Curtiss-Wright — Aug 7, 2024 release

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." "A s we discussed at our Investor Day event in May, we continue to build momentum through the execution of our Pivot to Growth strategy. We rema