Curtiss-Wright Corp. Files 10-Q for Q2 2024
Ticker: CW · Form: 10-Q · Filed: 2024-08-08T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
CW 10-Q filed for Q2 2024. Financials look solid.
AI Summary
Curtiss-Wright Corp. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company's fiscal year ends on December 31st, and this filing covers the second quarter of 2024. Specific financial figures and operational details for the quarter and year-to-date are detailed within the report.
Why It Matters
This 10-Q filing provides investors and analysts with a detailed look at Curtiss-Wright's financial health and operational performance for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 20240630 — Period End Date (Quarterly financial reporting period)
- 20240808 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- CURTISS WRIGHT CORP (company) — Filer
- 20240630 (date) — Period of Report
- 20240808 (date) — Filed as of Date
- 7048694600 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
The filing was made on 20240808.
What is Curtiss-Wright Corp.'s fiscal year end?
Curtiss-Wright Corp.'s fiscal year ends on 1231.
What is the company's primary business classification?
The Standard Industrial Classification is MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590].
What is the company's business address?
The business address is 130 HARBOUR PLACE DRIVE, SUITE 300, DAVIDSON, NC 28036.
Filing Stats: 4,533 words · 18 min read · ~15 pages · Grade level 18.1 · Accepted 2024-08-08 12:00:58
Key Financial Figures
- $1.00 — ticable date. Common Stock, par value $1.00 per share: 38,299,338 shares as of July
Filing Documents
- cw-20240630.htm (10-Q) — 1175KB
- exhibit31120240630.htm (EX-31.1) — 9KB
- exhibit31220240630.htm (EX-31.2) — 9KB
- exhibit3220240630.htm (EX-32) — 4KB
- 0000026324-24-000037.txt ( ) — 5957KB
- cw-20240630.xsd (EX-101.SCH) — 34KB
- cw-20240630_cal.xml (EX-101.CAL) — 68KB
- cw-20240630_def.xml (EX-101.DEF) — 144KB
- cw-20240630_lab.xml (EX-101.LAB) — 491KB
- cw-20240630_pre.xml (EX-101.PRE) — 331KB
- cw-20240630_htm.xml (XML) — 888KB
– FINANCIAL INFORMATION PAGE
PART I – FINANCIAL INFORMATION PAGE
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Earnings 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Stockholders' Equity 8 Notes to Condensed Consolidated Financial Statements 10
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31
– OTHER INFORMATION
PART II – OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults upon Senior Securities
Item 3. Defaults upon Senior Securities 33
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 35
Signatures
Signatures 36 Page 3 PART 1- FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2024 2023 2024 2023 Net sales Product sales $ 661,407 $ 583,036 $ 1,257,111 $ 1,107,917 Service sales 123,384 121,360 240,847 227,339 Total net sales 784,791 704,396 1,497,958 1,335,256 Cost of sales Cost of product sales 428,926 369,549 818,403 713,306 Cost of service sales 71,764 75,274 141,699 140,969 Total cost of sales 500,690 444,823 960,102 854,275 Gross profit 284,101 259,573 537,856 480,981 Research and development expenses 22,152 20,210 45,132 42,234 Selling expenses 35,126 34,273 71,891 66,698 General and administrative expenses 95,008 92,315 189,057 180,659 Restructuring expenses 2,918 — 2,918 — Operating income 128,897 112,775 228,858 191,390 Interest expense 11,216 14,992 21,786 27,936 Other income, net 8,560 7,954 18,168 15,721 Earnings before income taxes 126,241 105,737 225,240 179,175 Provision for income taxes ( 26,770 ) ( 24,738 ) ( 49,274 ) ( 41,330 ) Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845 Net earnings per share: Basic earnings per share $ 2.60 $ 2.11 $ 4.60 $ 3.60 Diluted earnings per share $ 2.58 $ 2.10 $ 4.58 $ 3.58 Dividends per share 0.21 0.20 0.41 0.39 Weighted-average shares outstanding: Basic 38,302 38,329 38,273 38,309 Diluted 38,501 38,555 38,460 38,528 See notes to condensed consolidated financial statements Page 4 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845 Other comprehensive income (loss) Foreign currency translation adjustments, net of tax (1) $ ( 5,444 ) $ 19,298 $ ( 21,023 ) $ 33,964 Pension and postretirement adjustments, net of tax (1) 2