Summary
Curtiss-Wright Corporation reported a strong second quarter and first half of 2011, with significant year-over-year increases in net sales, operating income, and net earnings across its diverse segments. The company saw robust growth driven by increased demand in both defense and commercial markets, particularly in aerospace, power generation, and general industrial sectors. Strategic acquisitions also contributed positively to revenue growth, with three businesses added in the first half of the year. The company maintains a solid financial position, with healthy working capital and available credit, indicating good liquidity to support ongoing operations and future investments. Key operational highlights include substantial revenue increases in the Metal Treatment and Motion Control segments, alongside steady growth in Flow Control. The company also experienced a significant rise in new orders, signaling continued demand for its specialized products and services. Despite some market-specific headwinds, such as a decline in oil and gas sales, Curtiss-Wright's diversified business model and focus on high-value engineering solutions appear to be driving positive financial performance.
Financial Highlights
54 data points| Revenue | $506.35M |
| Cost of Revenue | $340.09M |
| Gross Profit | $164.18M |
| R&D Expenses | $15.13M |
| Operating Income | $48.93M |
| Interest Expense | $4.97M |
| Net Income | $30.76M |
| EPS (Basic) | $0.67 |
| EPS (Diluted) | $0.66 |
| Shares Outstanding (Basic) | 46.31M |
| Shares Outstanding (Diluted) | 47.02M |
Key Highlights
- 1Net sales increased by 11.4% to $514.9 million for the three months ended June 30, 2011, and by 8.1% to $976.8 million for the six months ended June 30, 2011, compared to the prior year periods.
- 2Net earnings showed strong growth, rising 22.8% to $31.8 million for the quarter and 33.3% to $56.3 million for the first six months.
- 3Operating income increased significantly by 19.0% to $51.7 million for the quarter and 25.3% to $93.4 million year-to-date, driven by higher sales volume and improved overhead absorption.
- 4The Metal Treatment segment experienced exceptional growth with sales up 31.3% for the quarter and 61.2% in operating income.
- 5The company completed three acquisitions in the first half of 2011 (BASF Surface Technologies, Douglas Equipment Ltd., and Predator Systems, Inc.), contributing positively to revenue and expanding capabilities.
- 6New orders increased by $100 million for the quarter and $86 million year-to-date, indicating strong future revenue potential.
- 7The company maintained a strong balance sheet with total assets of $2.38 billion and a current ratio of 2.4:1 as of June 30, 2011, demonstrating robust liquidity.