CHARLOTTE, N.C.--(BUSINESS WIRE)--
Curtiss-Wright Corporation (NYSE: CW) reported financial results for the
fourth quarter and full-year ended December 31, 2016.
Fourth Quarter 2016 Highlights
-
Earnings per diluted share of $1.58;
-
Free cash flow of $135 million, resulting in free cash flow conversion
of 192%, as defined herein;
-
Net sales of $566 million;
-
Operating income of $106 million, down 2% as compared with the prior
year, or up 20% as compared with 2015 pro forma results, as defined
herein;
-
Operating margin of 18.8%, up 40 basis points as compared with the
prior year, or up 320 basis points as compared with 2015 pro forma
results, as defined herein; and
-
Share repurchase of approximately $25 million.
Full-Year 2016 Highlights
-
Earnings per diluted share of $4.20;
-
Free cash flow of $376 million, resulting in free cash flow conversion
of 199%, as defined herein;
-
Net sales of $2.11 billion;
-
Operating income of $308 million, down 1% as compared with the prior
year, or up 6% as compared with 2015 pro forma results, as defined
herein;
-
Operating margin of 14.6%, up 50 basis points as compared with the
prior year, or up 130 basis points as compared with 2015 pro forma
results, as defined herein;
-
Backlog of $2.0 billion increased 1% from December 31, 2015; and
-
Share repurchase of approximately $100 million or 1.2 million shares.
“We concluded the year with a solid fourth quarter performance,
reporting a 20% increase in operating income on essentially flat sales,
when compared with our 2015 pro forma results,” said David C. Adams,
Chairman and CEO of Curtiss-Wright Corporation. “Further, we produced
very strong free cash flow driven by a significant reduction in working
capital, and robust operating margin of 18.8% that was driven by
increased profitability on our defense electronics products, solid
margins on the AP1000 program, and the benefit of our ongoing margin
improvement initiatives.”
“We continue to deliver on our long-term strategy of delivering solid
operating margin expansion and free cash flow generation. Full-year 2016
operating margin of 14.6% represents an increase of 130 basis points,
when compared with our 2015 pro forma results, demonstrating the
benefits of our ongoing margin improvement initiatives, particularly our
segment consolidation activities, as well as the strong profitability
associated with the AP1000 program. As a result of this excellent
performance, we achieved our target to reach the top quartile of our
peer group for operating margin expansion. In addition, we significantly
exceeded expectations with a record $376 million in free cash flow in
2016, as we efficiently reduced working capital and produced strong free
cash flow during the fourth quarter.”
“For 2017, we expect an improved sales performance, led by continued
solid growth in our defense markets supplemented by the benefit of our
recent acquisition of Teletronics Technology Corporation (TTC),
partially offset by ongoing industry challenges impacting several of our
commercial markets. We remain extremely focused on driving increased
operational efficiencies to help mitigate top-line headwinds, while also
continuing to invest in our future growth, as we continue our drive for
top-quartile financial performance to generate significant value for our
shareholders.”
Fourth Quarter 2016 Operating Results from
Continuing Operations
(In thousands)
|
|
|
|
4Q-2016
|
|
|
4Q-2015
|
|
|
Chg vs. 2015
Reported
|
|
|
Chg vs. 2015
Pro Forma*
|
Sales
|
|
|
|
$
|
565,566
|
|
|
$
|
588,755
|
|
|
(4%)
|
|
|
Flat
|
Operating income
|
|
|
|
|
106,173
|
|
|
|
108,527
|
|
|
(2%)
|
|
|
20%
|
Operating margin
|
|
|
|
|
18.8 %
|
|
|
|
18.4%
|
|
|
40 bps
|
|
|
320 bps
|
|
*2015 Pro Forma results exclude the one-time China AP1000 fee of
$20 million recognized as revenue and operating income in the fourth
quarter of 2015. This affected the Power segment and total
Curtiss-Wright.
Sales
Sales of $566 million in the fourth quarter decreased $23 million, or
4%, compared with the prior year, primarily reflecting a $17 million, or
3%, decrease in organic sales, as well as $6 million, or 1%, in
unfavorable foreign currency translation. These results primarily
reflect the timing of AP1000 revenue in the Power segment, as the prior
year period included the aforementioned one-time AP1000 fee. Elsewhere,
continued lower demand in the energy sector within the
Commercial/Industrial segment was partially offset by higher aerospace
and ground defense sales in the Defense segment.
Meanwhile, excluding the aforementioned one-time AP1000 fee, fourth
quarter 2016 sales were essentially flat compared with 2015 pro forma
results.
From an end market perspective, sales to the defense markets increased
4%, while sales to the commercial markets decreased 8%, compared with
the prior year. Please refer to the accompanying tables for a breakdown
of sales by end market.
Operating Income
Operating income in the fourth quarter was $106 million, a decrease of
$2 million, or 2%, compared with the prior year. These results reflect
lower operating income on the AP1000 program in the Power segment,
partially offset by improved efficiency in the Commercial/Industrial
segment, despite lower sales, and higher profitability on our
electronics products in the Defense segment.
Operating margin was 18.8%, an increase of 40 basis points over the
prior year, reflecting the benefits of our ongoing margin improvement
initiatives, despite lower sales.
Excluding the aforementioned one-time AP1000 fee, fourth quarter 2016
operating income increased 20%, while operating margin improved 320
basis points to 18.8%, compared with 2015 pro forma results.
Non-segment Expense
Non-segment expenses increased by $2 million compared with the prior
year, principally due to higher corporate expenses.
Net Earnings
Fourth quarter net earnings were flat compared with the prior year, as
lower operating income and higher interest expense were mainly offset by
lower taxes. Our effective tax rate for the current quarter was 26.3%, a
decrease from 28.8% in the prior year, principally driven by reduction
of unrecognized tax benefits and a reversal of certain valuation
allowances offset by lower research and development credits.
Free Cash Flow
(In thousands)
|
|
|
|
4Q-2016
|
|
|
4Q-2015
|
Net cash provided by operating activities
|
|
|
|
$
|
155,985
|
|
|
|
$
|
167,170
|
|
Capital expenditures
|
|
|
|
|
(20,649
|
)
|
|
|
|
(11,664
|
)
|
Free cash flow
|
|
|
|
$
|
135,336
|
|
|
|
$
|
155,506
|
|
|
Free cash flow, defined as cash flow from operations less capital
expenditures, was $135 million for the fourth quarter of 2016, a
decrease of $20 million compared with the prior year. Net cash provided
by operating activities decreased $11 million to $156 million, primarily
due to higher tax payments, partially offset by improved working
capital. Capital expenditures increased by $9 million to $21 million,
due to increased investment in a facility expansion in the
Commercial/Industrial segment.
New Orders and Backlog
New orders of $497 million in the fourth quarter decreased 47% as the
prior year period included the receipt of a significant AP1000 order
within the Power segment. Excluding that impact, new orders increased 5%
compared with the prior year. Backlog of $2.0 billion increased 1% from
December 31, 2015, primarily due to growth in the naval defense
businesses.
Other Items – Share Repurchase
During the fourth quarter, the Company repurchased 265,900 shares of its
common stock for approximately $25 million. For full-year 2016, the
Company repurchased 1.2 million shares of its common stock for
approximately $100 million.
Full-Year 2017 Guidance
The Company is issuing its full-year 2017 financial guidance as follows:
|
|
|
|
|
|
2016 Reported
|
|
|
|
|
2017 Guidance
(Including TTC)
|
|
Total sales
|
|
|
|
|
|
$2.11 billion
|
|
|
|
|
$2.17 - $2.21 billion
|
|
Operating income
|
|
|
|
|
|
$308 million
|
|
|
|
|
$316 - $325 million
|
|
Operating margin
|
|
|
|
|
|
14.6%
|
|
|
|
|
14.6% - 14.7%
|
|
Interest expense
|
|
|
|
|
|
$41 million
|
|
|
|
|
$40 - $41 million
|
|
Diluted earnings per share
|
|
|
|
|
|
$4.20
|
|
|
|
|
$4.30 - $4.40
|
|
Diluted shares outstanding
|
|
|
|
|
|
45.0 million
|
|
|
|
|
44.9 million
|
|
Free cash flow
|
|
|
|
|
|
$376 million
|
|
|
|
|
$260 - $280 million
|
|
|
|
Notes:
-
Full-year 2017 guidance includes the acquisition of TTC, which adds
$65 million in sales to the Defense segment, and is breakeven on
operating income and earnings per share, including purchase accounting
costs.
-
A more detailed breakdown of the Company’s 2017 guidance by segment
and by market can be found in the accompanying schedules.
Fourth Quarter 2016 Segment Performance
Commercial/Industrial
(In thousands)
|
|
|
|
|
4Q-2016
|
|
|
4Q-2015
|
|
|
Change
|
Sales
|
|
|
|
|
$
|
278,346
|
|
|
$
|
289,882
|
|
|
(4%)
|
Operating income
|
|
|
|
|
|
48,474
|
|
|
|
42,724
|
|
|
13%
|
Operating margin
|
|
|
|
|
|
17.4%
|
|
|
|
14.7%
|
|
|
270 bps
|
|
Sales for the fourth quarter were $278 million, a decrease of $12
million, or 4%, over the prior year. Organic sales decreased 2%,
excluding $5 million in unfavorable foreign currency translation. In the
general industrial market, we experienced continued lower sales of
severe-service valves serving the energy markets. We also experienced
declines in the commercial aerospace market, primarily due to reduced
sales of surface treatment services as well as lower sales to Boeing. In
the naval defense market, we experienced higher valve revenues
supporting the initial ramp-up on the new CVN-80 aircraft carrier
program.
Operating income in the fourth quarter was $49 million, up 13% from the
prior year, while operating margin improved 270 basis points to 17.4%.
The increase in operating income and margin primarily reflects higher
sales and improved profitability for industrial vehicle products driven
by our ongoing margin improvement initiatives. We also experienced
higher profitability for sensors and controls products, despite lower
sales, due to ongoing margin improvement initiatives. This performance
was partially offset by lower profitability for surface treatment
services, based on lower sales. In addition, favorable foreign currency
translation added $1 million to current quarter operating income.
Defense
(In thousands)
|
|
|
|
|
4Q-2016
|
|
|
4Q-2015
|
|
|
Change
|
Sales
|
|
|
|
|
$
|
133,353
|
|
|
$
|
126,818
|
|
|
5%
|
Operating income
|
|
|
|
|
|
34,015
|
|
|
|
31,000
|
|
|
10%
|
Operating margin
|
|
|
|
|
|
25.5%
|
|
|
|
24.4%
|
|
|
110 bps
|
|
Sales for the fourth quarter were $133 million, an increase of $7
million, or 5%, from the prior year. Organic sales increased 6% from the
prior year, excluding approximately $1 million in unfavorable foreign
currency translation. In the aerospace defense market, we experienced
higher sales of embedded computing products on various helicopter and
Intelligence, Surveillance and Reconnaissance (ISR) programs. In the
ground defense market, our results reflect higher sales of our turret
drive stabilization systems for armored tanks to international
customers. These increases were partially offset by lower naval defense
market sales of helicopter handling systems on the DDG-51 program.
Operating income in the fourth quarter was $34 million, an increase of
$3 million, or 10%, compared with the prior year, while operating margin
increased 110 basis points to 25.5%. These improvements in operating
income and margin were driven primarily by higher sales and favorable
mix for our defense electronics products, as well as the benefits of our
ongoing margin improvement initiatives. Favorable foreign currency
translation added approximately $1 million to current quarter operating
income.
Power
(In thousands)
|
|
|
|
|
4Q-2016
|
|
|
4Q-2015
|
|
|
Change
|
Sales
|
|
|
|
|
$
|
153,867
|
|
|
$
|
172,055
|
|
|
(11%)
|
Operating income
|
|
|
|
|
|
31,600
|
|
|
|
40,476
|
|
|
(22%)
|
Operating margin
|
|
|
|
|
|
20.5%
|
|
|
|
23.5%
|
|
|
(300 bps)
|
|
Sales for the fourth quarter were $154 million, a decrease of $18
million, or 11%, from the prior year. These results primarily reflect
the timing of AP1000 revenue within the power generation market, as the
prior year period included the aforementioned one-time AP1000 fee.
Excluding that impact, sales were up 1% compared with 2015 pro forma
results, as higher AP1000 production revenues mainly offset lower
aftermarket sales supporting currently operating nuclear reactors. Naval
defense market sales were flat, as higher revenues for pumps and
generators, most notably supporting the ramp-up on the new Ohio-class
replacement submarine program, were offset by lower revenues on the
CVN-79 aircraft carrier program as production is nearing completion, and
the Virginia-class submarine program, based on the timing of production.
Operating income in the fourth quarter was $32 million, a decrease of $9
million, or 22%, compared with the prior year, while operating margin
decreased 300 basis points to 20.5%. These results primarily reflect
lower profitability on the AP1000 program, as the prior year period
included the aforementioned one-time AP1000 fee. Excluding that impact,
operating income increased 54%, while operating margin improved 700
basis points to 20.5%, compared with 2015 pro forma results. This
performance was primarily driven by higher AP1000 production volumes, as
well as improved profitability in the aftermarket power generation
business, despite relatively flat sales.
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and
full-year 2016 financial results and expectations for 2017 guidance at
9:00 a.m. EST on Thursday, February 16, 2017. A live webcast of the call
and the accompanying financial presentation will be made available on
the internet by visiting the Investor Relations section of the Company’s
website at www.curtisswright.com.
(Tables to Follow)
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
|
($'s in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
Change
|
|
|
December 31,
|
|
|
Change
|
|
|
|
|
2016
|
|
|
2015
|
|
|
$
|
|
|
%
|
|
|
2016
|
|
|
2015
|
|
|
$
|
|
|
%
|
Product sales
|
|
|
|
$
|
470,211
|
|
|
|
$
|
483,512
|
|
|
|
$
|
(13,301
|
)
|
|
|
(3%)
|
|
|
$
|
1,714,358
|
|
|
|
$
|
1,796,802
|
|
|
|
$
|
(82,444
|
)
|
|
|
(5%)
|
Service sales
|
|
|
|
95,355
|
|
|
|
105,243
|
|
|
|
(9,888
|
)
|
|
|
(9%)
|
|
|
394,573
|
|
|
|
408,881
|
|
|
|
(14,308
|
)
|
|
|
(3%)
|
Total net sales
|
|
|
|
565,566
|
|
|
|
588,755
|
|
|
|
(23,189
|
)
|
|
|
(4%)
|
|
|
2,108,931
|
|
|
|
2,205,683
|
|
|
|
(96,752
|
)
|
|
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales
|
|
|
|
294,195
|
|
|
|
291,895
|
|
|
|
2,300
|
|
|
|
1%
|
|
|
1,100,287
|
|
|
|
1,156,596
|
|
|
|
(56,309
|
)
|
|
|
(5%)
|
Cost of service sales
|
|
|
|
62,646
|
|
|
|
72,546
|
|
|
|
(9,900
|
)
|
|
|
(14%)
|
|
|
258,161
|
|
|
|
265,832
|
|
|
|
(7,671
|
)
|
|
|
(3%)
|
Total cost of sales
|
|
|
|
356,841
|
|
|
|
364,441
|
|
|
|
(7,600
|
)
|
|
|
(2%)
|
|
|
1,358,448
|
|
|
|
1,422,428
|
|
|
|
(63,980
|
)
|
|
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
208,725
|
|
|
|
224,314
|
|
|
|
(15,589
|
)
|
|
|
(7%)
|
|
|
750,483
|
|
|
|
783,255
|
|
|
|
(32,772
|
)
|
|
|
(4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
|
14,125
|
|
|
|
15,204
|
|
|
|
(1,079
|
)
|
|
|
(7%)
|
|
|
58,592
|
|
|
|
60,837
|
|
|
|
(2,245
|
)
|
|
|
(4%)
|
Selling expenses
|
|
|
|
26,203
|
|
|
|
31,042
|
|
|
|
(4,839
|
)
|
|
|
(16%)
|
|
|
111,228
|
|
|
|
121,482
|
|
|
|
(10,254
|
)
|
|
|
(8%)
|
General and administrative expenses
|
|
|
|
62,224
|
|
|
|
69,541
|
|
|
|
(7,317
|
)
|
|
|
(11%)
|
|
|
272,565
|
|
|
|
290,319
|
|
|
|
(17,754
|
)
|
|
|
(6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
106,173
|
|
|
|
108,527
|
|
|
|
(2,354
|
)
|
|
|
(2%)
|
|
|
308,098
|
|
|
|
310,617
|
|
|
|
(2,519
|
)
|
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
10,554
|
|
|
|
9,085
|
|
|
|
1,469
|
|
|
|
16%
|
|
|
41,248
|
|
|
|
36,038
|
|
|
|
5,210
|
|
|
|
14%
|
Other income, net
|
|
|
|
293
|
|
|
|
10
|
|
|
|
283
|
|
|
|
NM
|
|
|
1,111
|
|
|
|
615
|
|
|
|
496
|
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
|
95,912
|
|
|
|
99,452
|
|
|
|
(3,540
|
)
|
|
|
(4%)
|
|
|
267,961
|
|
|
|
275,194
|
|
|
|
(7,233
|
)
|
|
|
(3%)
|
Provision for income taxes
|
|
|
|
(25,244
|
)
|
|
|
(28,690
|
)
|
|
|
3,446
|
|
|
|
(12%)
|
|
|
(78,579
|
)
|
|
|
(82,946
|
)
|
|
|
4,367
|
|
|
|
(5%)
|
Earnings from continuing operations
|
|
|
|
$
|
70,668
|
|
|
|
$
|
70,762
|
|
|
|
$
|
(94
|
)
|
|
|
0%
|
|
|
$
|
189,382
|
|
|
|
$
|
192,248
|
|
|
|
$
|
(2,866
|
)
|
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax
|
|
|
|
(2,053
|
)
|
|
|
(913
|
)
|
|
|
(1,140
|
)
|
|
|
NM
|
|
|
(2,053
|
)
|
|
|
(46,787
|
)
|
|
|
44,734
|
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
68,615
|
|
|
|
$
|
69,849
|
|
|
|
$
|
(1,234
|
)
|
|
|
(2%)
|
|
|
$
|
187,329
|
|
|
|
$
|
145,461
|
|
|
|
$
|
41,868
|
|
|
|
29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
1.60
|
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
$
|
4.27
|
|
|
|
$
|
4.12
|
|
|
|
|
|
|
|
Earnings from discontinued operations
|
|
|
|
(0.05
|
)
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
(0.05
|
)
|
|
|
(1.00
|
)
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
1.55
|
|
|
|
$
|
1.54
|
|
|
|
|
|
|
|
|
|
$
|
4.22
|
|
|
|
$
|
3.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
|
$
|
1.58
|
|
|
|
$
|
1.53
|
|
|
|
|
|
|
|
|
|
$
|
4.20
|
|
|
|
$
|
4.04
|
|
|
|
|
|
|
|
Earnings from discontinued operations
|
|
|
|
(0.05
|
)
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
(0.05
|
)
|
|
|
(0.99
|
)
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
1.53
|
|
|
|
$
|
1.51
|
|
|
|
|
|
|
|
|
|
$
|
4.15
|
|
|
|
$
|
3.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
|
|
$
|
0.13
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
$
|
0.52
|
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
44,173
|
|
|
|
45,245
|
|
|
|
|
|
|
|
|
|
44,389
|
|
|
|
46,624
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
44,783
|
|
|
|
46,143
|
|
|
|
|
|
|
|
|
|
45,045
|
|
|
|
47,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM- not meaningful
|
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
($'s in thousands, except par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
Change
|
|
|
|
|
2016
|
|
|
2015
|
|
|
%
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
553,848
|
|
|
|
$
|
288,697
|
|
|
|
92%
|
Receivables, net
|
|
|
|
463,062
|
|
|
|
566,289
|
|
|
|
(18%)
|
Inventories
|
|
|
|
366,974
|
|
|
|
379,591
|
|
|
|
(3%)
|
Other current assets
|
|
|
|
30,927
|
|
|
|
40,306
|
|
|
|
(23%)
|
Total current assets
|
|
|
|
1,414,811
|
|
|
|
1,274,883
|
|
|
|
11%
|
Property, plant, and equipment, net
|
|
|
|
388,903
|
|
|
|
413,644
|
|
|
|
(6%)
|
Goodwill
|
|
|
|
951,057
|
|
|
|
972,606
|
|
|
|
(2%)
|
Other intangible assets, net
|
|
|
|
271,461
|
|
|
|
310,763
|
|
|
|
(13%)
|
Other assets
|
|
|
|
11,549
|
|
|
|
17,715
|
|
|
|
(35%)
|
Total assets
|
|
|
|
$
|
3,037,781
|
|
|
|
$
|
2,989,611
|
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term and short term debt
|
|
|
|
$
|
150,668
|
|
|
|
$
|
1,259
|
|
|
|
NM
|
Accounts payable
|
|
|
|
177,911
|
|
|
|
163,286
|
|
|
|
9%
|
Accrued expenses
|
|
|
|
130,239
|
|
|
|
131,863
|
|
|
|
(1%)
|
Income taxes payable
|
|
|
|
18,274
|
|
|
|
7,956
|
|
|
|
130%
|
Deferred revenue
|
|
|
|
170,143
|
|
|
|
181,671
|
|
|
|
(6%)
|
Other current liabilities
|
|
|
|
28,027
|
|
|
|
37,190
|
|
|
|
(25%)
|
Total current liabilities
|
|
|
|
675,262
|
|
|
|
523,225
|
|
|
|
29%
|
Long-term debt, net
|
|
|
|
815,630
|
|
|
|
951,946
|
|
|
|
(14%)
|
Deferred tax liabilities, net
|
|
|
|
49,722
|
|
|
|
54,447
|
|
|
|
(9%)
|
Accrued pension and other postretirement benefit costs
|
|
|
|
107,151
|
|
|
|
103,723
|
|
|
|
3%
|
Long-term portion of environmental reserves
|
|
|
|
14,024
|
|
|
|
14,017
|
|
|
|
0%
|
Other liabilities
|
|
|
|
84,801
|
|
|
|
86,830
|
|
|
|
(2%)
|
Total liabilities
|
|
|
|
1,746,590
|
|
|
|
1,734,188
|
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Common stock, $1 par value
|
|
|
|
$
|
49,187
|
|
|
|
$
|
49,190
|
|
|
|
0%
|
Additional paid in capital
|
|
|
|
129,483
|
|
|
|
144,923
|
|
|
|
(11%)
|
Retained earnings
|
|
|
|
1,754,907
|
|
|
|
1,590,645
|
|
|
|
10%
|
Accumulated other comprehensive loss
|
|
|
|
(291,756
|
)
|
|
|
(225,928
|
)
|
|
|
29%
|
Less: cost of treasury stock
|
|
|
|
(350,630
|
)
|
|
|
(303,407
|
)
|
|
|
16%
|
Total stockholders' equity
|
|
|
|
1,291,191
|
|
|
|
1,255,423
|
|
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
3,037,781
|
|
|
|
$
|
2,989,611
|
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
NM- not meaningful
|
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
SEGMENT INFORMATION (UNAUDITED)
|
($'s in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
2016
|
|
|
2015
|
|
|
%
|
|
|
2016
|
|
|
2015
|
|
|
%
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
|
$
|
278,346
|
|
|
$
|
289,882
|
|
|
(4
|
%)
|
|
|
$
|
1,118,768
|
|
|
$
|
1,184,791
|
|
|
(6
|
%)
|
Defense
|
|
|
|
133,353
|
|
|
126,818
|
|
|
5
|
%
|
|
|
466,654
|
|
|
477,413
|
|
|
(2
|
%)
|
Power
|
|
|
|
153,867
|
|
|
172,055
|
|
|
(11
|
%)
|
|
|
523,509
|
|
|
543,479
|
|
|
(4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
|
$
|
565,566
|
|
|
$
|
588,755
|
|
|
(4
|
%)
|
|
|
$
|
2,108,931
|
|
|
$
|
2,205,683
|
|
|
(4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
|
$
|
48,474
|
|
|
$
|
42,724
|
|
|
13
|
%
|
|
|
$
|
156,550
|
|
|
$
|
171,525
|
|
|
(9
|
%)
|
Defense
|
|
|
|
34,015
|
|
|
31,000
|
|
|
10
|
%
|
|
|
98,291
|
|
|
98,895
|
|
|
(1
|
%)
|
Power
|
|
|
|
31,600
|
|
|
40,476
|
|
|
(22
|
%)
|
|
|
76,472
|
|
|
74,987
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segments
|
|
|
|
$
|
114,089
|
|
|
$
|
114,200
|
|
|
0
|
%
|
|
|
$
|
331,313
|
|
|
$
|
345,407
|
|
|
(4
|
%)
|
Corporate and other
|
|
|
|
(7,916)
|
|
|
(5,673)
|
|
|
(40
|
%)
|
|
|
(23,215)
|
|
|
(34,790)
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income
|
|
|
|
$
|
106,173
|
|
|
$
|
108,527
|
|
|
(2
|
%)
|
|
|
$
|
308,098
|
|
|
$
|
310,617
|
|
|
(1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
|
17.4%
|
|
|
14.7%
|
|
|
|
|
|
|
14.0%
|
|
|
14.5%
|
|
|
|
|
Defense
|
|
|
|
25.5%
|
|
|
24.4%
|
|
|
|
|
|
|
21.1%
|
|
|
20.7%
|
|
|
|
|
Power
|
|
|
|
20.5%
|
|
|
23.5%
|
|
|
|
|
|
|
14.6%
|
|
|
13.8%
|
|
|
|
|
Total Curtiss-Wright
|
|
|
|
18.8%
|
|
|
18.4%
|
|
|
|
|
|
|
14.6%
|
|
|
14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment margins
|
|
|
|
20.2%
|
|
|
19.4%
|
|
|
|
|
|
|
15.7%
|
|
|
15.7%
|
|
|
|
|
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
SALES BY END MARKET (UNAUDITED)
|
($'s in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
2016
|
|
|
2015
|
|
|
%
|
|
|
2016
|
|
|
2015
|
|
|
%
|
Defense markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
$
|
79,857
|
|
|
$
|
75,656
|
|
|
6
|
%
|
|
|
$
|
296,287
|
|
|
$
|
304,521
|
|
|
(3
|
%)
|
Ground
|
|
|
|
25,626
|
|
|
24,307
|
|
|
5
|
%
|
|
|
84,280
|
|
|
85,722
|
|
|
(2
|
%)
|
Naval
|
|
|
|
104,610
|
|
|
103,813
|
|
|
1
|
%
|
|
|
401,279
|
|
|
388,686
|
|
|
3
|
%
|
Other
|
|
|
|
3,699
|
|
|
2,140
|
|
|
73
|
%
|
|
|
11,884
|
|
|
8,340
|
|
|
42
|
%
|
Total Defense
|
|
|
|
$
|
213,792
|
|
|
$
|
205,916
|
|
|
4
|
%
|
|
|
$
|
793,730
|
|
|
$
|
787,269
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
$
|
98,206
|
|
|
$
|
103,985
|
|
|
(6
|
%)
|
|
|
$
|
397,258
|
|
|
$
|
398,529
|
|
|
0
|
%
|
Power Generation
|
|
|
|
123,345
|
|
|
141,547
|
|
|
(13
|
%)
|
|
|
408,376
|
|
|
436,396
|
|
|
(6
|
%)
|
General Industrial
|
|
|
|
130,223
|
|
|
137,307
|
|
|
(5
|
%)
|
|
|
509,567
|
|
|
583,489
|
|
|
(13
|
%)
|
Total Commercial
|
|
|
|
$
|
351,774
|
|
|
$
|
382,839
|
|
|
(8
|
%)
|
|
|
$
|
1,315,201
|
|
|
$
|
1,418,414
|
|
|
(7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Curtiss-Wright
|
|
|
|
$
|
565,566
|
|
|
$
|
588,755
|
|
|
(4
|
%)
|
|
|
$
|
2,108,931
|
|
|
$
|
2,205,683
|
|
|
(4
|
%)
|
|
|
Use of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under
U.S. generally accepted accounting principles (GAAP) with certain
non-GAAP financial information. Curtiss-Wright believes that these
non-GAAP measures provide investors with additional insight into the
Company’s ongoing business performance. These non-GAAP measures should
not be considered in isolation or as a substitute for the related GAAP
measures, and other companies may define such measures differently.
Curtiss-Wright encourages investors to review its financial statements
and publicly-filed reports in their entirety and not to rely on any
single financial measure. The following definitions are provided:
Organic Revenue and Organic Operating Income
The Corporation discloses organic revenue and organic operating income
because the Corporation believes it provides investors with insight as
to the Company’s ongoing business performance. Organic revenue and
organic operating income are defined as revenue and operating income
excluding the impact of foreign currency fluctuations and contributions
from acquisitions made during the last twelve months.
|
|
|
|
|
Three Months Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2016 vs. 2015
|
|
|
|
|
Commercial/Industrial
|
|
|
Defense
|
|
|
Power
|
|
|
Total Curtiss-Wright
|
|
|
|
|
Sales
|
|
|
Operating
income
|
|
|
Sales
|
|
|
Operating
income
|
|
|
Sales
|
|
|
Operating
income
|
|
|
Sales
|
|
|
Operating
income
|
Organic
|
|
|
|
(2
|
%)
|
|
|
12
|
%
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
(11
|
%)
|
|
|
(22
|
%)
|
|
|
(3
|
%)
|
|
|
(3
|
%)
|
Acquisitions
|
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Foreign Currency
|
|
|
|
(2
|
%)
|
|
|
1
|
%
|
|
|
(1
|
%)
|
|
|
3
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
(1
|
%)
|
|
|
1
|
%
|
Total
|
|
|
|
(4
|
%)
|
|
|
13
|
%
|
|
|
5
|
%
|
|
|
10
|
%
|
|
|
(11
|
%)
|
|
|
(22
|
%)
|
|
(4
|
%)
|
|
|
(2
|
%)
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2016 vs. 2015
|
|
|
|
|
Commercial/Industrial
|
|
|
Defense
|
|
|
Power
|
|
|
Total Curtiss-Wright
|
|
|
|
|
Sales
|
|
|
Operating
income
|
|
|
Sales
|
|
|
Operating
income
|
|
|
Sales
|
|
|
Operating
income
|
|
|
Sales
|
|
|
Operating
income
|
Organic
|
|
|
|
(5
|
%)
|
|
|
(11
|
%)
|
|
|
(1
|
%)
|
|
|
(6
|
%)
|
|
|
(4
|
%)
|
|
|
2
|
%
|
|
|
(4
|
%)
|
|
|
(4
|
%)
|
Acquisitions
|
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Foreign Currency
|
|
|
|
(1
|
%)
|
|
|
2
|
%
|
|
|
(1
|
%)
|
|
|
5
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
3
|
%
|
Total
|
|
|
|
(6
|
%)
|
|
|
(9
|
%)
|
|
|
(2
|
%)
|
|
|
(1
|
%)
|
|
|
(4
|
%)
|
|
|
2
|
%
|
|
(4
|
%)
|
|
|
(1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow
available for investing and financing activities. Free cash flow
represents cash available to repay outstanding debt, invest in the
business, acquire businesses, return capital to shareholders and make
other strategic investments. Free cash flow is defined as cash flow
provided by operating activities less capital expenditures. The
Corporation discloses free cash flow conversion because it measures the
proportion of net earnings converted into free cash flow and is defined
as free cash flow divided by net earnings from continuing operations.
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
NON-GAAP FINANCIAL DATA (UNAUDITED)
|
($'s in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
$
|
155,985
|
|
|
|
$
|
167,170
|
|
|
|
$
|
423,197
|
|
|
|
$
|
162,479
|
|
Capital expenditures
|
|
|
|
(20,649
|
)
|
|
|
(11,664
|
)
|
|
|
(46,776
|
)
|
|
|
(35,512
|
)
|
Free cash flow
|
|
|
|
$
|
135,336
|
|
|
|
$
|
155,506
|
|
|
|
$
|
376,421
|
|
|
|
$
|
126,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Payment
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
145,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted free cash flow
|
|
|
|
$
|
135,336
|
|
|
|
$
|
155,506
|
|
|
|
$
|
376,421
|
|
|
|
$
|
271,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Conversion
|
|
|
|
192
|
%
|
|
|
220
|
%
|
|
|
199
|
%
|
|
|
141
|
%
|
|
|
|
CURTISS-WRIGHT CORPORATION
|
2017 Guidance (from Continuing Operations)
|
As of February 15, 2017
|
($'s in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Guidance (2)
|
|
|
|
2015
Reported
|
|
2015 Pro
Forma (1)
|
|
2016
Reported
|
|
(Including TTC)
|
|
|
|
|
|
|
Low
|
|
High
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
$
|
1,185
|
|
|
$
|
1,185
|
|
|
$
|
1,119
|
|
|
$
|
1,100
|
|
|
$
|
1,120
|
|
Defense
|
|
|
477
|
|
|
477
|
|
|
467
|
|
|
540
|
|
|
550
|
|
Power
|
|
|
543
|
|
|
523
|
|
|
524
|
|
|
525
|
|
|
535
|
|
Total sales
|
|
|
$
|
2,206
|
|
|
$
|
2,186
|
|
|
$
|
2,109
|
|
|
$
|
2,165
|
|
|
$
|
2,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
$
|
172
|
|
|
$
|
172
|
|
|
$
|
157
|
|
|
$
|
158
|
|
|
$
|
163
|
|
Defense
|
|
|
99
|
|
|
99
|
|
|
98
|
|
|
103
|
|
|
106
|
|
Power
|
|
|
75
|
|
|
55
|
|
|
76
|
|
|
77
|
|
|
79
|
|
Total segments
|
|
|
345
|
|
|
325
|
|
|
331
|
|
|
337
|
|
|
347
|
|
Corporate and other
|
|
|
(35
|
)
|
|
(35
|
)
|
|
(23
|
)
|
|
(21
|
)
|
|
(23
|
)
|
Total operating income
|
|
|
$
|
311
|
|
|
$
|
291
|
|
|
$
|
308
|
|
|
$
|
316
|
|
|
$
|
325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
$
|
36
|
|
|
$
|
36
|
|
|
$
|
41
|
|
|
$
|
40
|
|
|
$
|
41
|
|
Earnings before income taxes
|
|
|
275
|
|
|
255
|
|
|
268
|
|
|
278
|
|
|
284
|
|
Provision for income taxes
|
|
|
(83
|
)
|
|
(77
|
)
|
|
(79
|
)
|
|
(85
|
)
|
|
(87
|
)
|
Net earnings
|
|
|
$
|
192
|
|
|
$
|
178
|
|
|
$
|
189
|
|
|
$
|
193
|
|
|
$
|
197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported diluted earnings per share
|
|
|
$
|
4.04
|
|
|
$
|
3.74
|
|
|
$
|
4.20
|
|
|
$
|
4.30
|
|
|
$
|
4.40
|
|
Diluted shares outstanding
|
|
|
47.6
|
|
|
47.6
|
|
|
45.0
|
|
|
44.9
|
|
|
44.9
|
|
Effective tax rate
|
|
|
30.1
|
%
|
|
30.1
|
%
|
|
29.3
|
%
|
|
30.5
|
%
|
|
30.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
14.5
|
%
|
|
14.5
|
%
|
|
14.0
|
%
|
|
14.3
|
%
|
|
14.5
|
%
|
Defense
|
|
|
20.7
|
%
|
|
20.7
|
%
|
|
21.1
|
%
|
|
19.0
|
%
|
|
19.2
|
%
|
Power
|
|
|
13.8
|
%
|
|
10.5
|
%
|
|
14.6
|
%
|
|
14.6
|
%
|
|
14.7
|
%
|
Total operating margin
|
|
|
14.1
|
%
|
|
13.3
|
%
|
|
14.6
|
%
|
|
14.6
|
%
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
Full year amounts may not add due to rounding
|
|
(1) Our 2015 Pro Forma results exclude the one-time China AP1000
fee of $20 million recognized as revenue and operating income in the
fourth quarter of 2015, as we believe that the removal more
accurately reflects our core operations and provides a more
comprehensive understanding of our financial results. This affects
the Power segment and Total Curtiss-Wright.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Full-year 2017 guidance includes the acquisition of TTC,
which adds $65 million in sales to the Defense segment, and is
breakeven on operating income and earnings per share, including
purchase accounting costs.
|
|
|
|
CURTISS-WRIGHT CORPORATION
|
2017 Sales Growth Guidance by End Market (from Continuing
Operations)
|
As of February 15, 2017
|
|
|
|
|
|
|
|
|
|
2017 % Change vs 2016
|
|
|
|
|
(Including TTC)
|
|
|
|
|
|
Defense Markets
|
|
|
|
|
Aerospace
|
|
|
|
28 - 30%
|
Ground
|
|
|
|
(4 - 6%)
|
Navy
|
|
|
|
(3 - 5%)
|
Total Defense
|
|
|
|
7 to 9%
|
(Including Other Defense)
|
|
|
|
|
|
|
|
|
|
Commercial Markets
|
|
|
|
|
Commercial Aerospace
|
|
|
|
Flat
|
Power Generation
|
|
|
|
3 - 5%
|
General Industrial
|
|
|
|
(1 - 3%)
|
Total Commercial
|
|
|
|
0 to 2%
|
|
|
|
|
|
Total Curtiss-Wright Sales
|
|
|
|
3 to 5%
|
|
|
|
|
|
Notes:
|
|
Full year amounts may not add due to rounding.
|
|
|
|
|
|
Full-year 2017 guidance includes the acquisition of TTC, which
adds $65 million in sales, primarily to the aerospace defense market
and to a lesser extent to the commercial aerospace market.
|
|
|
|
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global innovative company
that delivers highly engineered, critical function products and services
to the commercial, industrial, defense and energy markets. Building on
the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright
has a long tradition of providing reliable solutions through trusted
customer relationships. The company employs approximately 8,000 people
worldwide. For more information, visit www.curtisswright.com.
Certain statements made in this press release, including statements
about future revenue, financial performance guidance, quarterly and
annual revenue, net income, operating income growth, future business
opportunities, cost saving initiatives, the successful integration of
the Company’s acquisitions, and future cash flow from operations, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements present management's
expectations, beliefs, plans and objectives regarding future financial
performance, and assumptions or judgments concerning such performance.
Any discussions contained in this press release, except to the extent
that they contain historical facts, are forward-looking and accordingly
involve estimates, assumptions, judgments and uncertainties. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. Such risks and uncertainties include, but are not limited
to: a reduction in anticipated orders; an economic downturn; changes in
the competitive marketplace and/or customer requirements; a change in
government spending; an inability to perform customer contracts at
anticipated cost levels; and other factors that generally affect the
business of aerospace, defense contracting, electronics, marine, and
industrial companies. Such factors are detailed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, and
subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170215006260/en/
Source: Curtiss-Wright Corporation