Curtiss-Wright 2018 Annual Report

2018 Financial Information

Comparison of Cumulative Five Year Total Return

Curtiss-Wright Corp

S&P Midcap 400 Index

Russell 2000

Peer Group

  2013 2014 2015 2016 2017 2018
Curtiss-Wright Corp $100 $114.33 $111.77 $161.45 $201.11 $169.36
S&P Midcap 400 Index $100 $109.77 $107.38 $129.65 $150.71 $134.01
Russell 2000 $100 $104.89 $100.26 $121.63 $139.44 $124.09
Peer Group $100 $109.16 $105.99 $126.59 $163.26 $162.90
  • Assumes $100 invested on December 31, 2013 in stock or index, including reinvestment of dividends.

Segment Financial Information

Years ended December 31 (Dollars in millions, except percentages; unaudited)

Sales

2018

2017

Change
Commercial/Industrial $1,209.2 $1,162.7 4%
Defense 554.4 555.5 (0%)
Power 648.3 552.9 17%
Total Sales $2,411.8 $2,271.0 6%

Operating Income (Expense)
Commercial/Industrial $182.7 $168.3 9%
Defense 128.4 109.3 17%
Power 98.9 81.1 22%
Total Segments $410.0 $358.6 14%
Corporate & Other (36.3) (33.5) (9%)
Total Operating Income $373.6 $325.1 15%

Operating Margins
Commercial/Industrial 15.1% 14.5%
Defense 23.2% 19.7%
Power 15.2% 14.7%
Segment Margins 17.0% 15.8%
Total Operating Margins 15.5% 14.3%
  • Note: Amounts may not add to the total due to rounding.

END MARKET SALES

HISTORICAL FINANCIAL PERFORMANCE (Three-Year Review)

Years ended December 31 (Dollars in millions, except percentages; unaudited)

Performance1

2018

2017

2016
Net Sales $2,411.8 $2,271.0 $2,108.9
Operating Income $373.6 $325.1 $296.5
Operating Margin 15.5% 14.3% 14.1%
Net Earnings $275.7 $214.9 $189.4

Earnings Per Share1
  Basic $6.28 $4.86 $4.27
  Diluted $6.22 $4.80 $4.20
Dividends Per Share $0.60 $0.56 $0.52

Year-end Financial Position
Return on Invested Capital2 14.9% 13.6% 12.0%
New Orders $2,426.7 $2,290.2 $2,149.2
Backlog $2,032.5 $2,011.1 $1,950.8
Working Capital as % of Sales3 19.4% 18.5% 21.0%
Total Assets $3,255.4 $3,236.3 $3,037.8
Total Debt $762.6 $814.1 $966.3
Stockholder’s Equity $1,530.8 $1,527.8 $1,291.2

Other Year-end Data
Cash Flow from Operations $336.3 $388.7 $423.2
Capital Expenditures $53.4 $52.7 $46.8
Free Cash Flow4 $282.9 $336.0 $376.4
EBITDA $476.6 $425.1 $392.5
Depreciation & Amortization $102.9 $100.0 $96.0
Shares of Stock Outstanding at December 31 42.8 44.1 44.2
Number of Registered Shareholders5 3,220 3,532 3,770
Number of Employees5 9,002 8,626 7,946
  • Note: Amounts may not add due to rounding.
  • 1 Reported on a continuing operations basis.
  • 2 Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity and excludes equity from discontinued operations.
  • 3 Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs, and excludes first year impact from acquisitions.
  • 4 Free cash flow is defined as cash flow from operations less capital expenditures.
  • 5 Actual number, not in millions.