FINANCIAL OVERVIEW

Segment Financial Information

As Reported; Years ended December 31 (Dollars in millions, except percentages; unaudited)

SALES 2022 2021 CHANGE
Aerospace & Industrial $ 836.0 $ 786.3 6%
Defense Electronics 690.3 724.3 (5%)
Naval & Power 1,030.7 995.3 4%
Total Sales $ 2,557.0 $ 2,505.9 2%
OPERATING INCOME (EXPENSE)
Aerospace & Industrial $ 137.0 $ 121.8 12%
Defense Electronics 154.6 159.1 (3%)
Naval & Power 177.6 141.7 25%
Total Segments $ 469.1 $ 422.6 11%
Corporate and Other (45.7) (39.9) (15%)
Total Operating Income $ 423.4 $ 382.7 11%
Operating Margins
Aerospace & Industrial 16.4% 15.5%
Defense Electronics 24.4% 22.0%
Naval & Power 17.2% 14.2%
Segment Margins 18.3% 16.9%
Total Operating Margins 16.6% 15.3%

Note: Amounts may not add to the total due to rounding.

 

Historical Financial Performance (3-Year Review)

As Reported; Years ended December 31 (Dollars and shares in millions, except percentages and per share data; unaudited)

PERFORMANCE 2022 2021 2020
Net Sales $ 2,557.0 $ 2,505.9 $ 2,391.3
Operating Income $ 423.4 $ 382.7 $ 288.8
Operating Margin 16.6% 15.3% 12.1%
Net Earnings $ 294.3 $ 267.2 $ 201.4
Earnings Per Share
Basic $ 7.67 $ 6.61 $ 4.83
Diluted $ 7.62 $ 6.58 $ 4.80
Dividends Per Share $ 0.75 $ 0.71 $ 0.68
YEAR-END FINANCIAL POSITION
Return on Invested Capital(1) 11.2% 10.8% 9.2%
New Orders $ 2,942.5 $ 2,590.5 $ 2,321.5
Backlog $ 2,622.7 $ 2,228.9 $ 2.163.8
Working Capital as % of Sales(2) 25.8% 23.1% 23.0%
Total Assets $ 4,449.6 $ 4,103.5 $ 4,021.3
Total Debt $ 1,254.4 $ 1,050.6 $ 1,058.3
Stockholder’s Equity $ 1,992.1 $ 1,826.5 $ 1,787.6
OTHER YEAR-END DATA
Cash Flow from Operations $ 294.8 $ 387.7 $ 261.2
Capital Expenditures $ 38.2 $ 41.1 $ 47.5
Free Cash Flow(3) $ 256.6 $ 346.6 $ 213.7
EBITDA $ 535.5 $ 497.1 $ 404.8
Depreciation & Amortization $ 112.0 $ 114.4 $ 115.9
Shares of Stock Outstanding at December 31 38.3 38.5 40.9
Number of Registered Shareholders(4) 2,653 2,785 2,977
Number of Employees(4) 8,101 7,813 8,173

Note: Amounts may not add to the total due to rounding.

  1. Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity.
  2. Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs, and excludes first year impact from acquisitions.
  3. Free cash flow is defined as cash flow from operations less capital expenditures.
  4. Actual number, not in millions.