The 10-second takeaway
For the quarter ended March 31 (Q1), Curtiss-Wright beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue increased significantly. Non-GAAP earnings per share increased significantly. GAAP earnings per share dropped significantly.
Margins dropped across the board.
Curtiss-Wright recorded revenue of $592.7 million. The five analysts polled by S&P Capital IQ wanted to see revenue of $566.8 million on the same basis. GAAP reported sales were 18% higher than the prior-year quarter's $501.7 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.50. The four earnings estimates compiled by S&P Capital IQ predicted $0.45 per share. Non-GAAP EPS of $0.50 for Q1 were 19% higher than the prior-year quarter's $0.42 per share. (The prior-year quarter included $0.45 per share in earnings from discontinued operations.) GAAP EPS of $0.44 for Q1 were 49% lower than the prior-year quarter's $0.87 per share. (The prior-year quarter included $0.45 per share in earnings from discontinued operations.)
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 31.0%, 110 basis points worse than the prior-year quarter. Operating margin was 6.4%, 120 basis points worse than the prior-year quarter. Net margin was 3.5%, 470 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $597.2 million. On the bottom line, the average EPS estimate is $0.69.
Next year's average estimate for revenue is $2.50 billion. The average EPS estimate is $2.86.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 164 members out of 165 rating the stock outperform, and one members rating it underperform. Among 55 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 54 give Curtiss-Wright a green thumbs-up, and one give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Curtiss-Wright is outperform, with an average price target of $41.40.
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