US-based Curtiss-Wright has registered $2.6bn in reported sales and adjusted sales for the full-year that ended on 31 December 2022.
During the year, the company’s reported operating income was $423m, against $382.6m in 2021, and its operating margin was 16.6%.
Adjusted operating income was up 5% to $443m and the operating margin was 17.3%, an increase of 30 basis points.
Diluted earnings per share (EPS) was $7.62 and adjusted diluted EPS was $8.13 while free cash flow (FCF) was $257m and adjusted FCF was $296m in the year.
The company’s full-year 2022 new orders were up 15% to $2.9bn and it generated an overall book-to-bill of 1.15x. Its backlog increased 19% and reached $2.6bn.
Curtiss-Wright chair and CEO Lynn Bamford said: “Our full-year 2022 results were highlighted by a strong operational performance, as we produced higher sales and operating income in our Aerospace and Industrial, and Naval and Power segments.”
In the fourth quarter (Q4) 2022, the company’s adjusted sales were $758m, an increase of 16% compared with the prior year.
Adjusted operating income was up 24% to $160m and the adjusted operating margin rose by 140 basis points to 21.1% in Q4.
The company’s Aerospace and Industrial segment posted adjusted sales of $223m and an adjusted operating income of $41m in the quarter.
The Defence Electronics segment saw Q4 adjusted sales increase 37% to $236m and Q4 adjusted operating income grew by 33% to $70m.
The Naval and Power segment recorded adjusted sales of $298m and adjusted operating income was $60m in the quarter.
Bamford added: “Curtiss-Wright delivered a record financial performance in the fourth quarter, driven by double-digit organic sales growth in our Aerospace and Defence (A&D) and Commercial markets, and a strong performance from the recent acquisition of our engineered arresting systems business.
“Looking to 2023, we anticipate total sales growth of 4% to 6%, principally driven by strong growth in our A&D markets, continued operating margin expansion while maintaining steady investments in our technology, and strong adjusted free cash flow generation ranging from $360m to $400m.”
Earlier this month, the company was selected to support Dynetics for the US Army’s IFPC programme.