Curtiss-Wright Corp. Files Q3 2024 10-Q
Ticker: CW · Form: 10-Q · Filed: 2024-10-31T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
CW Q3 10-Q filed. Financials out.
AI Summary
Curtiss-Wright Corp. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Key financial data and operational details are provided in this filing.
Why It Matters
This filing provides investors with the latest financial performance and operational status of Curtiss-Wright Corp., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Players & Entities
- CURTISS WRIGHT CORP (company) — Filer
- 20240930 (date) — Period of Report
- 20241031 (date) — Filed as of Date
- DAVIDSON, NC (location) — Business Address
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, indicating the filing covers the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241031, as indicated by the 'Filed as of Date'.
What is the company's fiscal year end?
The company's fiscal year ends on 1231.
What is the Standard Industrial Classification code for Curtiss-Wright Corp.?
The SIC code is 3590, categorized under MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT.
Where is Curtiss-Wright Corp. headquartered?
The company's business and mailing address is 130 Harbour Place Drive, Suite 300, Davidson, NC 28036.
Filing Stats: 4,467 words · 18 min read · ~15 pages · Grade level 18.1 · Accepted 2024-10-31 12:04:43
Key Financial Figures
- $1.00 — ticable date. Common Stock, par value $1.00 per share: 37,948,183 shares as of Octo
Filing Documents
- cw-20240930.htm (10-Q) — 1190KB
- exhibit31120240930.htm (EX-31.1) — 9KB
- exhibit31220240930.htm (EX-31.2) — 9KB
- exhibit3220240930.htm (EX-32) — 4KB
- 0000026324-24-000048.txt ( ) — 6021KB
- cw-20240930.xsd (EX-101.SCH) — 35KB
- cw-20240930_cal.xml (EX-101.CAL) — 70KB
- cw-20240930_def.xml (EX-101.DEF) — 139KB
- cw-20240930_lab.xml (EX-101.LAB) — 496KB
- cw-20240930_pre.xml (EX-101.PRE) — 330KB
- cw-20240930_htm.xml (XML) — 905KB
– 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 Nine Months Ended September 30, September 30, (In thousands, except per share data) 2024 2023 2024 2023 Net sales Product sales $ 684,216 $ 613,915 $ 1,941,327 $ 1,721,832 Service sales 114,702 110,411 355,549 337,750 Total net sales 798,918 724,326 2,296,876 2,059,582 Cost of sales Cost of product sales 434,370 380,163 1,252,773 1,093,469 Cost of service sales 66,285 62,695 207,984 203,664 Total cost of sales 500,655 442,858 1,460,757 1,297,133 Gross profit 298,263 281,468 836,119 762,449 Research and development expenses 20,734 23,464 65,866 65,698 Selling expenses 37,311 34,084 109,202 100,782 General and administrative expenses 92,035 91,401 281,092 272,060 Restructuring expenses 3,280 — 6,198 — Operating income 144,903 132,519 373,761 323,909 Interest expense 11,408 12,496 33,194 40,432 Other income, net 10,126 7,023 28,294 22,744 Earnings before income taxes 143,621 127,046 368,861 306,221 Provision for income taxes ( 32,461 ) ( 30,268 ) ( 81,735 ) ( 71,598 ) Net earnings $ 111,160 $ 96,778 $ 287,126 $ 234,623 Net earnings per share: Basic earnings per share $ 2.91 $ 2.53 $ 7.51 $ 6.13 Diluted earnings per share $ 2.89 $ 2.51 $ 7.47 $ 6.09 Dividends per share 0.21 0.20 0.62 0.59 Weighted-average shares outstanding: Basic 38,208 38,285 38,245 38,301 Diluted 38,451 38,558 38,451 38,538 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net earnings $ 111,160 $ 96,778 $ 287,126 $ 234,623 Other comprehensive income (loss) Foreign currency translation adjustments, net of tax (1) $ 30,667 $ ( 28,276 ) $ 9,644 $ 5,688 Pension and postretirement