CURTISS WRIGHT CORP — Regulatory Filings 2014

Nov 4, 2014

8-K 1 gff8k_110414.htm FORM 8-K

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): November 4, 2014

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))

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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 each of the prior quarterly reporting periods to reflect the assets held for sale and completed divestitures as reported in the Corporation’s third quarter report on Form 10-Q filed on October 30, 2014. In addition, this supplemental financial information reflects the Corporation’s January 1, 2014 segment reorganization. This supplemental financial information for 2014 and 2013 has been reclassified to conform to the current period presentation. 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						Nine Months Ended
	3/31/2014		6/30/2014		9/30/2014		2014
Sales:
Commercial/Industrial	$ 265,100		$ 274,517		$ 273,107		$ 812,724
Defense	173,705		181,413		182,790		537,908
Energy	105,246		114,479		103,597		323,322
Total sales	$ 544,051		$ 570,409		$ 559,494		$ 1,673,954
Operating income:
Commercial/Industrial	$ 30,436		$ 36,083		$ 40,096		$ 106,615
Defense	22,406		24,173		26,974		73,553
Energy	15,529		18,274		17,491		51,294
Total segments	$ 68,371		$ 78,530		$ 84,561		$ 231,462
Corporate and other	(7,521	)	(6,458	)	(10,421	)	(24,400	)
Total operating income	$ 60,850		$ 72,072		$ 74,140		$ 207,062
Operating margins:
Commercial/Industrial	11.5	%	13.1	%	14.7	%	13.1	%
Defense	12.9	%	13.3	%	14.8	%	13.7	%
Energy	14.8	%	16.0	%	16.9	%	15.9	%
Total Curtiss-Wright	11.2	%	12.6	%	13.3	%	12.4	%
Segment margins	12.6	%	13.8	%	15.1	%	13.8	%
Diluted earnings per share *	$0.74		$0.87		$0.90		$2.52

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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	$ 218,789		$ 240,637		$ 240,184		$ 255,688		$ 955,298
Defense	176,592		182,302		175,728		232,877		767,499
Energy	100,211		102,476		96,497		100,700		399,884
Total sales	$ 495,592		$ 525,415		$ 512,409		$ 589,265		$ 2,122,681
Operating income:
Commercial/Industrial	$ 18,644		$ 25,735		$ 31,145		$ 28,792		$ 104,316
Defense	16,853		29,434		25,521		44,880		116,688
Energy	14,774		15,752		15,102		11,612		57,240
Total segments	$ 50,271		$ 70,921		$ 71,768		$ 85,284		$ 278,244
Corporate and other	(9,755	)	(12,077	)	(6,138	)	(13,974	)	(41,944	)
Total operating income	$ 40,516		$ 58,844		$ 65,630		$ 71,310		$ 236,300
Operating margins:
Commercial/Industrial	8.5	%	10.7	%	13.0	%	11.3	%	10.9	%
Defense	9.5	%	16.1	%	14.5	%	19.3	%	15.2	%
Energy	14.7	%	15.4	%	15.7	%	11.5	%	14.3	%
Total Curtiss-Wright	8.2	%	11.2	%	12.8	%	12.1	%	11.1	%
Segment margins	10.1	%	13.5	%	14.0	%	14.5	%	13.1	%
Diluted earnings per share *	$0.47		$0.71		$0.79		$0.92		$2.90
* 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.

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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.

By: /s/ Glenn E. Tynan
Glenn E. Tynan
Vice President and
Chief Financial Officer
Date: November 4, 2014