Curtiss-Wright Hosts 2024 Investor Day and Provides New Long-Term Financial Guidance
Curtiss-Wright (NYSE: CW) hosted an Investor Day in New York City, reaffirming its full-year 2024 financial guidance and presenting a long-term outlook through 2026. The event featured presentations by senior executives, including Chair and CEO Lynn M. Bamford, and Vice President and CFO K. Christopher Farkas. Key financial targets include a minimum 5% organic revenue CAGR, minimum 10% EPS CAGR, and strong free cash flow generation. The company aims to expand operating margins and make strategic investments in R&D to accelerate growth. The event also included a panel of commercial nuclear energy experts from the Nuclear Energy Institute, Westinghouse Electric Company, and Energy Northwest, highlighting Curtiss-Wright's focus on leveraging growth opportunities in the commercial nuclear sector.
- Minimum 5% organic revenue CAGR targeted for 2024-2026.
- Minimum 10% EPS CAGR targeted for 2024-2026.
- Strong free cash flow generation anticipated.
- Commitment to strategic investments in R&D to boost long-term growth.
- Continued operational margin expansion expected.
- Panel of commercial nuclear experts highlights opportunities in the commercial nuclear sector.
- The financial targets exclude any new AP1000 orders.
- Long-term projections depend on achieving significant R&D investments and market conditions remaining favorable.
Introduces 3-Year Financial Targets including Minimum
Underscores Highly Efficient and Disciplined Capital Allocation Framework
Lynn M. Bamford, Chair and Chief Executive Officer, K. Christopher Farkas, Vice President and Chief Financial Officer, and other members of the executive management team, will provide an in-depth review of the Company’s Pivot to Growth strategy for continued profitable growth and introduce new long-term financial targets. In addition, the Company is excited to host a panel of commercial nuclear energy experts, including senior leadership from the Nuclear Energy Institute, a policy organization of the nuclear technologies industry based in
“This is an exciting time for Curtiss-Wright as we leverage our strong track record of operational excellence and financial discipline, and continue to build momentum in our Pivot to Growth strategy,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “Our technologies and portfolio of solutions are incredibly well-aligned with customer and industry needs and growth trends in all our core end markets. We expect to deliver incremental operating margin expansion and strong free cash flow generation, while making strategic investments in research and development to accelerate our long-term organic growth. Overall, we are confident in our ability to achieve our new 3-year financial targets and deliver significant long-term value for all of our stakeholders.”
Introducing 3-Year Financial Targets (2024 - 2026):
-
Total Organic Revenue CAGR above
5% ; - Operating Income Growth > Revenue Growth, implying continued operating margin expansion;
- Top Quartile Margin Performance (relative to CW’s proxy peer group);
-
EPS CAGR above
10% ; -
Free Cash Flow Conversion above
105% , based on more normalized capital expenditures; and - Targets reflect base year of 2023, and do not include an AP1000 order in this timeframe.
Event Webcast Details:
A live webcast of the event, including a question and answer session with Curtiss-Wright’s senior leadership at the conclusion of the prepared remarks, will begin at 8:30 a.m. EDT and conclude at approximately 12:15 p.m. EDT. The presentations and webcast can be accessed through the Company’s Investor Relations webpage. Registration for the webcast is required and can be completed on the Investor Day 2024 Registration Site. An archived replay of the webcast and slides shown during the presentations will be available following the completion of the event for one year.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) 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 leverage a workforce of approximately 8,600 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright, headquartered in
Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent reports filed with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240521110603/en/
Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com
Source: Curtiss-Wright Corporation
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