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Curtiss-Wright Reports Third Quarter 2024 Financial Results and Raises Full-Year 2024 Guidance

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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.

Positive
  • 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
Negative
  • 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

Curtiss-Wright delivered an impressive Q3 2024 with strong financial metrics across the board. Sales grew 10% to $799 million, while adjusted operating income increased 11% to $149 million. The company's A&D markets showed particular strength with 15% growth. Key highlights include a healthy book-to-bill ratio of 1.1x and backlog growth of 16% year-to-date to $3.3 billion. The raised full-year guidance, including 7-9% sales growth and 12-15% EPS growth, demonstrates management's confidence in continued momentum. Strong free cash flow generation at 142% conversion and strategic capital deployment through share repurchases further enhance shareholder value.

The Defense Electronics segment is driving exceptional performance with 12% revenue growth and expanded margins to 26.5%. Notable strength came from embedded computing equipment for helicopter programs and tactical battlefield communications. Record quarterly orders in this segment, combined with the 21% growth in Naval Defense revenues, indicate robust military spending trends. The $3.3 billion backlog provides strong visibility for continued growth across submarine, aircraft carrier and next-generation development programs. This performance validates Curtiss-Wright's strategic positioning in critical defense platforms.

DAVIDSON, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights:

  • Reported sales of $799 million, up 10%;
  • Reported operating income of $145 million, operating margin of 18.1%, and diluted earnings per share (EPS) of $2.89;
  • Adjusted operating income of $149 million, up 11%;
  • Adjusted operating margin of 18.7%, up 20 basis points;
  • Adjusted diluted EPS of $2.97, up 17%;
  • New orders of $860 million, up 2%, reflected a book-to-bill of 1.1x driven by solid demand within our Aerospace & Defense (A&D) markets;
  • Backlog of $3.3 billion, up 16% year-to-date; and
  • Free cash flow (FCF) of $163 million, generating 142% Adjusted FCF conversion.

Raised Full-Year 2024 Adjusted Financial Guidance:

  • Sales increased to new range of 7% to 9% growth (previously 6% to 8%), principally driven by strong growth in our A&D markets;
  • Operating income increased to new range of 7% to 10% growth (previously 6% to 9%);
  • Maintained operating margin range of 17.4% to 17.6%, flat to up 20 basis points compared with the prior year;
  • Diluted EPS increased to new range of $10.55 to $10.75, up 12% to 15% (previously $10.40 to $10.65, up 11% to 14%); and
  • Free cash flow increased to new range of $430 to $450 million, up 4% to 9% (previously $425 to $445 million, up 3% to 8%), and continues to reflect greater than 105% 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 17% year-over-year increase in Adjusted diluted EPS," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We continue to demonstrate solid order activity, yielding an overall book-to-bill of 1.1x in the quarter, highlighted by record quarterly orders within our Defense Electronics segment. We also delivered solid cash generation, resulting in an exceptional free cash flow conversion of 142%. Based on the strong year-to-date performance and our continued momentum in executing on our Pivot to Growth strategy, we once again raised our full-year 2024 outlook for sales, diluted EPS and free cash flow."

“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 $100 million expansion of our 2024 share repurchase program during the quarter. Additionally, we remain focused on supplementing our organic growth with high quality, strategic acquisitions that meet our stringent financial criteria to drive long-term shareholder value.”

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 $799 million increased 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 $149 million increased 11%, while Adjusted operating margin increased 20 basis points to 18.7%, 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 $229 million, up $8 million, or 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 $39 million, up 1% from the prior year, while Adjusted operating margin decreased 50 basis points to 17.2%, 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 $243 million, up $27 million, or 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 $64 million, up 15% from the prior year, while Adjusted operating margin increased 50 basis points to 26.5%, 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 $327 million, up $39 million, or 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 $54 million, up 10% from the prior year, while Adjusted operating margin decreased 60 basis points to 16.4%, 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 $163 million increased $26 million year over year, primarily driven by higher cash earnings and lower working capital;
  • Adjusted free cash flow of $163 million; and
  • Capital expenditures increased $5 million compared with the prior year period, due to growth investments within the Aerospace & Industrial and Defense Electronics segments.

New Orders and Backlog

  • New orders of $860 million increased 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 $3.3 billion, up 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 $113 million and remains on track to repurchase a total of $150 million in shares in 2024; and
  • The Company declared a quarterly dividend of $0.21 a share.

Full-Year 2024 Guidance

The Company is updating its full-year 2024 Adjusted financial guidance(1) as follows:

($ in millions, except EPS)

2024 Adjusted
Non-GAAP Guidance
(Prior)

2024 Adjusted
Non-GAAP Guidance
(Current)

Change vs 2023 Adjusted
(Current)

Total Sales

$3,010 - $3,060

$3,050 - $3,095

Up 7% - 9%

Operating Income

$525 - $539

$531 - $545

Up 7% - 10%

Operating Margin

17.4% - 17.6%

17.4% - 17.6%

Up 0 - 20 bps

Diluted EPS

$10.40 - $10.65

$10.55 - $10.75

Up 12% - 15%

Free Cash Flow

$425 - $445

$430 - $450

Up 4% - 9%

(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, $1 par value

$

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 U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.

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

4%

 

(4%)

 

12%

 

13%

 

14%

 

11%

 

10%

 

9%

Less: Acquisitions

0%

 

0%

 

0%

 

0%

 

(1%)

 

0%

 

0%

 

0%

Restructuring

0%

 

5%

 

0%

 

1%

 

0%

 

0%

 

0%

 

3%

Foreign Currency

(1%)

 

(2%)

 

0%

 

0%

 

0%

 

0%

 

0%

 

(1%)

Organic

3%

 

(1%)

 

12%

 

14%

 

13%

 

11%

 

10%

 

11%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

5%

 

(1%)

 

19%

 

38%

 

12%

 

2%

 

12%

 

15%

Less: Acquisitions

0%

 

0%

 

0%

 

0%

 

(1%)

 

0%

 

0%

 

0%

Restructuring

0%

 

4%

 

0%

 

1%

 

0%

 

0%

 

0%

 

2%

Foreign Currency

0%

 

0%

 

(1%)

 

0%

 

0%

 

0%

 

(1%)

 

1%

Organic

5%

 

3%

 

18%

 

39%

 

11%

 

2%

 

11%

 

18%

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

$ 177,274

 

 

$ 146,364

 

 

$ 242,976

 

 

$ 165,717

 

Capital expenditures

(14,584

)

 

(9,373

)

 

(37,703

)

 

(32,037

)

Free cash flow

$ 162,690

 

 

$ 136,991

 

 

$ 205,273

 

 

$ 133,680

 

Westinghouse legal settlement

 

 

 

 

 

 

10,000

 

Adjusted free cash flow

$ 162,690

 

 

$ 136,991

 

 

$ 205,273

 

 

$ 143,680

 

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
Reported
(GAAP)

 

2023
Adjustments
(Non-
GAAP)(1,2)

 

2023
Adjusted
(Non-
GAAP)(1,2)

 

2024
Reported Guidance
(GAAP)

 

2024
Adjustments
(Non-GAAP)(3)

 

2024
Adjusted Guidance
(Non-GAAP)(3)

 

 

 

 

 

 

 

Low

High

 

 

 

Low

High

 

2024 Chg

vs 2023

Adjusted

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Industrial

$

887

 

 

$

 

 

$

887

 

 

$

925

 

$

940

 

 

$

 

 

$

925

 

$

940

 

 

4 - 6%

Defense Electronics

 

816

 

 

 

 

 

 

816

 

 

 

892

 

 

907

 

 

 

 

 

 

892

 

 

907

 

 

9 - 11%

Naval & Power

 

1,142

 

 

 

 

 

 

1,142

 

 

 

1,233

 

 

1,248

 

 

 

 

 

 

1,233

 

 

1,248

 

 

8 - 9%

Total sales

$

2,845

 

 

$

 

 

$

2,845

 

 

$

3,050

 

$

3,095

 

 

$

 

 

$

3,050

 

$

3,095

 

 

7 - 9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Industrial

$

145

 

 

$

 

 

$

145

 

 

$

148

 

$

152

 

 

$

9

 

 

$

157

 

$

161

 

 

8 - 11%

Defense Electronics

 

192

 

 

 

 

 

 

192

 

 

 

213

 

 

218

 

 

 

3

 

 

 

216

 

 

221

 

 

13 - 15%

Naval & Power

 

189

 

 

 

9

 

 

 

198

 

 

 

197

 

 

202

 

 

 

1

 

 

 

198

 

 

203

 

 

0 - 2%

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 - 10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 - 15%

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 - 9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $10 million.

(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%

 

9 - 11%

 

20%

Ground Defense

10 - 12%

 

10 - 12%

 

11%

Naval Defense

5 - 7%

 

9 - 11%

 

26%

Commercial Aerospace

13 - 15%

 

16 - 18%

 

12%

Total Aerospace & Defense

8 - 10%

 

10 - 12%

 

69%

 

 

 

 

 

 

Commercial Markets

 

 

 

 

 

Power & Process

4 - 6%

 

5 - 7%

 

18%

General Industrial

Flat

 

(2 - 4%)

 

14%

Total Commercial

1 - 3%

 

1 - 3%

 

31%

 

 

 

 

 

 

Total Curtiss-Wright Sales

6 - 8%

 

7 - 9%

 

100%

 

 

 

 

 

 

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.

Jim Ryan

(704) 869-4621

Jim.Ryan@curtisswright.com

Source: Curtiss-Wright Corporation

FAQ

What were Curtiss-Wright's (CW) Q3 2024 earnings per share?

Curtiss-Wright reported Q3 2024 diluted earnings per share of $2.89, with adjusted diluted EPS of $2.97, up 17% from the previous year.

How much did Curtiss-Wright's (CW) sales grow in Q3 2024?

Curtiss-Wright's sales grew 10% to $799 million in Q3 2024 compared to the same period last year.

What is Curtiss-Wright's (CW) updated 2024 revenue guidance?

Curtiss-Wright raised its 2024 revenue guidance to 7-9% growth, with expected sales of $3.05-3.095 billion.

What was Curtiss-Wright's (CW) backlog as of Q3 2024?

Curtiss-Wright's backlog stood at $3.3 billion, representing a 16% increase year-to-date.

Curtiss-Wright Corp.

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Aerospace & Defense
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