2019 Financial Information
Comparison of Cumulative Five Year Total Return
Curtiss-Wright Corp
S&P Midcap 400 Index
Russell 2000
Peer Group
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|---|
| Curtiss-Wright Corp | $100 | $97.77 | $141.23 | $175.92 | $148.15 | $205.49 |
| S&P Midcap 400 Index | $100 | $97.82 | $118.11 | $137.30 | $122.08 | $154.07 |
| Russell 2000 | $100 | $95.59 | $115.95 | $132.94 | $118.30 | $148.49 |
| Peer Group | $100 | $97.58 | $117.67 | $155.26 | $152.18 | $221.07 |
- Assumes $100 invested on December 31, 2014 in stock or index, including reinvestment of dividends.
Segment Financial Information
Years ended December 31 (Dollars in millions, except percentages; unaudited)
Sales |
2019 |
2018 |
Change |
| Commercial/Industrial | $1,239.9 | $1,209.2 | 3% |
| Defense | 579.3 | 554.4 | 5% |
| Power | 668.8 | 648.3 | 3% |
| Total Sales | $2,488.0 | $2,411.8 | 3% |
Operating Income (Expense) |
|||
| Commercial/Industrial | $196.5 | $182.7 | 8% |
| Defense | 129.7 | 128.4 | 1% |
| Power | 113.0 | 98.9 | 14% |
| Total Segments | $439.1 | $410.0 | 7% |
| Corporate & Other | (35.1) | (36.3) | 3% |
| Total Operating Income | $404.0 | $373.6 | 8% |
Operating Margins |
||
| Commercial/Industrial | 15.8% | 15.1% |
| Defense | 22.4% | 23.2% |
| Power | 16.9% | 15.2% |
| Segment Margins | 17.6% | 17.0% |
| Total Operating Margins | 16.2% | 15.5% |
- 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)
Performance |
2019 |
2018 |
2017 |
| Net Sales | $2,488.0 | $2,411.8 | $2,271.0 |
| Operating Income | $404.0 | $373.6 | $325.1 |
| Operating Margin | 16.2% | 15.5% | 14.3% |
| Net Earnings | $307.6 | $275.7 | $214.9 |
Earnings Per Share |
|||
| Basic | $7.20 | $6.28 | $4.86 |
| Diluted | $7.15 | $6.22 | $4.80 |
| Dividends Per Share | $0.66 | $0.60 | $0.56 |
Year-end Financial Position |
|||
| Return on Invested Capital1 | 15.1% | 14.9% | 13.6% |
| New Orders | $2,579.6 | $2,426.7 | $2,290.2 |
| Backlog | $2,166.8 | $2,032.5 | $2,011.1 |
| Working Capital as % of Sales2 | 20.0% | 19.4% | 18.5% |
| Total Assets | $3,764.3 | $3,255.4 | $3,236.3 |
| Total Debt | $760.6 | $762.6 | $814.1 |
| Stockholder’s Equity | $1,774.4 | $1,530.8 | $1,527.8 |
Other Year-end Data |
|||
| Cash Flow from Operations | $421.4 | $336.3 | $388.7 |
| Capital Expenditures | $69.8 | $53.4 | $52.7 |
| Free Cash Flow3 | $351.7 | $282.9 | $336.0 |
| EBITDA | $506.4 | $476.6 | $425.1 |
| Depreciation & Amortization | $102.4 | $102.9 | $100.0 |
| Shares of Stock Outstanding at December 31 | 42.7 | 42.8 | 44.1 |
| Number of Registered Shareholders4 | 3,150 | 3,220 | 3,532 |
| Number of Employees4 | 9,125 | 9,002 | 8,626 |
- Note: Amounts may not add due to rounding.
- 1 Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity.
- 2 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.
- 3 Free cash flow is defined as cash flow from operations less capital expenditures.
- 4 Actual number, not in millions.