CURTISS WRIGHT CORP
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
CW$463.47+6.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0000026324-24-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0000026324-24-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 84 previous paragraphs and 86 current paragraphs.
39 unchanged; 36 reworded; 11 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Sales in the third quarter increased $8 million, or 4%, to $229 million from the prior year period. Sales in the commercial aerospace market benefited $12 million from higher demand for sensors products as well as surface treatment services on various narrow-body and wide-body platforms. This increase was partially offset by lower sales of industrial vehicle productsto off-highway vehicle platforms.
Current report
Operating income in the third quarter decreased $2 million, or 4%, to $37 million from the prior year period, and operating margin decreased 130 basis points to 16.4%, asfavorable overhead absorption on higher sales was essentially offset by current period restructuring costs and unfavorable product mix.
Current report
Operating income during the nine months ended September 30, 2024 decreased $1 million, or 1%, to $100 million from the prior year period, and operating margin decreased 90 basis points to 14.7%, as favorable overhead absorption on higher sales was partially offset by current period restructuring costsand unfavorable product mix.
Current report
New orders in the third quarter and nine months ended September 30, 2024 increased $7 million and $31 million, respectively, primarily due to an increase in orders for sensors products and surface treatment services within our A&D markets. These increases were partially offset by the timing of orders for actuation products.
Current report
Operating incomein the third quarter increased $7 million, or 13%, to $64 million compared to the prior year period, and operating margin increased 20 basis points from the prior year period to 26.2%, primarily due to favorable overhead absorption on higher A&D sales.
Current report
Operating income during the nine months ended September 30, 2024 increased $47 million, or 38%, to $170 million, and operating margin increased 360 basis points from the prior year period to 24.9%, primarily due to favorable overhead absorption on higher A&D sales, favorable product mix, as well as the benefit of our cost containment initiatives.
Current report
New orders in the third quarter increased $14 million primarily due to an increase in orders for defense electronics products.
Current report
Sales in the third quarter increased $40 million, or 14%, to $327 million from the prior year period. In the naval defense market, sales increased $31 million primarily due to increased production on Virginia-class and Columbia-class submarine programs and the CVN-81 aircraft carrier program, as well as higher growth on various next-generation submarine development programs. Sales in the power & process market benefited $8 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in the United States.
Current report
New ordersin the third quarter decreased $6 million primarily due to the timing of naval defense orders.
Current report
New orders during the nine months ended September 30, 2024 increased $261 million primarily due to an increase in naval defense orders.
Current report
Sales in the third quarter of $233 million were essentially flat against the comparable prior year period. Sales in the power & process market benefited from higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in the United States. This increase was essentially offset by lower sales of industrial vehicle products to off-highway vehicle platforms in the general industrial market.
Removed paragraphs (9)
Previous report
Sales in the second quarter increased $7 million, or 3%, to $233 million from the prior year period. Sales in the commercial aerospace market benefited $9 million from higher OEM sales of sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms. In the general industrial market, higher sales of surface treatment services were more than offset by reduced sales of industrial vehicle products to off-highway vehicle platforms.
Previous report
Operating income in the second quarter of $35 million was essentially flat compared to the prior year period, while operating margin decreased 70 basis points to 15.1%, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs. Operating income during the six months ended June 30, 2024 increased $1 million, or 1%, to $63 million from the prior year period, while operating margin decreased 60 basis points to 13.9%, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs.
Previous report
New orders in the second quarter and six months ended June 30, 2024 increased $31 million and $24 million, respectively, primarily due to an increase in orders for sensors products and surface treatment services within our A&D markets.
Previous report
Operating incomein the second quarter increased $15 million, or 35%, to $58 million compared to the prior year period, and operating margin increased 370 basis points from the prior year period to 25.5%. Operating income during the six months ended June 30, 2024 increased $40 million, or 60%, to $106 million, and operating margin increased 570 basis points from the prior year period to 24.2%. Increases in operating income and operating margin in both respective periods were primarily due to favorable overhead absorption on higher sales, favorable mix on defense electronics and tactical communications products, as well as the benefit of our cost containment initiatives.
Previous report
New orders in the second quarter decreased $7 million primarily due to the timing of orders within our A&D markets.
Previous report
New orders during the six months ended June 30, 2024 increased $46 million primarily due to an increase in orders for defense
Previous report
Sales in the second quarter increased $42 million, or 15%, to $323 million from the prior year period. In the naval defense market, sales increased $26 million primarily due to higher demand on various submarine programs, partially offset by the timing of sales on the CVN-80 aircraft carrier program. Sales in the power & process market benefited $9 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in the United States. In the aerospace defense market, sales increases were primarily due to higher demand for arresting systems equipment supporting various domestic and international customers.
Previous report
New ordersin the second quarter and six months ended June 30, 2024 increased $130 million and $267 million, respectively, primarily due to an increase in naval defense orders.
Previous report
Sales in the second quarter increased $4 million, or 2%, to $243 million. Sales in the power & process market primarily benefited from higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in the United States. In the general industrial market, higher sales of surface treatment services were more than offset by reduced sales of industrial vehicle products to off-highway vehicle platforms.
Reworded paragraphs (36)
Previous wording
Curtiss-Wright Corporation along with its subsidiaries is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets. We report our operations through our Aerospace & Industrial, Defense Electronics, and Naval & Power segments. We operate across a diversified array of niche markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers. Approximately 68% of our 2024 revenues are expected to be generated from A&D-related markets.
Current wording
Curtiss-Wright Corporation along with its subsidiaries is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets. We report our operations through our Aerospace & Industrial, Defense Electronics, and Naval & Power segments. We operate across a diversified array of niche markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers. Approximately 69% of our 2024 revenues are expected to be generated from A&D-related markets.
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three and six month periods ended June 30, 2024. The financial information as of June 30, 2024 should be read in conjunction with the financial statements for the year ended December 31, 2023 contained in our Form 10-K.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three and nine month periods ended September 30, 2024. The financial information as of September 30, 2024 should be read in conjunction with the financial statements for the year ended December 31, 2023 contained in our Form 10-K.
Previous wording
During the quarter ended June 30, 2024, we commenced our 2024 Restructuring Program across all of our segments in an effort to improve operating efficiency. These actions, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $4 million for the quarter and six months ended June 30, 2024. The Company anticipates that these actions, which are expected to be substantially completed by June 30, 2025, will result in annual operating cost savings of approximately $10 million.
Current wording
During the three and nine months ended September 30, we conducted actions associated with our 2024 Restructuring Program across all of our segments in an effort to improve operating efficiency. These actions, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $3 million and $8 million for the three and nine months ended September 30, 2024, respectively. The Company anticipates that these actions, which are expected to be substantially completed by June 30, 2025, will result in annual operating cost savings of approximately $10 million.
Previous wording
Sales in the second quarter increased $80 million, or 11%, to $785 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $7 million, $31 million, and $42 million, respectively.
Current wording
Sales in the third quarter increased $75 million, or 10%, to $799 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $8 million, $27 million, and $40 million, respectively.
Previous wording
Sales during the six months ended June 30, 2024 increased $163 million, or 12%, to $1,498 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $24 million, $80 million, and $59 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.
Current wording
Sales during the nine months ended September 30, 2024 increased $237 million, or 12%, to $2,297 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $32 million, $107 million, and $98 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.
Previous wording
Operating incomein the second quarter increased $16 million, or 14%, to $129 million, while operating margin increased 40 basis points to 16.4% compared with the same period in 2023. Operating income and operating margin in the Defense Electronics segment benefited from favorable overhead absorption on higher sales, favorable mix on defense electronics and tactical communications products, as well as the benefit of cost containment initiatives. In the Aerospace & Industrial segment, operating income was essentially flat while operating margin decreased, asfavorable overhead absorption on higher sales was essentially offset by current period restructuring costs. In the Naval & Power segment, both operating income and operating margin decreased, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by unfavorable product mix and the timing of development programs.
Current wording
Operating incomein the third quarter increased $12 million, or 9%, to $145 million, while operating margin decreased 20 basis points to 18.1% compared with the same period in 2023. Operating income and operating margin in the Defense Electronics segment primarily benefited from favorable overhead absorption on higher A&D sales. In the Aerospace & Industrial segment, favorable overhead absorption on higher sales was essentially offset by current period restructuring costs and unfavorable product mix. In the Naval & Power segment, operating income increased while operating margin decreased, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition were partially offset by unfavorable product mix and the timing of development programs.
Previous wording
Operating income during the six months ended June 30, 2024 increased $37 million, or 20%, to $229 million, and operating margin increased 100 basis points to 15.3%, compared with the same period in 2023. In the Defense Electronics segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, favorable mix on defense electronics and tactical communications products, as well as the benefit of cost containment initiatives. In the Aerospace & Industrial segment, operating income increased while operating margin decreased, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs as well as unfavorable mix on actuation products. Both operating income and operating margin in the Naval & Power segment decreased, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by an unfavorable naval contract adjustment as well as unfavorable product mix.
Current wording
Operating income during the nine months ended September 30, 2024 increased $50 million, or 15%, to $374 million, and operating margin increased 60 basis points to 16.3%, compared with the same period in 2023. In the Defense Electronics segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher A&D sales, favorable product mix, as well as the benefit of our cost containment initiatives. In the Aerospace & Industrial segment, both operating income and operating margin decreased, as favorable overhead absorption on higher sales was partially offset by current period restructuring costsand unfavorable product mix. In the Naval & Power segment, operating income increased while operating margin decreased, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition were essentially offset by an unfavorable naval contract adjustment, unfavorable product mix, and the timing of development programs.
Previous wording
Non-segment operating expense in the second quarter decreased $2 million, or 15%, to $11 million, primarily due to lower foreign currency losses in the current period. Non-segment operating expense during the six months ended June 30, 2024 of $22 million was essentially flat against the comparable prior year period.
Current wording
Non-segment operating expense in the third quarter and nine months ended September 30, 2024 decreased $1 million, or 11%, to $9 million, and $2 million, or 5%, to $31 million, primarily due to lower foreign currency losses against the comparable prior year periods.
Previous wording
Interest expense in the second quarter and six months ended June 30, 2024 decreased $4 million, or 25% to $11 million and $6 million, or 22%, to $22 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”). Interest expense for the six months ended June 30, 2024 also benefited from the repayment of our 2013 Notes in February 2023.
Current wording
Interest expense in the third quarter and nine months ended September 30, 2024 decreased $1 million, or 9%, to $11 million, and $7 million, or 18%, to $33 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”). Interest expense for the nine months ended September 30, 2024 also benefited from the repayment of our 2013 Notes in February 2023.
Previous wording
Other income, net in the second quarter andsix months ended June 30, 2024 increased $1 million, or 8%, to $9 million, and$2 million, or 16%, to $18 million, respectively, primarily due to lower overall pension costs against the comparable prior year periods.
Current wording
Other income, net in the third quarter andnine months ended September 30, 2024 increased $3 million, or 44%, to $10 million, and$6 million, or 24%, to $28 million, respectively, primarily due to higher interest income and lower overall pension costs against the comparable prior year periods.
Previous wording
The effective tax rate of 21.2% in the second quarter decreased compared to an effective tax rate of 23.4% in the prior year period. The effective tax rate of 21.9% for the six months ended June 30, 2024 decreased as compared to an effective tax rate of 23.1% in the prior year period. Decreases in both of the comparable periods were primarily due to the benefits of a legal entity restructuring as well as lower provisional tax expense associated with foreign withholding taxes in the current year.
Current wording
The effective tax rate of 22.6% in the third quarter decreased compared to an effective tax rate of 23.8% in the prior year period. The effective tax rate of 22.2% for the nine months ended September 30, 2024 decreased as compared to an effective tax rate of 23.4%. Decreases in both of the comparable periods were primarily due to the benefits of a legal entity restructuring as well as lower provisional tax expense associated with foreign withholding taxes.
Previous wording
Comprehensive incomein the second quarter was $94 million, compared to comprehensive income of $100 million in the prior year period. The change was primarily due to the following:
Current wording
Comprehensive incomein the third quarter was $141 million, compared to comprehensive income of $69 million in the prior year period. The change was primarily due to the following:
Previous wording
•Foreign currency translation adjustments in the second quarter resulted in a $5 million comprehensive loss, compared to a $19 million comprehensive gain in the prior year period. The comprehensive loss during the current period was primarily attributed to decreases in the Canadian dollar and British Pound.
Current wording
•Foreign currency translation adjustments in the third quarter resulted in a $31 million comprehensive gain, compared to a $28 million comprehensive loss in the prior year period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound.
Previous wording
•Net earnings increased$18 million, primarily due to higher operating income and lower interest expense.
Current wording
•Net earnings increased$14 million, primarily due to higher operating income.
Previous wording
Comprehensive income during the six months ended June 30, 2024 was $156 million, compared to comprehensive income of $171 million in the prior year period. The change was primarily due to the following:
Current wording
Comprehensive income during the nine months ended September 30, 2024 was $297 million, compared to comprehensive income of $240 million in the prior year period. The change was primarily due to the following:
Previous wording
•Net earnings increased $38 million, primarily due to higher operating income and lower interest expense.
Current wording
•Net earnings increased $53 million, primarily due to higher operating income.
Previous wording
•Foreign currency translation adjustments for the six months ended June 30, 2024 resulted in a $21 million comprehensive loss, compared to a $34 million comprehensive gain in the prior period. The comprehensive loss during the current period was primarily attributed to decreases in the Canadian dollar and British Pound.
Current wording
•Foreign currency translation adjustments for the nine months ended September 30, 2024 resulted in a $10 million comprehensive gain, compared to a $6 million comprehensive gain in the prior period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound.
Previous wording
New ordersin the second quarter increased $154 million from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment, as well as an increase in orders in the Aerospace & Industrial segment for sensors products and surface treatment services within our A&D markets. These increases were partially offset by the timing of orders within our A&D markets in the Defense Electronics segment.
Current wording
New ordersin the third quarter increased $15 million from the comparable prior year period, primarily due to an increase in orders for defense electronics products in the Defense Electronics segment and an increase in orders for sensors products and surface treatment services within our A&D markets in the Aerospace & Industrial segment.
Previous wording
New orders during the six months ended June 30, 2024 increased $337 million from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment. New orders also benefited from an increase in orders for defense electronics equipment in the Defense Electronics segment as well as increase in orders for sensors products and surface treatment services within our A&D markets in the Aerospace & Industrial segment. Changes in new orders by segment are discussed in further detail in the "Results by Business Segment" section below.
Current wording
New orders during the nine months ended September 30, 2024 increased $352 million from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment. New orders also benefited from an increase in orders for defense electronics equipment in the Defense Electronics segment as well as increase in orders for sensors products and surface treatment services within our A&D markets in the Aerospace & Industrial segment. Changes in new orders by segment are discussed in further detail in the "Results by Business Segment" section below.
Previous wording
Sales during the six months ended June 30, 2024 increased $24 million, or 6%, to $453 million from the prior year period. In the commercial aerospace market, sales increased $24 million primarily due to higher OEM sales of sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms. Sales in the aerospace defense market benefited from higher actuation development on various fighter jet programs. These increases were partially offset by lower sales in the general industrial market, primarily due to reduced sales of industrial vehicle products to off-highway vehicle platforms.
Current wording
Sales during the nine months ended September 30, 2024 increased$32 million, or 5%, to $681 million from the prior year period. In the commercial aerospace market, sales increased $36 million primarily due to higher OEM sales of sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms. Sales in the aerospace defense market benefited $8 million primarily from higher actuation development and production on various fighter jet programs. These increases were partially offset by lower sales of $14 million in the general industrial market, primarily due to lower sales of industrial vehicle products to off-highway vehicle platforms.
Previous wording
Sales in the second quarter increased $31 million, or 16%, to $228 million from the prior year period. In the ground defense market, sales increased $15 million primarily due to higher demand for tactical battlefield communications equipment. Sales in the aerospace defense market benefited $14 million primarily due to higher demand for embedded computing equipment on various domestic and international helicopter programs. In the commercial aerospace market, sales increased primarily due to higher OEM sales of avionics and electronics on various platforms.
Current wording
Sales in the third quarter increased $27 million, or 12%, to $243 million from the prior year period. In the ground defense market, sales increased $11 million primarily due to higher demand for tactical battlefield communications equipment. Sales in the aerospace defense market benefited $8 million primarily due to higher demand for embedded computing equipment on various domestic and international helicopter programs. In the commercial aerospace market, sales increased primarily due to higher OEM sales of avionics and electronics on various platforms.
Previous wording
Sales during the six months ended June 30, 2024 increased $80 million, or 22%, to $440 million from the prior year period. In the ground defense market, sales increased $40 million primarily due to higher demand for tactical battlefield communications equipment. Sales in the aerospace defense market increased $32 million primarily due to higher demand for embedded computing equipment on various helicopter, fighter jet, and unmanned aerial vehicle programs. In the commercial aerospace market, sales benefited from higher OEM demand for avionics and electronics on various platforms.
Current wording
Sales during the nine months ended September 30, 2024 increased $107 million, or 19%, to $683 million from the prior year period. In the ground defense market, sales increased $51 million primarily due to higher demand for tactical battlefield communications equipment. Sales in the aerospace defense market increased $40 million primarily due to higher demand for embedded computing equipment on various helicopter and fighter jet programs. In the commercial aerospace market, sales benefited $12 million primarily from higher OEM demand for avionics and electronics on various platforms.
Previous wording
electronics equipment, including embedded computing and tactical communications products.
Current wording
New orders during the nine months ended September 30, 2024 increased $60 million primarily due to an increase in orders for defense electronics equipment, including embedded computing and tactical communications products.
Previous wording
Sales during the six months ended June 30, 2024 increased $59 million, or 11%, to $605 million from the prior year period. In the naval defense market, sales increased $28 million primarily due to higher demand on various submarine programs. Sales in the aerospace defense market benefited $16 million primarily due to higher demand for arresting systems equipment supp orting various domestic and international customers. In the power & process market, sales increased $14 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in North America, partially offset by the wind-down on the China Direct AP1000 program.
Current wording
Sales during the nine months ended September 30, 2024 increased $98 million, or 12%, to $932 million from the prior year period. In the naval defense market, sales increased $59 million primarily due to higher demand on various submarine programs as well as higher foreign military sales. Sales in the power & process market increased $21 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in North America, partially offset by the wind-down on the China Direct AP1000 program. In the aerospace defense market, sales increased $17 million primarily due to higher demand for arresting systems equipment supporting various domestic and international customers.
Previous wording
Operating incomein the second quarter decreased $1 million, or 1%, to $46 million, and operating margin decreased 240 basis points from the prior year period to 14.3%, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by unfavorable product mix and the timing of development programs.
Current wording
Operating incomein the third quarter increased $5 million, or 11%, to $53 million against the comparable prior year period, while operating margin decreased 40 basis points from the prior year period to 16.2%, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition were partially offset by unfavorable product mix and the timing of development programs.
Previous wording
Operating income during the six months ended June 30, 2024 decreased $3 million, or 4%, to $81 million, and operating margin decreased 200 basis points from the prior year period to 13.5%, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by an unfavorable naval contract adjustment as well as unfavorable product mix.
Current wording
Operating income during the nine months ended September 30, 2024 increased $2 million, or 2%, to $135 million while operating margin decreased 150 basis points from the prior year period to 14.4%, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition were essentially offset by an unfavorable naval contract adjustment, unfavorable product mix, and the timing of development programs.
Previous wording
Sales in the second quarter increased $76 million, or 16%, to $542 million against the comparable prior year period, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for both arresting systems equipment supporting various domestic and international customers as well as embedded computing equipment on various domestic and international helicopter programs. In the ground defense market, sales increased primarily due to higher demand for tactical battlefield communications equipment. Sales increases in the naval defense market were primarily due tohigher demand on various submarine programs. In the commercial aerospace market, sales increased primarily due tohigher demand for OEM sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms.
Current wording
Sales in the third quarter increased $75 million, or 15%, to $566 million against the comparable prior year period, due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various domestic and international helicopter programs. In the ground defense market, sales increased primarily due to higher demand for tactical battlefield communications equipment. Sales increases in the naval defense market were primarily due to higher demand on various submarine programs as well as the CVN-81 aircraft carrier program. In the commercial aerospace market, sales increased primarily due to higher demand for actuation and sensors products, as well as surface treatment services, on various narrow-body and wide-body platforms, and higher demand for avionics equipment on various domestic helicopter programs.
Previous wording
Sales during the six months ended June 30, 2024 increased $158 million, or 18%, to $1,032 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for both arresting systems equipment supporting various domestic and international customers as well as embedded computing equipment on various helicopter, fighter jet, and unmanned aerial vehicle programs. Sales in the ground defense market increased primarily due to higher demand for tactical battlefield communications equipment. Sales increases in the naval defense market were primarily due to higher demand on various submarine programs. Sales in the commercial aerospace market primarily benefited from higher demand for OEM sensors and actuation products, surface treatment services on narrowbody and widebody platforms, as well as OEM avionics and electronics on various platforms.
Current wording
Sales during the nine months ended September 30, 2024 increased $233 million, or 17%, to $1,599 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for both arresting systems equipment supporting various domestic and international customers as well as embedded computing equipment on various helicopter and fighter jet programs. Sales in the ground defense market increased primarily due to higher demand for tactical battlefield communications equipment. Sales increases in the naval defense market were primarily due to higher demand on various submarine programs as well as higher foreign military sales. Sales in the commercial aerospace market primarily benefited from higher demand for OEM sensors and actuation products, surface treatment services on narrowbody and widebody platforms, as well as avionics equipment on various platforms.
Previous wording
Sales during the six months ended June 30, 2024 increased $5 million, or 1%, to $465 million. Sales in the power & process market primarily benefited from higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in North America, partially offset by the wind-down on the China Direct AP1000 program. The general industrial market was negatively impacted by lower sales of industrial vehicle products to off-highway vehicle platforms.
Current wording
Sales during the nine months ended September 30, 2024 increased $4 million, or 1%, to $698 million. Sales in the power & process market primarily benefited from higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in North America, partially offset by the wind-down on the China Direct AP1000 program. The general industrial market was negatively impacted by lower sales of industrial vehicle products to off-highway vehicle platforms.
Previous wording
Net cash provided by operating activities increased $46 million from the prior year period, primarily due to higher cash earnings and improved working capital.
Current wording
Net cash provided by operating activities increased $77 million from the prior year period, primarily due to higher cash earnings and improved working capital.
Previous wording
Net cash used for investing activities increased $35 million from the prior year period, primarily due to our acquisition of WSC.
Current wording
Net cash used for investing activities increased $39 million from the prior year period, primarily due to our acquisition of WSC.
Previous wording
Net cash used for financing activities decreased $77 million from the prior year period, primarily due to the repayment of our 2013 Notes in February 2023. This decrease was partially offset by lower current period net borrowings under our credit facility. Refer to the "Financing Activities" section below for further details.
Current wording
Net cash used for financing activities decreased $102 million from the prior year period, primarily due to the repayment of our 2013 Notes in February 2023. This decrease was partially offset by higher share repurchases during the current period. Refer to the "Financing Activities" section below for further details.
Previous wording
The Corporation’s debt outstanding had an average interest rate of 3.8% for boththe three and six months ended June 30, 2024, respectively, and 4.1% and 4.0% for the three and six months ended June 30, 2023, respectively. The Corporation’s average debt outstanding was $1.0 billion for both the three and six months ended June 30, 2024, respectively, and $1.3 billion and $1.2 billion for the three and six months ended June 30, 2023, respectively.
Current wording
The Corporation’s debt outstanding had an average interest rate of 3.8% for both the three and nine months ended September 30, 2024, respectively, and 4.0% for both the three and nine months ended September 30, 2023, respectively. The Corporation’s average debt outstanding was $1.0 billion for both the three and nine months ended September 30, 2024, respectively, and $1.1 billion and $1.2 billion for the three and nine months ended September 30, 2023, respectively.
Previous wording
As of June 30, 2024, the Corporation had approximately $18 million in letters of credit supported by the Credit Agreement. The unused credit available under the Credit Agreement as of June 30, 2024 was $732 million, which could be borrowed without violating any of our debt covenants.
Current wording
As of September 30, 2024, the Corporation had $20 million in letters of credit supported by the Credit Agreement. The unused credit available under the Credit Agreement as of September 30, 2024 was $730 million, which could be borrowed without violating any of our debt covenants.
Previous wording
During the six months ended June 30, 2024, the Corporation used $25 million of cash to repurchase approximately 0.1 million outstanding shares under its share repurchase program. During the six months ended June 30, 2023, the Corporation used $24 million of cash to repurchase approximately 0.1 million outstanding shares under its share repurchase program.
Current wording
During the nine months ended September 30, 2024, the Corporation used $138 million of cash to repurchase approximately 0.5 million outstanding shares under its share repurchase program. During the nine months ended September 30, 2023, the Corporation used $37 million of cash to repurchase approximately 0.2 million outstanding shares under its share repurchase program.
Previous wording
The Corporation made dividend payments of $8 million and $7 million during the six months ended June 30, 2024 and June 30, 2023, respectively. Additionally, beginning in the second quarter, the Corporation increased its quarterly dividend to $0.21 per share.
Current wording
The Corporation made dividend payments of $16 million and $15 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. Additionally, beginning in the second quarter of 2024, the Corporation increased its quarterly dividend to $0.21 per share.