2015 New Segment



SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 19, 2015
CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)

Delaware
1-134
13-0612970
State or Other
Jurisdiction of
Incorporation or
Organization
Commission File
Number
IRS Employer
Identification No.



13925 Ballantyne Corporate Place, Suite 400
Charlotte, North Carolina
 
28277
Address of Principal Executive Offices
 
Zip Code

Registrant's telephone number, including area code: (704) 869-4600
--------------
Not applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







SECTION 2 -    FINANCIAL INFORMATION

ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The Corporation is issuing this report to furnish supplemental financial information by reportable segment for the 2014 and 2013 prior quarterly reporting periods to reflect the Corporation’s first quarter 2015 segment reorganization.  This information will also be available on the investor relations section of the Corporation’s website.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
3/31/2014
 
6/30/2014
 
9/30/2014
 
12/31/2014
 
FY 2014
Sales:
 
 
 
 
 
 
 
 
 
 
Commercial/Industrial
 
$
300,953

 
$
313,798

 
$
312,808

 
$
300,538

 
$
1,228,097

Defense
 
112,371

 
118,507

 
127,061

 
131,918

 
489,857

Power
 
129,635

 
136,893

 
118,514

 
140,130

 
525,172

Total sales
 
$
542,959

 
$
569,198

 
$
558,383

 
$
572,586

 
$
2,243,126

 
 
 
 
 
 
 
 
 
 
 
Operating income:
 
 
 
 
 
 
 
 
 
 
Commercial/Industrial
 
$
38,496

 
$
45,750

 
$
51,069

 
$
43,369

 
$
178,684

Defense
 
15,784

 
18,002

 
22,480

 
26,286

 
82,552

Power
 
14,275

 
14,865

 
11,121

 
11,188

 
51,449

Total segments
 
$
68,555

 
$
78,617

 
$
84,670

 
$
80,843

 
$
312,685

Corporate and other
 
(7,521
)
 
(6,458
)
 
(10,421
)
 
(5,912
)
 
(30,312
)
Total operating income
 
$
61,034

 
$
72,159

 
$
74,249

 
$
74,931

 
$
282,373

 
 
 
 
 
 
 
 
 
 
 
Operating margins:
 
 
 
 
 
 
 
 
 
 
Commercial/Industrial
 
12.8
%
 
14.6
%
 
16.3
%
 
14.4
%
 
14.5
%
Defense
 
14.0
%
 
15.2
%
 
17.7
%
 
19.9
%
 
16.9
%
Power
 
11.0
%
 
10.9
%
 
9.4
%
 
8.0
%
 
9.8
%
Total Curtiss-Wright
 
11.2
%
 
12.7
%
 
13.3
%
 
13.1
%
 
12.6
%
 
 
 
 
 
 
 
 
 
 
 
Segment margins
 
12.6
%
 
13.8
%
 
15.2
%
 
14.1
%
 
13.9
%
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share from continuing operations *
 
$0.74
 
$0.87
 
$0.90
 
$0.94
 
$3.46
 
 
 
 
 
 
 
 
 
 
 






CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
3/31/2013
 
6/30/2013
 
9/30/2013
 
12/31/2013
 
FY 2013
Sales:
 
 
 
 
 
 
 
 
 
 
Commercial/Industrial
 
$
249,204

 
$
272,829

 
$
272,678

 
$
281,386

 
$
1,076,097

Defense
 
108,060

 
113,385

 
105,760

 
153,023

 
480,228

Power
 
137,131

 
137,925

 
132,942

 
153,758

 
561,756

Total sales
 
$
494,395

 
$
524,139

 
$
511,380

 
$
588,167

 
$
2,118,081

 
 
 
 
 
 
 
 
 
 
 
Operating income:
 
 
 
 
 
 
 
 
 
 
Commercial/Industrial
 
$
25,304

 
$
33,556

 
$
39,019

 
$
33,426

 
$
131,305

Defense
 
8,266

 
19,078

 
18,637

 
28,379

 
74,360

Power
 
16,924

 
18,435

 
14,345

 
23,698

 
73,402

Total segments
 
$
50,494

 
$
71,069

 
$
72,001

 
$
85,503

 
$
279,067

Corporate and other
 
(9,755
)
 
(12,077
)
 
(6,138
)
 
(13,974
)
 
(41,944
)
Total operating income
 
$
40,739

 
$
58,992

 
$
65,863

 
$
71,529

 
$
237,123

 
 
 
 
 
 
 
 
 
 
 
Operating margins:
 
 
 
 
 
 
 
 
 
 
Commercial/Industrial
 
10.2
%
 
12.3
%
 
14.3
%
 
11.9
%
 
12.2
%
Defense
 
7.6
%
 
16.8
%
 
17.6
%
 
18.5
%
 
15.5
%
Power
 
12.3
%
 
13.4
%
 
10.8
%
 
15.4
%
 
13.1
%
Total Curtiss-Wright
 
8.2
%
 
11.3
%
 
12.9
%
 
12.2
%
 
11.2
%
 
 
 
 
 
 
 
 
 
 
 
Segment margins
 
10.2
%
 
13.6
%
 
14.1
%
 
14.5
%
 
13.2
%
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share from continuing operations *
 
$0.48
 
$0.72
 
$0.79
 
$0.92
 
$2.91
* May not add due to rounding
 
 
 
 
 
 
 
 


The information contained in this Current Report is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
CURTISS-WRIGHT CORPORATION
 
 
By: /s/ Glenn E. Tynan
 
 
Glenn E. Tynan
 
 
Vice President and
 
 
Chief Financial Officer
 
 
 
Date: February 19, 2015