Curtiss-Wright Corporation (NYSE: CW) reported financial results
for the third quarter and nine months ended September 30, 2016.
Third Quarter 2016 Highlights
- Earnings per diluted share of $1.02,
exceeding expectations;
- Free cash flow of $100 million,
resulting in free cash flow conversion of 218%, as defined
herein;
- Net sales of $507 million;
- Operating income of $77 million;
- Operating margin of 15.1%, up 300 basis
points as compared with the prior period;
- Backlog of $2.0 billion increased 6%
from December 31, 2015; and
- Share repurchase of approximately $25
million.
Full-Year 2016 Business Outlook
- Increasing operating margin guidance by
10 basis points to new range of 14.3% to 14.5%, an increase of 100
to 120 basis points compared with pro forma 2015, despite a slight
reduction to sales forecast;
- Maintaining expectations for diluted
earnings per share (EPS) of $4.00 to $4.15; and
- Maintaining free cash flow guidance
range of $300 million to $320 million.
“Our third quarter results were ahead of our expectations, led
by strong margin improvement within the Defense and Power
segments,” said David C. Adams, Chairman and CEO of Curtiss-Wright
Corporation. “This performance was primarily driven by increased
profitability on our embedded computing products serving the
defense markets, as well as higher margins on the AP1000 program,
as we continue to support new nuclear power plant construction in
the U.S. and China. Further, Curtiss-Wright’s commitment to ongoing
margin improvement initiatives is driving increased profitability
and generating significant value for our shareholders, as we
continue to mitigate challenging conditions in the nuclear
aftermarket and general industrial end markets.”
“Looking at the remainder of 2016, we are raising our full-year
operating margin guidance to 14.3% to 14.5%, a 100 to 120 basis
point improvement compared with pro forma 2015 results. As a
result, we expect to be in the top quartile of our peer group. In
addition, we are maintaining our full-year free cash flow guidance
range of $300 to $320 million, which reflects strong year-to-date
free cash flow and efficient working capital management.”
Third Quarter 2016 Operating Results
from Continuing Operations
(In thousands)
3Q-2016 3Q-2015
% Change Sales $ 507,092 $ 525,535 (4%)
Operating income 76,573 63,813 20% Operating margin 15.1% 12.1% 300
bps
Sales
Sales of $507 million in the third quarter decreased $18
million, or 4%, compared to the prior year, primarily reflecting a
$14 million decrease in organic sales as well as $4 million, or 1%,
in unfavorable foreign currency translation. Third quarter 2016
sales primarily reflect continued lower demand in the energy sector
within the Commercial/Industrial segment, as well as lower
aftermarket sales in the Power segment. Those decreases were
partially offset by higher AP1000 program and naval defense
revenues in the Power segment.
From an end market perspective, sales to the defense markets
increased 2%, while sales to the commercial markets decreased 7%,
compared to the prior year.
Please refer to the accompanying tables for a breakdown of sales
by end market.
Operating Income
Operating income in the third quarter was $77 million, an
increase of $13 million, or 20%, compared to the prior year. These
results reflect higher profitability on our embedded computing
products in the Defense segment and on our AP1000 program in the
Power segment, as well as a prior year one-time $7 million pension
settlement charge that did not recur in 2016. This was partially
offset by reduced operating income in the Commercial/Industrial
segment resulting from lower sales volumes.
Operating margin was 15.1%, an increase of 300 basis points over
the prior year, reflecting higher segment operating income and the
benefits of our ongoing margin improvement initiatives, despite
lower sales.
Non-segment Expense
Non-segment expenses decreased 65% compared with the prior year,
principally due to lower pension expense resulting from the
aforementioned prior year pension charge.
Net Earnings
Third quarter net earnings increased 20% compared with the prior
year, as higher operating income was partially offset by higher
interest expense, which increased by nearly $2 million compared to
the prior year. In addition, the effective tax rate for the current
quarter was 31.0%, essentially flat compared with the prior
year.
Free Cash Flow
(In thousands)
3Q-2016 3Q-2015
Net cash provided by operating activities $ 110,581 $ 106,579
Capital expenditures (10,394 ) (8,159 ) Free cash flow $ 100,187 $
98,420
Free cash flow, defined as cash flow from operations less
capital expenditures, was $100 million for the third quarter of
2016, an increase of $2 million compared with the prior year. Net
cash provided by operating activities increased $4 million to $111
million, primarily due to higher cash earnings and advanced
payments in the current year, partially offset by a large income
tax refund in the prior year. Capital expenditures increased by $2
million to $10 million, due to increased investment in a facility
expansion in the Commercial/Industrial segment.
New Orders and Backlog
New orders of $500 million in the third quarter increased 1%
compared to the prior year, as higher orders within the Defense
segment were mainly offset by lower orders within the Power
segment. Backlog of $2.0 billion increased 6% from December 31,
2015, primarily due to growth in our naval defense businesses.
Other Items – Share Repurchase
During the third quarter, the Company repurchased 287,900 shares
of its common stock for approximately $25 million.
Full-Year 2016 Guidance
The Company is updating its full-year 2016 financial guidance as
follows:
Prior
Guidance
Current
Guidance
Chg vs.
2015
Total sales $2.12 - $2.17 billion $2.11 - $2.16 billion Down 1 - 3%
Operating income $301 - $313 million No change Up 4 - 8% Operating
margin 14.2% - 14.4% 14.3% - 14.5% Up 100 - 120 bps Interest
expense $40 - $41 million No change Diluted earnings per share
$4.00 - $4.15 No change Up 7 - 11% Diluted shares outstanding 45.2
million No change Free cash flow $300 - $320 million No change Up
10 - 18%
Notes:Full-year 2016 growth rates reflect comparisons to 2015
Pro Forma results, which exclude the one-time China AP1000 fee of
$20 million recognized in the fourth quarter of 2015.
Additionally, 2016 growth in free cash flow is comparable to
adjusted free cash flow for 2015, which excludes the contribution
to the Company’s corporate defined benefit pension plan of $145
million in 2015.
A more detailed breakdown of the Company’s 2016 guidance by
segment and by market can be found in the accompanying
schedules.
Third Quarter 2016 Segment
Performance
Commercial/Industrial
(In thousands)
3Q-2016 3Q-2015
% Change Sales $ 275,649 $ 292,557 (6%)
Operating income 39,067 40,259 (3%) Operating margin 14.2% 13.8% 40
bps
Sales for the third quarter were $276 million, a decrease of $17
million, or 6%, over the prior year. Organic sales decreased 5%,
excluding $3 million in unfavorable foreign currency translation.
In the general industrial market, we experienced a continued
reduction in sales of severe-service valves, primarily serving the
oil and gas markets, as well as lower sales for industrial vehicle
products. Within the commercial aerospace market, sales were up
slightly, primarily due to higher actuation systems sales to
Boeing, partially offset by lower sales of surface treatment
services.
Operating income in the third quarter was $39 million, down 3%
from the prior year, while operating margin improved 40 basis
points to 14.2%. The decrease in operating income primarily
reflects lower sales volumes for industrial valves and surface
treatment services. However, improved operating margin was
primarily driven by higher profitability for industrial vehicle
products, despite lower sales volumes, due to ongoing margin
improvement initiatives. In addition, favorable foreign currency
translation added $1 million to current quarter operating
income.
Defense
(In thousands)
3Q-2016
3Q-2015 % Change Sales $ 113,949
$ 117,444 (3%) Operating income 28,822 25,477 13% Operating margin
25.3% 21.7% 360 bps
Sales for the third quarter were $114 million, a decrease of $3
million, or 3%, from the prior year. Organic sales decreased 2%
from the prior year, excluding approximately $1 million in
unfavorable foreign currency translation. In the aerospace defense
market, we experienced lower sales of embedded computing products
on various fighter jet and Intelligence, Surveillance and
Reconnaissance (ISR) programs. In the ground defense market, we
experienced higher sales of our ammunition handling systems. Within
the commercial aerospace market, we experienced lower revenues for
avionics and electronics equipment, primarily due to reduced
helicopter demand.
Operating income in the third quarter was $29 million, an
increase of $3 million, or 13%, compared to the prior year, while
operating margin increased 360 basis points to 25.3%. These
improvements in operating income and margin were driven primarily
by favorable mix for our defense electronics products, despite flat
sales volumes, as well as the benefits of our ongoing margin
improvement initiatives. In addition, there were several
non-recurring items that favorably impacted margins in the current
quarter. These results were partially offset by lower profitability
in our commercial avionics and electronics business. Favorable
foreign currency translation added approximately $1 million to
current quarter operating income.
Power
(In thousands)
3Q-2016 3Q-2015
% Change Sales $ 117,494 $ 115,534 2%
Operating income 14,130 13,545 4% Operating margin 12.0% 11.7% 30
bps
Sales for the third quarter were $117 million, an increase of $2
million, or 2%, from the prior year. In the naval defense market,
our results reflect higher development revenues supporting the
ramp-up on the new Ohio-class replacement submarine program, as
well as higher sales on the Electromagnetic Aircraft Launching
System (EMALS) program. Those gains were partially offset by lower
revenues on the CVN-79 aircraft carrier program as production is
nearing completion. Within the power generation market, higher
revenues on the AP1000 program were more than offset by lower
aftermarket sales supporting currently operating nuclear
reactors.
Operating income in the third quarter was $14 million, an
increase of less than $1 million, or 4%, compared to the prior
year, while operating margin increased 30 basis points to 12.0%.
These results primarily reflect higher profitability on the AP1000
program, partially offset by reduced profitability in the
aftermarket power generation business due to lower sales
volumes.
Conference Call
Information
The Company will host a conference call to discuss third quarter
2016 financial results at 9:00 a.m. EDT on Thursday, October 27,
2016. A live webcast of the call and the accompanying financial
presentation will be made available on the internet by visiting the
Investor Relations section of the Company’s website at www.curtisswright.com.
CURTISS-WRIGHT CORPORATION and
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended Nine Months
Ended September 30, Change September 30,
Change 2016 2015 $ % 2016
2015 $ % Product sales $ 413,905 $ 427,732 $
(13,827 ) (3 %) $ 1,244,148 $ 1,313,290 $ (69,142 ) (5 %) Service
sales 93,187 97,803 (4,616 ) (5 %) 299,218
303,638 (4,420 ) (1 %) Total net sales 507,092 525,535
(18,443 ) (4 %) 1,543,366 1,616,928 (73,562 ) (5 %) Cost of
product sales 261,488 284,007 (22,519 ) (8 %) 806,092 864,701
(58,609 ) (7 %) Cost of service sales 61,128 56,034
5,094 9 % 195,515 193,286 2,229 1 %
Total cost of sales 322,616 340,041 (17,425 ) (5 %) 1,001,607
1,057,987 (56,380 ) (5 %) Gross profit 184,476 185,494
(1,018 ) (1 %) 541,759 558,941 (17,182 ) (3 %) Research and
development expenses 14,071 15,050 (979 ) (7 %) 44,467 45,633
(1,166 ) (3 %) Selling expenses 26,273 30,247 (3,974 ) (13 %)
85,025 90,440 (5,415 ) (6 %) General and administrative expenses
67,559 76,384 (8,825 ) (12 %) 210,342 220,778
(10,436 ) (5 %) Operating income 76,573 63,813 12,760
20 % 201,925 202,090 (165 ) 0 % Interest expense 10,488
8,972 1,516 17 % 30,694 26,953 3,741 14 % Other income, net 483
161 322 NM 818 605 213 NM
Earnings before income taxes 66,568 55,002 11,566 21 %
172,049 175,742 (3,693 ) (2 %) Provision for income taxes (20,636 )
(16,860 ) (3,776 ) 22 % (53,335 ) (54,256 ) 921 (2 %)
Earnings from continuing operations $ 45,932
$ 38,142 $ 7,790 20 % $ 118,714 $ 121,486
$ (2,772 ) (2 %) Loss from discontinued operations,
net of tax — (4,258 ) 4,258 NM — (45,874 ) 45,874 NM
Net earnings $ 45,932 $ 33,884
$ 12,048 36 % $ 118,714 $ 75,612 $
43,102 57 % Basic earnings per share Earnings from
continuing operations $ 1.04 $ 0.82 $ 2.67 $ 2.58 Earnings from
discontinued operations — (0.09 ) — (0.97 ) Total $
1.04 $ 0.73 $ 2.67 $ 1.61
Diluted earnings per share Earnings from continuing operations $
1.02 $ 0.80 $ 2.63 $ 2.53 Earnings from discontinued operations —
(0.09 ) — (0.96 ) Total $ 1.02 $ 0.71 $
2.63 $ 1.57 Dividends per share $ 0.13
$ 0.13 $ 0.39 $ 0.39 Weighted
average shares outstanding: Basic 44,323 46,366 44,457 47,082
Diluted 44,997 47,395 45,128 48,106
NM- not
meaningful CURTISS-WRIGHT CORPORATION and
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) ($'s in thousands, except par value)
September 30, December
31, Change 2016 2015 %
Assets Current assets: Cash and cash equivalents $ 452,053 $
288,697 57 % Receivables, net 462,004 566,289 (18 %) Inventories
399,638 379,591 5 % Other current assets 49,438 40,306
23 % Total current assets 1,363,133 1,274,883
7 % Property, plant, and equipment, net 387,458 413,644 (6 %)
Goodwill 964,446 972,606 (1 %) Other intangible assets, net 283,670
310,763 (9 %) Other assets 15,277 17,715 (14 %)
Total assets $ 3,013,984 $
2,989,611 1 %
Liabilities Current
liabilities: Current portion of long-term and short term debt $ 802
$ 1,259 (36 %) Accounts payable 133,101 163,286 (18 %) Accrued
expenses 116,778 131,863 (11 %) Income taxes payable 6,461 7,956
(19 %) Deferred revenue 196,609 181,671 8 % Other current
liabilities 34,264 37,190 (8 %) Total current
liabilities 488,015 523,225 (7 %) Long-term debt, net
966,040 951,946 1 % Deferred tax liabilities, net 73,650 54,447 35
% Accrued pension and other postretirement benefit costs 100,999
103,723 (3 %) Long-term portion of environmental reserves 14,534
14,017 4 % Other liabilities 83,731 86,830 (4 %)
Total liabilities 1,726,969 1,734,188 0 %
Stockholders' equity Common stock, $1 par value $ 49,187 $
49,190 0 % Additional paid in capital 134,597 144,923 (7 %)
Retained earnings 1,692,026 1,590,645 6 % Accumulated other
comprehensive loss (248,069 ) (225,928 ) 10 % Less: cost of
treasury stock (340,726 ) (303,407 ) 12 % Total stockholders'
equity 1,287,015 1,255,423 3 %
Total
liabilities and stockholders' equity $ 3,013,984
$ 2,989,611 1 %
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES SEGMENT
INFORMATION (UNAUDITED) ($'s in thousands)
Three Months Ended Nine
Months Ended September 30, September 30,
Change Change 2016 2015 %
2016 2015 %
Sales:
Commercial/Industrial $ 275,649 $ 292,557 (6 %) $ 840,422 $ 894,909
(6 %) Defense 113,949 117,444 (3 %) 333,301 350,595 (5 %) Power
117,494 115,534 2 % 369,643 371,424
0 %
Total sales $ 507,092
$ 525,535 (4 %) $
1,543,366 $ 1,616,928 (5 %)
Operating income
(expense):
Commercial/Industrial $ 39,067 $ 40,259 (3 %) $ 108,076 $ 128,801
(16 %) Defense 28,822 25,477 13 % 64,276 67,895 (5 %) Power 14,130
13,545 4 % 44,872 34,511 30 %
Total segments $ 82,019 $ 79,281
3 %
$ 217,224 $ 231,207 (6 %) Corporate
and other (5,446 ) (15,468 )
65
%
(15,299 ) (29,117 )
47
%
Total operating income $ 76,573
$ 63,813 20 % $
201,925 $ 202,090 0
%
Operating
margins:
Commercial/Industrial 14.2 % 13.8 % 12.9 % 14.4 % Defense 25.3 %
21.7 % 19.3 % 19.4 % Power 12.0 % 11.7 % 12.1 % 9.3 %
Total
Curtiss-Wright 15.1 % 12.1 %
13.1 % 12.5 % Segment margins
16.2 % 15.1 % 14.1 % 14.3 %
CURTISS-WRIGHT CORPORATION
and SUBSIDIARIES SALES BY END MARKET (UNAUDITED) ($'s in
thousands)
Three Months Ended Nine Months Ended September
30, September 30, Change Change
2016 2015 % 2016 2015 %
Defense markets: Aerospace $ 77,990 $ 81,758 (5 %) $ 215,586
$ 228,865 (6 %) Ground 19,599 18,522 6 % 58,654 61,415 (4 %) Naval
100,054 96,229 4 % 297,512 286,113 4 % Other 4,391 1,410
211 % 8,185 4,960 65 %
Total Defense
$ 202,034 $ 197,919 2 %
$ 579,937 $ 581,353 0 %
Commercial markets: Aerospace $ 94,241 $ 94,476 0 % $
299,052 $ 294,554 2 % Power Generation 89,600 87,371 3 % 285,030
294,848 (3 %) General Industrial 121,217 145,769 (17
%) 379,347 446,173 (15 %)
Total Commercial
$ 305,058 $ 327,616 (7 %)
$ 963,429 $ 1,035,575 (7
%) Total Curtiss-Wright
$ 507,092 $ 525,535
(4 %) $ 1,543,366 $
1,616,928 (5 %)
Use 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 non-GAAP measures provide investors with additional
insight into the Company’s ongoing business performance. 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. The following definitions are provided:
Organic Revenue and Organic Operating
Income
The Corporation discloses organic revenue and organic operating
income because the Corporation believes it provides investors with
insight as to the Company’s ongoing business performance. Organic
revenue and organic operating income are defined as revenue and
operating income excluding the impact of foreign currency
fluctuations and contributions from acquisitions made during the
last twelve months.
Three Months Ended September 30, 2016 vs.
2015 Commercial/Industrial Defense
Power Total Curtiss-Wright Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Organic (5 %) (6 %) (2 %) 10 % 2 %
4%
(3 %) 17 % Acquisitions 0 % 0 % 0 % 0 % 0 %
0%
0 % 0 % Foreign Currency (1 %) 3 % (1 %) 3 % 0 %
0%
(1 %) 3 % Total (6 %) (3 %) (3 %) 13 % 2 %
4%
(4 %) 20 %
Nine Months Ended September 30,
2016 vs. 2015 Commercial/Industrial Defense
Power Total Curtiss-Wright Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Organic (5 %) (19 %) (4 %) (12 %) 0 %
30%
(4 %) (4 %) Acquisitions 0 % 0 % 0 % 0 % 0 %
0%
0 % 0 % Foreign Currency (1 %) 3 % (1 %) 7 % 0 %
0%
(1 %) 4 % Total (6 %) (16 %) (5 %) (5 %) 0 %
30%
(5 %) 0 %
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 cash flow provided by operating activities less
capital expenditures. The Corporation discloses free cash flow
conversion because it measures the proportion of net earnings
converted into free cash flow and is defined as free cash flow
divided by net earnings from continuing operations.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP
FINANCIAL DATA (UNAUDITED) ($'s in thousands)
Three Months Ended Nine
Months Ended September 30, September 30,
2016 2015 2016 2015 Net cash
provided by (used by) operating activities $ 110,581 $ 106,579 $
267,212 $ (4,691 ) Capital expenditures (10,394 ) (8,159 ) (26,127
) (23,848 ) Free cash flow $ 100,187 $ 98,420 $
241,085 $ (28,539 ) Pension Payment — — — 145,000
Adjusted free cash flow $ 100,187
$ 98,420 $ 241,085 $ 116,461
Free Cash Flow Conversion 218 % 258 % 203 % 96 %
CURTISS-WRIGHT CORPORATION
2016 Guidance (from Continuing Operations) As of October
26, 2016 ($'s in millions, except per share data)
2015 Reported
2015 Pro Forma*
2016 Guidance (Current) Low High
Sales:
Commercial/Industrial $ 1,185 $ 1,185 $ 1,120 $ 1,145 Defense 477
477 475 485 Power 543 523 515 530
Total sales $ 2,206 $ 2,186
$ 2,110 $ 2,160
Operating
income:
Commercial/Industrial $ 172 $ 172 $ 158 $ 163 Defense 99 99 96 100
Power 75 55 70 73
Total segments
346 326 324 336 Corporate and other (35
) (35 ) (23 ) (24 )
Total operating income $
311 $ 291 $ 301
$ 313 Interest expense $ (36 ) $
(36 ) $ (40 ) $ (41 )
Earnings before income taxes
275 255 262 272 Provision for income
taxes (83 ) (77 ) (81 ) (84 )
Net earnings $
192 $ 178 $ 181
$ 188 Reported diluted
earnings per share $ 4.04 $ 3.74
$ 4.00 $ 4.15 Diluted shares
outstanding 47.6 47.6 45.2 45.2 Effective tax rate 30.1 % 30.1 %
31.0 % 31.0 %
Operating
margins:
Commercial/Industrial 14.5 % 14.5 % 14.1 % 14.3 % Defense 20.7 %
20.7 % 20.3 % 20.5 % Power 13.8 % 10.5 % 13.6 % 13.8 %
Total
operating margin 14.1 % 13.3 %
14.3 % 14.5 % Note: Full year
amounts may not add due to rounding
* Excludes the one-time China AP1000 fee of $20 million
recognized as revenue and operating income in the fourth quarter of
2015. This affects the Power segment and Total
Curtiss-Wright.
CURTISS-WRIGHT CORPORATION 2016 Sales Growth Guidance by
End Market (from Continuing Operations) As of October 26,
2016 (Prior) (Current) 2016 %
Change vs 2015 2016 % Change vs 2015
Defense
Markets
Aerospace Flat Flat Ground (2 - 4%) (2 - 4%) Navy 0 - 2% 6 - 8%
Total Defense (Including Other Defense) Flat Up 1%
to 3%
Commercial
Markets
Commercial Aerospace Flat Flat Power Generation 0 - 2% (1 - 3%)
General Industrial (5 - 9%) (10 - 12%)
Total Commercial
(2 - 4%) (4 - 6%) Total Curtiss-Wright
Sales Down 1% to 3% Down 1% to 3% Note:
Full year amounts may not add due to rounding
* The Company’s full-year 2016 guidance reflects sales growth
rates compared to 2015 Pro Forma results, which exclude the
one-time China AP1000 fee of $20 million recognized as revenue in
the fourth quarter of 2015. This affects 2016 growth rates for
Power Generation, Total Commercial and Total Curtiss-Wright
sales.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global innovative
company that delivers highly engineered, critical function products
and services to the commercial, industrial, defense and energy
markets. Building on the heritage of Glenn Curtiss and the Wright
brothers, Curtiss-Wright has a long tradition of providing reliable
solutions through trusted customer relationships. The company
employs approximately 8,400 people worldwide. 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, 2015, 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: http://www.businesswire.com/news/home/20161026006799/en/
Curtiss-Wright CorporationJim Ryan,
704-869-4621Jim.Ryan@curtisswright.com
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