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.”
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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.