Curtiss-Wright Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for the Year 2015
Apr 29 15
Curtiss-Wright Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total net sales of $546,199,000 against $542,959,000 a year ago. Operating income was $72,835,000 against $61,034,000 a year ago. Earnings before income taxes were $64,320,000 against $52,091,000 a year ago. Net earnings were $15,991,000 or $0.33 diluted per share against $35,164,000 or $0.72 diluted per share a year ago. Earnings from continuous operations were $43,223,000 or $0.89 diluted per share against $6,793,000 or $0.74 diluted per share a year ago. Net cash used for operating activities was $171,091,000 against $14,593,000 a year ago. Capital expenditures were $9,096,000 against $18,365,000 a year ago. Sales increased $3 million, or 1%, compared to the prior year period, driven by solid 3% organic growth (excluding effects of foreign currency translation, acquisitions and divestitures) across all three segments. Operating income was an increase of approximately $12 million or 19% compared to the prior year period. This improvement was primarily driven by the one-time benefit of the termination change order, as well as solid organic growth in the Commercial/Industrial segment. On an organic basis, operating income improved 16%, excluding $2 million in foreign currency translation. Free cash flow was $180,187,000 against $32,958,000 a year ago. Adjusted free cash flow was $35,187,000 against $25,158,000 a year ago. Adjusted free cash flow, from current and prior year periods, respectively, decreased $10 million to approximately $35 million, primarily due to higher tax payments in the current year period, partially offset by higher cash earnings. Capital expenditures of $9 million were $9 million lower in the first quarter of 2015, as the prior year period included investments in facility expansions that did not recur this year.
The company reaffirmed its earnings guidance for the year 2015. It expects total sales in the range of $2.28 billion - $2.33 billion, operating income in the range of $303 million - $312 million, operating margin in the range of 13.3% - 13.4%, diluted earnings per share in the range of $3.80 - $3.90, free cash flow in the range of $100 million - $120 million, adjusted free cash flow in the range of $245 million - $265 million, earnings before income taxes in the range of $267 million - $274 million and effective tax rate of 32%.
ITT's Conoflow Brand Announces the Appointment of Enertech as the Exclusive Nuclear Industry Representative
Apr 22 15
ITT's Conoflow brand announced the appointment of Enertech, a business unit of Curtiss-Wright Nuclear Division, as the exclusive nuclear industry representative for its valve and regulator products globally. Conoflow designs and manufactures natural gas vehicle (NGV), low-pressure and high-pressure regulators along with filter and specialty regulators. Its positioners, transducers, actuators and diaphragm seals come in a wide variety of materials and configurations to meet a broad range of industrial and energy market applications. Enertech has been exclusively dedicated to serving the nuclear power industry for more than 40 years. Through their combined resources, Conoflow and Enertech are committed to provide unequaled products and services that will help customers reduce operating expenses, while improving their plant wide safety and efficiency. In this partnership, Enertech will be the point of contact for technical inquiries, quotations and order entry/status, while Conoflow will retain its nuclear quality assurance program along with certifications and documentation. In order to provide the best possible service.
Curtiss-Wright Corporation Announces its Defense Solutions Division Introduces Cougar 2 Radar Video Acquisition and Scan Conversion Module
Apr 20 15
Curtiss-Wright Corporation announced that its Defense Solutions division has introduced the Cougar 2 radar video acquisition and scan conversion module. This high-performance, dual-channel radar interface board accepts and processes both analog and digital radar signals. It uniquely combines an Intel Core i7-based single board computer (SBC) and advanced radar video processing capabilities on a rugged single-slot 6U VME module. The board supports a wide range of radar interfaces including radar video, triggers, and azimuth turning data. Cougar 2 is designed to speed and ease the integration of radar video capture, conversion and mixing into deployed vessel tracking, airborne target tracking, and airport ground movement applications. Radar video applications can be executed locally, using the boardâ s Core i7 processor, or executed remotely via a network for which an API is provided. Use of Cougar 2 enables system integrators to quickly and easily field a complete radar capture and display solution in a single VME slot assembly, freeing up space for other VME cards in the same enclosure. The Cougar 2 radar video processor host board is integrated with Curtiss-Wright's Osiris/Osiris B PMC radar input modules, Eagle-2 radar scan conversion module, and mass storage modules. Its Osiris module provides two (2) independent channels of high resolution radar video capture, while the Eagle-2 PMC module receives DVI video from Cougar 2's integrated graphics controller. The Eagle-2 card also provides support for multiple windows of scan-converted radar. The captured radar video can be mixed with map data as an underlay and target and range ring symbology as an overlay, providing a multi-layer display with blending and mixing between layers. Cougar 2 runs the X11 window system, enabling applications running on other Ethernet-connected SBCs to create graphics windows on Cougar 2's output, including graphics underlay/overlay mixed with scan-converted radar video. When combined with Curtiss-Wright's rugged LCD touchscreen mission displays, Cougar 2 provides a fully-integrated radar console solution. Cougar's RVL+ API for network connectivity is supported on Windows and Linux platforms for ease of application development and configuration. The RVP software is pre-loaded onto all Cougar 2 systems and provides a comprehensive engineering GUI for diagnosis and configuration. It also supports optional advanced radar plot extraction and tracking algorithms that can be tuned for optimum performance.