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2024 Annual Report

Financial Information

SEGMENT FINANCIAL INFORMATION

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

Sales
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Sales
2024
$ 932.1
910.7
1,278.4
$ 3,121.2
 
 
 
 
 
2023
$ 887.2
815.9
1,142.2
$ 2,845.4
 
 
 
 
 
Change
5%
12%
12%
10%
Operating Income (Expense)
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Segments
Corporate and Other
Total Operating Income
 
$ 148.0
224.7
199.7
$ 572.4
(43.8)
$ 528.6
 
 
 
 
 
 
 
 
$ 145.3
191.8
189.2
$ 526.3
(41.7)
$ 484.6
 
 
 
 
 
 
 
 
2%
17%
6%
9%
(5%)
9%
Operating Margins
Aerospace & Industrial
Defense Electronics
Naval & Power
Segment Margins
Total Operating Margins
 
15.9%
24.7%
15.6%
18.3%
16.9%
 
 
 
 
 
 
 
16.4%
23.5%
16.6%
18.5%
17.0%
 
 
 
 
 
 
 
 
 
 
 
Note: Amounts may not add to the total due to rounding.

Historical Financial Performance

As Reported; Years ended December 31 (Dollars and shares in millions, except percentages and per share data; unaudited)

Performance
Net Sales
Operating Income
Operating Margin
Net Earnings
Basic Earnings Per Share
Diluted Earnings Per Share
Dividends Per Share
2024
$3,121.2
$528.6
16.9%
$405.0
$10.61
$10.55
$0.83
 
 
 
 
 
 
 
 
2023
$2,845.4
$484.6
17.0%
$354.5
$9.26
$9.20
$0.79
 
 
 
 
 
 
 
 
2022
$2,557.0
$423.4
16.6%
$294.3
$7.67
$7.62
$0.75
Year-End Financial Position
Return on Invested Capital (1)
New Orders
Backlog
Working Capital as % of Sales (2)
Total Assets
Total Debt
Stockholder's Equity
 
13.5%
$3,696.4
$3,447.3
20.8%
$4,985.7
$1,048.9
$2,449.8
 
 
 
 
 
 
 
 
 
12.5%
$3,090.0
$2,873.2
23.8%
$4,621.0
$1,050.4
$2,328.4
 
 
 
 
 
 
 
 
 
11.3%
$2,942.5
$2,622.7
26.0%
$4,448.3
$1,254.4
$1,981.2
Other Year-End Data
Cash Flow from Operations
Capital Expenditures
Free Cash Flow (3)
EBITDA
Depreciation & Amortization
Shares of Stock Outstanding at December 31
Number of Registered Shareholders (4)
Number of Employees (4)
 
$544.3
$61.0
$483.3
$636.3
$107.7
37.7
2,299
8,813
 
 
 
 
 
 
 
 
 
 
$448.1
$44.7
$403.4
$600.8
$116.2
38.2
2,493
8,620
 
 
 
 
 
 
 
 
 
 
$294.8
$38.2
$256.6
$535.5
$112.0
38.3
2,653
8,101
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.