![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Curtiss Wright Corp | NYSE:CW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-14.83 | -5.10% | 275.98 | 287.25 | 273.57 | 287.25 | 268,175 | 01:00:00 |
Delaware
|
|
13-0612970
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
130 Harbour Place Drive, Suite 300
|
|
|
Davidson, North Carolina
|
|
28036
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|||
PART I – FINANCIAL INFORMATION
|
PAGE
|
||
|
|
|
|
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
Item 2.
|
|||
|
|
|
|
Item 3.
|
|||
|
|
|
|
Item 4.
|
|||
|
|
|
|
|
|
|
|
PART II – OTHER INFORMATION
|
|
||
|
|
|
|
|
|
|
|
Item 1.
|
|||
|
|
|
|
Item 1A.
|
|||
|
|
|
|
Item 2.
|
|||
|
|
|
|
Item 3.
|
|||
|
|
|
|
Item 4.
|
|||
|
|
|
|
Item 5.
|
|||
|
|
|
|
Item 6.
|
|||
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
(In thousands, except per share data)
|
|
2019
|
|
2018
|
||||
Net sales
|
|
|
|
|
||||
Product sales
|
|
$
|
471,599
|
|
|
$
|
444,687
|
|
Service sales
|
|
106,715
|
|
|
102,835
|
|
||
Total net sales
|
|
578,314
|
|
|
547,522
|
|
||
Cost of sales
|
|
|
|
|
||||
Cost of product sales
|
|
311,956
|
|
|
299,311
|
|
||
Cost of service sales
|
|
69,485
|
|
|
67,020
|
|
||
Total cost of sales
|
|
381,441
|
|
|
366,331
|
|
||
Gross profit
|
|
196,873
|
|
|
181,191
|
|
||
Research and development expenses
|
|
17,241
|
|
|
15,941
|
|
||
Selling expenses
|
|
31,477
|
|
|
31,520
|
|
||
General and administrative expenses
|
|
76,110
|
|
|
69,232
|
|
||
Operating income
|
|
72,045
|
|
|
64,498
|
|
||
Interest expense
|
|
7,272
|
|
|
8,204
|
|
||
Other income, net
|
|
5,478
|
|
|
4,683
|
|
||
Earnings before income taxes
|
|
70,251
|
|
|
60,977
|
|
||
Provision for income taxes
|
|
(14,658
|
)
|
|
(17,334
|
)
|
||
Net earnings
|
|
$
|
55,593
|
|
|
$
|
43,643
|
|
|
|
|
|
|
||||
Net earnings per share:
|
|
|
|
|
||||
Basic earnings per share
|
|
$
|
1.30
|
|
|
$
|
0.99
|
|
Diluted earnings per share
|
|
$
|
1.29
|
|
|
$
|
0.98
|
|
|
|
|
|
|
||||
Dividends per share
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
Weighted average shares outstanding:
|
|
|
|
|
||||
Basic
|
|
42,799
|
|
|
44,188
|
|
||
Diluted
|
|
43,058
|
|
|
44,678
|
|
||
|
|
|
|
|
||||
See notes to condensed consolidated financial statements
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Net earnings
|
|
$
|
55,593
|
|
|
$
|
43,643
|
|
Other comprehensive income
|
|
|
|
|
||||
Foreign currency translation adjustments, net of tax
(1)
|
|
$
|
8,242
|
|
|
$
|
15,411
|
|
Pension and postretirement adjustments, net of tax
(2)
|
|
1,683
|
|
|
2,622
|
|
||
Other comprehensive income, net of tax
|
|
9,925
|
|
|
18,033
|
|
||
Comprehensive income
|
|
$
|
65,518
|
|
|
$
|
61,676
|
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
154,428
|
|
|
$
|
276,066
|
|
Receivables, net
|
591,562
|
|
|
593,755
|
|
||
Inventories, net
|
447,022
|
|
|
423,426
|
|
||
Other current assets
|
45,727
|
|
|
50,719
|
|
||
Total current assets
|
1,238,739
|
|
|
1,343,966
|
|
||
Property, plant, and equipment, net
|
375,296
|
|
|
374,660
|
|
||
Goodwill
|
1,111,342
|
|
|
1,088,032
|
|
||
Other intangible assets, net
|
444,741
|
|
|
429,567
|
|
||
Operating lease right-of-use assets, net
|
138,525
|
|
|
—
|
|
||
Other assets
|
20,159
|
|
|
19,160
|
|
||
Total assets
|
$
|
3,328,802
|
|
|
$
|
3,255,385
|
|
Liabilities
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
||||
Current portion of long-term and short-term debt
|
$
|
161
|
|
|
$
|
243
|
|
Accounts payable
|
176,439
|
|
|
232,983
|
|
||
Accrued expenses
|
114,062
|
|
|
166,954
|
|
||
Income taxes payable
|
13,708
|
|
|
5,811
|
|
||
Deferred revenue
|
225,925
|
|
|
236,508
|
|
||
Other current liabilities
|
72,973
|
|
|
44,829
|
|
||
Total current liabilities
|
603,268
|
|
|
687,328
|
|
||
Long-term debt
|
761,894
|
|
|
762,313
|
|
||
Deferred tax liabilities, net
|
49,305
|
|
|
47,121
|
|
||
Accrued pension and other postretirement benefit costs
|
99,389
|
|
|
101,227
|
|
||
Long-term operating lease liability
|
124,014
|
|
|
—
|
|
||
Long-term portion of environmental reserves
|
15,847
|
|
|
15,777
|
|
||
Other liabilities
|
89,505
|
|
|
110,838
|
|
||
Total liabilities
|
1,743,222
|
|
|
1,724,604
|
|
||
Contingencies and commitments (Note 14)
|
|
|
|
|
|
||
Stockholders' Equity
|
|
|
|
|
|
||
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 49,187,378 shares issued as of March 31, 2019 and December 31, 2018; outstanding shares were 42,801,008 as of March 31, 2019 and 42,772,417 as of December 31, 2018
|
49,187
|
|
|
49,187
|
|
||
Additional paid in capital
|
114,696
|
|
|
118,234
|
|
||
Retained earnings
|
2,266,902
|
|
|
2,191,471
|
|
||
Accumulated other comprehensive loss
|
(304,779
|
)
|
|
(288,447
|
)
|
||
Common treasury stock, at cost (6,386,370 shares as of March 31, 2019 and 6,414,961 shares as of December 31, 2018)
|
(540,426
|
)
|
|
(539,664
|
)
|
||
Total stockholders' equity
|
1,585,580
|
|
|
1,530,781
|
|
||
Total liabilities and stockholders' equity
|
$
|
3,328,802
|
|
|
$
|
3,255,385
|
|
|
|
|
|
||||
See notes to condensed consolidated financial statements
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In thousands)
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
55,593
|
|
|
$
|
43,643
|
|
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
25,793
|
|
|
24,601
|
|
||
Gain on divestiture
|
—
|
|
|
(2,108
|
)
|
||
Gain on fixed asset disposals
|
(504
|
)
|
|
(697
|
)
|
||
Deferred income taxes
|
1,626
|
|
|
7,806
|
|
||
Share-based compensation
|
3,495
|
|
|
4,591
|
|
||
Change in operating assets and liabilities, net of businesses acquired:
|
|
|
|
||||
Receivables, net
|
7,360
|
|
|
(2,451
|
)
|
||
Inventories, net
|
(22,024
|
)
|
|
(28,652
|
)
|
||
Progress payments
|
(1,594
|
)
|
|
(3,121
|
)
|
||
Accounts payable and accrued expenses
|
(108,873
|
)
|
|
(79,564
|
)
|
||
Deferred revenue
|
(11,764
|
)
|
|
6,410
|
|
||
Income taxes payable
|
11,948
|
|
|
1,407
|
|
||
Net pension and postretirement liabilities
|
255
|
|
|
(48,704
|
)
|
||
Other current and long-term assets and liabilities
|
(13,169
|
)
|
|
5,577
|
|
||
Net cash used for operating activities
|
(51,858
|
)
|
|
(71,262
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sales and disposals of long lived assets
|
1,268
|
|
|
819
|
|
||
Acquisition of intangible assets
|
(137
|
)
|
|
(1,500
|
)
|
||
Additions to property, plant, and equipment
|
(17,034
|
)
|
|
(8,971
|
)
|
||
Acquisition of business, net of cash acquired
|
(49,037
|
)
|
|
—
|
|
||
Net cash used for investing activities
|
(64,940
|
)
|
|
(9,652
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Borrowings under revolving credit facilities
|
3,837
|
|
|
3,716
|
|
||
Payment of revolving credit facilities
|
(3,919
|
)
|
|
(2,884
|
)
|
||
Repurchases of common stock
|
(12,471
|
)
|
|
(12,328
|
)
|
||
Proceeds from share-based compensation
|
4,677
|
|
|
6,151
|
|
||
Other
|
(197
|
)
|
|
(181
|
)
|
||
Net cash used for financing activities
|
(8,073
|
)
|
|
(5,526
|
)
|
||
Effect of exchange-rate changes on cash
|
3,233
|
|
|
7,838
|
|
||
Net decrease in cash and cash equivalents
|
(121,638
|
)
|
|
(78,602
|
)
|
||
Cash and cash equivalents at beginning of period
|
276,066
|
|
|
475,120
|
|
||
Cash and cash equivalents at end of period
|
$
|
154,428
|
|
|
$
|
396,518
|
|
Supplemental disclosure of non-cash activities:
|
|
|
|
|
|
||
Capital expenditures incurred but not yet paid
|
$
|
264
|
|
|
$
|
182
|
|
|
|
|
|
||||
See notes to condensed consolidated financial statements
|
|
Common Stock
|
|
Additional Paid in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Treasury Stock
|
||||||||||
December 31, 2017
|
$
|
49,187
|
|
|
$
|
120,609
|
|
|
$
|
1,944,324
|
|
|
$
|
(216,840
|
)
|
|
$
|
(369,480
|
)
|
Cumulative effect from adoption of ASC 606
|
—
|
|
|
—
|
|
|
(2,274
|
)
|
|
—
|
|
|
—
|
|
|||||
Net earnings
|
—
|
|
|
—
|
|
|
275,749
|
|
|
—
|
|
|
—
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(71,607
|
)
|
|
—
|
|
|||||
Dividends paid
|
—
|
|
|
—
|
|
|
(26,328
|
)
|
|
—
|
|
|
—
|
|
|||||
Restricted stock
|
—
|
|
|
(13,134
|
)
|
|
—
|
|
|
—
|
|
|
13,134
|
|
|||||
Stock options exercised
|
—
|
|
|
(2,355
|
)
|
|
—
|
|
|
—
|
|
|
14,294
|
|
|||||
Share-based compensation
|
—
|
|
|
13,866
|
|
|
—
|
|
|
—
|
|
|
228
|
|
|||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(198,592
|
)
|
|||||
Other
|
—
|
|
|
(752
|
)
|
|
—
|
|
|
—
|
|
|
752
|
|
|||||
December 31, 2018
|
$
|
49,187
|
|
|
$
|
118,234
|
|
|
$
|
2,191,471
|
|
|
$
|
(288,447
|
)
|
|
$
|
(539,664
|
)
|
Cumulative effect from adoption of ASU 2018-02
|
—
|
|
|
—
|
|
|
26,257
|
|
|
(26,257
|
)
|
|
—
|
|
|||||
Net earnings
|
—
|
|
|
—
|
|
|
55,593
|
|
|
—
|
|
|
—
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
9,925
|
|
|
—
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
(6,419
|
)
|
|
—
|
|
|
—
|
|
|||||
Restricted stock
|
—
|
|
|
(5,491
|
)
|
|
—
|
|
|
—
|
|
|
5,491
|
|
|||||
Stock options exercised
|
—
|
|
|
(519
|
)
|
|
—
|
|
|
—
|
|
|
5,195
|
|
|||||
Share-based compensation
|
—
|
|
|
3,133
|
|
|
—
|
|
|
—
|
|
|
362
|
|
|||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,471
|
)
|
|||||
Other
|
—
|
|
|
(661
|
)
|
|
—
|
|
|
—
|
|
|
661
|
|
|||||
March 31, 2019
|
$
|
49,187
|
|
|
$
|
114,696
|
|
|
$
|
2,266,902
|
|
|
$
|
(304,779
|
)
|
|
$
|
(540,426
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
See notes to condensed consolidated financial statements
|
|
Three Months Ended March 31,
|
||||||
Total Net Sales by End Market and Customer Type
(In thousands)
|
2019
|
|
2018
|
||||
Defense
|
|
|
|
||||
Aerospace
|
$
|
78,787
|
|
|
$
|
79,153
|
|
Ground
|
20,758
|
|
|
22,519
|
|
||
Naval
|
131,088
|
|
|
103,489
|
|
||
Total Defense Customers
|
$
|
230,633
|
|
|
$
|
205,161
|
|
|
|
|
|
||||
Commercial
|
|
|
|
||||
Aerospace
|
$
|
103,221
|
|
|
$
|
99,404
|
|
Power Generation
|
96,480
|
|
|
98,319
|
|
||
General Industrial
|
147,980
|
|
|
144,638
|
|
||
Total Commercial Customers
|
$
|
347,681
|
|
|
$
|
342,361
|
|
|
|
|
|
||||
Total
|
$
|
578,314
|
|
|
$
|
547,522
|
|
|
|
|
|
||||
|
|
|
|
||||
Note: Certain amounts in the prior year have been reclassed to conform to the current year presentation.
|
(In thousands)
|
|
2019
|
||
Accounts receivable
|
|
$
|
2,300
|
|
Inventory
|
|
322
|
|
|
Property, plant, and equipment
|
|
648
|
|
|
Other current and non-current assets
|
|
180
|
|
|
Intangible assets
|
|
26,000
|
|
|
Operating lease right-of-use assets, net
|
|
1,410
|
|
|
Current and non-current liabilities
|
|
(2,970
|
)
|
|
Net tangible and intangible assets
|
|
27,890
|
|
|
Purchase price, net of cash acquired
|
|
49,037
|
|
|
Goodwill
|
|
$
|
21,147
|
|
|
|
|
||
Goodwill deductible for tax purposes
|
|
$
|
21,147
|
|
(In thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Billed receivables:
|
|
|
|
||||
Trade and other receivables
|
$
|
378,350
|
|
|
$
|
390,306
|
|
Less: Allowance for doubtful accounts
|
(8,395
|
)
|
|
(7,436
|
)
|
||
Net billed receivables
|
369,955
|
|
|
382,870
|
|
||
Unbilled receivables (Contract Assets):
|
|
|
|
||||
Recoverable costs and estimated earnings not billed
|
234,286
|
|
|
225,810
|
|
||
Less: Progress payments applied
|
(12,679
|
)
|
|
(14,925
|
)
|
||
Net unbilled receivables
|
221,607
|
|
|
210,885
|
|
||
Receivables, net
|
$
|
591,562
|
|
|
$
|
593,755
|
|
(In thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Raw materials
|
$
|
201,889
|
|
|
$
|
214,442
|
|
Work-in-process
|
90,406
|
|
|
74,536
|
|
||
Finished goods and component parts
|
145,923
|
|
|
143,016
|
|
||
Inventoried costs related to U.S. Government and other long-term contracts
|
74,343
|
|
|
54,195
|
|
||
Gross inventories
|
512,561
|
|
|
486,189
|
|
||
Less: Inventory reserves
|
(58,046
|
)
|
|
(55,776
|
)
|
||
Progress payments applied
|
(7,493
|
)
|
|
(6,987
|
)
|
||
Inventories, net
|
$
|
447,022
|
|
|
$
|
423,426
|
|
(In thousands)
|
Commercial/ Industrial
|
|
Defense
|
|
Power
|
|
Consolidated
|
||||||||
December 31, 2018
|
$
|
442,015
|
|
|
$
|
448,871
|
|
|
$
|
197,146
|
|
|
$
|
1,088,032
|
|
Acquisitions
|
—
|
|
|
21,147
|
|
|
—
|
|
|
21,147
|
|
||||
Adjustments
|
—
|
|
|
(208
|
)
|
|
—
|
|
|
(208
|
)
|
||||
Foreign currency translation adjustment
|
742
|
|
|
1,567
|
|
|
62
|
|
|
2,371
|
|
||||
March 31, 2019
|
$
|
442,757
|
|
|
$
|
471,377
|
|
|
$
|
197,208
|
|
|
$
|
1,111,342
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(In thousands)
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Technology
|
|
$
|
245,236
|
|
|
$
|
(127,077
|
)
|
|
$
|
118,159
|
|
|
$
|
238,212
|
|
|
$
|
(123,156
|
)
|
|
$
|
115,056
|
|
Customer related intangibles
|
|
378,446
|
|
|
(199,130
|
)
|
|
179,316
|
|
|
358,832
|
|
|
(193,455
|
)
|
|
165,377
|
|
||||||
Programs
(1)
|
|
144,000
|
|
|
(7,200
|
)
|
|
136,800
|
|
|
144,000
|
|
|
(5,400
|
)
|
|
138,600
|
|
||||||
Other intangible assets
|
|
41,217
|
|
|
(30,751
|
)
|
|
10,466
|
|
|
40,340
|
|
|
(29,806
|
)
|
|
10,534
|
|
||||||
Total
|
|
$
|
808,899
|
|
|
$
|
(364,158
|
)
|
|
$
|
444,741
|
|
|
$
|
781,384
|
|
|
$
|
(351,817
|
)
|
|
$
|
429,567
|
|
|
Three Months Ended
|
||
(In thousands)
|
March 31, 2019
|
||
Operating lease cost
|
$
|
8,212
|
|
|
|
||
Finance lease cost:
|
|
||
Amortization of right-of-use assets
|
$
|
197
|
|
Interest on lease liabilities
|
128
|
|
|
Total finance lease cost
|
$
|
325
|
|
|
Three Months Ended
|
||
(In thousands)
|
March 31, 2019
|
||
Cash used for operating activities:
|
|
||
Operating cash flows from operating leases
|
$
|
(7,764
|
)
|
Operating cash flows from finance leases
|
(127
|
)
|
(In thousands, except lease term and discount rate)
|
As of March 31, 2019
|
||
Operating Leases
|
|
||
Operating lease right-of-use assets, net
|
$
|
138,525
|
|
|
|
||
Other current liabilities
|
$
|
21,835
|
|
Long-term operating lease liability
|
124,014
|
|
|
Total operating lease liabilities
|
$
|
145,849
|
|
|
|
||
Finance Leases
|
|
||
Property, plant, and equipment
|
$
|
15,561
|
|
Accumulated depreciation
|
(4,755
|
)
|
|
Property, plant, and equipment, net
|
$
|
10,806
|
|
|
|
||
Other current liabilities
|
$
|
761
|
|
Other liabilities
|
11,646
|
|
|
Total finance lease liabilities
|
$
|
12,407
|
|
|
|
||
Weighted average remaining lease term
|
|
||
Operating leases
|
8.3 years
|
|
|
Finance leases
|
10.4 years
|
|
|
Weighted average discount rate
|
|
||
Operating leases
|
3.85
|
%
|
|
Finance leases
|
4.05
|
%
|
|
As of March 31, 2019
|
|||||
(In thousands)
|
Operating Leases
|
Finance Leases
|
||||
2019
|
$
|
21,905
|
|
$
|
984
|
|
2020
|
27,375
|
|
1,342
|
|
||
2021
|
24,422
|
|
1,375
|
|
||
2022
|
18,215
|
|
1,410
|
|
||
2023
|
16,188
|
|
1,445
|
|
||
Thereafter
|
63,870
|
|
8,783
|
|
||
Total lease payments
|
$
|
171,975
|
|
$
|
15,339
|
|
Less: imputed interest
|
(26,126
|
)
|
(2,932
|
)
|
||
Total
|
$
|
145,849
|
|
$
|
12,407
|
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
|
March 31,
|
||||||
Derivatives not designated as hedging instrument
|
|
2019
|
|
2018
|
||||
Forward exchange contracts:
|
|
|
|
|
||||
General and administrative expenses
|
|
$
|
3,589
|
|
|
$
|
353
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
(In thousands)
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
3.84% Senior notes due 2021
|
100,000
|
|
|
100,685
|
|
|
100,000
|
|
|
100,359
|
|
||||
3.70% Senior notes due 2023
|
202,500
|
|
|
203,134
|
|
|
202,500
|
|
|
201,813
|
|
||||
3.85% Senior notes due 2025
|
90,000
|
|
|
90,665
|
|
|
90,000
|
|
|
89,711
|
|
||||
4.24% Senior notes due 2026
|
200,000
|
|
|
204,746
|
|
|
200,000
|
|
|
202,288
|
|
||||
4.05% Senior notes due 2028
|
67,500
|
|
|
67,904
|
|
|
67,500
|
|
|
66,942
|
|
||||
4.11% Senior notes due 2028
|
90,000
|
|
|
90,840
|
|
|
90,000
|
|
|
89,647
|
|
||||
Other debt
|
161
|
|
|
161
|
|
|
243
|
|
|
243
|
|
||||
Total debt
|
750,161
|
|
|
758,135
|
|
|
750,243
|
|
|
751,003
|
|
||||
Debt issuance costs, net
|
(684
|
)
|
|
(684
|
)
|
|
(714
|
)
|
|
(714
|
)
|
||||
Unamortized interest rate swap proceeds
|
12,578
|
|
|
12,578
|
|
|
13,027
|
|
|
13,027
|
|
||||
Total debt, net
|
$
|
762,055
|
|
|
$
|
770,029
|
|
|
$
|
762,556
|
|
|
$
|
763,316
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Service cost
|
|
$
|
5,826
|
|
|
$
|
6,506
|
|
Interest cost
|
|
7,372
|
|
|
6,534
|
|
||
Expected return on plan assets
|
|
(14,884
|
)
|
|
(14,716
|
)
|
||
Amortization of prior service cost
|
|
(71
|
)
|
|
(63
|
)
|
||
Amortization of unrecognized actuarial loss
|
|
2,592
|
|
|
3,906
|
|
||
Net periodic benefit cost
|
|
$
|
835
|
|
|
$
|
2,167
|
|
|
|
Three Months Ended
|
||||
|
|
March 31,
|
||||
(In thousands)
|
|
2019
|
|
2018
|
||
Basic weighted-average shares outstanding
|
|
42,799
|
|
|
44,188
|
|
Dilutive effect of stock options and deferred stock compensation
|
|
259
|
|
|
490
|
|
Diluted weighted-average shares outstanding
|
|
43,058
|
|
|
44,678
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Net sales
|
|
|
|
|
||||
Commercial/Industrial
|
|
$
|
293,750
|
|
|
$
|
296,753
|
|
Defense
|
|
121,497
|
|
|
120,883
|
|
||
Power
|
|
164,147
|
|
|
132,158
|
|
||
Less: Intersegment revenues
|
|
(1,080
|
)
|
|
(2,272
|
)
|
||
Total consolidated
|
|
$
|
578,314
|
|
|
$
|
547,522
|
|
|
|
|
|
|
||||
Operating income (expense)
|
|
|
|
|
||||
Commercial/Industrial
|
|
$
|
39,446
|
|
|
$
|
39,225
|
|
Defense
|
|
17,653
|
|
|
19,728
|
|
||
Power
|
|
24,219
|
|
|
15,342
|
|
||
Corporate and eliminations
(1)
|
|
(9,273
|
)
|
|
(9,797
|
)
|
||
Total consolidated
|
|
$
|
72,045
|
|
|
$
|
64,498
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Total operating income
|
|
$
|
72,045
|
|
|
$
|
64,498
|
|
Interest expense
|
|
7,272
|
|
|
8,204
|
|
||
Other income, net
|
|
5,478
|
|
|
4,683
|
|
||
Earnings before income taxes
|
|
$
|
70,251
|
|
|
$
|
60,977
|
|
(In thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Identifiable assets
|
|
|
|
||||
Commercial/Industrial
|
$
|
1,455,070
|
|
|
$
|
1,398,601
|
|
Defense
|
1,036,152
|
|
|
961,298
|
|
||
Power
|
762,935
|
|
|
720,073
|
|
||
Corporate and Other
|
74,645
|
|
|
175,413
|
|
||
Total consolidated
|
$
|
3,328,802
|
|
|
$
|
3,255,385
|
|
(In thousands)
|
Foreign currency translation adjustments, net
|
|
Total pension and postretirement adjustments, net
|
|
Accumulated other comprehensive income (loss)
|
||||||
December 31, 2017
|
$
|
(94,708
|
)
|
|
$
|
(122,132
|
)
|
|
$
|
(216,840
|
)
|
Other comprehensive loss before reclassifications
(1)
|
(52,440
|
)
|
|
(31,380
|
)
|
|
(83,820
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss
(1)
|
—
|
|
|
12,213
|
|
|
12,213
|
|
|||
Net current period other comprehensive loss
|
(52,440
|
)
|
|
(19,167
|
)
|
|
(71,607
|
)
|
|||
December 31, 2018
|
$
|
(147,148
|
)
|
|
$
|
(141,299
|
)
|
|
$
|
(288,447
|
)
|
Other comprehensive income (loss) before reclassifications
(1)
|
8,242
|
|
|
(61
|
)
|
|
8,181
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
(1)
|
—
|
|
|
1,744
|
|
|
1,744
|
|
|||
Net current period other comprehensive income
|
8,242
|
|
|
1,683
|
|
|
9,925
|
|
|||
Cumulative effect from adoption of ASU 2018-02
(2)
|
(1,318
|
)
|
|
(24,939
|
)
|
|
(26,257
|
)
|
|||
March 31, 2019
|
$
|
(140,224
|
)
|
|
$
|
(164,555
|
)
|
|
$
|
(304,779
|
)
|
(In thousands)
|
Amount reclassified from Accumulated other comprehensive income (loss)
|
|
Affected line item in the statement where net earnings is presented
|
||
Defined benefit pension and other postretirement benefit plans
|
|
|
|
||
Amortization of prior service costs
|
235
|
|
|
(1)
|
|
Amortization of actuarial losses
|
(2,546
|
)
|
|
(1)
|
|
|
(2,311
|
)
|
|
Total before tax
|
|
|
567
|
|
|
Income tax
|
|
Total reclassifications
|
$
|
(1,744
|
)
|
|
Net of tax
|
Condensed Consolidated Statements of Earnings
|
|
Three Months Ended
|
|||||||||
|
|
March 31,
|
|||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
% change
|
|||||
Sales
|
|
|
|
|
|
|
|||||
Commercial/Industrial
|
|
$
|
293,507
|
|
|
$
|
296,641
|
|
|
(1
|
%)
|
Defense
|
|
121,022
|
|
|
118,901
|
|
|
2
|
%
|
||
Power
|
|
163,785
|
|
|
131,980
|
|
|
24
|
%
|
||
Total sales
|
|
$
|
578,314
|
|
|
$
|
547,522
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|||||
Operating income
|
|
|
|
|
|
|
|||||
Commercial/Industrial
|
|
$
|
39,446
|
|
|
$
|
39,225
|
|
|
1
|
%
|
Defense
|
|
17,653
|
|
|
19,728
|
|
|
(11
|
%)
|
||
Power
|
|
24,219
|
|
|
15,342
|
|
|
58
|
%
|
||
Corporate and eliminations
|
|
(9,273
|
)
|
|
(9,797
|
)
|
|
5
|
%
|
||
Total operating income
|
|
$
|
72,045
|
|
|
$
|
64,498
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|||||
Interest expense
|
|
7,272
|
|
|
8,204
|
|
|
(11
|
%)
|
||
Other income, net
|
|
5,478
|
|
|
4,683
|
|
|
17
|
%
|
||
Earnings before income taxes
|
|
70,251
|
|
|
60,977
|
|
|
15
|
%
|
||
|
|
|
|
|
|
|
|||||
Provision for income taxes
|
|
(14,658
|
)
|
|
(17,334
|
)
|
|
(15
|
%)
|
||
Net earnings
|
|
$
|
55,593
|
|
|
$
|
43,643
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|||||
New orders
|
|
$
|
746,739
|
|
|
$
|
604,903
|
|
|
23
|
%
|
Components of sales and operating income increase (decrease):
|
|
Three Months Ended
|
||||
|
|
March 31,
|
||||
|
|
2019 vs. 2018
|
||||
|
|
Sales
|
|
Operating Income
|
||
Organic
|
|
2
|
%
|
|
5
|
%
|
Acquisitions
|
|
5
|
%
|
|
5
|
%
|
Foreign currency
|
|
(1
|
%)
|
|
2
|
%
|
Total
|
|
6
|
%
|
|
12
|
%
|
•
|
Net earnings increased $12 million, primarily due to higher operating income and a decrease in the effective tax rate during the current period.
|
•
|
Foreign currency translation adjustments during the current period resulted in a $8 million comprehensive gain, compared to a $15 million comprehensive gain in the prior year period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.
|
•
|
Pension and postretirement adjustments within comprehensive income of $2 million were essentially flat against the comparable prior year period.
|
|
|
Three Months Ended
|
|||||||||
|
|
March 31,
|
|||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
% change
|
|||||
Sales
|
|
$
|
293,507
|
|
|
$
|
296,641
|
|
|
(1
|
%)
|
Operating income
|
|
39,446
|
|
|
39,225
|
|
|
1
|
%
|
||
Operating margin
|
|
13.4
|
%
|
|
13.2
|
%
|
|
20
|
bps
|
||
New orders
|
|
$
|
365,257
|
|
|
$
|
329,278
|
|
|
11
|
%
|
Components of sales and operating income increase (decrease):
|
|
Three Months Ended
|
||||
|
|
March 31,
|
||||
|
|
2019 vs. 2018
|
||||
|
|
Sales
|
|
Operating Income
|
||
Organic
|
|
1
|
%
|
|
—
|
%
|
Acquisitions
|
|
—
|
%
|
|
—
|
%
|
Foreign currency
|
|
(2
|
%)
|
|
1
|
%
|
Total
|
|
(1
|
%)
|
|
1
|
%
|
|
|
Three Months Ended
|
|
|||||||||
|
|
March 31,
|
|
|||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
% change
|
|
|||||
Sales
|
|
$
|
121,022
|
|
|
$
|
118,901
|
|
|
2
|
%
|
|
Operating income
|
|
17,653
|
|
|
19,728
|
|
|
(11
|
%)
|
|
||
Operating margin
|
|
14.6
|
%
|
|
16.6
|
%
|
|
(200
|
bps)
|
|
||
New orders
|
|
$
|
130,825
|
|
|
$
|
133,889
|
|
|
(2
|
%)
|
|
Components of sales and operating income increase (decrease):
|
|
Three Months Ended
|
||||
|
|
March 31,
|
||||
|
|
2019 vs. 2018
|
||||
|
|
Sales
|
|
Operating Income
|
||
Organic
|
|
3
|
%
|
|
(12
|
%)
|
Acquisitions
|
|
—
|
%
|
|
(3
|
%)
|
Foreign currency
|
|
(1
|
%)
|
|
4
|
%
|
Total
|
|
2
|
%
|
|
(11
|
%)
|
|
|
Three Months Ended
|
|
|||||||||
|
|
March 31,
|
|
|||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
% change
|
|
|||||
Sales
|
|
$
|
163,785
|
|
|
$
|
131,980
|
|
|
24
|
%
|
|
Operating income
|
|
24,219
|
|
|
15,342
|
|
|
58
|
%
|
|
||
Operating margin
|
|
14.8
|
%
|
|
11.6
|
%
|
|
320
|
bps
|
|
||
New orders
|
|
$
|
250,657
|
|
|
$
|
141,736
|
|
|
77
|
%
|
|
Components of sales and operating income increase (decrease):
|
|
Three Months Ended
|
||||
|
|
March 31,
|
||||
|
|
2019 vs. 2018
|
||||
|
|
Sales
|
|
Operating Income
|
||
Organic
|
|
6
|
%
|
|
35
|
%
|
Acquisitions
|
|
18
|
%
|
|
23
|
%
|
Foreign currency
|
|
—
|
%
|
|
—
|
%
|
Total
|
|
24
|
%
|
|
58
|
%
|
Net Sales by End Market
|
|
Three Months Ended
|
|||||||||
|
|
March 31,
|
|||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
% change
|
|||||
Defense markets
|
|
|
|
|
|
|
|||||
Aerospace
|
|
$
|
78,787
|
|
|
$
|
79,153
|
|
|
—
|
%
|
Ground
|
|
20,758
|
|
|
22,519
|
|
|
(8
|
%)
|
||
Naval
|
|
131,088
|
|
|
103,489
|
|
|
27
|
%
|
||
Total Defense
|
|
$
|
230,633
|
|
|
$
|
205,161
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|||||
Commercial markets
|
|
|
|
|
|
|
|||||
Aerospace
|
|
$
|
103,221
|
|
|
$
|
99,404
|
|
|
4
|
%
|
Power Generation
|
|
96,480
|
|
|
98,319
|
|
|
(2
|
%)
|
||
General Industrial
|
|
147,980
|
|
|
144,638
|
|
|
2
|
%
|
||
Total Commercial
|
|
$
|
347,681
|
|
|
$
|
342,361
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|||||
Total Curtiss-Wright
|
|
$
|
578,314
|
|
|
$
|
547,522
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
Note
: Certain amounts in the prior year have been reclassed to conform to the current year presentation.
|
Condensed Consolidated Statements of Cash Flows
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In thousands)
|
2019
|
|
2018
|
||||
Net Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(51,858
|
)
|
|
$
|
(71,262
|
)
|
Investing activities
|
(64,940
|
)
|
|
(9,652
|
)
|
||
Financing activities
|
(8,073
|
)
|
|
(5,526
|
)
|
||
Effect of exchange-rate changes on cash
|
3,233
|
|
|
7,838
|
|
||
Net decrease in cash and cash equivalents
|
(121,638
|
)
|
|
(78,602
|
)
|
|
|
Total Number of shares purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of a Publicly Announced Program
|
|
Maximum Dollar amount of shares that may yet be Purchased Under the Program
|
||||||
January 1 - January 31
|
|
42,079
|
|
|
$
|
106.45
|
|
|
42,079
|
|
|
$
|
46,319,700
|
|
February 1 - February 28
|
|
32,381
|
|
|
117.27
|
|
|
74,460
|
|
|
42,522,230
|
|
||
March 1 - March 31
|
|
36,004
|
|
|
116.54
|
|
|
110,464
|
|
|
38,326,148
|
|
||
For the quarter ended
|
|
110,464
|
|
|
$
|
112.91
|
|
|
110,464
|
|
|
38,326,148
|
|
|
|
|
Incorporated by Reference
|
Filed
|
|
Exhibit No.
|
|
Exhibit Description
|
Form
|
Filing Date
|
Herewith
|
|
|
|
|
|
|
3.1
|
|
8-A12B/A
|
May 24, 2005
|
|
|
|
|
|
|
|
|
3.2
|
|
8-K
|
May 18, 2015
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
X
|
|
|
|
|
|
|
|
31.2
|
|
|
|
X
|
|
|
|
|
|
|
|
32
|
|
|
|
X
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
X
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
X
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
1 Year Curtiss Wright Chart |
1 Month Curtiss Wright Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions