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.