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Curtiss-Wright Corporation (CW-4.24%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total net sales of $3,121 million for 2024, an increase of 10% from the prior year. The Aerospace & Industrial segment contributed $932 million, Defense Electronics $911 million, and Naval & Power $1,278 million.
Operating income for the year was $529 million, up 9% from 2023. The Defense Electronics segment showed the highest increase in operating income, rising 17% to $225 million.
Net earnings for 2024 were $405 million, a 14% increase from the previous year. The effective tax rate decreased to 22.4% from 23.4% in 2023.
New orders totaled $3,696 million, a 20% increase from 2023. The increase was primarily driven by the Naval & Power segment, which secured significant new orders for naval defense programs.
The filing also details Curtiss-Wright's acquisition activities, including the purchase of two businesses for a total of $226 million, contributing to goodwill and intangible assets.
Curtiss-Wright's balance sheet shows total assets of $4,986 million as of December 31, 2024, with a cash and cash equivalents balance of $385 million.
The company reported a decrease in interest expense to $45 million, attributed to lower borrowings and the repayment of certain notes.
Capital expenditures for the year were $61 million, primarily in the Defense Electronics and Naval & Power segments.
Curtiss-Wright continues to execute its Pivot to Growth strategy, focusing on revenue growth, operating income, and free cash flow, supported by acquisitions and investments in research and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Curtiss-Wright Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.