Curtiss-Wright Corporation 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed on May 1, 2014, by Curtiss-Wright Corporation. The filing addresses two primary events: the resignation of a senior executive and a revision to the company's reportable segments to align with major markets (Commercial/Industrial, Defense, and Energy). The report includes reclassified supplemental financial data for the fiscal year 2013 and its individual quarters to conform to the new segment presentation.
Key Financial Metrics (Fiscal Year 2013)
The filing provides reclassified historical data for 2013. The filing text does not provide current period (2014) revenue, profit, cash flow, debt, or liquidity metrics.
| Segment | 2013 Sales ($000s) | 2013 Operating Income ($000s) | 2013 Operating Margin |
|---|---|---|---|
| Commercial/Industrial | $959,970 | $110,779 | 11.5% |
| Defense | $890,911 | $119,096 | 13.4% |
| Energy | $659,890 | $46,184 | 7.0% |
| Total Segments | $2,510,771 | $276,059 | 11.0% |
| Corporate and Other | N/A | $(42,440) | N/A |
| Total Company | $2,510,771 | $233,619 | 9.3% |
Material Changes
- Segment Reclassification: The company revised its reportable segments to Commercial/Industrial, Defense, and Energy. This change impacts the presentation of historical data but did not alter the previously reported Condensed Consolidated Financial Statements.
- Executive Departure: Glenn Coleman resigned as Vice President, Controller, and Principal Accounting Officer on May 1, 2014. The resignation was voluntary to pursue another opportunity and was not related to any disagreement with the company.
Outlook, Risks, and Management Commentary
Management indicated that the segment changes were driven by organizational shifts in 2014 to better reflect the markets served. The filing explicitly states that the information is supplemental and will be available on the investor relations website. No forward-looking guidance, specific risks, or contingencies regarding future performance were disclosed in this specific filing.
Investor Verification Checklist
- Verify the appointment of a new Principal Accounting Officer to replace Glenn Coleman.
- Review the investor relations website for the detailed supplemental segment data referenced in the filing.
- Confirm that the segment reclassification does not affect the comparability of future earnings guidance against the reclassified 2013 baseline.
- Check subsequent filings for any updates on the transition of the Controller role.