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

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

Third Quarter 2024 Highlights:

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

Raised Full-Year 2024 Adjusted Financial Guidance:

Sales increased to new range of 7% to 9% growth (previously 6% to 8%), principally driven by strong growth in our A&D markets;
Operating income increased to new range of 7% to 10% growth (previously 6% to 9%);
Maintained operating margin range of 17.4% to 17.6%, flat to up 20 basis points compared with the prior year;
Diluted EPS increased to new range of $10.55 to $10.75, up 12% to 15% (previously $10.40 to $10.65, up 11% to 14%); and
Free cash flow increased to new range of $430 to $450 million, up 4% to 9% (previously $425 to $445 million, up 3% to 8%), and continues to reflect greater than 105% FCF conversion.

"Curtiss-Wright achieved strong third quarter results, highlighted by mid-teens revenue growth in our A&D end markets, a better-than-expected operational performance in our Defense Electronics segment and a 17% year-over-year increase in Adjusted diluted EPS," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We continue to demonstrate solid order activity, yielding an overall book-to-bill of 1.1x in the quarter, highlighted by record quarterly orders within our Defense Electronics segment. We also delivered solid cash generation, resulting in an exceptional free cash flow conversion of 142%. Based on the strong year-to-date performance and our continued momentum in executing on our Pivot to Growth strategy, we once again raised our full-year 2024 outlook for sales, diluted EPS and free cash flow."

“We continue to leverage our strong balance sheet in support of our disciplined capital allocation strategy. This includes delivering on our commitment to drive solid returns to our shareholders as we completed the recently announced $100 million expansion of our 2024 share repurchase program during the quarter. Additionally, we remain focused on supplementing our organic growth with high quality, strategic acquisitions that meet our stringent financial criteria to drive long-term shareholder value.”

Third Quarter 2024 Operating Results

(In millions)

Q3-2024

Q3-2023

Change

Reported

Sales

799

724

Operating income

145

133

Operating margin

18.1

18.3

(20 bps)

Adjusted (1)

Sales

799

724

Operating income

149

134

Operating margin

18.7

18.5

20 bps

(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $799 million increased 10% compared with the prior year;
Total A&D market sales increased 15%, as we experienced strong growth in the defense markets principally driven by increased demand for our defense electronics products and higher submarine and aircraft carrier revenues in naval defense, as well as higher OEM sales in the commercial aerospace market;
Total Commercial market sales were flat, reflecting solid growth in the power & process market, principally driven by higher sales of our commercial nuclear products, which was offset by lower sales in the general industrial market; and
Adjusted operating income of $149 million increased 11%, while Adjusted operating margin increased 20 basis points to 18.7%, principally driven by favorable overhead absorption on higher revenues in all three segments and partially offset by an unfavorable mix of products.

Third Quarter 2024 Segment Performance

Aerospace & Industrial

(In millions)

Q3-2024

Q3-2023

Change

Reported

Sales

229

220

Operating income

Operating margin

16.4

17.7

(130 bps)

Adjusted (1)

Sales

229

220

Operating income

Operating margin

17.2

17.7

(50 bps)

(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $229 million, up $8 million, or 4%;
Commercial aerospace market revenue increases reflected strong demand and higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms;
Higher revenue in the aerospace defense market reflected the timing of sales for our actuation equipment on various fighter jet programs;
Lower general industrial market revenue was principally driven by reduced sales of industrial vehicle products to off-highway vehicle platforms and lower sales of industrial automation and services; and
Adjusted operating income was $39 million, up 1% from the prior year, while Adjusted operating margin decreased 50 basis points to 17.2%, as favorable absorption on higher sales as well as the benefits of our restructuring initiatives were offset by unfavorable mix of products.

Defense Electronics

(In millions)

Q3-2024

Q3-2023

Change

Reported

Sales

243

216

Operating income

Operating margin

26.2

26.0

20 bps

Adjusted (1)

Sales

243

216

Operating income

Operating margin

26.5

26.0

50 bps

(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $243 million, up $27 million, or 12%;
Higher revenue in the aerospace defense market was principally driven by increased sales of our embedded computing equipment on various domestic and international helicopter programs, partially offset by the timing of flight test equipment sales;
Strong revenue growth in the ground defense market primarily reflected higher sales of tactical battlefield communications equipment;
Higher commercial aerospace market revenue principally reflected increased OEM sales of avionics and electronics on various platforms; and
Adjusted operating income was $64 million, up 15% from the prior year, while Adjusted operating margin increased 50 basis points to 26.5%, primarily due to favorable absorption on higher A&D revenues.

Naval & Power

(In millions)

Q3-2024

Q3-2023

Change

Reported

Sales

327

288

Operating income

Operating margin

16.2

16.6

(40 bps)

Adjusted (1)

Sales

327

288

Operating income

Operating margin

16.4

17.0

(60 bps)

(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $327 million, up $39 million, or 14%;
Strong revenue growth in the naval defense market principally reflected higher demand on the Virginia-class submarine, Columbia-class submarine and CVN-81 aircraft carrier programs, as well as higher growth on various next-generation submarine development programs;
Higher power & process market revenues mainly reflected increased commercial nuclear aftermarket sales supporting the maintenance of U.S. operating reactors; and
Adjusted operating income was $54 million, up 10% from the prior year, while Adjusted operating margin decreased 60 basis points to 16.4%, as favorable absorption on higher revenues was partially offset by an unfavorable mix of products and the timing of development programs.

Free Cash Flow

(In millions)

Q3-2024

Q3-2023

Change

Net cash provided by operating activities

177

146

Capital expenditures

(15

)

Reported free cash flow

163

137

Adjusted free cash flow (1)

163

137

(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.

Reported free cash flow of $163 million increased $26 million year over year, primarily driven by higher cash earnings and lower working capital;
Adjusted free cash flow of $163 million; and
Capital expenditures increased $5 million compared with the prior year period, due to growth investments within the Aerospace & Industrial and Defense Electronics segments.

New Orders and Backlog

New orders of $860 million increased 2% compared with the prior year and generated an overall book-to-bill of approximately 1.1x, principally driven by continued strong demand for defense electronics products within our A&D markets; and
Backlog of $3.3 billion, up 16% from December 31, 2023, reflecting higher demand in both our A&D and Commercial markets.

Share Repurchase and Dividends

During the third quarter, the Company repurchased 355,578 shares of its common stock for approximately $113 million and remains on track to repurchase a total of $150 million in shares in 2024; and
The Company declared a quarterly dividend of $0.21 a share.

Full-Year 2024 Guidance

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

($ in millions, except EPS)

2024 Adjusted Non-GAAP Guidance (Prior)

2024 Adjusted Non-GAAP Guidance (Current)

Change vs 2023 Adjusted (Current)

Total Sales

$3,010 - $3,060

$3,050 - $3,095

Up 7% - 9%

Operating Income

$525 - $539

$531 - $545

Up 7% - 10%

Operating Margin

17.4% - 17.6%

Up 0 - 20 bps

Diluted EPS

$10.40 - $10.65

$10.55 - $10.75

Up 12% - 15%

Free Cash Flow

$425 - $445

$430 - $450

Up 4% - 9%

(1) Reconciliations of Reported to Adjusted 2023 operating results and 2024 financial guidance are available in the Appendix.

**********

A more detailed breakdown of the Company’s 2024 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted Non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.

Conference Call & Webcast Information

The Company will host a conference call to discuss its third quarter 2024 financial results and updates to 2024 guidance at 10:00 a.m. ET on Thursday, October 31, 2024. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.

(Tables to Follow)

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

($'s in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

Product sales

684,216

613,915

1,941,327

1,721,832

Service sales

114,702

110,411

355,549

337,750

Total net sales

798,918

724,326

2,296,876

2,059,582

Cost of product sales

434,370

380,163

1,252,773

1,093,469

Cost of service sales

66,285

62,695

207,984

203,664

Total cost of sales

500,655

442,858

1,460,757

1,297,133

Gross profit

298,263

281,468

836,119

762,449

Research and development expenses

20,734

23,464

65,866

65,698

Selling expenses

37,311

34,084

109,202

100,782

General and administrative expenses

92,035

91,401

281,092

272,060

Restructuring expenses

3,280

—

6,198

—

Operating income

144,903

132,519

373,761

323,909

Interest expense

11,408

12,496

33,194

40,432

Other income, net

10,126

7,023

28,294

22,744

Earnings before income taxes

143,621

127,046

368,861

306,221

Provision for income taxes

(32,461

)

(30,268

)

(81,735

)

(71,598

)

Net earnings

111,160

96,778

287,126

234,623

Net earnings per share:

Basic earnings per share

2.91

2.53

7.51

6.13

Diluted earnings per share

2.89

2.51

7.47

6.09

Dividends per share

0.21

0.20

0.62

0.59

Weighted-average shares outstanding:

Basic

38,208

38,285

38,245

38,301

Diluted

38,451

38,558

38,451

38,538

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

($'s in thousands, except par value)

September 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

443,850

406,867

Receivables, net

857,614

732,678

Inventories, net

582,584

510,033

Other current assets

68,035

67,502

Total current assets

1,952,083

1,717,080

Property, plant, and equipment, net

330,292

332,796

Goodwill

1,583,448

1,558,826

Other intangible assets, net

532,397

557,612

Operating lease right-of-use assets, net

156,613

141,435

Prepaid pension asset

279,212

261,869

Other assets

51,693

51,351

Total assets

4,885,738

4,620,969

Liabilities

Current liabilities:

Current portion of long-term debt

90,000

—

Accounts payable

222,542

243,833

Accrued expenses

194,414

188,039

Deferred revenue

392,330

303,872

Other current liabilities

87,369

70,800

Total current liabilities

986,655

806,544

Long-term debt

959,302

1,050,362

Deferred tax liabilities, net

124,186

132,319

Accrued pension and other postretirement benefit costs

68,159

66,875

Long-term operating lease liability

134,866

118,611

Long-term portion of environmental reserves

14,661

12,784

Other liabilities

107,490

105,061

Total liabilities

2,395,319

2,292,556

Stockholders' equity

Common stock, $1 par value

49,187

Additional paid in capital

144,394

140,182

Retained earnings

3,751,183

3,487,751

Accumulated other comprehensive loss

(203,428

)

(213,223

)

Less: cost of treasury stock

(1,250,917

)

(1,135,484

)

Total stockholders' equity

2,490,419

2,328,413

Total liabilities and stockholders' equity

4,885,738

4,620,969

Use and Definitions of Non-GAAP Financial Information (Unaudited)

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

The following definitions are provided:

Adjusted Operating Income, Operating Margin, Net Earnings and Diluted EPS

These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) costs associated with the Company's 2024 Restructuring Program; and (iii) the sale or divestiture of a business or product line, as applicable.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)

($'s in thousands)

Three Months Ended

September 30, 2024

September 30, 2023

% Change

As Reported

Adjustments

Adjusted

As Reported

Adjustments

Adjusted

As Reported

Adjusted

Sales:

Aerospace & Industrial

228,659

—

228,659

220,297

—

220,297

Defense Electronics

243,029

—

243,029

216,285

—

216,285

Naval & Power

327,230

—

327,230

287,744

—

287,744

Total sales

798,918

—

798,918

724,326

—

724,326

Operating income (expense):

Aerospace & Industrial(2)

37,435

1,926

39,361

39,014

—

39,014

Defense Electronics(2)

63,639

819

64,458

56,212

—

56,212

Naval & Power(1)(2)

53,039

759

53,798

47,663

1,333

48,996

Total segments

154,113

3,504

157,617

142,889

1,333

144,222

Corporate and other(2)

(9,210

)

660

(8,550

)

(10,370

)

—

(10,370

)

Total operating income

144,903

4,164

149,067

132,519

1,333

133,852

Operating margins:

As Reported

Adjusted

As Reported

Adjusted

As Reported

Adjusted

Aerospace & Industrial

16.4

17.2

17.7

(130 bps)

(50 bps)

Defense Electronics

26.2

26.5

26.0

20 bps

50 bps

Naval & Power

16.2

16.4

16.6

17.0

(40 bps)

(60 bps)

Total Curtiss-Wright

18.1

18.7

18.3

18.5

(20 bps)

20 bps

Segment margins

19.3

19.7

19.9

(40 bps)

(20 bps)

(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.

(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)

($'s in thousands)

Nine Months Ended

September 30, 2024

September 30, 2023

% Change

As Reported

Adjustments

Adjusted

As Reported

Adjustments

Adjusted

As Reported

Adjusted

Sales:

Aerospace & Industrial

681,216

—

681,216

649,004

—

649,004

Defense Electronics

683,231

—

683,231

576,161

—

576,161

Naval & Power

932,429

—

932,429

834,417

—

834,417

Total sales

2,296,876

—

2,296,876

2,059,582

—

2,059,582

Operating income (expense):

Aerospace & Industrial(2)

100,147

4,546

104,693

101,224

—

101,224

Defense Electronics(2)

169,964

1,342

171,306

122,760

—

122,760

Naval & Power (1)(2)

134,513

1,101

135,614

132,382

6,669

139,051

Total segments

404,624

6,989

411,613

356,366

6,669

363,035

Corporate and other(2)

(30,863

)

1,624

(29,239

)

(32,457

)

—

(32,457

)

Total operating income

373,761

8,613

382,374

323,909

6,669

330,578

Operating margins:

As Reported

Adjusted

As Reported

Adjusted

As Reported

Adjusted

Aerospace & Industrial

14.7

15.4

15.6

(90 bps)

(20 bps)

Defense Electronics

24.9

25.1

21.3

360 bps

380 bps

Naval & Power

14.4

14.5

15.9

16.7

(150 bps)

(220 bps)

Total Curtiss-Wright

16.3

16.6

15.7

16.1

60 bps

50 bps

Segment margins

17.6

17.9

17.3

17.6

30 bps

(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.

(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

SALES BY END MARKET (UNAUDITED)

($'s in thousands)

Three Months Ended

September 30, 2024

September 30, 2023

% Change

Aerospace & Defense markets:

Aerospace Defense

158,980

148,023

Ground Defense

92,973

83,185

Naval Defense

217,510

179,862

Commercial Aerospace

96,677

79,703

Total Aerospace & Defense

566,140

490,773

Commercial markets:

Power & Process

131,376

122,118

General Industrial

101,402

111,435

Total Commercial

232,778

233,553

Total Curtiss-Wright

798,918

724,326

Nine Months Ended

September 30, 2024

September 30, 2023

% Change

Aerospace & Defense markets:

Aerospace Defense

445,158

380,095

Ground Defense

268,672

220,317

Naval Defense

605,004

532,773

Commercial Aerospace

279,768

232,226

Total Aerospace & Defense

1,598,602

1,365,411

Commercial markets:

Power & Process

394,016

373,457

General Industrial

304,258

320,714

Total Commercial

698,274

694,171

Total Curtiss-Wright

2,296,876

2,059,582

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

Diluted earnings per share - As Reported

2.89

2.51

7.47

6.09

First year purchase accounting adjustments

0.02

0.03

0.02

0.13

Restructuring costs

0.06

—

0.15

—

Diluted earnings per share - Adjusted (1)

2.97

2.54

7.64

6.22

(1) All adjustments are presented net of income taxes.

Organic Sales and Organic Operating Income

The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.

Three Months Ended

September 30,

2024 vs. 2023

Aerospace & Industrial

Defense Electronics

Naval & Power

Total Curtiss-Wright

Sales

Operating income

Sales

Operating income

Sales

Operating income

Sales

Operating income

As Reported

(4%)

12%

13%

14%

11%

10%

Less: Acquisitions

(1%)

Restructuring

Foreign Currency

(1%)

(2%)

(1%)

Organic

(1%)

12%

14%

13%

11%

10%

11%

Nine Months Ended

September 30,

2024 vs. 2023

Aerospace & Industrial

Defense Electronics

Naval & Power

Total Curtiss-Wright

Sales

Operating income

Sales

Operating income

Sales

Operating income

Sales

Operating income

As Reported

(1%)

19%

38%

12%

15%

Less: Acquisitions

(1%)

Restructuring

Foreign Currency

(1%)

Organic

18%

39%

11%

18%

Free Cash Flow and Free Cash Flow Conversion

The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Adjusted free cash flow excludes payments associated with the Westinghouse legal settlement in the prior year period. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NON-GAAP FINANCIAL DATA (UNAUDITED)

($'s in thousands)

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

Net cash provided by operating activities

$ 177,274

$ 146,364

$ 242,976

$ 165,717

Capital expenditures

(14,584

)

(9,373

)

(37,703

)

(32,037

)

Free cash flow

$ 162,690

$ 136,991

$ 205,273

$ 133,680

Westinghouse legal settlement

—

10,000

Adjusted free cash flow

$ 162,690

$ 136,991

$ 205,273

$ 143,680

Adjusted free cash flow conversion

142

140

CURTISS-WRIGHT CORPORATION

2024 Guidance

As of October 30, 2024

($'s in millions, except per share data)

2023 Reported (GAAP)

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

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

2024 Reported Guidance (GAAP)

2024 Adjustments (Non-GAAP)(3)

2024 Adjusted Guidance (Non-GAAP)(3)

Low

High

Low

High

2024 Chg

vs 2023

Adjusted

Sales:

Aerospace & Industrial

887

—

887

925

940

—

925

940

4 - 6%

Defense Electronics

816

—

816

892

907

—

892

907

9 - 11%

Naval & Power

1,142

—

1,142

1,233

1,248

—

1,233

1,248

8 - 9%

Total sales

2,845

—

2,845

3,050

3,095

—

3,050

3,095

7 - 9%

Operating income:

Aerospace & Industrial

145

—

145

148

152

157

161

8 - 11%

Defense Electronics

192

—

192

213

218

216

221

13 - 15%

Naval & Power

189

198

197

202

198

203

0 - 2%

Total segments

526

535

557

572

570

585

Corporate and other

(42

)

—

(42

)

(41

)

(42

)

(39

)

(40

)

Total operating income

485

494

516

530

531

545

7 - 10%

Interest expense

(51

)

—

(51

)

(44

)

(45

)

—

(44

)

(45

)

Other income, net

—

Earnings before income taxes

463

472

507

519

522

534

Provision for income taxes

(109

)

(111

)

(114

)

(117

)

(117

)

(120

)

Net earnings

355

361

393

401

405

413

Diluted earnings per share

9.20

0.18

9.38

10.23

10.44

0.32

10.55

10.75

12 - 15%

Diluted shares outstanding

38.5

38.4

Effective tax rate

23.4

22.5

Operating margins:

Aerospace & Industrial

16.4

16.0

16.2

16.9

17.1

50 - 70 bps

Defense Electronics

23.5

23.9

24.0

24.2

24.4

70 - 90 bps

Naval & Power

16.6

17.4

16.0

16.2

16.1

16.3

(110 - 130 bps)

Total operating margin

17.0

17.4

16.9

17.1

17.4

17.6

0 - 20 bps

Free cash flow

403

413

430

450

—

430

450

4 - 9%

Notes: Full year amounts may not add due to rounding.

(1) 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments.

(2) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2023 Adjusted Free Cash Flow excluded a legal settlement payment of $10 million.

(3) 2024 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.

CURTISS-WRIGHT CORPORATION

2024 Sales Growth Guidance by End Market

As of October 30, 2024

2024 % Change vs. 2023 Adjusted

Prior

Current

% Total Sales

Aerospace & Defense Markets

Aerospace Defense

7 - 9%

9 - 11%

20%

Ground Defense

10 - 12%

11%

Naval Defense

5 - 7%

9 - 11%

26%

Commercial Aerospace

13 - 15%

16 - 18%

12%

Total Aerospace & Defense

8 - 10%

10 - 12%

69%

Commercial Markets

Power & Process

4 - 6%

5 - 7%

18%

General Industrial

Flat

(2 - 4%)

14%

Total Commercial

1 - 3%

31%

Total Curtiss-Wright Sales

6 - 8%

7 - 9%

100%

Note: Sales percentages may not add due to rounding.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,600 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

###

Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030622596/en/

Jim Ryan (704) 869-4621 Jim.Ryan@curtisswright.com

Curtiss Wright (NYSE:CW)
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