8-KEarnings & Results

CURTISS WRIGHT CORP 8-K Report, Financial Results (Nov 4, 2014)

Filed November 4, 2014For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed this Form 8-K on November 4, 2014, primarily to provide supplemental segment financial information. This reclassification is to reflect assets held for sale, completed divestitures reported in their Q3 2014 10-Q, and a segment reorganization effective January 1, 2014. The data presented for 2014 and 2013 has been adjusted to align with the current period's presentation, offering investors a more consistent view of the company's operational performance across its key segments: Commercial/Industrial, Defense, and Energy. Key takeaways from the reclassified data include a general upward trend in sales and operating income throughout 2014 across all segments, culminating in higher operating margins and diluted earnings per share for the third quarter of 2014 compared to prior quarters and the previous year. The company is providing this information to enhance transparency regarding its evolving business structure and financial reporting, allowing investors to better assess the performance and outlook of its distinct business units.

Key Highlights

  • 1The 8-K provides reclassified segment financial data for 2014 and 2013 to reflect recent divestitures, assets held for sale, and a January 1, 2014, segment reorganization.
  • 2Total sales for the nine months ended September 30, 2014, reached $1,673,954,000, an increase from the full year 2013 sales of $2,122,681,000, indicating a potential shift in reporting or divestitures.
  • 3The Commercial/Industrial segment showed consistent growth in sales and operating income throughout 2014, with operating margins improving quarter-over-quarter.
  • 4The Defense segment also demonstrated strong performance in 2014, with increasing sales and operating income, and notably expanding operating margins in Q3 2014.
  • 5The Energy segment experienced varied sales throughout 2014 but maintained strong operating margins, ending Q3 2014 with the highest segment operating margin.
  • 6Diluted EPS for the nine months ended September 30, 2014, was $2.52, compared to $2.90 for the full year 2013, with Q3 2014 showing a solid $0.90 EPS.
  • 7The company is furnishing this information and it is not deemed 'filed' for Section 18 liability purposes, nor incorporated by reference into future SEC filings.

Frequently Asked Questions

Curtiss-Wright is filing this Form 8-K to provide updated segment financial data that reflects recent business changes. These include accounting for assets held for sale, completed divestitures, and a reorganization of its business segments that took effect on January 1, 2014. This aims to give investors a clearer and more consistent view of the company's performance across its reporting segments.

The filing presents reclassified data for both periods to ensure comparability. Generally, 2014 shows improving sales and operating income trends throughout the year, particularly in the Commercial/Industrial and Defense segments, with expanding operating margins. The Energy segment maintained strong margins despite some sales fluctuations. Investors should note that the full-year 2013 sales figure is higher than the nine-month 2014 figure provided, which could be attributed to the impact of divestitures and assets held for sale on the reported top-line.

The segment reorganization effective January 1, 2014, means that the way the company reports its financial results by business segment has been updated. The supplemental information provided in this 8-K reclassifies historical data (2013 and earlier quarters of 2014) to align with this new structure, enabling a more accurate year-over-year and quarter-over-quarter comparison of the performance of these redefined segments.

No, the information provided in this Current Report is being 'furnished' and is not considered 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934. This means the company is not subject to the same liabilities for the accuracy of this specific furnished information as it would be for information that is officially filed.