CURTISS WRIGHT CORP — Regulatory Filings 2015

Feb 19, 2015

8-K 1 a2015newsegment.htm 8-K html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd" Document created using Wdesk 1 Copyright 2015 Workiva 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.

By: /s/ Glenn E. Tynan
Glenn E. Tynan
Vice President and
Chief Financial Officer
Date: February 19, 2015