Curtiss-Wright Corporation (NYSE: CW) reports financial results
for the first quarter ended March 31, 2024.
First Quarter 2024 Highlights:
- Reported sales of $713 million, up 13%, operating income of
$100 million, up 27%, operating margin of 14.0%, and diluted
earnings per share (EPS) of $1.99;
- Adjusted operating income of $100 million, up 23%;
- Adjusted operating margin of 14.0%, up 110 basis points;
- Adjusted diluted EPS of $1.99, up 30%; and
- New orders of $901 million, up 26%, reflected a book-to-bill
that exceeded 1.25x driven by strong demand within our Aerospace
& Defense (A&D) markets.
Raised Full-Year 2024 Financial Guidance:
- Sales increased to new range of 5% to 7% growth (previously 4%
to 6%) and continues to reflect growth in all A&D and
Commercial end markets;
- Operating income increased to new range of 5% to 8% growth
(previously 4% to 7%);
- Maintained operating margin range of 17.4% to 17.6%, up 0 to 20
basis points compared with the prior year;
- Diluted EPS increased to new range of $10.10 to $10.40, up 8%
to 11% (previously $10.00 to $10.30, up 7% to 10%); and
- Maintained free cash flow range of $415 to $435 million, which
continues to reflect nearly 110% FCF conversion.
“Curtiss-Wright delivered strong first quarter 2024 results,
exceeding our overall expectations, highlighted by significant
growth in sales and operating income, continued operating margin
expansion, and diluted EPS of $1.99, which increased 30%
year-over-year,” said Lynn M. Bamford, Chair and CEO of
Curtiss-Wright Corporation. “Our results included a very strong
performance in the Defense Electronics segment, which was partially
offset by reduced profitability in the Naval & Power segment,
principally related to a naval contract adjustment that impacted
both the first quarter and full-year outlook for this segment.”
“Based upon our strong overall start to the year and the
continued strength in our order book, we have increased our
full-year 2024 sales, operating income and diluted EPS guidance as
we continue to successfully execute on our Pivot to Growth
strategy. We now expect to deliver total sales growth of 5% to 7%,
including the contribution from our recent commercial nuclear
acquisition of WSC, Inc., continued operating margin expansion
while increasing R&D investments, and diluted EPS growth of 8%
to 11%, while we maintain our outlook for strong free cash flow
conversion well in excess of 100%. We look forward to discussing
our alignment with the favorable secular growth trends driving our
end markets and our new long-term financial targets at our upcoming
investor day on May 21st.”
First Quarter 2024 Operating
Results
(In millions)
Q1-2024
Q1-2023
Change
Reported
Sales
$
713
$
631
13
%
Operating income
$
100
$
79
27
%
Operating margin
14.0
%
12.5
%
150 bps
Adjusted (1)
Sales
$
713
$
631
13
%
Operating income
$
100
$
81
23
%
Operating margin
14.0
%
12.9
%
110 bps
(1) Reconciliations of Reported to
Adjusted operating results are available in the Appendix.
- Sales of $713 million, up $82 million, or 13% compared with the
prior year;
- Total A&D market sales increased 20%, while total
Commercial market sales were essentially flat;
- In our A&D markets, we experienced higher sales in the
defense markets principally driven by continued strong demand for
our defense electronics products, as well as strong growth in OEM
sales in the commercial aerospace market;
- In our Commercial markets, we experienced solid growth in the
power & process markets, while sales in the general industrial
market declined modestly; and
- Adjusted operating income of $100 million increased 23%, while
Adjusted operating margin increased 110 basis points to 14.0%,
principally driven by favorable overhead absorption and mix on
higher revenues in the Defense Electronics segment, partially
offset by an unfavorable naval contract adjustment in the Naval
& Power segment.
First Quarter 2024 Segment
Performance
Aerospace & Industrial
(In millions)
Q1-2024
Q1-2023
Change
Reported
Sales
$
219
$
202
8
%
Operating income
$
27
$
27
3
%
Operating margin
12.5
%
13.1
%
(60 bps)
Adjusted (1)
Sales
$
219
$
202
8
%
Operating income
$
27
$
27
3
%
Operating margin
12.5
%
13.1
%
(60 bps)
(1) Note: There were no adjustments
to segment operating results.
- Sales of $219 million, up $17 million, or 8%;
- Strong revenue growth in the commercial aerospace market
reflected higher OEM sales of actuation and sensors products, as
well as surface treatment services, on narrowbody and widebody
platforms;
- Higher sales in the aerospace defense market reflected
increased actuation development on various fighter jet
programs;
- General industrial market revenues declined modestly, as the
benefit of new product introductions supporting the electrification
of vehicles was more than offset by reduced sales of industrial
vehicle products on off-highway vehicle platforms, and lower sales
of industrial automation and services; and
- Operating income was $27 million, up 3% from the prior year,
while operating margin decreased 60 basis points to 12.5%, as
favorable absorption on higher sales was offset by unfavorable mix
and the timing of development programs.
Defense Electronics
(In millions)
Q1-2024
Q1-2023
Change
Reported
Sales
$
212
$
162
31
%
Operating income
$
48
$
23
106
%
Operating margin
22.7
%
14.4
%
830 bps
Adjusted (1)
Sales
$
212
$
162
31
%
Operating income
$
48
$
23
106
%
Operating margin
22.7
%
14.4
%
830 bps
(1) Note: There were no adjustments to
segment operating results.
- Sales of $212 million, up $50 million, or 31%;
- Higher revenue in the aerospace defense market was principally
driven by increased sales of our embedded computing equipment on
various fighter jet, unmanned aerial vehicle and helicopter
programs;
- Strong revenue growth in the ground defense market reflected
the robust demand and higher sales of tactical battlefield
communications equipment;
- Higher commercial aerospace market revenue reflected increased
OEM sales of avionics and electronics on various platforms;
and
- Operating income was $48 million, up 106% from the prior year,
while operating margin increased 830 basis points to 22.7%, mainly
reflecting improved absorption and mix on higher revenues.
Naval & Power
(In millions)
Q1-2024
Q1-2023
Change
Reported
Sales
$
282
$
266
6
%
Operating income
$
35
$
38
(7
%)
Operating margin
12.5
%
14.3
%
(180 bps)
Adjusted (1)
Sales
$
282
$
266
6
%
Operating income
$
35
$
41
(13
%)
Operating margin
12.5
%
15.3
%
(280 bps)
(1) Reconciliations of Reported to
Adjusted operating results are available in the Appendix.
- Sales of $282 million, up $16 million, or 6%;
- Higher revenue in the aerospace defense market was primarily
driven by increased sales of our arresting systems equipment
supporting various domestic and international customers;
- Naval defense market revenue increases principally reflected
higher revenues on the Columbia-class submarine, partially offset
by timing of revenues on the Virginia-class submarine and CVN-80
aircraft carrier programs;
- Higher power & process market revenues mainly reflected
increased commercial nuclear aftermarket sales supporting the
maintenance of operating reactors in the U.S. and Canada; and
- Adjusted operating income was $35 million, down 13% from the
prior year, while adjusted operating margin decreased 280 basis
points to 12.5%, as favorable absorption on higher revenues was
more than offset by an unfavorable naval contract
adjustment.
Free Cash Flow
(In millions)
Q1-2024
Q1-2023
Change
Net cash used for operating activities
$
(46
)
$
(92
)
50
%
Capital expenditures
(12
)
(11
)
(13
%)
Reported free cash flow
$
(58
)
$
(102
)
44
%
Adjusted free cash flow (1)
$
(58
)
$
(92
)
37
%
(1) A reconciliation of Reported to
Adjusted free cash flow is available in the Appendix.
- Reported free cash flow of ($58) million increased $45 million,
primarily due to higher cash earnings and the timing of tax
payments, as well as a $10 million legal settlement payment made in
the prior year;
- Adjusted free cash flow of ($58) million increased $35
million;
- Capital expenditures increased $1 million compared with the
prior year period, primarily due to higher growth investments in
the Defense Electronics segment.
New Orders and Backlog
- New orders of $901 million increased 26% compared with the
prior year and generated an overall book-to-bill that exceeded
1.25x, principally driven by strong demand for defense electronics
and naval defense products within our A&D markets; and
- Backlog of $3.1 billion, up 7% from December 31, 2023, reflects
higher demand in both our A&D and Commercial markets.
Share Repurchase and Dividends
- During the first quarter, the Company repurchased 52,612 shares
of its common stock for approximately $12 million; and
- The Company declared a quarterly dividend of $0.20 a
share.
Full-Year 2024 Guidance
The Company is increasing its full-year 2024 Adjusted financial
guidance (1) as follows:
($ In millions, except EPS)
2024 Adjusted Non-GAAP
Guidance (Prior)
2024 Adjusted Non-GAAP
Guidance (Current)
Change vs 2023 Adjusted
(Current)
Total Sales
$2,960 - $3,010
$2,985 - $3,035
Up 5% - 7%
Operating Income
$514 - $528
$518 - $533
Up 5% - 8%
Operating Margin
17.4% - 17.6%
17.4% - 17.6%
Up 0 - 20 bps
Diluted EPS
$10.00 - $10.30
$10.10 - $10.40
Up 8% - 11%
Free Cash Flow
$415 - $435
$415 - $435
Up 0% - 5%
(1) Reconciliations of Reported to
Adjusted 2023 operating results and 2024 financial guidance are
available in the Appendix.
**********
A more detailed breakdown of the Company’s 2024 financial
guidance by segment and by market, as well as all reconciliations
of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found
in the accompanying schedules. Historical financial results are
available in the Investor Relations section of Curtiss-Wright’s
website.
Conference Call & Webcast
Information
The Company will host a conference call to discuss its first
quarter 2024 financial results and business outlook at 10:00 a.m.
ET on Thursday, May 2, 2024. A live webcast of the call and the
accompanying financial presentation, as well as a webcast replay of
the call, will be made available on the internet by visiting the
Investor Relations section of the Company’s website at
www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per
share data)
Three Months Ended
March 31,
2024
2023
Product sales
$
595,704
$
524,881
Service sales
117,463
105,979
Total net sales
713,167
630,860
Cost of product sales
389,477
343,757
Cost of service sales
69,935
65,695
Total cost of sales
459,412
409,452
Gross profit
253,755
221,408
Research and development expenses
22,980
22,024
Selling expenses
36,765
32,425
General and administrative expenses
94,049
88,344
Operating income
99,961
78,615
Interest expense
10,570
12,944
Other income, net
9,608
7,767
Earnings before income taxes
98,999
73,438
Provision for income taxes
(22,504
)
(16,592
)
Net earnings
$
76,495
$
56,846
Net earnings per share:
Basic earnings per share
$
2.00
$
1.48
Diluted earnings per share
$
1.99
$
1.48
Dividends per share
$
0.20
$
0.19
Weighted average shares outstanding:
Basic
38,254
38,303
Diluted
38,431
38,516
CURTISS-WRIGHT CORPORATION and
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
($'s in thousands, except par
value)
March 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
338,034
$
406,867
Receivables, net
776,662
732,678
Inventories, net
553,037
510,033
Other current assets
69,483
67,502
Total current assets
1,737,216
1,717,080
Property, plant, and equipment, net
329,347
332,796
Goodwill
1,552,343
1,558,826
Other intangible assets, net
542,335
557,612
Operating lease right-of-use assets,
net
133,846
141,435
Prepaid pension asset
267,334
261,869
Other assets
49,661
51,351
Total assets
$
4,612,082
$
4,620,969
Liabilities
Current liabilities:
Current portion of long-term debt
$
90,000
$
—
Accounts payable
233,818
243,833
Accrued expenses
158,089
188,039
Deferred revenue
297,545
303,872
Other current liabilities
78,823
70,800
Total current liabilities
858,275
806,544
Long-term debt, net
960,009
1,050,362
Deferred tax liabilities
128,000
132,319
Accrued pension and other postretirement
benefit costs
67,446
66,875
Long-term operating lease liability
111,981
118,611
Long-term portion of environmental
reserves
13,439
12,784
Other liabilities
92,753
105,061
Total liabilities
$
2,231,903
$
2,292,556
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
133,166
140,182
Retained earnings
3,556,572
3,487,751
Accumulated other comprehensive loss
(228,255
)
(213,223
)
Less: cost of treasury stock
(1,130,491
)
(1,135,484
)
Total stockholders' equity
2,380,179
2,328,413
Total liabilities and stockholders'
equity
$
4,612,082
$
4,620,969
Use and Definitions of Non-GAAP Financial Information
(Unaudited)
The Corporation supplements its financial information determined
under U.S. generally accepted accounting principles (GAAP) with
certain non-GAAP financial information. Curtiss-Wright believes
that these Adjusted (non-GAAP) measures provide investors with
improved transparency in order to better measure Curtiss-Wright’s
ongoing operating and financial performance and better comparisons
of our key financial metrics to our peers. These non-GAAP measures
should not be considered in isolation or as a substitute for the
related GAAP measures, and other companies may define such measures
differently. Curtiss-Wright encourages investors to review its
financial statements and publicly filed reports in their entirety
and not to rely on any single financial measure. Reconciliations of
“Reported” GAAP amounts to “Adjusted” non-GAAP amounts are
furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income,
Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Sales,
Operating Income, Operating Margin, Net Earnings and Diluted
Earnings per Share under GAAP excluding: (i) the impact of first
year purchase accounting costs associated with acquisitions,
specifically one-time inventory step-up, backlog amortization,
deferred revenue adjustments and transaction costs; and (ii) the
sale or divestiture of a business or product line, as
applicable.
CURTISS-WRIGHT CORPORATION and
SUBSIDIARIES
RECONCILIATION OF AS REPORTED
TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
March 31, 2024
March 31, 2023
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Reported
Adjusted
Sales:
Aerospace & Industrial
$
219,325
$
—
$
219,325
$
202,447
$
—
$
202,447
8
%
8
%
Defense Electronics
211,741
—
211,741
162,154
—
162,154
31
%
31
%
Naval & Power
282,101
—
282,101
266,259
—
266,259
6
%
6
%
Total sales
$
713,167
$
—
$
713,167
$
630,860
$
—
$
630,860
13
%
13
%
Operating income
(expense):
Aerospace & Industrial
$
27,466
$
—
$
27,466
$
26,545
$
—
$
26,545
3
%
3
%
Defense Electronics
48,081
—
48,081
23,368
—
23,368
106
%
106
%
Naval & Power (1)
35,191
—
35,191
37,937
2,676
40,613
(7
)%
(13
)%
Total segments
$
110,738
$
—
$
110,738
$
87,850
$
2,676
$
90,526
26
%
22
%
Corporate and other
(10,777
)
—
(10,777
)
(9,235
)
—
(9,235
)
(17
)%
(17
)%
Total operating income
$
99,961
$
—
$
99,961
$
78,615
$
2,676
$
81,291
27
%
23
%
Operating
margins:
As Reported
Adjusted
As Reported
Adjusted
Reported
Adjusted
Aerospace & Industrial
12.5
%
12.5
%
13.1
%
13.1
%
(60 bps)
(60 bps)
Defense Electronics
22.7
%
22.7
%
14.4
%
14.4
%
830 bps
830 bps
Naval & Power
12.5
%
12.5
%
14.3
%
15.3
%
(180 bps)
(280 bps)
Total Curtiss-Wright
14.0
%
14.0
%
12.5
%
12.9
%
150 bps
110 bps
Segment margins
15.5
%
15.5
%
13.9
%
14.3
%
160 bps
120 bps
(1) Excludes first year purchase
accounting adjustments.
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
March 31, 2024
March 31, 2023
2024 vs. 2023
Reported Sales
Adjustments
Adjusted Sales
Reported Sales
Adjustments
Adjusted Sales
Change in Reported Sales
Change in Adjusted Sales
Aerospace & Defense
markets:
Aerospace Defense
$
132,074
$
—
$
132,074
$
99,879
$
—
$
99,879
32
%
32
%
Ground Defense
90,760
—
90,760
66,256
—
66,256
37
%
37
%
Naval Defense
177,647
—
177,647
171,956
—
171,956
3
%
3
%
Commercial Aerospace
89,775
—
89,775
70,490
—
70,490
27
%
27
%
Total Aerospace & Defense
$
490,256
$
—
$
490,256
$
408,581
$
—
$
408,581
20
%
20
%
Commercial markets:
Power & Process
124,039
—
124,039
120,339
—
120,339
3
%
3
%
General Industrial
98,872
—
98,872
101,940
—
101,940
(3
%)
(3
%)
Total Commercial
$
222,911
$
—
$
222,911
$
222,279
$
—
$
222,279
0
%
0
%
Total Curtiss-Wright
$
713,167
$
—
$
713,167
$
630,860
$
—
$
630,860
13
%
13
%
CURTISS-WRIGHT CORPORATION and
SUBSIDIARIES
RECONCILIATION OF AS REPORTED
TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
March 31,
2024
2023
Diluted earnings per share - As
Reported
$
1.99
$
1.48
First year purchase accounting
adjustments
—
0.05
Diluted earnings per share - Adjusted
(1)
$
1.99
$
1.53
(1) All adjustments are presented net of
income taxes.
Organic Sales and Organic Operating
Income
The Corporation discloses organic sales and organic operating
income because the Corporation believes it provides investors with
insight as to the Company’s ongoing business performance. Organic
sales and organic operating income are defined as sales and
operating income, excluding contributions from acquisitions and
results of operations from divested businesses or product lines
during the last twelve months, and foreign currency
fluctuations.
Three Months Ended
March 31,
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
8%
3%
31%
106%
6%
(7%)
13%
27%
Less: Acquisitions
0%
0%
0%
0%
0%
0%
0%
0%
Foreign Currency
0%
2%
(1%)
0%
0%
0%
0%
1%
Organic
8%
5%
30%
106%
6%
(7%)
13%
28%
Free Cash Flow and Free Cash Flow
Conversion
The Corporation discloses free cash flow because it measures
cash flow available for investing and financing activities. Free
cash flow represents cash available to repay outstanding debt,
invest in the business, acquire businesses, return capital to
shareholders and make other strategic investments. Free cash flow
is defined as net cash provided by operating activities less
capital expenditures. Adjusted free cash flow excludes: (i)
payments associated with the Westinghouse legal settlement 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
March 31,
2024
2023
Net cash used for operating activities
$
(45,633
)
$
(91,599
)
Capital expenditures
(12,055
)
(10,661
)
Free cash flow
$
(57,688
)
$
(102,260
)
Westinghouse legal settlement
—
10,000
Adjusted free cash flow
$
(57,688
)
$
(92,260
)
Adjusted free cash flow conversion
(75
%)
(157
%)
CURTISS-WRIGHT
CORPORATION
2024 Guidance
As of May 1, 2024
($'s in millions, except per
share data)
2023 Reported
(GAAP)
2023 Adjustments
(Non-GAAP)(1,2)
2023 Adjusted
(Non-GAAP)(1)
2024 Reported
Guidance (GAAP)
2024 Adjustments
(Non-GAAP)
2024 Adjusted
Guidance (Non-GAAP)
Low
High
Low
High
Chg vs 2023
Adjusted
Sales:
Aerospace & Industrial
$
887
$
—
$
887
$
915
$
930
$
—
$
915
$
930
3 - 5%
Defense Electronics
816
—
816
882
897
—
882
897
8 - 10%
Naval & Power
1,142
—
1,142
1,188
1,208
—
1,188
1,208
4 - 6%
Total sales
$
2,845
$
—
$
2,845
$
2,985
$
3,035
$
—
$
2,985
$
3,035
5 to 7%
Operating income:
Aerospace & Industrial
$
145
$
—
$
145
$
152
$
156
$
—
$
152
$
156
5 - 8%
Defense Electronics
192
—
192
212
218
—
212
218
11 - 13%
Naval & Power
189
9
198
192
197
—
192
197
(3) - (1)%
Total segments
526
9
535
556
571
—
556
571
Corporate and other
(42
)
—
(42
)
(38
)
(39
)
—
(38
)
(39
)
Total operating income
$
485
$
9
$
494
$
518
$
533
$
—
$
518
$
533
5 to 8%
Interest expense
$
(51
)
$
—
$
(51
)
$
(44
)
$
(45
)
$
—
$
(44
)
$
(45
)
Other income, net
30
—
30
34
35
—
34
35
Earnings before income taxes
463
9
472
508
524
—
508
524
Provision for income taxes
(109
)
(2
)
(111
)
(119
)
(123
)
—
(119
)
(123
)
Net earnings
$
355
$
6
$
361
$
389
$
400
$
—
$
389
$
400
Diluted earnings per share
$
9.20
$
0.18
$
9.38
$
10.10
$
10.40
$
—
$
10.10
$
10.40
8 to 11%
Diluted shares outstanding
38.5
38.5
38.5
38.5
38.5
38.5
Effective tax rate
23.4
%
23.4
%
23.5
%
23.5
%
23.5
%
23.5
%
Operating margins:
Aerospace & Industrial
16.4
%
16.4
%
16.6
%
16.8
%
16.6
%
16.8
%
20 to 40 bps
Defense Electronics
23.5
%
23.5
%
24.0
%
24.2
%
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
%
17.4
%
17.6
%
17.4
%
17.6
%
0 to 20 bps
Free cash flow
$
403
$
10
$
413
$
415
$
435
$
—
$
415
$
435
0 to 5%
Notes: Full year amounts may not add due
to rounding.
(1) 2023 Adjusted financials exclude the
impact of first year purchase accounting adjustments.
(2) Free Cash Flow is defined as cash flow
from operations less capital expenditures. 2023 Adjusted Free Cash
Flow excluded a legal settlement payment of $10 million.
CURTISS-WRIGHT
CORPORATION
2024 Sales Growth Guidance by
End Market
As of May 1, 2024
2024 % Change vs. 2023
Adjusted
Prior
Current
% Total Sales
Aerospace &
Defense Markets
Aerospace Defense
5 - 7%
6 - 8%
20%
Ground Defense
4 - 6%
10 - 12%
11%
Naval Defense
3 - 5%
3 - 5%
25%
Commercial Aerospace
10 - 12%
10 - 12%
12%
Total Aerospace & Defense
5 - 7%
6 - 8%
68%
Commercial
Markets
Power & Process
3 - 5%
4 - 6%
18%
General Industrial
1 - 3%
1 - 3%
15%
Total Commercial
2 - 4%
2 - 4%
32%
Total Curtiss-Wright Sales
4 - 6%
5 - 7%
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/20240501724028/en/
Jim Ryan (704) 869-4621 Jim.Ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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