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.
- Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity.
- 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.
- Free cash flow is defined as cash flow from operations less capital expenditures.
- Actual number, not in millions.