Curtiss-Wright Reports Third Quarter 2024 Financial Results and Raises Full-Year 2024 Guidance
Curtiss-Wright (NYSE: CW) reported strong Q3 2024 results with sales of $799 million, up 10% year-over-year. The company achieved an operating income of $145 million with an 18.1% operating margin and diluted EPS of $2.89. Notably, new orders reached $860 million, reflecting a 1.1x book-to-bill ratio, while backlog grew 16% year-to-date to $3.3 billion. Based on strong performance, Curtiss-Wright raised its full-year 2024 guidance, now expecting 7-9% sales growth and diluted EPS of $10.55-$10.75, representing 12-15% growth.
Curtiss-Wright (NYSE: CW) ha riportato risultati solidi per il terzo trimestre del 2024, con vendite di 799 milioni di dollari, in aumento del 10% rispetto all'anno precedente. L'azienda ha conseguito un reddito operativo di 145 milioni di dollari con un margine operativo del 18,1% e un utile per azione diluito di 2,89 dollari. È importante notare che i nuovi ordini hanno raggiunto 860 milioni di dollari, riflettendo un rapporto book-to-bill di 1,1x, mentre l'ordine accumulato è cresciuto del 16% dall'inizio dell'anno, raggiungendo 3,3 miliardi di dollari. Sulla base di una performance forte, Curtiss-Wright ha alzato le sue previsioni per l'intero anno 2024, ora stimando una crescita delle vendite compresa tra il 7% e il 9% e un utile per azione diluito di 10,55-10,75 dollari, rappresentando una crescita del 12-15%.
Curtiss-Wright (NYSE: CW) reportó sólidos resultados para el tercer trimestre de 2024, con ventas de 799 millones de dólares, un aumento del 10% en comparación con el año anterior. La compañía logró un ingreso operativo de 145 millones de dólares con un margen operativo del 18,1% y ganancias por acción diluidas de 2,89 dólares. Cabe destacar que los nuevos pedidos alcanzaron 860 millones de dólares, reflejando una relación book-to-bill de 1,1x, mientras que la cartera de pedidos creció un 16% desde el inicio del año, totalizando 3,3 mil millones de dólares. Basándose en un sólido desempeño, Curtiss-Wright elevó su guía para todo el año 2024, ahora esperando un crecimiento de ventas del 7% al 9% y una ganancia por acción diluida de 10,55-10,75 dólares, lo que representa un crecimiento del 12-15%.
커티스-라이트 (NYSE: CW)는 2024년 3분기 강력한 실적을 발표하며 7억 9900만 달러의 매출을 기록하였고, 이는 작년 대비 10% 증가한 수치입니다. 회사는 1억 4500만 달러의 운영 소득을 달성했으며, 운영 마진은 18.1%이고, 희석 주당 순이익(EPS)은 2.89 달러입니다. 특히, 신규 주문은 8억 6000만 달러에 달하며, 이는 1.1배의 북투빌(book-to-bill) 비율을 반영합니다. 또한, 연초 대비 수주 잔고는 16% 성장하여 33억 달러에 도달했습니다. 강력한 성과를 바탕으로 커티스-라이트는 2024년 전체 지침을 상향 조정했으며, 이제 매출 성장률을 7-9%로, 희석 EPS를 10.55-10.75 달러로 예상하고 있으며, 이는 12-15%의 성장률에 해당합니다.
Curtiss-Wright (NYSE: CW) a annoncé de solides résultats pour le troisième trimestre 2024, avec des ventes de 799 millions de dollars, en hausse de 10 % par rapport à l'année précédente. La société a réalisé un revenu opérationnel de 145 millions de dollars avec une marge opérationnelle de 18,1 % et un BPA dilué de 2,89 dollars. Notamment, les nouvelles commandes ont atteint 860 millions de dollars, ce qui se traduit par un ratio book-to-bill de 1,1x, tandis que le carnet de commandes a augmenté de 16 % depuis le début de l'année, atteignant 3,3 milliards de dollars. Sur la base de ces performances solides, Curtiss-Wright a relevé ses prévisions pour l'année 2024, s'attendant désormais à une croissance des ventes de 7 à 9 % et à un BPA dilué compris entre 10,55 et 10,75 dollars, représentant une croissance de 12 à 15 %.
Curtiss-Wright (NYSE: CW) meldete für das dritte Quartal 2024 starke Ergebnisse mit einem Umsatz von 799 Millionen Dollar, was einem Anstieg von 10 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein Betriebsergebnis von 145 Millionen Dollar mit einer Betriebsmarge von 18,1 % und einem verwässerten Gewinn pro Aktie von 2,89 Dollar. Besonders hervorzuheben ist, dass die neuen Aufträge 860 Millionen Dollar erreichten, was ein Book-to-Bill-Verhältnis von 1,1x widerspiegelt, während der Auftragsbestand seit Jahresbeginn um 16 % auf 3,3 Milliarden Dollar gewachsen ist. Aufgrund der starken Leistung erhöhte Curtiss-Wright seine Prognose für das Gesamtjahr 2024 und erwartet nun ein Umsatzwachstum von 7-9 % sowie einen verwässerten Gewinn pro Aktie von 10,55-10,75 Dollar, was einem Wachstum von 12-15 % entspricht.
- Q3 sales increased 10% to $799 million
- Adjusted operating income grew 11% to $149 million
- New orders reached $860 million with 1.1x book-to-bill ratio
- Backlog increased 16% year-to-date to $3.3 billion
- Free cash flow grew 19% to $163 million
- Raised full-year 2024 guidance for sales and EPS
- Aerospace & Industrial segment operating margin declined 130 basis points
- Naval & Power segment operating margin decreased 40 basis points
- General Industrial market revenue declined 9%
Insights
Third Quarter 2024 Highlights:
-
Reported sales of
, up$799 million 10% ; -
Reported operating income of
, operating margin of$145 million 18.1% , and diluted earnings per share (EPS) of ;$2.89 -
Adjusted operating income of
, up$149 million 11% ; -
Adjusted operating margin of
18.7% , up 20 basis points; -
Adjusted diluted EPS of
, up$2.97 17% ; -
New orders of
, up$860 million 2% , reflected a book-to-bill of 1.1x driven by solid demand within our Aerospace & Defense (A&D) markets; -
Backlog of
, up$3.3 billion 16% year-to-date; and -
Free cash flow (FCF) of
, generating$163 million 142% Adjusted FCF conversion.
Raised Full-Year 2024 Adjusted Financial Guidance:
-
Sales increased to new range of
7% to9% growth (previously6% to8% ), principally driven by strong growth in our A&D markets; -
Operating income increased to new range of
7% to10% growth (previously6% to9% ); -
Maintained operating margin range of
17.4% to17.6% , flat to up 20 basis points compared with the prior year; -
Diluted EPS increased to new range of
to$10.55 , up$10.75 12% to15% (previously to$10.40 , up$10.65 11% to14% ); and -
Free cash flow increased to new range of
to$430 , up$450 million 4% to9% (previously to$425 , up$445 million 3% to8% ), and continues to reflect greater than105% FCF conversion.
"Curtiss-Wright achieved strong third quarter results, highlighted by mid-teens revenue growth in our A&D end markets, a better-than-expected operational performance in our Defense Electronics segment and a
“We continue to leverage our strong balance sheet in support of our disciplined capital allocation strategy. This includes delivering on our commitment to drive solid returns to our shareholders as we completed the recently announced
Third Quarter 2024 Operating Results
(In millions) |
Q3-2024 |
Q3-2023 |
Change |
|||||
Reported |
|
|
|
|||||
Sales |
$ |
799 |
|
$ |
724 |
|
10 |
% |
Operating income |
$ |
145 |
|
$ |
133 |
|
9 |
% |
Operating margin |
|
18.1 |
% |
|
18.3 |
% |
(20 bps) |
|
|
|
|
|
|||||
Adjusted (1) |
|
|
|
|||||
Sales |
$ |
799 |
|
$ |
724 |
|
10 |
% |
Operating income |
$ |
149 |
|
$ |
134 |
|
11 |
% |
Operating margin |
|
18.7 |
% |
|
18.5 |
% |
20 bps |
|
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
-
Sales of
increased$799 million 10% compared with the prior year; -
Total A&D market sales increased
15% , as we experienced strong growth in the defense markets principally driven by increased demand for our defense electronics products and higher submarine and aircraft carrier revenues in naval defense, as well as higher OEM sales in the commercial aerospace market; - Total Commercial market sales were flat, reflecting solid growth in the power & process market, principally driven by higher sales of our commercial nuclear products, which was offset by lower sales in the general industrial market; and
-
Adjusted operating income of
increased$149 million 11% , while Adjusted operating margin increased 20 basis points to18.7% , principally driven by favorable overhead absorption on higher revenues in all three segments and partially offset by an unfavorable mix of products.
Third Quarter 2024 Segment Performance
Aerospace & Industrial
(In millions) |
Q3-2024 |
Q3-2023 |
Change |
|||||
Reported |
|
|
|
|||||
Sales |
$ |
229 |
|
$ |
220 |
|
4 |
% |
Operating income |
$ |
37 |
|
$ |
39 |
|
(4 |
%) |
Operating margin |
|
16.4 |
% |
|
17.7 |
% |
(130 bps) |
|
|
|
|
|
|||||
Adjusted (1) |
|
|
|
|||||
Sales |
$ |
229 |
|
$ |
220 |
|
4 |
% |
Operating income |
$ |
39 |
|
$ |
39 |
|
1 |
% |
Operating margin |
|
17.2 |
% |
|
17.7 |
% |
(50 bps) |
|
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
-
Sales of
, up$229 million , or$8 million 4% ; - Commercial aerospace market revenue increases reflected strong demand and higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms;
- Higher revenue in the aerospace defense market reflected the timing of sales for our actuation equipment on various fighter jet programs;
- Lower general industrial market revenue was principally driven by reduced sales of industrial vehicle products to off-highway vehicle platforms and lower sales of industrial automation and services; and
-
Adjusted operating income was
, up$39 million 1% from the prior year, while Adjusted operating margin decreased 50 basis points to17.2% , as favorable absorption on higher sales as well as the benefits of our restructuring initiatives were offset by unfavorable mix of products.
Defense Electronics
(In millions) |
Q3-2024 |
Q3-2023 |
Change |
|||||
Reported |
|
|
|
|||||
Sales |
$ |
243 |
|
$ |
216 |
|
12 |
% |
Operating income |
$ |
64 |
|
$ |
56 |
|
13 |
% |
Operating margin |
|
26.2 |
% |
|
26.0 |
% |
20 bps |
|
|
|
|
|
|||||
Adjusted (1) |
|
|
|
|||||
Sales |
$ |
243 |
|
$ |
216 |
|
12 |
% |
Operating income |
$ |
64 |
|
$ |
56 |
|
15 |
% |
Operating margin |
|
26.5 |
% |
|
26.0 |
% |
50 bps |
|
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
-
Sales of
, up$243 million , or$27 million 12% ; - Higher revenue in the aerospace defense market was principally driven by increased sales of our embedded computing equipment on various domestic and international helicopter programs, partially offset by the timing of flight test equipment sales;
- Strong revenue growth in the ground defense market primarily reflected higher sales of tactical battlefield communications equipment;
- Higher commercial aerospace market revenue principally reflected increased OEM sales of avionics and electronics on various platforms; and
-
Adjusted operating income was
, up$64 million 15% from the prior year, while Adjusted operating margin increased 50 basis points to26.5% , primarily due to favorable absorption on higher A&D revenues.
Naval & Power
(In millions) |
Q3-2024 |
Q3-2023 |
Change |
|||||
Reported |
|
|
|
|||||
Sales |
$ |
327 |
|
$ |
288 |
|
14 |
% |
Operating income |
$ |
53 |
|
$ |
48 |
|
11 |
% |
Operating margin |
|
16.2 |
% |
|
16.6 |
% |
(40 bps) |
|
|
|
|
|
|||||
Adjusted (1) |
|
|
|
|||||
Sales |
$ |
327 |
|
$ |
288 |
|
14 |
% |
Operating income |
$ |
54 |
|
$ |
49 |
|
10 |
% |
Operating margin |
|
16.4 |
% |
|
17.0 |
% |
(60 bps) |
|
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
-
Sales of
, up$327 million , or$39 million 14% ; - Strong revenue growth in the naval defense market principally reflected higher demand on the Virginia-class submarine, Columbia-class submarine and CVN-81 aircraft carrier programs, as well as higher growth on various next-generation submarine development programs;
-
Higher power & process market revenues mainly reflected increased commercial nuclear aftermarket sales supporting the maintenance of
U.S. operating reactors; and -
Adjusted operating income was
, up$54 million 10% from the prior year, while Adjusted operating margin decreased 60 basis points to16.4% , as favorable absorption on higher revenues was partially offset by an unfavorable mix of products and the timing of development programs.
Free Cash Flow
(In millions) |
Q3-2024 |
Q3-2023 |
Change |
|||||
Net cash provided by operating activities |
$ |
177 |
|
$ |
146 |
|
21 |
% |
Capital expenditures |
|
(15 |
) |
|
(9 |
) |
56 |
% |
Reported free cash flow |
$ |
163 |
|
$ |
137 |
|
19 |
% |
Adjusted free cash flow (1) |
$ |
163 |
|
$ |
137 |
|
19 |
% |
(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix. |
-
Reported free cash flow of
increased$163 million year over year, primarily driven by higher cash earnings and lower working capital;$26 million -
Adjusted free cash flow of
; and$163 million -
Capital expenditures increased
compared with the prior year period, due to growth investments within the Aerospace & Industrial and Defense Electronics segments.$5 million
New Orders and Backlog
-
New orders of
increased$860 million 2% compared with the prior year and generated an overall book-to-bill of approximately 1.1x, principally driven by continued strong demand for defense electronics products within our A&D markets; and -
Backlog of
, up$3.3 billion 16% from December 31, 2023, reflecting higher demand in both our A&D and Commercial markets.
Share Repurchase and Dividends
-
During the third quarter, the Company repurchased 355,578 shares of its common stock for approximately
and remains on track to repurchase a total of$113 million in shares in 2024; and$150 million -
The Company declared a quarterly dividend of
a share.$0.21
Full-Year 2024 Guidance
The Company is updating its full-year 2024 Adjusted financial guidance(1) as follows:
($ in millions, except EPS) |
2024 Adjusted
|
2024 Adjusted
|
Change vs 2023 Adjusted
|
Total Sales |
|
|
Up |
Operating Income |
|
|
Up |
Operating Margin |
|
|
Up 0 - 20 bps |
Diluted EPS |
|
|
Up |
Free Cash Flow |
|
|
Up |
(1) Reconciliations of Reported to Adjusted 2023 operating results and 2024 financial guidance are available in the Appendix. |
**********
A more detailed breakdown of the Company’s 2024 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted Non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its third quarter 2024 financial results and updates to 2024 guidance at 10:00 a.m. ET on Thursday, October 31, 2024. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) |
|||||||||||||||
($'s in thousands, except per share data) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Product sales |
$ |
684,216 |
|
|
$ |
613,915 |
|
|
$ |
1,941,327 |
|
|
$ |
1,721,832 |
|
Service sales |
|
114,702 |
|
|
|
110,411 |
|
|
|
355,549 |
|
|
|
337,750 |
|
Total net sales |
|
798,918 |
|
|
|
724,326 |
|
|
|
2,296,876 |
|
|
|
2,059,582 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of product sales |
|
434,370 |
|
|
|
380,163 |
|
|
|
1,252,773 |
|
|
|
1,093,469 |
|
Cost of service sales |
|
66,285 |
|
|
|
62,695 |
|
|
|
207,984 |
|
|
|
203,664 |
|
Total cost of sales |
|
500,655 |
|
|
|
442,858 |
|
|
|
1,460,757 |
|
|
|
1,297,133 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
298,263 |
|
|
|
281,468 |
|
|
|
836,119 |
|
|
|
762,449 |
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses |
|
20,734 |
|
|
|
23,464 |
|
|
|
65,866 |
|
|
|
65,698 |
|
Selling expenses |
|
37,311 |
|
|
|
34,084 |
|
|
|
109,202 |
|
|
|
100,782 |
|
General and administrative expenses |
|
92,035 |
|
|
|
91,401 |
|
|
|
281,092 |
|
|
|
272,060 |
|
Restructuring expenses |
|
3,280 |
|
|
|
— |
|
|
|
6,198 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
144,903 |
|
|
|
132,519 |
|
|
|
373,761 |
|
|
|
323,909 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
11,408 |
|
|
|
12,496 |
|
|
|
33,194 |
|
|
|
40,432 |
|
Other income, net |
|
10,126 |
|
|
|
7,023 |
|
|
|
28,294 |
|
|
|
22,744 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
143,621 |
|
|
|
127,046 |
|
|
|
368,861 |
|
|
|
306,221 |
|
Provision for income taxes |
|
(32,461 |
) |
|
|
(30,268 |
) |
|
|
(81,735 |
) |
|
|
(71,598 |
) |
Net earnings |
$ |
111,160 |
|
|
$ |
96,778 |
|
|
$ |
287,126 |
|
|
$ |
234,623 |
|
|
|
|
|
|
|
|
|
||||||||
Net earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
2.91 |
|
|
$ |
2.53 |
|
|
$ |
7.51 |
|
|
$ |
6.13 |
|
Diluted earnings per share |
$ |
2.89 |
|
|
$ |
2.51 |
|
|
$ |
7.47 |
|
|
$ |
6.09 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends per share |
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.62 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
38,208 |
|
|
|
38,285 |
|
|
|
38,245 |
|
|
|
38,301 |
|
Diluted |
|
38,451 |
|
|
|
38,558 |
|
|
|
38,451 |
|
|
|
38,538 |
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
($'s in thousands, except par value) |
|||||||
|
|
|
|
||||
|
September 30, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
443,850 |
|
|
$ |
406,867 |
|
Receivables, net |
|
857,614 |
|
|
|
732,678 |
|
Inventories, net |
|
582,584 |
|
|
|
510,033 |
|
Other current assets |
|
68,035 |
|
|
|
67,502 |
|
Total current assets |
|
1,952,083 |
|
|
|
1,717,080 |
|
Property, plant, and equipment, net |
|
330,292 |
|
|
|
332,796 |
|
Goodwill |
|
1,583,448 |
|
|
|
1,558,826 |
|
Other intangible assets, net |
|
532,397 |
|
|
|
557,612 |
|
Operating lease right-of-use assets, net |
|
156,613 |
|
|
|
141,435 |
|
Prepaid pension asset |
|
279,212 |
|
|
|
261,869 |
|
Other assets |
|
51,693 |
|
|
|
51,351 |
|
Total assets |
$ |
4,885,738 |
|
|
$ |
4,620,969 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
90,000 |
|
|
$ |
— |
|
Accounts payable |
|
222,542 |
|
|
|
243,833 |
|
Accrued expenses |
|
194,414 |
|
|
|
188,039 |
|
Deferred revenue |
|
392,330 |
|
|
|
303,872 |
|
Other current liabilities |
|
87,369 |
|
|
|
70,800 |
|
Total current liabilities |
|
986,655 |
|
|
|
806,544 |
|
Long-term debt |
|
959,302 |
|
|
|
1,050,362 |
|
Deferred tax liabilities, net |
|
124,186 |
|
|
|
132,319 |
|
Accrued pension and other postretirement benefit costs |
|
68,159 |
|
|
|
66,875 |
|
Long-term operating lease liability |
|
134,866 |
|
|
|
118,611 |
|
Long-term portion of environmental reserves |
|
14,661 |
|
|
|
12,784 |
|
Other liabilities |
|
107,490 |
|
|
|
105,061 |
|
Total liabilities |
$ |
2,395,319 |
|
$ |
2,292,556 |
|
|
|
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Common stock, |
$ |
49,187 |
|
|
$ |
49,187 |
|
Additional paid in capital |
|
144,394 |
|
|
|
140,182 |
|
Retained earnings |
|
3,751,183 |
|
|
|
3,487,751 |
|
Accumulated other comprehensive loss |
|
(203,428 |
) |
|
|
(213,223 |
) |
Less: cost of treasury stock |
|
(1,250,917 |
) |
|
|
(1,135,484 |
) |
Total stockholders' equity |
$ |
2,490,419 |
|
|
$ |
2,328,413 |
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
4,885,738 |
|
|
$ |
4,620,969 |
|
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under
The following definitions are provided:
Adjusted Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) costs associated with the Company's 2024 Restructuring Program; and (iii) the sale or divestiture of a business or product line, as applicable.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
|||||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
||||||||||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
% Change |
||||||||||||||||||||||
|
As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjusted |
||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerospace & Industrial |
$ |
228,659 |
|
|
$ |
— |
|
$ |
228,659 |
|
|
$ |
220,297 |
|
|
$ |
— |
|
$ |
220,297 |
|
|
4 |
% |
|
4 |
% |
Defense Electronics |
|
243,029 |
|
|
|
— |
|
|
243,029 |
|
|
|
216,285 |
|
|
|
— |
|
|
216,285 |
|
|
12 |
% |
|
12 |
% |
Naval & Power |
|
327,230 |
|
|
|
— |
|
|
327,230 |
|
|
|
287,744 |
|
|
|
— |
|
|
287,744 |
|
|
14 |
% |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total sales |
$ |
798,918 |
|
|
$ |
— |
|
$ |
798,918 |
|
|
$ |
724,326 |
|
|
$ |
— |
|
$ |
724,326 |
|
|
10 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Aerospace & Industrial(2) |
$ |
37,435 |
|
|
$ |
1,926 |
|
$ |
39,361 |
|
|
$ |
39,014 |
|
|
$ |
— |
|
$ |
39,014 |
|
|
(4 |
)% |
|
1 |
% |
Defense Electronics(2) |
|
63,639 |
|
|
|
819 |
|
|
64,458 |
|
|
|
56,212 |
|
|
|
— |
|
|
56,212 |
|
|
13 |
% |
|
15 |
% |
Naval & Power(1)(2) |
|
53,039 |
|
|
|
759 |
|
|
53,798 |
|
|
|
47,663 |
|
|
|
1,333 |
|
|
48,996 |
|
|
11 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total segments |
$ |
154,113 |
|
|
$ |
3,504 |
|
$ |
157,617 |
|
|
$ |
142,889 |
|
|
$ |
1,333 |
|
$ |
144,222 |
|
|
8 |
% |
|
9 |
% |
Corporate and other(2) |
|
(9,210 |
) |
|
|
660 |
|
|
(8,550 |
) |
|
|
(10,370 |
) |
|
|
— |
|
|
(10,370 |
) |
|
11 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total operating income |
$ |
144,903 |
|
|
$ |
4,164 |
|
$ |
149,067 |
|
|
$ |
132,519 |
|
|
$ |
1,333 |
|
$ |
133,852 |
|
|
9 |
% |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margins: |
As Reported |
|
|
|
Adjusted |
|
As Reported |
|
|
|
Adjusted |
|
As Reported |
|
Adjusted |
||||||||||||
Aerospace & Industrial |
|
16.4 |
% |
|
|
|
|
17.2 |
% |
|
|
17.7 |
% |
|
|
|
|
17.7 |
% |
|
(130 bps) |
|
(50 bps) |
||||
Defense Electronics |
|
26.2 |
% |
|
|
|
|
26.5 |
% |
|
|
26.0 |
% |
|
|
|
|
26.0 |
% |
|
20 bps |
|
50 bps |
||||
Naval & Power |
|
16.2 |
% |
|
|
|
|
16.4 |
% |
|
|
16.6 |
% |
|
|
|
|
17.0 |
% |
|
(40 bps) |
|
(60 bps) |
||||
Total Curtiss-Wright |
|
18.1 |
% |
|
|
|
|
18.7 |
% |
|
|
18.3 |
% |
|
|
|
|
18.5 |
% |
|
(20 bps) |
|
20 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment margins |
|
19.3 |
% |
|
|
|
|
19.7 |
% |
|
|
19.7 |
% |
|
|
|
|
19.9 |
% |
|
(40 bps) |
|
(20 bps) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods. |
|||||||||||||||||||||||||||
(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period. |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
|||||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended |
|
Nine Months Ended |
|
|
|
|
||||||||||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
|
% Change |
||||||||||||||||||||||
|
As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjusted |
||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerospace & Industrial |
$ |
681,216 |
|
|
$ |
— |
|
$ |
681,216 |
|
|
$ |
649,004 |
|
|
$ |
— |
|
$ |
649,004 |
|
|
5 |
% |
|
5 |
% |
Defense Electronics |
|
683,231 |
|
|
|
— |
|
|
683,231 |
|
|
|
576,161 |
|
|
|
— |
|
|
576,161 |
|
|
19 |
% |
|
19 |
% |
Naval & Power |
|
932,429 |
|
|
|
— |
|
|
932,429 |
|
|
|
834,417 |
|
|
|
— |
|
|
834,417 |
|
|
12 |
% |
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total sales |
$ |
2,296,876 |
|
|
$ |
— |
|
$ |
2,296,876 |
|
|
$ |
2,059,582 |
|
|
$ |
— |
|
$ |
2,059,582 |
|
|
12 |
% |
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Aerospace & Industrial(2) |
$ |
100,147 |
|
|
$ |
4,546 |
|
$ |
104,693 |
|
|
$ |
101,224 |
|
|
$ |
— |
|
$ |
101,224 |
|
|
(1 |
)% |
|
3 |
% |
Defense Electronics(2) |
|
169,964 |
|
|
|
1,342 |
|
|
171,306 |
|
|
|
122,760 |
|
|
|
— |
|
|
122,760 |
|
|
38 |
% |
|
40 |
% |
Naval & Power (1)(2) |
|
134,513 |
|
|
|
1,101 |
|
|
135,614 |
|
|
|
132,382 |
|
|
|
6,669 |
|
|
139,051 |
|
|
2 |
% |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total segments |
$ |
404,624 |
|
|
$ |
6,989 |
|
$ |
411,613 |
|
|
$ |
356,366 |
|
|
$ |
6,669 |
|
$ |
363,035 |
|
|
14 |
% |
|
13 |
% |
Corporate and other(2) |
|
(30,863 |
) |
|
|
1,624 |
|
|
(29,239 |
) |
|
|
(32,457 |
) |
|
|
— |
|
|
(32,457 |
) |
|
5 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total operating income |
$ |
373,761 |
|
|
$ |
8,613 |
|
$ |
382,374 |
|
|
$ |
323,909 |
|
|
$ |
6,669 |
|
$ |
330,578 |
|
|
15 |
% |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margins: |
As Reported |
|
|
|
Adjusted |
|
As Reported |
|
|
|
Adjusted |
|
As Reported |
|
Adjusted |
||||||||||||
Aerospace & Industrial |
|
14.7 |
% |
|
|
|
|
15.4 |
% |
|
|
15.6 |
% |
|
|
|
|
15.6 |
% |
|
(90 bps) |
|
(20 bps) |
||||
Defense Electronics |
|
24.9 |
% |
|
|
|
|
25.1 |
% |
|
|
21.3 |
% |
|
|
|
|
21.3 |
% |
|
360 bps |
|
380 bps |
||||
Naval & Power |
|
14.4 |
% |
|
|
|
|
14.5 |
% |
|
|
15.9 |
% |
|
|
|
|
16.7 |
% |
|
(150 bps) |
|
(220 bps) |
||||
Total Curtiss-Wright |
|
16.3 |
% |
|
|
|
|
16.6 |
% |
|
|
15.7 |
% |
|
|
|
|
16.1 |
% |
|
60 bps |
|
50 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment margins |
|
17.6 |
% |
|
|
|
|
17.9 |
% |
|
|
17.3 |
% |
|
|
|
|
17.6 |
% |
|
30 bps |
|
30 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods. |
|||||||||||||||||||||||||||
(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period. |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||
SALES BY END MARKET (UNAUDITED) |
|||||||||
($'s in thousands) |
|||||||||
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
Three Months Ended |
|
|
|||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
% Change |
|||
Aerospace & Defense markets: |
|
|
|
|
|
|
|||
Aerospace Defense |
|
$ |
158,980 |
|
$ |
148,023 |
|
7 |
% |
Ground Defense |
|
|
92,973 |
|
|
83,185 |
|
12 |
% |
Naval Defense |
|
|
217,510 |
|
|
179,862 |
|
21 |
% |
Commercial Aerospace |
|
|
96,677 |
|
|
79,703 |
|
21 |
% |
Total Aerospace & Defense |
|
$ |
566,140 |
|
$ |
490,773 |
|
15 |
% |
|
|
|
|
|
|
|
|||
Commercial markets: |
|
|
|
|
|
|
|||
Power & Process |
|
$ |
131,376 |
|
$ |
122,118 |
|
8 |
% |
General Industrial |
|
|
101,402 |
|
|
111,435 |
|
(9 |
%) |
Total Commercial |
|
$ |
232,778 |
|
$ |
233,553 |
|
0 |
% |
|
|
|
|
|
|
|
|||
Total Curtiss-Wright |
|
$ |
798,918 |
|
$ |
724,326 |
|
10 |
% |
|
|
|
|
|
|
|
|||
|
|
Nine Months Ended |
|
Nine Months Ended |
|
|
|||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
% Change |
|||
Aerospace & Defense markets: |
|
|
|
|
|
|
|||
Aerospace Defense |
|
$ |
445,158 |
|
$ |
380,095 |
|
17 |
% |
Ground Defense |
|
|
268,672 |
|
|
220,317 |
|
22 |
% |
Naval Defense |
|
|
605,004 |
|
|
532,773 |
|
14 |
% |
Commercial Aerospace |
|
|
279,768 |
|
|
232,226 |
|
20 |
% |
Total Aerospace & Defense |
|
$ |
1,598,602 |
|
$ |
1,365,411 |
|
17 |
% |
|
|
|
|
|
|
|
|||
Commercial markets: |
|
|
|
|
|
|
|||
Power & Process |
|
$ |
394,016 |
|
$ |
373,457 |
|
6 |
% |
General Industrial |
|
|
304,258 |
|
|
320,714 |
|
(5 |
%) |
Total Commercial |
|
$ |
698,274 |
|
$ |
694,171 |
|
1 |
% |
|
|
|
|
|
|
|
|||
Total Curtiss-Wright |
|
$ |
2,296,876 |
|
$ |
2,059,582 |
|
12 |
% |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Diluted earnings per share - As Reported |
$ |
2.89 |
|
$ |
2.51 |
|
$ |
7.47 |
|
$ |
6.09 |
First year purchase accounting adjustments |
|
0.02 |
|
|
0.03 |
|
|
0.02 |
|
|
0.13 |
Restructuring costs |
|
0.06 |
|
|
— |
|
|
0.15 |
|
|
— |
Diluted earnings per share - Adjusted (1) |
$ |
2.97 |
|
$ |
2.54 |
|
$ |
7.64 |
|
$ |
6.22 |
|
|
|
|
|
|
|
|
||||
(1) All adjustments are presented net of income taxes. |
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.
|
Three Months Ended |
||||||||||||||
|
September 30, |
||||||||||||||
|
2024 vs. 2023 |
||||||||||||||
|
Aerospace & Industrial |
|
Defense Electronics |
|
Naval & Power |
|
Total Curtiss-Wright |
||||||||
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
As Reported |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Acquisitions |
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency |
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
( |
Organic |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
||||||||||||||
|
September 30, |
||||||||||||||
|
2024 vs. 2023 |
||||||||||||||
|
Aerospace & Industrial |
|
Defense Electronics |
|
Naval & Power |
|
Total Curtiss-Wright |
||||||||
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
|
Sales |
|
Operating income |
As Reported |
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
Less: Acquisitions |
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency |
|
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Adjusted free cash flow excludes payments associated with the Westinghouse legal settlement in the prior year period. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||
NON-GAAP FINANCIAL DATA (UNAUDITED) |
|||||||||||
($'s in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
(14,584 |
) |
|
(9,373 |
) |
|
(37,703 |
) |
|
(32,037 |
) |
Free cash flow |
|
|
|
|
|
|
|
|
|
|
|
Westinghouse legal settlement |
— |
|
|
— |
|
|
— |
|
|
10,000 |
|
Adjusted free cash flow |
|
|
|
|
|
|
|
|
|
|
|
Adjusted free cash flow conversion |
142 |
% |
|
140 |
% |
|
70 |
% |
|
60 |
% |
CURTISS-WRIGHT CORPORATION |
|||||||||||||||||||||||||||||||
2024 Guidance |
|||||||||||||||||||||||||||||||
As of October 30, 2024 |
|||||||||||||||||||||||||||||||
($'s in millions, except per share data) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
2023
|
|
2023
|
|
2023
|
|
2024
|
|
2024
|
|
2024
|
||||||||||||||||||||
|
|
|
|
|
|
|
Low |
High |
|
|
|
Low |
High |
|
2024 Chg vs 2023 Adjusted |
||||||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Aerospace & Industrial |
$ |
887 |
|
|
$ |
— |
|
|
$ |
887 |
|
|
$ |
925 |
|
$ |
940 |
|
|
$ |
— |
|
|
$ |
925 |
|
$ |
940 |
|
|
4 - |
Defense Electronics |
|
816 |
|
|
|
— |
|
|
|
816 |
|
|
|
892 |
|
|
907 |
|
|
|
— |
|
|
|
892 |
|
|
907 |
|
|
9 - |
Naval & Power |
|
1,142 |
|
|
|
— |
|
|
|
1,142 |
|
|
|
1,233 |
|
|
1,248 |
|
|
|
— |
|
|
|
1,233 |
|
|
1,248 |
|
|
8 - |
Total sales |
$ |
2,845 |
|
|
$ |
— |
|
|
$ |
2,845 |
|
|
$ |
3,050 |
|
$ |
3,095 |
|
|
$ |
— |
|
|
$ |
3,050 |
|
$ |
3,095 |
|
|
7 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Aerospace & Industrial |
$ |
145 |
|
|
$ |
— |
|
|
$ |
145 |
|
|
$ |
148 |
|
$ |
152 |
|
|
$ |
9 |
|
|
$ |
157 |
|
$ |
161 |
|
|
8 - |
Defense Electronics |
|
192 |
|
|
|
— |
|
|
|
192 |
|
|
|
213 |
|
|
218 |
|
|
|
3 |
|
|
|
216 |
|
|
221 |
|
|
13 - |
Naval & Power |
|
189 |
|
|
|
9 |
|
|
|
198 |
|
|
|
197 |
|
|
202 |
|
|
|
1 |
|
|
|
198 |
|
|
203 |
|
|
0 - |
Total segments |
$ |
526 |
|
|
$ |
9 |
|
|
$ |
535 |
|
|
$ |
557 |
|
$ |
572 |
|
|
$ |
13 |
|
|
$ |
570 |
|
$ |
585 |
|
|
|
Corporate and other |
|
(42 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
(41 |
) |
|
(42 |
) |
|
|
2 |
|
|
|
(39 |
) |
|
(40 |
) |
|
|
Total operating income |
$ |
485 |
|
|
$ |
9 |
|
|
$ |
494 |
|
|
$ |
516 |
|
$ |
530 |
|
|
$ |
15 |
|
|
$ |
531 |
|
$ |
545 |
|
|
7 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest expense |
$ |
(51 |
) |
|
$ |
— |
|
|
$ |
(51 |
) |
|
$ |
(44 |
) |
$ |
(45 |
) |
|
$ |
— |
|
|
$ |
(44 |
) |
$ |
(45 |
) |
|
|
Other income, net |
|
30 |
|
|
|
— |
|
|
|
30 |
|
|
|
35 |
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
|
35 |
|
|
|
Earnings before income taxes |
|
463 |
|
|
|
9 |
|
|
|
472 |
|
|
|
507 |
|
|
519 |
|
|
|
15 |
|
|
|
522 |
|
|
534 |
|
|
|
Provision for income taxes |
|
(109 |
) |
|
|
(2 |
) |
|
|
(111 |
) |
|
|
(114 |
) |
|
(117 |
) |
|
|
(3 |
) |
|
|
(117 |
) |
|
(120 |
) |
|
|
Net earnings |
$ |
355 |
|
|
$ |
6 |
|
|
$ |
361 |
|
|
$ |
393 |
|
$ |
401 |
|
|
$ |
12 |
|
|
$ |
405 |
|
$ |
413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Diluted earnings per share |
$ |
9.20 |
|
|
$ |
0.18 |
|
|
$ |
9.38 |
|
|
$ |
10.23 |
|
$ |
10.44 |
|
|
$ |
0.32 |
|
|
$ |
10.55 |
|
$ |
10.75 |
|
|
12 - |
Diluted shares outstanding |
|
38.5 |
|
|
|
|
|
38.5 |
|
|
|
38.4 |
|
|
38.4 |
|
|
|
|
|
38.4 |
|
|
38.4 |
|
|
|
||||
Effective tax rate |
|
23.4 |
% |
|
|
|
|
23.4 |
% |
|
|
22.5 |
% |
|
22.5 |
% |
|
|
|
|
22.5 |
% |
|
22.5 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating margins: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Aerospace & Industrial |
|
16.4 |
% |
|
|
|
|
16.4 |
% |
|
|
16.0 |
% |
|
16.2 |
% |
|
|
|
|
16.9 |
% |
|
17.1 |
% |
|
50 - 70 bps |
||||
Defense Electronics |
|
23.5 |
% |
|
|
|
|
23.5 |
% |
|
|
23.9 |
% |
|
24.0 |
% |
|
|
|
|
24.2 |
% |
|
24.4 |
% |
|
70 - 90 bps |
||||
Naval & Power |
|
16.6 |
% |
|
|
|
|
17.4 |
% |
|
|
16.0 |
% |
|
16.2 |
% |
|
|
|
|
16.1 |
% |
|
16.3 |
% |
|
(110 - 130 bps) |
||||
Total operating margin |
|
17.0 |
% |
|
|
|
|
17.4 |
% |
|
|
16.9 |
% |
|
17.1 |
% |
|
|
|
|
17.4 |
% |
|
17.6 |
% |
|
0 - 20 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Free cash flow |
$ |
403 |
|
|
$ |
10 |
|
|
$ |
413 |
|
|
$ |
430 |
|
$ |
450 |
|
|
$ |
— |
|
|
$ |
430 |
|
$ |
450 |
|
|
4 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Notes: Full year amounts may not add due to rounding. |
|||||||||||||||||||||||||||||||
(1) 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments. |
|||||||||||||||||||||||||||||||
(2) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2023 Adjusted Free Cash Flow excluded a legal settlement payment of |
|||||||||||||||||||||||||||||||
(3) 2024 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments. |
CURTISS-WRIGHT CORPORATION |
|||||
2024 Sales Growth Guidance by End Market |
|||||
As of October 30, 2024 |
|||||
|
|
|
|
||
|
2024 % Change vs. 2023 Adjusted |
|
|
||
|
|
|
|
|
|
|
Prior |
|
Current |
|
% Total Sales |
Aerospace & Defense Markets |
|
|
|
|
|
Aerospace Defense |
7 - |
|
9 - |
|
|
Ground Defense |
10 - |
|
10 - |
|
|
Naval Defense |
5 - |
|
9 - |
|
|
Commercial Aerospace |
13 - |
|
16 - |
|
|
Total Aerospace & Defense |
8 - |
|
10 - |
|
|
|
|
|
|
|
|
Commercial Markets |
|
|
|
|
|
Power & Process |
4 - |
|
5 - |
|
|
General Industrial |
Flat |
|
(2 - |
|
|
Total Commercial |
1 - |
|
1 - |
|
|
|
|
|
|
|
|
Total Curtiss-Wright Sales |
6 - |
|
7 - |
|
|
|
|
|
|
|
|
Note: Sales percentages may not add due to rounding. |
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 has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
###
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.
This press release and additional information are available at www.curtisswright.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030622596/en/
Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com
Source: Curtiss-Wright Corporation
FAQ
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