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 remain focused on accelerating operational excellence to drive margin expansion and generate funding to reinvest into t