0000026324False00000263242024-08-072024-08-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2024
CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
| Delaware | 1-134 | 13-0612970 |
(State or Other
Jurisdiction of
Incorporation) | (Commission File
Number) | (IRS Employer
Identification No.) |
| | | | | | | | | | | |
| 130 Harbour Place Drive, Suite 300 | | |
| Davidson, | North Carolina | | 28036 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant's telephone number, including area code: (704) 869-4600
--------------
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | CW | New York Stock Exchange |
| | | | | | | | | | | |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | |
| | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition
On Wednesday, August 7, 2024 the Company issued a press release announcing financial results for the second quarter ended June 30, 2024. A conference call and webcast presentation will be held on Thursday, August 8, 2024 at 10:00 am ET for management to discuss the Company’s second quarter 2024 financial performance as well as expectations for 2024 financial performance. Lynn M. Bamford, Chair and Chief Executive Officer, and K. Christopher Farkas, Vice President and Chief Financial Officer, will host the call. A copy of the press release and the webcast slide presentation are attached hereto as Exhibits 99.1 and 99.2.
The financial press release, access to the webcast, and the accompanying financial presentation will be posted on Curtiss-Wright's website at www.curtisswright.com. In addition, the dial-in number for domestic callers is (800) 225-9448, while international callers can dial (203) 518-9708. The conference ID code is CWQ224. For those unable to join the live presentation, a webcast replay will be available within the Investor Relations section on the Company’s website beginning one hour after the call takes place.
The information contained in this Current Report, including Exhibits 99.1 and 99.2, are being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
99.1 Press Release dated August 7, 2024
99.2 Presentation shown during investor and securities analyst webcast on August 8, 2024
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| | CURTISS-WRIGHT CORPORATION |
| | By: /s/ K. Christopher Farkas |
| | K. Christopher Farkas |
| | Vice President and |
| | Chief Financial Officer |
| | |
Date: August 8, 2024 | | |
EXHIBIT INDEX
| | | | | | | | |
| Exhibit Number | | Description |
| 99.1 | | |
| 99.2 | | |
Curtiss-Wright Corporation, Page 1
CURTISS-WRIGHT REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS AND RAISES FULL-YEAR 2024 GUIDANCE
DAVIDSON, N.C. – August 7, 2024 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights:
•Reported sales of $785 million, up 11%;
•Reported operating income of $129 million, operating margin of 16.4%, and diluted earnings per share (EPS) of $2.58;
•Adjusted operating income of $133 million, up 16%;
•Adjusted operating margin of 17.0%, up 60 basis points;
•Adjusted diluted EPS of $2.67, up 24%;
•New orders of $995 million, up 18%, reflected a book-to-bill of approximately 1.3x driven by strong demand within our Aerospace & Defense (A&D) markets;
•Backlog of $3.2 billion, up 13% year-to-date; and
•Free cash flow (FCF) of $100 million, generating 97% Adjusted FCF conversion.
Raised Full-Year 2024 Adjusted Financial Guidance:
•Sales increased to new range of 6% to 8% growth (previously 5% to 7%), driven by strong growth in our A&D markets;
•Operating income increased to new range of 6% to 9% growth (previously 5% to 8%);
•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 $10.40 to $10.65, up 11% to 14% (previously $10.10 to $10.40, up 8% to 11%);
•Reduced effective tax rate by 100 bps to 22.5% following consolidation of U.K. legal entity structure, and
•Free cash flow increased to new range of $425 to $445 million, up 3% to 8% (previously $415 to $435 million, up 0% to 5%), and continues to reflect greater than 105% FCF conversion.
"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."
Curtiss-Wright Corporation, Page 2
2024 Restructuring Program and Other Cost Savings Initiatives
•During the second quarter of 2024, the Company initiated restructuring actions across all three segments, principally within the Aerospace & Industrial segment. These initiatives are expected to result in approximately $15 million in restructuring costs in 2024, and are expected to yield initial savings in 2024, as well as approximately $10 million in annualized savings in 2025; and
•Curtiss-Wright launched a U.K. legal entity consolidation program anticipated to facilitate more efficient cash repatriation. This initiative is expected to generate approximately $5 million in annualized savings, based on a 100 basis point reduction in the effective tax rate, and approximately $5 million in annual recurring free cash flow.
Acquisition of Ultra Energy
•On June 3, 2024, the Company announced the acquisition of Ultra Nuclear Limited and Weed Instrument Co., Inc. (“Ultra Energy”) for $200 million in cash.
•Ultra Energy is a leading global provider of safety-critical monitoring systems, temperature and pressure sensors, and reactor protection and control systems principally to the commercial nuclear and A&D markets;
•The business is expected to be accretive to Curtiss-Wright's adjusted diluted earnings per share in its first full year of ownership, excluding first year purchase accounting costs, and produce a free cash flow conversion rate in excess of 100%; and
•The acquisition is expected to close in the third quarter of 2024, subject to U.K. regulatory approval, and the acquired business will operate within Curtiss-Wright's Naval & Power segment.
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.
•Sales of $785 million increased 11% compared with the prior year period;
•Total A&D market sales increased 16%, while total Commercial market sales increased 2%;
•In our A&D markets, we experienced strong growth in the defense markets principally driven by strong demand for our defense electronics products and the timing of production ramps in naval defense, as well as higher OEM sales in the commercial aerospace market;
•In our Commercial markets, we experienced solid growth in the power & process markets, principally driven by higher sales of our commercial nuclear products, while sales in the general industrial market declined modestly; and
•Adjusted operating income of $133 million increased 16%, while Adjusted operating margin increased 60 basis points to 17.0%, principally driven by favorable overhead absorption on higher revenues in all three segments and favorable mix in the Defense
Curtiss-Wright Corporation, Page 3
Electronics segment, partially offset by unfavorable mix and timing of development programs in the Naval & Power segment.
Curtiss-Wright Corporation, Page 4
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.
•Sales of $233 million, up $7 million, or 3%;
•Commercial aerospace market revenue increases reflected strong demand and higher OEM sales of sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms;
•General industrial market revenues declined modestly, as the benefit of higher sales of surface treatment services was more than offset by reduced sales of industrial vehicle products to off-highway vehicle platforms; and
•Adjusted operating income was $38 million, up 6% from the prior year, while adjusted operating margin increased 40 basis points to 16.2%, mainly due to solid absorption on higher sales and the initial benefits of our restructuring initiatives.
Curtiss-Wright Corporation, Page 5
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.
•Sales of $228 million, up $31 million, or 16%;
•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;
•Strong revenue growth in the ground defense market primarily reflected higher sales of tactical battlefield communications equipment; and
•Adjusted operating income was $59 million, up 36% from the prior year, while adjusted operating margin increased 390 basis points to 25.7%, reflecting favorable absorption and mix on higher revenues, and the benefits of our cost containment initiatives.
Curtiss-Wright Corporation, Page 6
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.
•Sales of $323 million, up $43 million, or 15%;
•Strong revenue growth in the naval defense market principally reflected higher demand on various submarine programs and the CVN-81 aircraft carrier program;
•Higher revenue in the aerospace defense market was primarily driven by increased sales of our arresting systems equipment supporting various domestic and international customers;
•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 $47 million, down 6% from the prior year, while adjusted operating margin decreased 320 basis points to 14.4%, as favorable absorption on higher revenues was more than offset by unfavorable mix of products and timing of development programs.
Curtiss-Wright Corporation, Page 7
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.
•Reported free cash flow of $100 million increased slightly as higher cash earnings were essentially offset by the timing of tax payments and working capital;
•Adjusted free cash flow of $100 million; and
•Capital expenditures decreased $1 million compared with the prior year.
New Orders and Backlog
•New orders of $995 million increased 18% compared with the prior year and generated an overall book-to-bill of approximately 1.3x, principally driven by strong demand for naval defense and commercial aerospace products within our A&D markets; and
•Backlog of $3.2 billion, up 13% from December 31, 2023, reflects strong demand in both our A&D and Commercial markets.
Share Repurchase and Dividends
•During the second quarter, the Company repurchased 47,174 shares of its common stock for approximately $13 million; and
•The Company also declared a quarterly dividend of $0.21 a share, an increase of 5% from the previous quarter.
Curtiss-Wright Corporation, Page 8
Full-Year 2024 Guidance
The Company is updating its full-year 2024 Adjusted financial guidance(1) as follows:
| | | | | | | | | | | |
| ($ 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 - $445 | Up 3% - 8% |
(1)Reconciliations of Reported to Adjusted 2023 operating results and 2024 financial guidance are available in the Appendix.
**********
A more detailed breakdown of the Company’s 2024 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted Non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its second quarter 2024 financial results and updates to 2024 guidance at 10:00 a.m. ET on Thursday, August 8, 2024. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
Curtiss-Wright Corporation, Page 9
| | | | | | | | | | | | | | | | | | | | | | | |
| CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) |
| ($'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, Page 10
| | | | | | | | | | | |
| 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 | |
Curtiss-Wright Corporation, Page 11
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, Page 12
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| 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, Page 13
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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, Page 14
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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, Page 15
| | | | | | | | | | | | | | | | | | | | | | | |
| 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. | | | | |
Curtiss-Wright Corporation, Page 16
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% |
Curtiss-Wright Corporation, Page 17
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, Page 18
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CURTISS-WRIGHT CORPORATION |
| 2024 Guidance |
| As of August 7, 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 | | | 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, Page 19
| | | | | | | | | | | | | | | | | |
| 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. | | | | |
|
Curtiss-Wright Corporation, Page 20
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.
Contact: Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com
Q2 2024 Earnings Presentation August 8, 2024 Q2 2024 EARNINGS CONFERENCE CALL Conference Call Dial-in numbers: (800) 225-9448 (domestic) (203) 518-9708 (international) Conference code: CWQ224
Q2 2024 Earnings Presentation SAFE HARBOR STATEMENT Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect new information that may become available after the original presentation posting. The presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and Curtiss-Wright Corporation assumes no obligation to update the information included in this report. Such forward-looking statements include, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives, our management’s ability to integrate our acquisition, and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations, including the impact of a global pandemic or national epidemic. This presentation also includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release and this presentation that are posted to our website and furnished with the SEC. We undertake no duty to update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at the SEC's website at www.sec.gov. 2
Q2 2024 Earnings Presentation ▪ Hosted Investor Day in May; Provided new long-term financial outlook through 2026 ▪ Sales of $785M, up 11% overall; Aerospace & Defense (A&D) markets increased 16% ▪ Operating Income of $133M, up 16%; 60 bps in YOY margin expansion ▪ Diluted EPS of $2.67, up 24% ▪ Free Cash Flow of $100M; FCF conversion 97% ▪ New Orders of $995M, up 18%, reflecting ~1.3x Book-to-Bill; Record backlog of $3.2B STRONG SECOND QUARTER PERFORMANCE DRIVES IMPROVED FULL-YEAR 2024 OUTLOOK ▪ Sales growth raised to 6% - 8%, driven by strong H1 and growing Naval backlog ▪ Diluted EPS growth raised to 11% - 14% ▪ Increased FCF projection to new range of $425M - $445M, up 3% to 8% ▪ Implemented 2024 Restructuring Program to yield Operational and Tax savings 3 Second Quarter 2024 Highlights Note: Second quarter 2024 results and Full-year 2024 guidance, and comparisons to 2023, presented on an Adjusted (Non-GAAP) basis, unless noted Full-Year 2024 Guidance Updates
Q2 2024 Earnings Presentation SECOND QUARTER 2024 FINANCIAL REVIEW ($ in millions) Q2’24 Adjusted Q2’23 Adjusted Change Key Drivers Aerospace & Industrial $233 $226 3% ▪ Strong demand in Commercial Aerospace (narrowbody and widebody OEM platforms) partially offset by modest decline in General Industrial Defense Electronics $228 $198 16% ▪ Strong growth (U.S. DoD and FMS) in Ground Defense (tactical communications) and Aerospace Defense (embedded computing) Naval & Power $323 $280 15% ▪ Strong Naval Defense growth on CVN-81 aircraft carrier and submarines (Columbia, Virginia and SSN(X)) ▪ Higher Aerospace Defense revenues (arresting systems equipment) ▪ HSD growth in Commercial Nuclear aftermarket revenues Total Sales $785 $704 11% Strong demand and record backlog driving continued growth in A&D markets Aerospace & Industrial Margin $38 16.2% $36 15.8% 6% 40 bps ▪ Favorable absorption on higher sales growth; Initial benefit of restructuring savings Defense Electronics Margin $59 25.7% $43 21.8% 36% 390 bps ▪ Favorable absorption and mix on strong A&D revenue growth ▪ Benefit of cost containment initiatives Naval & Power Margin $47 14.4% $49 17.6% (6%) (320) bps ▪ Favorable absorption on higher revenues ▪ Profitability offset by unfavorable mix of products and timing of development programs Corporate and Other ($10) ($13) 23% ▪ Lower FX costs Total Op. Income CW Margin $133 17.0% $115 16.4% 16% 60 bps Delivering solid margin expansion on better-than-expected Sales growth 4Notes: Amounts may not add due to rounding.
Q2 2024 Earnings Presentation 2024 END MARKET SALES GROWTH GUIDANCE (As of August 7, 2024) ($ in Millions) 2024E Growth vs 2023 (Prior) 2024E Growth vs 2023 (Current) 2024E % Sales Key Drivers Aerospace Defense 6% - 8% 7% - 9% 20% ▪ Strong defense electronics revenue growth on various C5/ISR programs (helicopters and fighter jets); Higher sales of sensors and actuation equipment Ground Defense 10% - 12% 10% - 12% 11% ▪ Strong revenue growth in tactical communications equipment Naval Defense 3% - 5% 5% - 7% 25% ▪ Higher revenue growth on submarines (Columbia, Virginia, and SSN(X)) and CVN-81 aircraft carrier program; Increased sales of aircraft handling equipment (FMS) Commercial Aerospace 10% - 12% 13% - 15% 12% ▪ Higher OEM production (narrowbody/widebody); Increased sales of surface treatment services Total Aerospace & Defense 6% - 8% 8% - 10% 68% Strong growth in A&D markets driven by increased U.S. and Foreign Military Sales Power & Process 4% - 6% 4% - 6% 18% ▪ HSD growth in Commercial Nuclear; Strong aftermarket demand and WSC acquisition ▪ Modest growth in Process (Higher subsea pump development revenues offset by timing of capital projects in oil & gas market) General Industrial 1% - 3% Flat 14% ▪ Higher sales of surface treatment services offset by reduced sales in industrial vehicles Total Commercial 2% - 4% 1% - 3% 32% Solid growth in Power & Process markets Total Curtiss-Wright 5% - 7% 6% - 8% 100% Organic sales growth of 5% - 7% 5Notes: Amounts may not add due to rounding. Updated (in blue)
Q2 2024 Earnings Presentation ($ in millions) 2024E (Prior) 2024E (Current) Change vs 2023 Adjusted Key Drivers Aerospace & Industrial $915 - 930 $925 - 940 4% - 6% ▪ Strong low-teens growth in Commercial Aerospace; Higher sales in Aerospace Defense market Defense Electronics $882 - 897 $882 - 897 8% - 10% ▪Defense market growth (U.S. DoD and FMS) driven by strong order book and backlog ▪Higher Aerospace Defense (embedded computing) and Ground Defense (tactical communications) Naval & Power $1,188 - 1,208 $1,203 - 1,223 5% - 7% ▪MSD+ growth in Naval Defense driven by submarine and aircraft carrier programs; Higher FMS ▪MSD growth in Power & Process, including contribution from WSC acquisition Total Sales $2,985 - 3,035 $3,010 - 3,060 6% - 8% Delivering strong MSD+ organic growth Aerospace & Industrial Margin $152 - 156 16.6% - 16.8% $157 - 161 16.9% - 17.1% 8% - 11% 50 - 70 bps ▪ Favorable absorption on strong growth in A&D revenues and benefit of restructuring savings ▪Continued investment in IR&D Defense Electronics Margin $212 - 218 24.0% - 24.2% $212 - 218 24.0% - 24.2% 11% - 13% 50 - 70 bps ▪ Favorable absorption on strong growth in A&D revenues ▪ Strong profitability partially offset by ramp up in IR&D investments (~50 bps impact) Naval & Power Margin $192 - 197 16.1% - 16.3% $194 - 199 16.1% - 16.3% 0% - (2%) (110 - 130 bps) ▪ Favorable absorption on higher sales (Defense, Commercial Nuclear and Process) ▪ Profitability offset by impact of Q1 naval contract adjustment, shift to development programs (subsea, advanced SMRs, SSN(X)) and higher R&D investments; Combined R&D impact ~50 bps Corporate and Other ($38 - 39) ($38 - 39) 8% - 9% ▪ Lower YOY FX costs Total Op. Income CW Margin $518 - 533 17.4% - 17.6% $525 - 539 17.4% - 17.6% 6% - 9% 0 - 20 bps Targeting Operating Margin expansion while growing engineering spend (~40-50 bps impact) 2024 FINANCIAL GUIDANCE (As of August 7, 2024) 6Note: IR&D represents Internally-funded Research and Development projects Updated (in blue)
Q2 2024 Earnings Presentation 2024 FINANCIAL GUIDANCE (As of August 7, 2024) ($ in millions, except EPS) 2024E (Prior) 2024E (Current) Change vs 2023 Adjusted Key Drivers Total Sales $2,985 - 3,035 $3,010 - 3,060 6% - 8% Continued focus on generating profitable growth Total Operating Income $518 - 533 $525 - 539 6% - 9% Other Income $34 - 35 ~$35 ▪ Higher YOY pension and interest income Interest Expense ($44 - 45) ($44 - 45) ▪ Lower YOY debt levels Tax Rate 23.5% 22.5% ▪ U.K. legal entity consolidation program to generate 100 bps reduction and $5M in annual tax cash savings Diluted EPS $10.10 - 10.40 $10.40 - 10.65 11% - 14% Double-digit EPS growth in-line with Investor Day target Diluted Shares Outstanding ~38.5 ~38.5 Min. $50M share repurchase Free Cash Flow $415 - 435 $425 - 445 3% - 8% FCF up 8% - 13%, excluding final CAP1000 cash payment in 2023 FCF Conversion >105% >105% ▪ Continued solid FCF conversion Capital Expenditures $50 - 60 $50 - 60 ▪ Average ~2% of Sales (over time) Depreciation & Amortization $110 - 115 $110 - 115 7 Updated (in blue)
Q2 2024 Earnings Presentation 8 ▪ June 2024: Announced Acquisition of Ultra Nuclear Limited and Weed Instrument Co., Inc. (“Ultra Energy”) – Leading designer and manufacturer of neutron and radiation monitoring systems, temperature and pressure sensors, and reactor protection and control systems – Legacy supplier of nuclear components since the 1950s ▪ Aligned with Curtiss-Wright’s Acquisition Priorities – Bolt-on business increases breadth of CW’s global portfolio – Key end market applications: commercial nuclear power generation, UK nuclear defense, aerospace and process – Supports maintenance and modernization of existing commercial nuclear power plants – Further expands Curtiss-Wright's presence with the leading global designers of advanced nuclear reactors and SMRs, in both the U.S. and Europe – Ability to leverage UK-based nuclear manufacturing footprint – Robust naval defense portfolio supporting UK submarines – Supports Curtiss-Wright’s long-term financial objectives ▪ Deal expected to close in 3rd quarter Purchase Price $200M (cash) P / EBITDA Multiple <12x NTM 2023 Sales ~$65M Adjusted Operating Margin (1) Dilutive to CW in Year One Adjusted EPS (1) Accretive in Year One Free Cash Flow Expected to generate >100% FCF Conversion (1) Excludes impact of first-year purchase accounting adjustments, including backlog amortization and transaction costs ACQUISITION OF ULTRA ENERGY EXPANDS GLOBAL COMMERCIAL NUCLEAR PORTFOLIO 8
Q2 2024 Earnings Presentation BUILDING MOMENTUM THROUGH SUCCESSFUL EXECUTION OF PIVOT TO GROWTH STRATEGY 9 ▪ Well-positioned to deliver strong 2024 performance – Sales growth of 6% - 8% reflects strong growth in A&D and Commercial Nuclear markets – Maintaining outlook for Operating Margin of 17.4% - 17.6%, flat to up 20 bps • Increased profitability while supporting incremental R&D investments ($10M or ~$0.20) – Targeting 11% - 14% EPS growth on strong operating income growth – Improved FCF guidance reflects strong YTD performance and continued working capital management • FCF Conversion >105% (in-line with long-term view) ▪ 2024 Restructuring Program to drive incremental operational savings and free cash flow – Planned operational restructuring actions to drive ~$10M in annualized savings in 2025 – U.K. legal entity consolidation to deliver tax optimization and facilitate more efficient cash repatriation ▪ Strong confidence in achieving Investor Day targets; Clear path to capture tremendous future growth
Q2 2024 Earnings Presentation Appendix 10
Q2 2024 Earnings Presentation NON-GAAP FINANCIAL INFORMATION 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 the Company’s earnings press release. The following definitions are provided: Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share (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. 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. Free Cash Flow (FCF) 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. 11
Q2 2024 Earnings Presentation SECOND QUARTER 2024: END MARKET SALES GROWTH ($ in millions) Q2’24 Q2’23 Change Key Drivers Aerospace Defense $154 $132 17% Strong demand for embedded computing equipment on various domestic and international programs and higher sales of arresting systems equipment Ground Defense $85 $71 20% Higher tactical communications equipment revenues Naval Defense $210 $181 16% Higher submarine (Columbia-class, Virginia-class and SSN(X)) and CVN-81 aircraft carrier program revenues Commercial Aerospace $93 $82 14% Strong OEM demand on narrowbody and widebody platforms Total A&D Markets $542 $466 16% Power & Process $139 $131 6% Solid growth principally driven by higher commercial nuclear aftermarket revenues General Industrial $104 $107 (3%) Benefit of higher sales of surface treatment services was more than offset by reduced sales of industrial vehicle products on off-highway vehicle platforms Total Commercial Markets $243 $238 2% Total Curtiss-Wright $785 $704 11% 12Note: Amounts may not add down due to rounding.
Q2 2024 Earnings Presentation 68% $2.07B 32% $0.96B Industrial Vehicles 18% 14% ~55% Severe-service valves and subsea pump applications ~65% Electromechanical actuation and Surface Treatment Services Aftermarket (Operating Reactors) & New Build (AP1000, SMRs) On/Off-Highway Commercial and Specialty Vehicles Commercial Nuclear Process Industrial Automation and Services ~45% Pumps / Valves / Steam Turbines (Nuclear naval propulsion) Ground AM ~35% Total 2024 CW End Markets $3.01B - 3.06B General IndustrialNaval Commercial Aerospace Power & Process Tactical battlefield communications Principally Repair and Overhaul Aerospace & Defense Markets Commercial Markets 25% 12% 20% 11% ~90% ~10% Embedded computing, sensors, actuation, arresting systems 60% Narrowbody / 40% Widebody Linked to Boeing/Airbus production Aerospace OEM 2024E END MARKET SALES WATERFALL (as of August 7, 2024) FY’24 Guidance: Overall UP 6 - 8% A&D Markets UP 8 - 10% Comm’l Markets UP 1 - 3% Note: Amounts shown for % of Total Sales may not add due to rounding. ▪ Power & Process market sales concentrated in Naval & Power segment ▪ General Industrial sales concentrated in Aerospace & Industrial segment 13 Commercial Nuclear 90% Domestic & Int’l Aftermarket 10% New Build Gen III / Gen IV (Advanced SMRs)
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