Curtiss Wright Corp: Form 10-Q for the period ended Mar 31, 2024
Filed with the SEC on May 2, 2024 and accepted by EDGAR at May 2, 2024, 12:00 ET.
Management's discussion and analysis
As filed, 1,326 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 March 31, 2024.
| 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 | |
|---|---|---|---|---|
| January 1 - January 31 | 18,933 | $221.66 | 18,933 | $145,942,335 |
| February 1 - February 29 | 17,274 | $231.33 | 36,207 | $141,946,415 |
| March 1 - March 31 | 16,405 | $243.70 | 52,612 | $137,948,565 |
| For the quarter ended March 31, 2024 | 52,612 | $231.72 | 52,612 | $137,948,565 |
In November 2023, the Corporation adopted two written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The first trading plan includes share repurchases of $50 million, to be executed equally throughout the 2024 calendar year. The second trading plan includes opportunistic share repurchases up to $100 million during 2024 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 November 28, 2023.
Market risk
As filed, 326 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 three months ended March 31, 2024. 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 2023 Annual Report on Form 10-K filed with the SEC.
Controls and procedures
As filed, 1,485 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
As of March 31, 2024, 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 March 31, 2024 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 March 31, 2024, 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, 250 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 three months ended March 31, 2024. Information regarding our Risk Factors is more fully described in "Item 1A. Risk Factors" of our 2023 Annual Report on Form 10-K filed with the SEC.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2024-03-31. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2024-01-01 to 2024-03-31 | $713.2m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months2024-01-01 to 2024-03-31 | $459.4m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months2024-01-01 to 2024-03-31 | $253.8m | us-gaap:GrossProfit |
| Research and development | 3 months2024-01-01 to 2024-03-31 | $23.0m | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 3 months2024-01-01 to 2024-03-31 | $100.0m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months2024-01-01 to 2024-03-31 | $10.6m | us-gaap:InterestExpense |
| Income tax | 3 months2024-01-01 to 2024-03-31 | $22.5m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2024-01-01 to 2024-03-31 | $76.5m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2024-01-01 to 2024-03-31 | $1.99 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2024-01-01 to 2024-03-31 | $2.00 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2024-01-01 to 2024-03-31 | 38,431,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months2024-01-01 to 2024-03-31 | −$45.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months2024-01-01 to 2024-03-31 | $12.1m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Share repurchases | 3 months2024-01-01 to 2024-03-31 | $12.2m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2024-03-31 | $338.0m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2024-03-31 | $1.74bn | us-gaap:AssetsCurrent |
| Total assets | At period end2024-03-31 | $4.61bn | us-gaap:Assets |
| Current liabilities | At period end2024-03-31 | $858.3m | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2024-03-31 | $2.23bn | us-gaap:Liabilities |
| Long-term debt | At period end2024-03-31 | $960.0m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | At period end2024-03-31 | $90.0m | us-gaap:DebtCurrent |
| Shareholders' equity | At period end2024-03-31 | $2.38bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000026324-24-000012. Last ingested by Listed: Nov 5, 2026, 15:59 ET. Listed shows no prices and gives no investment advice.