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Curtiss-Wright — May 1, 2024 release

Fiscal 2024 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000026324-24-000009
Open on SEC.gov ↗
Showing in the filing
Defense Electronics Sales % Change vs 2023 Adjusted
“8 - 10%”
Period
FY2024
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 53
Sales for FY2024
“5% to 7% growth (previously 4% to 6%)”
Operating margin range for FY2024
“17.4% to 17.6%, up 0 to 20 basis points compared with the prior year”
Diluted EPS for FY2024
“$10.10 to $10.40, up 8% to 11% (previously $10.00 to $10.30, up 7% to 10%)”
Free cash flow for FY2024
“$415 to $435 million, which continues to reflect nearly 110% FCF conversion”
Free cash flow range for FY2024
“$415 to $435 million”
FCF conversion for FY2024
“nearly 110%”
Free cash flow conversion outlook for FY2024
“well in excess of 100%”
Quarterly dividend
“$0.20 a share”
Total Sales for FY2024
“$2,985 - $3,035”
Total operating income for FY2024
“$518 - $533”
Diluted earnings per share for FY2024
“$10.10 - $10.40”
Free Cash Flow % Change vs 2023 Adjusted for FY2024
“Up 0% - 5%”
Naval Defense sales growth for FY2024
“3 - 5%”
Defense Electronics Sales % Change vs 2023 A… for FY2024
“8 - 10%”
Sales - Defense Electronics % Chg for FY2024
“8 -10%”
Aerospace & Industrial Operating Income % Ch… for FY2024
“5 - 8%”
Operating income - Aerospace & Industrial % … for FY2024
“5 - 8%”
Defense Electronics Operating Income % Chang… for FY2024
“11 - 13%”
Operating income - Defense Electronics % Chg for FY2024
“11 - 13%”
Naval & Power Operating Income % Change vs 2… for FY2024
“(3) - (1)%”
Operating income - Naval & Power % Chg for FY2024
“(3) - (1)%”
Diluted earnings per share % Change vs 2023 … for FY2024
“8 to 11%”
Diluted earnings per share % Chg for FY2024
“8 to 11%”
Diluted shares outstanding for FY2024
“38.5”
Effective tax rate for FY2024
“23.5%”
Aerospace & Industrial Operating Margin % Ch… for FY2024
“20 to 40 bps”
Operating margin - Aerospace & Industrial % … for FY2024
“20 to 40 bps”
Defense Electronics Operating Margin % Chang… for FY2024
“50 to 70 bps”
Operating margin - Defense Electronics % Chg for FY2024
“50 to 70 bps”
Naval & Power Operating Margin % Change vs 2… for FY2024
“(110 to 130 bps)”
Operating margin - Naval & Power % Chg for FY2024
“(110 to 130 bps)”
Total operating margin % Change vs 2023 Adju… for FY2024
“0 to 20 bps”
Total operating margin % Chg for FY2024
“0 to 20 bps”
Total Aerospace & Defense sales growth for FY2024
“6 - 8%”
Aerospace Defense % Total Sales for FY2024
“20%”
Ground Defense sales growth for FY2024
“10 - 12%”
Ground Defense % Total Sales for FY2024
“11%”
Aerospace & Industrial Sales % Change vs 202… for FY2024
“3 - 5%”
Sales - Aerospace & Industrial % Chg for FY2024
“3 - 5%”
Naval Defense % Total Sales for FY2024
“25%”
Commercial Aerospace sales growth for FY2024
“10 - 12%”
Commercial Aerospace % Total Sales for FY2024
“12%”
Total Aerospace & Defense % Total Sales for FY2024
“68%”
Power & Process % Total Sales for FY2024
“18%”
General Industrial sales growth for FY2024
“1 - 3%”
General Industrial % Total Sales for FY2024
“15%”
Total Commercial sales growth for FY2024
“2 - 4%”
Total Commercial % Total Sales for FY2024
“32%”
Naval & Power Sales % Change vs 2023 Adjusted for FY2024
“4 - 6%”
Power & Process sales growth for FY2024
“4 - 6%”
Sales - Naval & Power % Chg for FY2024
“4 -6%”
Total Curtiss-Wright Sales growth for FY2024
“5 - 7%”
Total Curtiss-Wright Sales % Total Sales for FY2024
“100%”
Exhibit 99.1 · the passage around this item
… earlier in the release
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, Page 16 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 & Indu
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.