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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Curtiss Wright Corp | NYSE:CW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 272.25 | 0 | 09:05:18 |
Company Delivers Record FY23 Sales, Profitability, EPS, Free Cash Flow and Orders
Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2023.
Fourth Quarter 2023 Highlights:
Full-Year 2023 Highlights:
"Curtiss-Wright ended the year with a strong fourth quarter financial performance that reflected better-than-expected sales growth, record quarterly Adjusted diluted EPS of $3.16 and strong free cash flow," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.
"Our full-year 2023 results were highlighted by another year of strong operational performance, as we delivered record high sales and operating income driven by 10% organic growth, and improved profitability while continuing to ramp up our investments in research and development across the portfolio. We achieved record Adjusted free cash flow of $413 million, driven by 15% growth in Adjusted diluted EPS as well as our continued efforts to reduce working capital. Our results also reflected strong demand across our A&D and Commercial markets, which drove record new orders exceeding $3 billion and a book-to-bill of 1.1x. Overall, these results mark the final, successful year for the three year goals we established at our May 2021 Investor Day. I'm incredibly proud of the team's efforts to successfully execute our pivot to growth strategy and the momentum we now carry forward into 2024."
"Looking ahead, our strong backlog entering the year supports our expectations to deliver total organic sales growth of 4% to 6% in 2024, including growth in all of our A&D and Commercial end markets. We expect to deliver continued operating margin expansion while increasing R&D investments, diluted EPS growth of 7% to 10%, and strong free cash flow generation ranging from $415 to $435 million. We remain well-positioned with strong alignment of our technologies to the favorable secular growth trends in each of our end markets, and confident in our ability to deliver profitable growth and drive long-term shareholder value."
Fourth Quarter 2023 Operating Results
(In millions)
Q4-2023
Q4-2022
Change
Reported
Sales
$
786
$
758
4
%
Operating income
$
161
$
157
2
%
Operating margin
20.4
%
20.8
%
(40 bps)
Adjusted (1)
Sales
$
786
$
758
4
%
Operating income
$
163
$
160
2
%
Operating margin
20.8
%
21.1
%
(30 bps)
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Fourth Quarter 2023 Segment Performance
Aerospace & Industrial
(In millions)
Q4-2023
Q4-2022
Change
Reported
Sales
$
238
$
223
7
%
Operating income
$
44
$
41
9
%
Operating margin
18.5
%
18.2
%
30 bps
Adjusted (1)
Sales
$
238
$
223
7
%
Operating income
$
44
$
41
7
%
Operating margin
18.5
%
18.5
%
0 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Defense Electronics
(In millions)
Q4-2023
Q4-2022
Change
Reported
Sales
$
240
$
236
1
%
Operating income
$
69
$
70
(2
%)
Operating margin
28.8
%
29.7
%
(90 bps)
Adjusted (1)
Sales
$
240
$
236
1
%
Operating income
$
69
$
70
(2
%)
Operating margin
28.8
%
29.7
%
(90 bps)
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Naval & Power
(In millions)
Q4-2023
Q4-2022
Change
Reported
Sales
$
308
$
298
3
%
Operating income
$
57
$
59
(3
%)
Operating margin
18.5
%
19.7
%
(120 bps)
Adjusted (1)
Sales
$
308
$
298
3
%
Operating income
$
59
$
60
(2
%)
Operating margin
19.3
%
20.3
%
(100 bps)
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Free Cash Flow
(In millions)
Q4-2023
Q4-2022
Change
Net cash provided by operating activities
$
282
$
292
(3
%)
Capital expenditures
(13
)
(9
)
34
%
Reported free cash flow
$
270
$
283
(5
%)
Adjusted free cash flow (1)
$
270
$
299
(10
%)
(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.
New Orders and Backlog
Share Repurchase and Dividends
Full-Year 2024 Guidance
The Company's full-year 2024 financial guidance(1) is as follows:
($ in millions, except EPS)
2024 Guidance
% Chg vs 2023 Adjusted
Total Sales
$2,960 - $3,010
Up 4% - 6%
Operating Income
$514 - $528
Up 4% - 7%
Operating Margin
17.4% - 17.6%
Up 0 - 20 bps
Diluted EPS
$10.00 - $10.30
Up 7% - 10%
Free Cash Flow
$415 - $435
Up 0% - 5%
(1) Reconciliations of Reported to Adjusted 2023 operating results and 2024 financial guidance are available in the Appendix, and exclude first year purchase accounting costs associated with prior year acquisitions.**********
A more detailed breakdown of the Company’s 2024 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and full-year 2023 financial results and expectations for 2024 guidance at 10:00 a.m. ET on Thursday, February 15, 2024. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Product sales
$
667,879
$
646,263
$
2,389,711
$
2,135,882
Service sales
117,912
111,402
455,662
421,143
Total net sales
785,791
757,665
2,845,373
2,557,025
Cost of product sales
414,010
399,389
1,507,480
1,348,569
Cost of service sales
67,051
65,792
270,715
253,847
Total cost of sales
481,061
465,181
1,778,195
1,602,416
Gross profit
304,730
292,484
1,067,178
954,609
Research and development expenses
20,066
19,032
85,764
80,836
Selling expenses
36,306
31,199
137,088
121,586
General and administrative expenses
87,664
85,008
359,724
324,093
Loss on divestiture
—
—
—
4,651
Operating income
160,694
157,245
484,602
423,443
Interest expense
10,961
13,665
51,393
46,980
Other income, net
7,117
1,434
29,861
12,732
Earnings before income taxes
156,850
145,014
463,070
389,195
Provision for income taxes
(36,963
)
(35,991
)
(108,561
)
(94,847
)
Net earnings
$
119,887
$
109,023
$
354,509
$
294,348
Net earnings per share:
Basic earnings per share
$
3.14
$
2.85
$
9.26
$
7.67
Diluted earnings per share
$
3.11
$
2.82
$
9.20
$
7.62
Dividends per share
$
0.20
$
0.19
$
0.79
$
0.75
Weighted average shares outstanding:
Basic
38,232
38,296
38,283
38,386
Diluted
38,505
38,633
38,529
38,649
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
December 31,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
406,867
$
256,974
Receivables, net
732,678
723,304
Inventories, net
510,033
483,113
Other current assets
67,502
52,623
Total current assets
1,717,080
1,516,014
Property, plant, and equipment, net
332,796
342,708
Goodwill
1,558,826
1,544,635
Other intangible assets, net
557,612
620,897
Operating lease right-of-use assets, net
141,435
153,855
Prepaid pension asset
261,869
222,627
Other assets
51,351
47,567
Total assets
$
4,620,969
$
4,448,303
Liabilities
Current liabilities:
Current portion of long-term and short-term debt
$
—
$
202,500
Accounts payable
243,833
266,525
Accrued expenses
188,039
174,440
Deferred revenue
303,872
254,801
Other current liabilities
70,800
82,779
Total current liabilities
806,544
981,045
Long-term debt
1,050,362
1,051,900
Deferred tax liabilities
132,319
123,001
Accrued pension and other postretirement benefit costs
66,875
58,348
Long-term operating lease liability
118,611
132,275
Long-term portion of environmental reserves
12,784
12,547
Other liabilities
105,061
107,973
Total liabilities
$
2,292,556
$
2,467,089
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
140,182
134,553
Retained earnings
3,487,751
3,163,491
Accumulated other comprehensive loss
(213,223
)
(258,916
)
Less: cost of treasury stock
(1,135,484
)
(1,107,101
)
Total stockholders' equity
2,328,413
1,981,214
Total liabilities and stockholders' equity
$
4,620,969
$
4,448,303
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 Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Sales, 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) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
December 31, 2023
December 31, 2022
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
238,224
$
—
$
238,224
$
223,258
$
—
$
223,258
7
%
7
%
Defense Electronics
239,751
—
239,751
236,456
—
236,456
1
%
1
%
Naval & Power
307,816
—
307,816
297,951
—
297,951
3
%
3
%
Total sales
$
785,791
$
—
$
785,791
$
757,665
$
—
$
757,665
4
%
4
%
Operating income (expense):
Aerospace & Industrial (1)
$
44,054
$
—
$
44,054
$
40,599
$
703
$
41,302
9
%
7
%
Defense Electronics
69,015
—
69,015
70,230
—
70,230
(2
)%
(2
)%
Naval & Power (2)
56,845
2,529
59,374
58,717
1,724
60,441
(3
)%
(2
)%
Total segments
$
169,914
$
2,529
$
172,443
$
169,546
$
2,427
$
171,973
—
%
—
%
Corporate and other
(9,221
)
—
(9,221
)
(12,301
)
—
(12,301
)
25
%
25
%
Total operating income
$
160,693
$
2,529
$
163,222
$
157,245
$
2,427
$
159,672
2
%
2
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
18.5
%
18.5
%
18.2
%
18.5
%
30 bps
— bps
Defense Electronics
28.8
%
28.8
%
29.7
%
29.7
%
(90 bps)
(90 bps)
Naval & Power
18.5
%
19.3
%
19.7
%
20.3
%
(120 bps)
(100 bps)
Total Curtiss-Wright
20.4
%
20.8
%
20.8
%
21.1
%
(40 bps)
(30 bps)
Segment margins
21.6
%
21.9
%
22.4
%
22.7
%
(80 bps)
(80 bps)
(1) Excludes purchase accounting adjustments in the prior period.
(2) Excludes purchase accounting adjustments in the current and prior period and trailing costs associated with the divestiture of our German valves business.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Year Ended
Year Ended
December 31, 2023
December 31, 2022
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
887,228
$
—
$
887,228
$
836,035
$
—
$
836,035
6
%
6
%
Defense Electronics
815,912
—
815,912
690,262
—
690,262
18
%
18
%
Naval & Power
1,142,233
—
1,142,233
1,030,728
—
1,030,728
11
%
11
%
Total sales
$
2,845,373
$
—
$
2,845,373
$
2,557,025
$
—
$
2,557,025
11
%
11
%
Operating income (expense):
Aerospace & Industrial (1)
$
145,278
$
—
$
145,278
$
136,996
$
703
$
137,699
6
%
6
%
Defense Electronics
191,775
—
191,775
154,568
—
154,568
24
%
24
%
Naval & Power (2)
189,227
9,198
198,425
177,582
14,056
191,638
7
%
4
%
Total segments
$
526,280
$
9,198
$
535,478
$
469,146
$
14,759
$
483,905
12
%
11
%
Corporate and other (3)
(41,678
)
—
(41,678
)
(45,703
)
4,876
(40,827
)
9
%
(2
)%
Total operating income
$
484,602
$
9,198
$
493,800
$
423,443
$
19,635
$
443,078
14
%
11
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
16.4
%
16.4
%
16.4
%
16.5
%
— bps
(10 bps)
Defense Electronics
23.5
%
23.5
%
22.4
%
22.4
%
110 bps
110 bps
Naval & Power
16.6
%
17.4
%
17.2
%
18.6
%
(60 bps)
(120 bps)
Total Curtiss-Wright
17.0
%
17.4
%
16.6
%
17.3
%
40 bps
10 bps
Segment margins
18.5
%
18.8
%
18.3
%
18.9
%
20 bps
(10 bps)
(1) Excludes purchase accounting adjustments in the prior period.
(2) Excludes purchase accounting adjustments in both periods and trailing costs associated with the divestiture of our German valves business.
(3) Excludes costs associated with shareholder activism in the prior year period.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
December 31, 2023
December 31, 2022
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
171,527
$
—
$
171,527
$
172,763
$
—
$
172,763
(1
%)
(1
%)
Ground Defense
87,691
—
87,691
81,348
—
81,348
8
%
8
%
Naval Defense
187,240
—
187,240
183,418
—
183,418
2
%
2
%
Commercial Aerospace
92,723
—
92,723
77,178
—
77,178
20
%
20
%
Total Aerospace & Defense
$
539,181
$
—
$
539,181
$
514,707
$
—
$
514,707
5
%
5
%
Commercial markets:
Power & Process
136,541
—
136,541
131,598
—
131,598
4
%
4
%
General Industrial
110,069
—
110,069
111,360
—
111,360
(1
%)
(1
%)
Total Commercial
$
246,610
$
—
$
246,610
$
242,958
$
—
$
242,958
2
%
2
%
Total Curtiss-Wright
$
785,791
$
—
$
785,791
$
757,665
$
—
$
757,665
4
%
4
%
Year Ended
Year Ended
December 31, 2023
December 31, 2022
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
551,622
$
—
$
551,622
$
479,743
$
—
$
479,743
15
%
15
%
Ground Defense
308,008
—
308,008
219,739
—
219,739
40
%
40
%
Naval Defense
720,013
—
720,013
694,015
—
694,015
4
%
4
%
Commercial Aerospace
324,949
—
324,949
276,519
—
276,519
18
%
18
%
Total Aerospace & Defense
$
1,904,592
$
—
$
1,904,592
$
1,670,016
$
—
$
1,670,016
14
%
14
%
Commercial markets:
Power & Process
509,998
—
509,998
472,300
—
472,300
8
%
8
%
General Industrial
430,783
—
430,783
414,709
—
414,709
4
%
4
%
Total Commercial
$
940,781
$
—
$
940,781
$
887,009
$
—
$
887,009
6
%
6
%
Total Curtiss-Wright
$
2,845,373
$
—
$
2,845,373
$
2,557,025
$
—
$
2,557,025
11
%
11
%
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Diluted earnings per share - As Reported
$
3.11
$
2.82
$
9.20
$
7.62
First year purchase accounting adjustments
0.02
0.05
0.15
0.18
Divested German valves business
0.03
—
0.03
0.14
Costs associated with shareholder activism
—
—
—
0.10
Pension settlement charges
—
0.05
—
0.09
Diluted earnings per share - Adjusted (1)
$
3.16
$
2.92
$
9.38
$
8.13
(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, and impacts from foreign currency fluctuations.
Three Months Ended
December 31,
2023 vs. 2022
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
7%
9%
1%
(2%)
3%
(3%)
4%
2%
Less: Acquisitions
0%
0%
0%
0%
0%
0%
0%
0%
Divestiture-related costs
0%
0%
0%
0%
0%
1%
0%
1%
Foreign currency
(1%)
0%
0%
0%
0%
1%
(1%)
0%
Organic
6%
9%
1%
(2%)
3%
(1%)
3%
3%
Year Ended
December 31,
2023 vs. 2022
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
6%
6%
18%
24%
11%
7%
11%
14%
Less: Acquisitions
0%
0%
0%
0%
(4%)
0%
(2%)
0%
Divestiture-related costs
0%
0%
0%
0%
0%
(2%)
0%
(1%)
Foreign currency
0%
0%
0%
(3%)
0%
0%
1%
(1%)
Organic
6%
6%
18%
21%
7%
5%
10%
12%
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: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. 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
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Net cash provided by operating activities
$
282,372
$
292,389
$
448,089
$
294,776
Capital expenditures
(12,629
)
(9,428
)
(44,666
)
(38,217
)
Free cash flow
$
269,743
$
282,961
$
403,423
$
256,559
Westinghouse legal settlement
—
—
10,000
15,000
Pension payment to former executives
—
15,753
—
23,967
Adjusted free cash flow
$
269,743
$
298,714
$
413,423
$
295,526
Adjusted free cash flow conversion
221
%
265
%
114
%
94
%
CURTISS-WRIGHT CORPORATION
2024 Guidance
As of February 14, 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)
Low
High
2024 Chg
vs 2023
Adjusted
Sales:
Aerospace & Industrial
$
887
$
—
$
887
$
915
$
930
3 - 5
%
Defense Electronics
816
—
816
857
872
5 - 7
%
Naval & Power
1,142
—
1,142
1,188
1,208
4 - 6
%
Total sales
$
2,845
$
—
$
2,845
$
2,960
$
3,010
4 to 6%
Operating income:
Aerospace & Industrial
$
145
$
—
$
145
$
152
$
156
5 - 8
%
Defense Electronics
192
—
192
198
203
3 - 6
%
Naval & Power
189
9
198
202
207
2 - 5
%
Total segments
526
9
535
552
567
Corporate and other
(42
)
—
(42
)
(38
)
(39
)
Total operating income
$
485
$
9
$
494
$
514
$
528
4 to 7%
Interest expense
$
(51
)
$
—
$
(51
)
$
(45
)
$
(46
)
Other income, net
30
—
30
33
35
Earnings before income taxes
463
9
472
503
518
Provision for income taxes
(109
)
(2
)
(111
)
(118
)
(122
)
Net earnings
$
355
$
6
$
361
$
385
$
396
Diluted earnings per share
$
9.20
$
0.18
$
9.38
$
10.00
$
10.30
7 to 10%
Diluted shares outstanding
38.5
38.5
38.5
38.5
Effective tax rate
23.4
%
23.4
%
23.5
%
23.5
%
Operating margins:
Aerospace & Industrial
16.4
%
16.4
%
16.6
%
16.8
%
20 to 40 bps
Defense Electronics
23.5
%
23.5
%
23.1
%
23.3
%
(40) to (20) bps
Naval & Power
16.6
%
17.4
%
17.0
%
17.2
%
(40) to (20) bps
Total operating margin
17.0
%
17.4
%
17.4
%
17.6
%
0 to 20 bps
Free cash flow
$
403
$
10
$
413
$
415
$
435
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.
CURTISS-WRIGHT CORPORATION
2024 Sales Growth Guidance by End Market
As of February 14, 2024
2024 % Change vs 2023 Adjusted
% Total Sales
Aerospace & Defense Markets
Aerospace Defense
5 - 7%
20%
Ground Defense
4 - 6%
11%
Naval Defense
3 - 5%
25%
Commercial Aerospace
10 - 12%
12%
Total Aerospace & Defense
5 - 7%
67%
Commercial Markets
Power & Process
3 - 5%
18%
General Industrial
1 - 3%
15%
Total Commercial
2 - 4%
33%
Total Curtiss-Wright Sales
4 - 6%
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214356278/en/
Jim Ryan (704) 869-4621 Jim.Ryan@curtisswright.com
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