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Curtiss-Wright Q4 net sales increased 3% to $589 million

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Staff writer ▼ | February 25, 2016
Curtiss-Wright Corporation reported financial results for the fourth quarter and full-year ended December 31, 2015.
Curtiss-Wright
Curtiss-Wright   Q4 net earnings from continuing operations increased 53%
Q4 net sales increased 3% to $589 million, from $573 million in 2014; Organic (excluding effects of foreign currency translation, acquisitions and divestitures) sales up 4%.

Curtiss-Wright Q4 operating income increased 45% to $109 million, from $75 million in 2014.

Operating margin increa

sed 530 basis points to 18.4% from 13.1% in 2014. Net earnings from continuing operations increased 53% to $71 million, or $1.53 per diluted share, from $46 million, or $0.94 per diluted share, in 2014.

Free cash flow decreased 6% to $156 million, from $166 million in 2014, generating a free cash flow conversion of 220%. Curtiss-Wright invested more than $100 million in share repurchases in the fourth quarter.

Full-year 2015 highlights

Net sales decreased 2% to $2.21 billion, from $2.24 billion in 2014. Operating income increased 10% to $311 million, from $282 million in 2014. Operating margin increased 150 basis points to 14.1%, from 12.6% in 2014.

Net earnings from continuing operations increased 13% to $192 million, or $4.04 per diluted share, from $170 million, or $3.46 per diluted share, in 2014.

Adjusted free cash flow (excluding the first quarter 2015 pension contribution of $145 million) increased 3% to $272 million, from $265 million in 2014, generating a free cash flow conversion of 141%.

Curtiss-Wright substantially completed its $300 million share repurchase program in 2015, buying back approximately 4.3 million shares.


 

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