HighGravityDataCurtiss-Wright — May 1, 2024 release
Fiscal 2024 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000026324-24-000009
Showing in the filing
Aerospace & Industrial Operating Income % Change vs 2023 Adjusted
“5 - 8%”
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 & 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 % 1
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.