$CW
CURTISS WRIGHT CORP

2014 Q2 Form 10-Q Financial Statement

#000002632414000022 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $569.2M $524.1M
YoY Change 8.6% -0.43%
Cost Of Revenue $371.0M $400.0M
YoY Change -7.26% 10.38%
Gross Profit $198.2M $182.4M
YoY Change 8.69% 11.21%
Gross Profit Margin 34.83% 34.8%
Selling, General & Admin $108.7M $122.3M
YoY Change -11.08% 13.08%
% of Gross Profit 54.84% 67.03%
Research & Development $17.36M $14.85M
YoY Change 16.92% -3.26%
% of Gross Profit 8.76% 8.14%
Depreciation & Amortization $30.40M $29.80M
YoY Change 2.01% 29.0%
% of Gross Profit 15.34% 16.34%
Operating Expenses $126.1M $137.1M
YoY Change -8.05% 11.05%
Operating Profit $72.16M $60.58M
YoY Change 19.12% 49.43%
Interest Expense $8.986M $9.342M
YoY Change -3.81% 43.15%
% of Operating Profit 12.45% 15.42%
Other Income/Expense, Net -$23.00K $200.0K
YoY Change -111.5% 53.85%
Pretax Income $63.15M $51.44M
YoY Change 22.77% 50.65%
Income Tax $20.14M $16.38M
% Of Pretax Income 31.89% 31.84%
Net Earnings $36.39M $33.37M
YoY Change 9.05% 46.75%
Net Earnings / Revenue 6.39% 6.37%
Basic Earnings Per Share $0.76 $0.71
Diluted Earnings Per Share $0.74 $0.70
COMMON SHARES
Basic Shares Outstanding 48.18M shares 46.79M shares
Diluted Shares Outstanding 49.24M shares 47.51M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.1M $143.0M
YoY Change 35.73% -32.9%
Cash & Equivalents $194.1M $143.0M
Short-Term Investments
Other Short-Term Assets $69.05M $46.03M
YoY Change 50.03% 29.12%
Inventory $465.9M $436.3M
Prepaid Expenses
Receivables $621.4M $580.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.410B $1.256B
YoY Change 12.25% 3.47%
LONG-TERM ASSETS
Property, Plant & Equipment $506.4M $493.4M
YoY Change 2.62% 12.97%
Goodwill $1.118B $1.034B
YoY Change 8.13% 36.1%
Intangibles $446.7M $430.5M
YoY Change 3.76% 71.06%
Long-Term Investments
YoY Change
Other Assets $26.02M $13.18M
YoY Change 97.41% 25.0%
Total Long-Term Assets $2.097B $1.973B
YoY Change 6.28% 34.32%
TOTAL ASSETS
Total Short-Term Assets $1.410B $1.256B
Total Long-Term Assets $2.097B $1.973B
Total Assets $3.507B $3.229B
YoY Change 8.6% 20.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $183.7M $146.0M
YoY Change 25.81% 16.49%
Accrued Expenses $128.6M $120.7M
YoY Change 6.53% 25.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $800.0K $126.1M
YoY Change -99.37% 4944.0%
Total Short-Term Liabilities $546.7M $609.3M
YoY Change -10.28% 29.58%
LONG-TERM LIABILITIES
Long-Term Debt $933.5M $821.9M
YoY Change 13.58% 40.34%
Other Long-Term Liabilities $111.9M $108.8M
YoY Change 2.81% 108.24%
Total Long-Term Liabilities $1.045B $930.7M
YoY Change 12.32% 45.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $546.7M $609.3M
Total Long-Term Liabilities $1.045B $930.7M
Total Liabilities $1.872B $1.845B
YoY Change 1.46% 33.29%
SHAREHOLDERS EQUITY
Retained Earnings $1.440B $1.307B
YoY Change 10.19% 5.04%
Common Stock $206.6M $203.9M
YoY Change 1.29% 4.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $46.77M $85.24M
YoY Change -45.13% 6.53%
Treasury Stock Shares 1.055M shares
Shareholders Equity $1.635B $1.384B
YoY Change
Total Liabilities & Shareholders Equity $3.507B $3.229B
YoY Change 8.6% 20.36%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $36.39M $33.37M
YoY Change 9.05% 46.75%
Depreciation, Depletion And Amortization $30.40M $29.80M
YoY Change 2.01% 29.0%
Cash From Operating Activities $99.00M $61.90M
YoY Change 59.94% 170.31%
INVESTING ACTIVITIES
Capital Expenditures -$17.60M -$17.10M
YoY Change 2.92% -16.18%
Acquisitions
YoY Change
Other Investing Activities $50.50M -$1.300M
YoY Change -3984.62% -80.88%
Cash From Investing Activities $32.80M -$18.50M
YoY Change -277.3% -31.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -68.50M -16.70M
YoY Change 310.18% 108.75%
NET CHANGE
Cash From Operating Activities 99.00M 61.90M
Cash From Investing Activities 32.80M -18.50M
Cash From Financing Activities -68.50M -16.70M
Net Change In Cash 63.30M 26.70M
YoY Change 137.08% -317.07%
FREE CASH FLOW
Cash From Operating Activities $99.00M $61.90M
Capital Expenditures -$17.60M -$17.10M
Free Cash Flow $116.6M $79.00M
YoY Change 47.59% 82.45%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Corrections to Prior Years Amounts</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The presentation of net sales and cost of sales in the prior year's statement of earnings has been corrected to separately present the components of product and service sales and costs of sales. This change in presentation did not affect total net sales, total cost of sales, total gross profit, operating income, or net earnings. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Out of Period Correction of&#160;an Immaterial Error Related to Three and Six Month Periods ended June 30, 2013 </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the third quarter of 2013, the Corporation recorded an out of period adjustment related to the three and six month periods ended June 30, 2013 of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$18 million</font><font style="font-family:inherit;font-size:10pt;"> to decrease comprehensive income and increase our deferred tax liability to reflect the tax impact of a May 31, 2013 amendment to our Curtiss-Wright Pension Plan which required a plan remeasurement. This error did not affect our condensed consolidated statement of net earnings or condensed consolidated statements of cash flows for the three and nine month periods ended September 30, 2013 or the three and six month periods ended June 30, 2013.&#160; The Corporation evaluated the effects of this error on the June 30, 2013 condensed consolidated financial statements and based on an analysis of quantitative and qualitative factors, the Corporation determined that the error was not material and, therefore, amendment of previously filed reports is not required.&#160; </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Changes in Segment Presentation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of certain organizational changes in 2014, the Corporation revised its reportable segments to align to the major markets it currently serves: Commercial/Industrial, Defense, and Energy. Prior period financial information has been reclassified to conform to the current period presentation. The change in reportable segments did not impact the Corporation's previously reported Condensed Consolidated Financial Statements. See Note 11 of the Notes to the Condensed Consolidated Financial Statements for more information on the Corporation's reportable segments.</font></div></div>
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cw Defined Contribution Plan Employer Contribution Percentage Maximum
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Type
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dei Entity Central Index Key
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CY2014Q2 dei Entity Common Stock Shares Outstanding
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
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Curtiss Wright Corporation
dei Entity Voluntary Filers
EntityVoluntaryFilers
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dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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CY2014Q2 invest Derivative Notional Amount
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