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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 | |
---|---|---|---|---|---|---|---|---|
18.51 | 6.90% | 286.66 | 286.81 | 271.50 | 274.19 | 342,547 | 22:30:00 |
Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights:
Raised Full-Year 2024 Adjusted Financial Guidance:
"Curtiss-Wright delivered strong second quarter results, highlighted by mid-teens revenue growth in our A&D end markets, continued operating margin expansion, and 24% growth in Adjusted diluted EPS," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We once again demonstrated robust order activity, as bookings increased 18% year over year, yielding a book-to-bill of 1.3x. Based on the strong first half results and our outlook for the remainder of 2024, we have increased our full-year Adjusted guidance for sales, operating income, diluted EPS and free cash flow."
"As we discussed at our Investor Day event in May, we continue to build momentum through the execution of our Pivot to Growth strategy. We remain focused on accelerating operational excellence to drive margin expansion and generate funding to reinvest into the business. As part of this strategy, we recently launched restructuring actions to support volume increases, improve efficiencies and further optimize our operations. These actions are expected to produce both recurring operational savings and increased free cash flow."
2024 Restructuring Program and Other Cost Savings Initiatives
Acquisition of Ultra Energy
Second Quarter 2024 Operating Results
(In millions)
Q2-2024
Q2-2023
Change
Reported
Sales
$
785
$
704
11
%
Operating income
$
129
$
113
14
%
Operating margin
16.4
%
16.0
%
40 bps
Adjusted (1)
Sales
$
785
$
704
11
%
Operating income
$
133
$
115
16
%
Operating margin
17.0
%
16.4
%
60 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Second Quarter 2024 Segment Performance
Aerospace & Industrial
(In millions)
Q2-2024
Q2-2023
Change
Reported
Sales
$
233
$
226
3
%
Operating income
$
35
$
36
(1
%)
Operating margin
15.1
%
15.8
%
(70 bps)
Adjusted (1)
Sales
$
233
$
226
3
%
Operating income
$
38
$
36
6
%
Operating margin
16.2
%
15.8
%
40 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Defense Electronics
(In millions)
Q2-2024
Q2-2023
Change
Reported
Sales
$
228
$
198
16
%
Operating income
$
58
$
43
35
%
Operating margin
25.5
%
21.8
%
370 bps
Adjusted (1)
Sales
$
228
$
198
16
%
Operating income
$
59
$
43
36
%
Operating margin
25.7
%
21.8
%
390 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.Naval & Power
(In millions)
Q2-2024
Q2-2023
Change
Reported
Sales
$
323
$
280
15
%
Operating income
$
46
$
47
(1
%)
Operating margin
14.3
%
16.7
%
(240 bps)
Adjusted (1)
Sales
$
323
$
280
15
%
Operating income
$
47
$
49
(6
%)
Operating margin
14.4
%
17.6
%
(320 bps)
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Free Cash Flow
(In millions)
Q2-2024
Q2-2023
Change
Net cash provided by operating activities
$
111
$
111
—
%
Capital expenditures
(11
)
(12
)
(8
%)
Reported free cash flow
$
100
$
99
1
%
Adjusted free cash flow (1)
$
100
$
99
1
%
(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 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
$2,985 - $3,035
$3,010 - $3,060
Up 6% - 8%
Operating Income
$518 - $533
$525 - $539
Up 6% - 9%
Operating Margin
17.4% - 17.6%
17.4% - 17.6%
Up 0 - 20 bps
Diluted EPS
$10.10 - $10.40
$10.40 - $10.65
Up 11% - 14%
Free Cash Flow
$415 - $435
$425 - $445
Up 3% - 8%
(1) Reconciliations of Reported to Adjusted 2023 operating results and 2024 financial guidance are available in the Appendix.
**********
A more detailed breakdown of the Company’s 2024 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted Non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its second quarter 2024 financial results and updates to 2024 guidance at 10:00 a.m. ET on Thursday, August 8, 2024. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Product sales
$
661,407
$
583,036
$
1,257,111
$
1,107,917
Service sales
123,384
121,360
240,847
227,339
Total net sales
784,791
704,396
1,497,958
1,335,256
Cost of product sales
428,926
369,549
818,403
713,306
Cost of service sales
71,764
75,274
141,699
140,969
Total cost of sales
500,690
444,823
960,102
854,275
Gross profit
284,101
259,573
537,856
480,981
Research and development expenses
22,152
20,210
45,132
42,234
Selling expenses
35,126
34,273
71,891
66,698
General and administrative expenses
95,008
92,315
189,057
180,659
Restructuring expenses
2,918
—
2,918
—
Operating income
128,897
112,775
228,858
191,390
Interest expense
11,216
14,992
21,786
27,936
Other income, net
8,560
7,954
18,168
15,721
Earnings before income taxes
126,241
105,737
225,240
179,175
Provision for income taxes
(26,770
)
(24,738
)
(49,274
)
(41,330
)
Net earnings
$
99,471
$
80,999
$
175,966
$
137,845
Net earnings per share:
Basic earnings per share
$
2.60
$
2.11
$
4.60
$
3.60
Diluted earnings per share
$
2.58
$
2.10
$
4.58
$
3.58
Dividends per share
$
0.21
$
0.20
$
0.41
$
0.39
Weighted-average shares outstanding:
Basic
38,302
38,329
38,273
38,309
Diluted
38,501
38,555
38,460
38,528
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
June 30,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
382,564
$
406,867
Receivables, net
817,135
732,678
Inventories, net
559,142
510,033
Other current assets
77,039
67,502
Total current assets
1,835,880
1,717,080
Property, plant, and equipment, net
326,969
332,796
Goodwill
1,571,004
1,558,826
Other intangible assets, net
545,448
557,612
Operating lease right-of-use assets, net
146,956
141,435
Prepaid pension asset
272,857
261,869
Other assets
49,080
51,351
Total assets
$
4,748,194
$
4,620,969
Liabilities
Current liabilities:
Current portion of long-term debt
$
90,000
$
—
Accounts payable
224,778
243,833
Accrued expenses
158,505
188,039
Deferred revenue
341,601
303,872
Other current liabilities
81,632
70,800
Total current liabilities
896,516
806,544
Long-term debt
959,655
1,050,362
Deferred tax liabilities, net
128,277
132,319
Accrued pension and other postretirement benefit costs
67,650
66,875
Long-term operating lease liability
123,586
118,611
Long-term portion of environmental reserves
14,157
12,784
Other liabilities
99,933
105,061
Total liabilities
$
2,289,774
$
2,292,556
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
135,574
140,182
Retained earnings
3,648,005
3,487,751
Accumulated other comprehensive loss
(233,488
)
(213,223
)
Less: cost of treasury stock
(1,140,858
)
(1,135,484
)
Total stockholders' equity
$
2,458,420
$
2,328,413
Total liabilities and stockholders' equity
$
4,748,194
$
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 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) 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
June 30, 2024
June 30, 2023
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
233,232
$
—
$
233,232
$
226,260
$
—
$
226,260
3
%
3
%
Defense Electronics
228,461
—
228,461
197,722
—
197,722
16
%
16
%
Naval & Power
323,098
—
323,098
280,414
—
280,414
15
%
15
%
Total sales
$
784,791
$
—
$
784,791
$
704,396
$
—
$
704,396
11
%
11
%
Operating income (expense):
Aerospace & Industrial(2)
$
35,246
$
2,619
$
37,865
$
35,665
$
—
$
35,665
(1
)%
6
%
Defense Electronics(2)
58,244
523
58,767
43,180
—
43,180
35
%
36
%
Naval & Power(1)(2)
46,283
342
46,625
46,782
2,659
49,441
(1
)%
(6
)%
Total segments
$
139,773
$
3,484
$
143,257
$
125,627
$
2,659
$
128,286
11
%
12
%
Corporate and other(2)
(10,876
)
964
(9,912
)
(12,852
)
—
(12,852
)
15
%
23
%
Total operating income
$
128,897
$
4,448
$
133,345
$
112,775
$
2,659
$
115,434
14
%
16
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
15.1
%
16.2
%
15.8
%
15.8
%
(70 bps)
40 bps
Defense Electronics
25.5
%
25.7
%
21.8
%
21.8
%
370 bps
390 bps
Naval & Power
14.3
%
14.4
%
16.7
%
17.6
%
(240 bps)
(320 bps)
Total Curtiss-Wright
16.4
%
17.0
%
16.0
%
16.4
%
40 bps
60 bps
Segment margins
17.8
%
18.3
%
17.8
%
18.2
%
— bps
10 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)
Six Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
452,557
$
—
$
452,557
$
428,707
$
—
$
428,707
6
%
6
%
Defense Electronics
440,202
—
440,202
359,876
—
359,876
22
%
22
%
Naval & Power
605,199
—
605,199
546,673
—
546,673
11
%
11
%
Total sales
$
1,497,958
$
—
$
1,497,958
$
1,335,256
$
—
$
1,335,256
12
%
12
%
Operating income (expense):
Aerospace & Industrial(2)
$
62,712
$
2,619
$
65,331
$
62,210
$
—
$
62,210
1
%
5
%
Defense Electronics(2)
106,325
523
106,848
66,548
—
66,548
60
%
61
%
Naval & Power (1)(2)
81,474
342
81,816
84,719
5,335
90,054
(4
)%
(9
)%
Total segments
$
250,511
$
3,484
$
253,995
$
213,477
$
5,335
$
218,812
17
%
16
%
Corporate and other(2)
(21,653
)
964
(20,689
)
(22,087
)
—
(22,087
)
2
%
6
%
Total operating income
$
228,858
$
4,448
$
233,306
$
191,390
$
5,335
$
196,725
20
%
19
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
13.9
%
14.4
%
14.5
%
14.5
%
(60 bps)
(10 bps)
Defense Electronics
24.2
%
24.3
%
18.5
%
18.5
%
570 bps
580 bps
Naval & Power
13.5
%
13.5
%
15.5
%
16.5
%
(200 bps)
(300 bps)
Total Curtiss-Wright
15.3
%
15.6
%
14.3
%
14.7
%
100 bps
90 bps
Segment margins
16.7
%
17.0
%
16.0
%
16.4
%
70 bps
60 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 SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
June 30, 2024
June 30, 2023
% 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
$
154,104
$
—
$
154,104
$
132,192
$
—
$
132,192
17
%
17
%
Ground Defense
84,939
—
84,939
70,875
—
70,875
20
%
20
%
Naval Defense
209,847
—
209,847
180,956
—
180,956
16
%
16
%
Commercial Aerospace
93,316
—
93,316
82,033
—
82,033
14
%
14
%
Total Aerospace & Defense
$
542,206
$
—
$
542,206
$
466,056
$
—
$
466,056
16
%
16
%
Commercial markets:
Power & Process
$
138,601
$
—
$
138,601
$
131,000
$
—
$
131,000
6
%
6
%
General Industrial
103,984
—
103,984
107,340
—
107,340
(3
%)
(3
%)
Total Commercial
$
242,585
$
—
$
242,585
$
238,340
$
—
$
238,340
2
%
2
%
Total Curtiss-Wright
$
784,791
$
—
$
784,791
$
704,396
$
—
$
704,396
11
%
11
%
Six Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
% 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
$
286,178
$
—
$
286,178
$
232,071
$
—
$
232,071
23
%
23
%
Ground Defense
175,700
—
175,700
137,132
—
137,132
28
%
28
%
Naval Defense
387,494
—
387,494
352,912
—
352,912
10
%
10
%
Commercial Aerospace
183,091
—
183,091
152,523
—
152,523
20
%
20
%
Total Aerospace & Defense
$
1,032,463
$
—
$
1,032,463
$
874,638
$
—
$
874,638
18
%
18
%
Commercial markets:
Power & Process
$
262,639
$
—
$
262,639
$
251,338
$
—
$
251,338
4
%
4
%
General Industrial
202,856
—
202,856
209,280
—
209,280
(3
%)
(3
%)
Total Commercial
$
465,495
$
—
$
465,495
$
460,618
$
—
$
460,618
1
%
1
%
Total Curtiss-Wright
$
1,497,958
$
—
$
1,497,958
$
1,335,256
$
—
$
1,335,256
12
%
12
%
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Diluted earnings per share - As Reported
$
2.58
$
2.10
$
4.58
$
3.58
First year purchase accounting adjustments
—
0.05
—
0.10
Restructuring costs
0.09
—
0.09
—
Diluted earnings per share - Adjusted (1)
$
2.67
$
2.15
$
4.67
$
3.68
(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
June 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
3%
(1%)
16%
35%
15%
(1%)
11%
14%
Less: Acquisitions
0%
0%
0%
0%
(1%)
1%
0%
1%
Restructuring
0%
7%
0%
1%
0%
0%
0%
4%
Foreign Currency
0%
0%
0%
0%
0%
0%
0%
(1%)
Organic
3%
6%
16%
36%
14%
0%
11%
18%
Six Months Ended
June 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
6%
1%
22%
60%
11%
(4%)
12%
20%
Less: Acquisitions
0%
0%
0%
0%
(1%)
1%
0%
0%
Restructuring
0%
4%
0%
0%
0%
0%
0%
2%
Foreign Currency
(1%)
1%
0%
0%
0%
0%
0%
0%
Organic
5%
6%
22%
60%
10%
(3%)
12%
22%
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
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net cash provided by operating activities
$
111,335
$
110,952
$
65,702
$
19,353
Capital expenditures
(11,064
)
(12,003
)
(23,119
)
(22,664
)
Free cash flow
$
100,271
$
98,949
$
42,583
$
(3,311
)
Westinghouse legal settlement
—
—
—
10,000
Adjusted free cash flow
$
100,271
$
98,949
$
42,583
$
6,689
Adjusted free cash flow conversion
97
%
119
%
24
%
5
%
CURTISS-WRIGHT CORPORATION
2024 Guidance
As of August 7, 2024
($'s in millions, except per share data)
2023
2023
2024
2023
Adjustments
Adjusted
2024
Adjustments
2024
Reported
(Non-
(Non-
Reported Guidance
(Non-
Adjusted Guidance
(GAAP)
GAAP)(1,2)
GAAP)(1,2)
(GAAP)
GAAP)(3)
(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
882
897
—
882
897
8 -10%
Naval & Power
1,142
—
1,142
1,203
1,223
—
1,203
1,223
5 -7%
Total sales
$
2,845
$
—
$
2,845
$
3,010
$
3,060
$
—
$
3,010
$
3,060
6 - 8%
Operating income:
Aerospace & Industrial
$
145
$
—
$
145
$
147
$
151
$
10
$
157
$
161
8 - 11%
Defense Electronics
192
—
192
209
215
3
212
218
11 - 13%
Naval & Power
189
9
198
194
199
—
194
199
(2) - 0%
Total segments
526
9
535
550
565
13
562
578
Corporate and other
(42
)
—
(42
)
(40
)
(41
)
2
(38
)
(39
)
Total operating income
$
485
$
9
$
494
$
510
$
524
$
15
$
525
$
539
6 - 9%
Interest expense
$
(51
)
$
—
$
(51
)
$
(44
)
$
(45
)
$
—
$
(44
)
$
(45
)
Other income, net
30
—
30
35
35
—
35
35
Earnings before income taxes
463
9
472
501
514
15
516
529
Provision for income taxes
(109
)
(2
)
(111
)
(113
)
(116
)
(3
)
(116
)
(119
)
Net earnings
$
355
$
6
$
361
$
388
$
398
$
12
$
400
$
410
Diluted earnings per share
$
9.20
$
0.18
$
9.38
$
10.09
$
10.34
$
0.31
$
10.40
$
10.65
11 - 14%
Diluted shares outstanding
38.5
38.5
38.5
38.5
38.5
38.5
Effective tax rate
23.4
%
23.4
%
22.5
%
22.5
%
22.5
%
22.5
%
Operating margins:
Aerospace & Industrial
16.4
%
16.4
%
15.9
%
16.1
%
16.9
%
17.1
%
50 to 70 bps
Defense Electronics
23.5
%
23.5
%
23.7
%
24.0
%
24.0
%
24.2
%
50 to 70 bps
Naval & Power
16.6
%
17.4
%
16.1
%
16.3
%
16.1
%
16.3
%
(110 to 130 bps)
Total operating margin
17.0
%
17.4
%
16.9
%
17.1
%
17.4
%
17.6
%
0 to 20 bps
Free cash flow
$
403
$
10
$
413
$
425
$
445
$
—
$
425
$
445
3 - 8%
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 August 7, 2024
2024 % Change vs. 2023 Adjusted
Prior
Current
% Total Sales
Aerospace & Defense Markets
Aerospace Defense
6 - 8%
7 - 9%
20%
Ground Defense
10 - 12%
10 - 12%
11%
Naval Defense
3 - 5%
5 - 7%
25%
Commercial Aerospace
10 - 12%
13 - 15%
12%
Total Aerospace & Defense
6 - 8%
8 - 10%
68%
Commercial Markets
Power & Process
4 - 6%
4 - 6%
18%
General Industrial
1 - 3%
Flat
14%
Total Commercial
2 - 4%
1 - 3%
32%
Total Curtiss-Wright Sales
5 - 7%
6 - 8%
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/20240807390005/en/
Jim Ryan (704) 869-4621 Jim.Ryan@curtisswright.com
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