The company also managed its debt effectively and maintained compliance with its credit facility covenants.
Feb 24, 2010
2008
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2008
Curtiss-Wright Corporation's 2008 Form 10-K filing reveals a company experiencing robust growth, driven by strong performance across its three main segments: Flow Control, Motion Control, and Metal Treatment. The company reported a significant increase in net sales to $1.83 billion, a 15% rise from the previous year, with net earnings also showing an increase to $109 million. This growth was fueled by a combination of strong organic sales across key markets, particularly in power generation and defense, as well as the successful integration of several acquisitions made in 2007 and 2008. Curtiss-Wright's diversified business model, with a balanced exposure to defense, energy, commercial aerospace, and general industrial markets, proved resilient even amidst challenging macroeconomic conditions in 2008. The company highlighted its strategic focus on high-performance, highly engineered products and services, which are critical in demanding environments. Looking ahead, Curtiss-Wright anticipates continued demand in its defense and energy sectors, supported by government spending and global energy needs, while navigating potential pressures in commercial markets due to the economic downturn.
Mar 2, 2009
2007
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2007
Curtiss-Wright (CW) closed fiscal 2007 with strong top-line and earnings growth. Net sales rose 24% to $1,592.1 million from $1,282.2 million, driven by 13% organic growth and $142.1 million of incremental sales from 2006 and 2007 acquisitions. Operating income increased 27% to $179.2 million, and net earnings rose 30% to $104.3 million, or $2.32 per diluted share. Backlog reached $1,303.8 million, up roughly 49% from $875.5 million a year earlier, with new orders of $1,870.4 million (up 40%). Roughly $293 million of new orders came from reactor coolant pump awards for four AP1000 reactors in China, so a meaningful part of the order strength is concentrated in a single program. Margins were mixed. Gross margin slipped from 33.6% to 32.9%, mainly because of lower-margin development contracts, cost overruns on fixed-price programs, and higher material costs in Flow Control and Motion Control. Overall operating margin improved 30 basis points to 11.3%, helped by cost reduction and lower corporate expense, which included a $6.5 million litigation reserve recorded in 2006 that did not recur. Segment performance was uneven: Metal Treatment grew operating income 20% with a 20.0% margin, Motion Control grew 17%, and Flow Control grew 21% on acquisitions even though its margin fell 120 basis points to 9.8%. The balance sheet took on more leverage to fund roughly $289 million of 2007 acquisitions, including Scientech, Valve Systems and Controls, Benshaw, and IMC Magnetics. Total debt rose to $512 million, with $152 million drawn on a revolver. Operating cash flow was $139.1 million, slightly below 2006, and free cash flow after $54.4 million of capex was about $85 million. Working capital build-up and receivables growth absorbed cash. Defense-related revenue is about 40% of sales, and U.S. Government sales are 38% of the total, so budget and contract-timing risk remains significant. The company also reports approximately 114 pending asbestos-related lawsuits, which management does not consider material.
Feb 27, 2008
2006
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2006
Curtiss-Wright Corporation's 2006 10-K filing highlights a year of solid growth, driven by strong performance across its three reportable segments: Flow Control, Motion Control, and Metal Treatment. The company experienced a 13.4% increase in consolidated net sales to $1.28 billion, with net earnings growing 7% to $80.6 million. This growth was fueled by a combination of organic expansion and strategic acquisitions, particularly in the energy and defense sectors. The company's revenue is significantly tied to defense spending, with approximately 45% derived from military and defense programs. While this provides a stable revenue base, it also exposes the company to risks associated with government budget fluctuations and contract modifications. Curtiss-Wright is actively managing these risks through diversification and by leveraging its engineering expertise in niche markets. Looking ahead, management expressed optimism for continued growth in 2007, anticipating ongoing strength in energy markets, steady defense spending, and a flourishing commercial aerospace industry. However, the company remains aware of potential risks such as economic downturns, geopolitical instability, and currency fluctuations.
Feb 27, 2007
2005
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2005
Curtiss-Wright Corporation's 2005 10-K filing reveals a robust year of growth, largely driven by strategic acquisitions and organic expansion across its three key segments: Flow Control, Motion Control, and Metal Treatment. The company reported significant increases in net sales and net earnings, signaling successful integration of acquired businesses and strong performance in both defense and commercial markets. The defense sector continues to be a major contributor, accounting for approximately half of the company's revenues, with particular strength in naval programs. The commercial aerospace market showed signs of recovery, benefiting the Motion Control and Metal Treatment segments. Financially, the company demonstrated improved liquidity and managed its debt effectively, partly through a new Senior Note issuance. Management highlighted a positive outlook for continued growth, driven by ongoing defense spending, potential expansion in the power generation sector (particularly nuclear), and recovery in commercial aerospace. Key risks identified include dependence on U.S. government defense spending, potential impacts from geopolitical events, and the success of future acquisitions. The company is actively investing in research and development, including advanced technologies like laser peening, to maintain its competitive edge.
Mar 7, 2006
2004
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2004
Curtiss-Wright Corporation (NYSE: CW, CW.B) reported a strong fiscal 2004, with net sales rising 28% to $955.0 million and net earnings up 24% to $65.1 million, or $3.02 per diluted share. Growth was driven mainly by acquisitions (2004 and 2003 deals contributed $154.2 million of incremental sales, roughly 74% of the increase) but organic growth was also solid at about 7% across the base businesses, led by Metal Treatment at 21%. Operating income rose 24% to $110.7 million, though consolidated operating margin slipped to 11.6% from 12.0% as lower-margin acquired businesses were absorbed. Backlog reached a record $627.7 million and new orders grew 34% to $998.9 million, indicating healthy forward visibility. The balance sheet became more leveraged. Long-term debt rose to $340.9 million (debt-to-capitalization 37% versus 32% a year earlier) as the company spent about $247 million on 11 acquisitions and funded them largely through its revolving credit facility, which was expanded to $400 million. Management expects roughly $14 million to $16 million of annual interest payments in 2005, and the company noted that about 65% of its debt is now variable-rate, so a one-point rate move would affect interest expense by roughly $2 million. Cash flow from operations was $105.3 million. Subsequent to year-end, the company acquired Indal Technologies of Canada for about $63 million. The key risks are concentration in U.S. government and defense work (about 47% of revenue, with roughly 44% from the U.S. Navy), exposure to a proposed F/A-22 program cut, and the integration risk of an acquisition-driven growth strategy. Management highlighted a planned collapse of the dual-class share structure, to be voted on at the May 19, 2005 annual meeting, as a step to improve liquidity and valuation. Legal exposures, including about 100 asbestos-related lawsuits and several superfund sites, are described as not expected to be materially adverse.
Mar 16, 2005
2003
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2003
Curtiss-Wright Corporation (NYSE: CW, CW.B) reported a strong 2003 for its fiscal year ended December 31, 2003, with net sales rising 45% to $746.1 million from $513.3 million, and net earnings up 16% to $52.3 million, or $2.50 per diluted share (post 2-for-1 split in December 2003). Growth was driven largely by acquisitions, most notably the full-year contribution of Electro-Mechanical Division (EMD, acquired October 2002) and 2003 deals in electronics and metal treatment. Organic growth in the base businesses was about 6%, led by Flow Control at 13%. Operating income rose 29% to $89.3 million, though the operating margin fell to 12.0% from 13.5%, which management attributes to lower-margin acquisitions and reduced pension income. Backlog reached $505.5 million and new orders were $743.1 million, up 55%. The company is roughly 50% defense-related, with the U.S. Government accounting for 46% of 2003 revenue. The balance sheet shifted meaningfully toward leverage. In September 2003 Curtiss-Wright issued $200 million of senior notes (5.13% due 2010 and 5.74% due 2013), used to pay down revolver borrowings and fund acquisitions. Debt-to-capitalization rose to 32% from 27%, and total debt was about $225 million at year-end. Cash rose to $98.7 million. Management guided to roughly $8-10 million of 2004 interest payments and about $40 million of 2004 capital expenditures. Subsequent to year-end, the company completed the $110 million acquisition of Dy 4 Systems on January 31, 2004, funded with cash and revolver borrowings. Key investor considerations include dependence on U.S. Navy and defense procurement, customer concentration (one subcontract customer, Bechtel, was 16% of revenue), commercial aerospace softness, rising leverage after acquisitions, and an expected decline in pension income in 2004. The company also declared a 20% dividend increase in November 2003 and undertook a stock split to broaden the shareholder base.
Mar 10, 2004
2002
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2002
Curtiss-Wright Corporation's 2002 Form 10-K shows a company transformed by acquisitions. Consolidated net sales rose 50% to $513.3 million from $343.2 million, driven by six 2002 acquisitions, most notably the Penny & Giles/Autronics purchase (Motion Control), the Electro-Mechanical Division from Westinghouse for $80.0 million (Flow Control), and TAPCO. Reported GAAP net earnings fell 28% to $45.1 million ($4.33 per diluted share) from $62.9 million in 2001, but that comparison is distorted by a $23.0 million after-tax gain on the 2001 Wood-Ridge property sale. Management's normalized net earnings rose 2% to $41.6 million ($3.99 per diluted share), and normalized operating income from the three segments increased 32% to $65.1 million. The balance sheet and backlog expanded materially. Total assets grew to $812.9 million from $500.4 million, and total debt rose to $151.9 million from $21.4 million to fund acquisitions. Year-end backlog nearly doubled to $478.5 million, including $246.9 million from 2002 acquisitions, with the Flow Control backlog up sharply on the EMD and Navy nuclear work. Operating cash flow improved to $89.0 million from $61.3 million, though free cash flow after $35.0 million of capex was reduced by $164.7 million of acquisition spending. Investors should weigh several risks. Concentration is significant: U.S. government business reached 39% of 2002 revenue, Boeing fell to 15% of Motion Control segment sales, and Bechtel is about 30% of Flow Control segment sales. The company also assumed $73.7 million of underfunded pension and postretirement liabilities and a $13.6 million environmental reserve with EMD, and short-term credit of $90 million must be extended in May 2003. Management expects lower pension income in 2003 and capital expenditures of about $50 million.
Mar 31, 2003
2001
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2001
Curtiss-Wright's fiscal 2001 10-K shows a company that grew reported net sales 4% to $343.2 million, but reported net earnings jumped 53% to $62.9 million ($6.14 diluted EPS), a figure inflated by nonrecurring items. The largest of these was a $23 million after-tax gain from the December 2001 sale of the Wood-Ridge business complex. On a 'normalized' basis (excluding nonrecurring items), net earnings rose 7% to $40.6 million, or $3.97 per diluted share. Investors should treat the normalized figures as the better guide to underlying performance, while noting that the company is still reporting positive, consistent growth in revenue and earnings. The company operates three segments: Motion Control (aerospace and defense actuation systems, about 40% of 2001 sales), Metal Treatment (shot-peening and heat-treating, about 31%), and Flow Control (nuclear and industrial valves, about 29%). Growth came in large part from seven acquisitions in 2001, including Lau Defense Systems and Vista Controls, which strengthen the defense electronics franchise. Management guides to continued growth in 2002 despite weak commercial aerospace markets, and the company announced a $60 million acquisition of Penny & Giles/Autronics aerospace businesses in February 2002. The balance sheet is conservative, with $67 million in cash and short-term investments against $21 million in total debt at year-end. Other significant items include a 2001 recapitalization in which Unitrin distributed its roughly 44% stake to shareholders through a new Class B common stock, which carries 80% of board seats. Government-related revenue was about 25% of 2001 sales, and a single commercial customer, Boeing, accounted for about 13% of consolidated revenue.
Mar 18, 2002
2000
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2000
Curtiss-Wright Corporation (NYSE: CW) reported a solid fiscal 2000, with net sales up 12% to $329.6 million and net earnings up 5% to $41.1 million, or $4.03 per diluted share. Excluding nonrecurring items (environmental insurance settlements, postretirement benefit gains, facility consolidation costs, a property sale gain, and recapitalization costs), normalized net earnings rose 11% to $37.9 million, or $3.72 per diluted share. Normalized operating income for the three operating segments grew 17% to $49.2 million. Growth was driven largely by the full-year contribution of 1999 acquisitions (Farris Engineering, Sprague Products, and Metallurgical Processing), partially offset by a significant foreign exchange headwind, with weak European currencies reducing sales by about $5.2 million and operating income by $1.7 million. Pension income and investment income also contributed meaningfully to pre-tax earnings. The most important governance item for investors is the proposed recapitalization with Unitrin, Inc., which holds about 44% of the company. Unitrin plans to distribute its roughly 4.4 million shares to its own stockholders in a tax-free spin-off, which requires converting those shares into a new Class B common stock that would elect at least 80% of the board. The transaction is expected to increase the float and analyst coverage, and the company plans a $0.25 special cash dividend to non-Unitrin holders if the distribution occurs. Completion is expected in the first half of 2001, subject to IRS approval and a stockholder vote. Balance sheet strength improved, with working capital up 20% to $149.8 million, a current ratio of 3.9 to 1, and cash plus short-term investments of $71.5 million. Operating cash flow declined sharply to $24.1 million from $80.9 million, however, reflecting the unwinding of trading-securities activity and other working capital changes, and capital expenditures are expected to rise significantly in 2001 to expand the Metal Treatment segment. Management's outlook is cautiously optimistic, citing diversification across aerospace, defense, energy, and industrial markets, while acknowledging that Boeing commercial build rates and some end markets may soften in 2001.
Mar 19, 2001
1999
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 1999
Curtiss-Wright Corporation (NYSE: CW) reported a strong fiscal 1999, its most profitable year since 1981. Sales rose 18% to $293.3 million, net earnings increased 34% to $39.0 million, and diluted EPS reached $3.82 ($3.33 excluding a $7.4 million environmental insurance settlement and $2.3 million of Motion Control consolidation costs). New orders grew 27% to $295.7 million and year-end backlog reached $212.8 million. Growth was driven largely by acquisitions (Drive Technology, Metallurgical Processing, Farris Engineering, Sprague Products, Enertech, Alpha Heat Treaters), which contributed about $59.9 million of 1999 sales. Return on equity was 16.0% and stockholders' equity reached $258.4 million. The company operates three segments: Motion Control (aerospace actuation, MRO and military vehicle drives, 42% of sales), Metal Treatment (shot-peening and heat treating, 36% of sales, with a slowdown in 1999 and lower segment net earnings), and Flow Control (nuclear and process valves, which grew 71% with the Farris and Sprague acquisitions). Investors should note customer concentration: Boeing sales were $42.9 million, the U.S. Government accounted for about 17% of total sales, and the Flow Control backlog is about 25% tied to a U.S. Navy prime contractor. The filing also flags that Boeing's 2000 deliveries are expected to fall more than 22%, though management estimates the reduction in Boeing original-equipment sales will be less than 2% of total 2000 sales. Leadership is changing. Chairman David Lasky announced his retirement following the April 2000 annual meeting, with President and COO Martin R. Benante expected to succeed him. Controller Kenneth P. Slezak resigned effective February 22, 2000. Liquidity remains solid, with working capital of $124.4 million, a current ratio of 3.2 to 1, and $35.1 million in cash and short-term investments. Total debt was $38.2 million, mostly industrial revenue bonds and a Swiss franc-denominated revolver, and the company has $100 million in committed credit facilities.
Mar 20, 2000
1998
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 1998
Curtiss-Wright Corporation (NYSE: CW) reported solid 1998 results, with sales rising 13.7% to $249.4 million (from $219.4 million) and net earnings up 4.2% to $29.1 million, or $2.82 per diluted share. Growth was driven by acquisitions (Alpha Heat Treaters, Enertech, and the SIG Drive Technology business acquired at year-end) and expansion in its Precision Manufacturing Products & Services segment. Excluding insurance recoveries and restructuring items, earnings rose about 7% to $2.69 per share. Operating income increased 21% to $36.3 million, and return on average equity was 13.4%. Profitability was uneven across segments. The Actuation and Control Products & Services segment (42% of sales) underperformed, absorbing a $3.9 million, or $0.38 per share, charge tied to military development program overruns, inventory write-offs, and the consolidation of manufacturing from Fairfield, NJ to Shelby, NC. Management expects roughly $1.6 million after tax in additional relocation costs in 1999. The company also reported that more than 83% of 1998 revenue came from commercial sources, and that the Boeing account represented 16% of consolidated revenue, a notable concentration. The balance sheet changed significantly. Total assets grew to $352.7 million, and debt rose to about $40.7 million, mostly from a $20.5 million short-term credit borrowing used to fund the SDT acquisition, which matures in October 1999. Working capital was stable at $130.8 million, the current ratio fell to 2.9 to 1, and cash and short-term investments totaled $72.3 million. Management also initiated a stock repurchase program covering up to 300,000 shares, signaling its view that the shares were undervalued.
Mar 31, 1999
1997
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 1997
Curtiss-Wright Corporation's 1997 results show a sharp earnings rebound. Sales rose 29% to $219.4 million from $170.5 million, and net earnings increased 73% to $27.9 million, or $2.74 basic EPS (split-adjusted following the two-for-one split in December 1997). Management attributes the gains to record metal treatment volumes, the commercial aircraft production ramp-up (notably Boeing), reduced military development cost overruns, and a full year of its Miami overhaul facility. Results also include a $2.0 million (about $0.20 per share) gain from sales of excess real estate, so earnings excluding that gain were $25.9 million, or $2.54 per share, still up roughly 60%. New orders rose 51% to $259.3 million, and backlog reached $149.2 million, its highest level since 1993. The company operates in two segments. Aerospace & Marine (about 73% of sales) grew 45% to $159.0 million and more than doubled its operating income to $25.6 million. Industrial sales were flat at $60.4 million, with operating income up as well. Balance sheet strength is evident, with a 4.4-to-1 current ratio, $68.8 million in cash and short-term investments, and $10.3 million of industrial revenue bond debt. Stockholders' equity reached $204.9 million. Risk factors include customer concentration (Boeing 20% and Westinghouse/U.S. Navy 11% of sales), dependence on U.S. Government business (20% of sales), production inefficiencies from the rapid ramp-up, and ongoing environmental remediation costs. Management has signaled that cost and margin pressures from new programs must be addressed in 1998.
Mar 24, 1998
1996
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 1996
Curtiss-Wright Corporation's 1996 Form 10-K shows a year of solid top-line growth but weaker profitability. Sales rose 10.4% to $170.5 million, driven by the May 1996 acquisition of Aviall's Accessory Services (Miami overhaul facility, about $16.6 million in cash) and growth in metal treating and overhaul services. Net earnings fell 11% to $16.1 million, or $3.17 per share, from $18.2 million ($3.59). Management attributed the shortfall largely to about $2.5 million ($0.49 per share) of charges, including reserves for engineering cost overruns on military actuation and control development contracts (V-22, F/A-18 E/F, Lockheed Martin ATF) and higher environmental expenses. Excluding these unusual items, earnings would have been about $18.6 million ($3.66 per share), roughly flat with 1995. The balance sheet remained conservative. Stockholders' equity rose to $183.4 million ($36.09 per share), working capital was $115.4 million with a 3.7-to-1 current ratio, and the company carried only $10.3 million of long-term debt (industrial revenue bonds). Cash and short-term investments totaled $62.0 million, down $16.8 million after the acquisition. Operating cash flow improved to $33.2 million from $17.4 million, and capital expenditures doubled to $14.2 million, mainly for the Shelby, North Carolina expansion tied to Boeing 757, 767 and 737-700 programs. The dividend was held at $1.00 per share, and the company had roughly 5.08 million shares outstanding. Looking ahead, management expects growth from Boeing production ramp-ups, expanded aftermarket overhaul and metal treating operations in Europe and the Pacific Rim, and selective acquisitions. The key risks for investors are completing the testing phase of the loss-making military development programs, reducing manufacturing costs on new Boeing programs, and continued environmental remediation spending, including the Wood-Ridge, New Jersey site. Government sales were 23% of total sales in 1996, which adds some exposure to defense budget cycles.
Mar 17, 1997
1995
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 1995
Curtiss-Wright Corporation's 1995 10-K shows a year of mixed results: consolidated sales were essentially flat at $154.4 million (vs. $155.0 million in 1994), and net earnings fell 6% to $18.2 million, or $3.59 per share, from $19.3 million, or $3.81 per share. The decline was driven by the Aerospace & Marine segment, where sales dropped 8% to $92.4 million and segment operating income fell 38% to $11.7 million. The company cited non-reimbursed engineering costs on the F-22, V-22 and F/A-18 E/F programs and start-up costs at its European facility. The Industrial segment offset part of this weakness, with sales up 13% to $62.0 million and operating income up 47% to $11.5 million, largely on higher shot-peening and heat-treating volume from automotive customers. Orders and backlog improved on the aerospace side. New orders rose 23% to $150.9 million, mainly from actuation and control contracts on new commercial aircraft (Boeing 757, 767 and 737). Year-end backlog nonetheless declined 11% to $103.6 million. Management noted that shot-peening, heat-treating, overhaul and spare-parts work, which exceeds 50% of sales, carries short lead times, so backlog is a less reliable guide to near-term revenue than it would be for long-term contracts. The balance sheet remains very conservative. Working capital rose to $120.6 million, the current ratio improved to 4.6:1, cash and short-term investments totaled $78.8 million, and long-term debt was only $10.3 million. Stockholders' equity reached $172.2 million ($33.91 per share), and the $1.00 annual dividend was maintained. Management expects 1996 capital spending to rise to about $18.8 million, mainly for Aerospace & Marine facility expansion, and expects military sales to benefit from F-16 foreign orders. Government-related business accounted for 39% of 1995 sales, and the company faces ongoing exposure to a New Jersey Superfund-related matter and environmental remediation at its Wood-Ridge site.
Mar 22, 1996
1994
CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 1994
Curtiss-Wright Corporation (NYSE: CW) reported its 1994 results in a 10-K filed March 31, 1995, showing a clear rebound from a difficult 1993. Consolidated net earnings were $19.3 million, or $3.81 per share, versus a net loss of $5.6 million ($1.11 per share) in 1993. Excluding 1993 unusual charges (litigation settlement, environmental, restructuring, and accounting changes), normalized 1993 earnings were $14.1 million, so the underlying improvement was about $5.2 million. Sales fell 2% to $155.0 million, but segment pre-tax operating profit rose 32% to $26.5 million, driven by cost containment and a recovery in the Industrial segment. The top line remains under pressure. New orders fell 22% to $122.4 million and year-end backlog declined to $116.6 million from $149.2 million. Aerospace, the largest segment at $83.5 million of sales, is heavily dependent on a few programs (F-16 actuators, Boeing commercial transports) and faces declining F-16 volumes and commercial airframe production cuts. Management is pursuing new products and markets, including the Power Hawk rescue tool, a Korean nuclear valve program, and a Danish joint venture, but these efforts are early-stage and not yet material to revenue. The balance sheet is conservative. Working capital was $108.3 million with a current ratio of 4.0 to 1, total debt was only about $14.4 million, and stockholders' equity was $158.8 million. Cash flow from operations was negative $7.6 million in 1994, largely because of a $8.9 million payment on the 1993 litigation settlement and a short-term trading securities program. Investors should also note the Wood-Ridge, NJ environmental remediation, which moves into a higher-spending phase, and the stock's 1994 trading range of roughly $33 to $37, with a steady $1.00 annual dividend.
Mar 31, 1995
1994
CURTISS WRIGHT CORP Annual Report, Year Ended Mar 29, 1994
Curtiss-Wright Corporation's 1993 Form 10-K describes a difficult year: the company posted a net loss of $5.6 million, or $1.11 per share, versus net earnings of $21.7 million ($4.29 per share) in 1992. Sales fell 12% to $158.9 million, and pre-tax segment operating profit dropped 36% to $21.9 million. The loss was driven by several one-time items, including a $17.5 million settlement (about $8.6 million after tax) of the U.S. Government's suit against subsidiary Target Rock, environmental reserve increases, restructuring charges, and a $6.4 million after-tax cumulative-effect charge for adopting SFAS No. 106 (postretirement medical costs). Excluding these items, management reports net earnings of about $14.1 million, or $2.78 per share. Management also said 1994 sales would be no better than flat. The company's balance sheet remains conservative. Total assets were $236.9 million, stockholders' equity $144.2 million, and working capital $92.7 million with a current ratio of 3.1 to 1. Total debt was only about $14.6 million, and there were no cash borrowings under a $45 million revolving credit facility. Short-term investments of $54.8 million and cash of $20.3 million add to liquidity. The dividend was held at $1.00 per share, which is covered by the 1993 cash flow from operations of $21.5 million. The key investor concerns are the concentration of the business in defense and commercial aerospace, with about 34% of sales tied to U.S. Government end use, and the company's failed attempts in 1993 to sell its Flight Systems and Metal Improvement units at prices management considered too low. The company also faces ongoing environmental remediation at Wood-Ridge, New Jersey, a labor strike at Target Rock that had not yet been settled, and a Buffalo extrusion facility sale that fell through. Investors will be watching whether the new Advanced Tactical Fighter and F/A-18 E/F programs can offset declining legacy production volumes.
Apr 7, 1994
1994
CURTISS WRIGHT CORP Annual Report, Year Ended Mar 29, 1994
Curtiss-Wright's 1993 results were weak. The company reported a net loss of $5.6 million, or $1.11 per share, versus net earnings of $21.7 million ($4.29 per share) in 1992. Sales fell 12% to $158.9 million. The loss was driven by a $17.5 million settlement (about $8.6 million after tax) of the U.S. Government's False Claims suit against subsidiary Target Rock, a $6.4 million after-tax charge for the SFAS No. 106 postretirement accounting change, environmental charges, and restructuring costs. Excluding these unusual items, management says net earnings would have been about $14.1 million, or $2.78 per share, still well below 1992. Segment pre-tax operating profit fell 36% to $21.9 million. The operating picture is mixed. Aerospace sales declined 13% to $96.9 million on production stretchouts at Boeing and McDonnell Douglas and reduced U.S. Air Force Fighting Falcon procurement. Management expects development work on the Advanced Tactical Fighter and F/A-18 E/F programs to carry the business until production, with flat sales expected in 1994. Industrial and Flow Control and Marine segments also declined. Target Rock continues to hold share in the Navy nuclear valve market despite a strike that began in May 1993. Management said it had tried to sell the Flight Systems and Metal Improvement units in 1993 but rejected the offers as too low. The balance sheet remains conservative. Working capital was $92.7 million, the current ratio was 3.1 to 1, and total debt was only about 10% of equity. Stockholders' equity fell to $144.2 million, or $28.50 per share, and the $1.00 annual dividend was maintained. Investors should weigh the strong liquidity and pension overfunding against the earnings decline, ongoing environmental liabilities (Wood-Ridge remediation reserve of about $19.6 million), and the concentration of revenue in defense and commercial aerospace programs.
Mar 31, 1994