Curtiss Wright Corp: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Nov 2, 2023 and accepted by EDGAR at Nov 2, 2023, 12:06 ET.
Management's discussion and analysis
As filed, 1,395 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The following table provides information about our repurchase of equity securities that are registered by us pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, during the quarter ended September 30, 2023.
| Total Number of shares purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Maximum Dollar amount of shares that may yet be Purchased Under the Program | |
|---|---|---|---|---|
| July 1 - July 31 | 21,184 | $188.67 | 167,039 | $171,378,046 |
| August 1 - August 31 | 22,555 | $203.86 | 189,594 | $166,779,956 |
| September 1 - September 30 | 19,875 | $201.59 | 209,469 | $162,773,358 |
| For the quarter ended September 30, 2023 | 63,614 | $198.09 | 209,469 | $162,773,358 |
In December 2022, the Corporation adopted two written trading plans in connection with its previously authorized share repurchase program, of which approximately $200 million remains available for repurchase. The first trading plan includes share repurchases of $50 million, to be executed equally throughout the 2023 calendar year. The second trading plan includes opportunistic share repurchases up to $100 million to be executed through a 10b5-1 program. The terms of these trading plans can be found in the Corporation’s Form 8-K filed with U.S. Securities and Exchange Commission on December 14, 2022.
Market risk
As filed, 310 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
There have been no material changes in our market risk during the nine months ended September 30, 2023. Information regarding market risk and market risk management policies is more fully described in "Item 7A. Quantitative and Qualitative Disclosures about Market Risk" of our 2022 Annual Report on Form 10-K.
Controls and procedures
As filed, 1,497 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
As of September 30, 2023, our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective as of September 30, 2023 insofar as they are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and they include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
During the quarter ended September 30, 2023, there have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Risk factors
As filed, 234 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
There have been no material changes in our Risk Factors during the nine months ended September 30, 2023. Information regarding our Risk Factors is more fully described in "Item 1A. Risk Factors" of our 2022 Annual Report on Form 10-K.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $724.3m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $2.06bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months2023-07-01 to 2023-09-30 | $442.9m | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months2023-01-01 to 2023-09-30 | $1.30bn | us-gaap:CostOfRevenue |
| Gross profit | 3 months2023-07-01 to 2023-09-30 | $281.5m | us-gaap:GrossProfit |
| Gross profit | 9 months2023-01-01 to 2023-09-30 | $762.4m | us-gaap:GrossProfit |
| Research and development | 3 months2023-07-01 to 2023-09-30 | $23.5m | us-gaap:ResearchAndDevelopmentExpense |
| Research and development | 9 months2023-01-01 to 2023-09-30 | $65.7m | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 3 months2023-07-01 to 2023-09-30 | $132.5m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months2023-01-01 to 2023-09-30 | $323.9m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months2023-07-01 to 2023-09-30 | $12.5m | us-gaap:InterestExpense |
| Interest expense | 9 months2023-01-01 to 2023-09-30 | $40.4m | us-gaap:InterestExpense |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $30.3m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $71.6m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $96.8m | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $234.6m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $2.51 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | $6.09 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $2.53 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | $6.13 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 38,558,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 38,538,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | $165.7m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2023-01-01 to 2023-09-30 | $32.0m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 9 months2023-01-01 to 2023-09-30 | $14.9m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months2023-01-01 to 2023-09-30 | $37.4m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Current assets | At period end2023-09-30 | $1.55bn | us-gaap:AssetsCurrent |
| Total assets | At period end2023-09-30 | $4.41bn | us-gaap:Assets |
| Current liabilities | At period end2023-09-30 | $775.4m | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2023-09-30 | $2.23bn | us-gaap:Liabilities |
| Long-term debt | At period end2023-09-30 | $1.05bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | At period end2023-09-30 | $0 | us-gaap:DebtCurrent |
| Shareholders' equity | At period end2023-09-30 | $2.19bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000026324-23-000015. Last ingested by Listed: Nov 5, 2026, 15:59 ET. Listed shows no prices and gives no investment advice.