Curtiss-Wright has posted gross sales of $2.5bn for the full-year, ending 31 December 2021, and adjusted gross sales of $2.5bn, up 7%.

In the course of the interval, the corporate’s reported working earnings was $383m, and adjusted working earnings was $420m, a rise of 12%.

Its reported working margin was 15.3%, and the adjusted working margin grew by 17%, up 70 foundation factors.

The corporate’s reported diluted earnings per share (EPS) have been $6.58, and adjusted diluted EPS have been $7.34, marking an 11% development.

Curtiss-Wright had a free money movement (FCF) of $347m, with a 116% FCF conversion.

Throughout this time, new orders have been up 11% to $2.5bn, and its backlog had elevated to three%.

As well as, the corporate accomplished document annual share repurchases of $350m.

Adjusted gross sales for the complete yr in its Aerospace and Industrial phase have been $775.1m. Defence Electronics was $727.9m, and gross sales from the Naval and Energy phase have been $965.4m.

Curtiss-Wright president and CEO Lynn Bamford mentioned: “Curtiss-Wright delivered sturdy fourth quarter outcomes, with better-than-expected profitability, sturdy free money movement, and super order development.

“For the complete yr, we grew gross sales by 7%, to almost $2.5bn, in step with our expectations, as we leveraged the power and resilience of our mixed portfolio, to minimise the impression of the difficult provide chain atmosphere.

“We proceed to utilise our sturdy and wholesome stability sheet to implement a disciplined capital deployment technique. All through the previous yr, we delivered on our dedication to drive returns to our shareholders by executing document annual share repurchases of $350m.

“We additionally lately introduced our pending acquisition of Safran’s aerospace arresting techniques enterprise, for $240m, which is able to enhance the breadth of our international defence portfolio, and is predicted to yield vital alternatives for income development.”

The corporate expects complete gross sales to develop from 3% to five% in 2022, and a double-digit adjusted diluted EPS development of 10% to 12%.

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