HighGravityDataCurtiss-Wright — Aug 7, 2024 release
Fiscal 2024 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000026324-24-000035
Showing in the filing
Ground Defense % Total Sales
“11%”
Period
FY2024
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 55
Sales growth for FY2024
“6% to 8% growth”
Operating margin range for FY2024
“17.4% to 17.6%”
Diluted EPS for FY2024
“$10.40 to $10.65”
Effective tax rate for FY2024
“22.5%”
Free cash flow for FY2024
“$425 to $445 million”
FCF conversion for FY2024
“greater than 105%”
Free Cash Flow Conversion for FY2024
“greater than 105%”
Restructuring Program Costs for FY2024
“approximately $15 million”
Annualized savings for FY2025
“approximately $10 million”
Restructuring Program Annualized Savings for FY2025
“approximately $10 million”
Annualized savings (U.K. legal entity consol…
“approximately $5 million”
U.K. Legal Entity Consolidation Annualized S…
“approximately $5 million”
Annual recurring free cash flow (U.K. legal … for FY2024
“approximately $5 million”
U.K. Legal Entity Consolidation Annual Recur… for FY2024
“approximately $5 million”
Ultra Energy Adjusted Diluted EPS Impact for FY2024
“accretive”
Free cash flow conversion rate (Ultra Energy) for FY2024
“in excess of 100%”
Quarterly dividend
“$0.21 a share”
Total Sales for FY2024
“$3,010 - $3,060”
Total Sales % Chg vs 2023 Adjusted for FY2024
“Up 6% - 8%”
Total operating income for FY2024
“$525 - $539”
Operating Income % Chg vs 2023 Adjusted for FY2024
“Up 6% - 9%”
Operating Margin % Chg vs 2023 Adjusted for FY2024
“Up 0 - 20 bps”
Diluted earnings per share for FY2024
“$10.40 - $10.65”
Diluted EPS % Chg vs 2023 Adjusted for FY2024
“Up 11% - 14%”
Free Cash Flow % Chg vs 2023 Adjusted for FY2024
“Up 3% - 8%”
Operating income - Aerospace & Industrial % … for FY2024
“8 - 11%”
Ground Defense % Total Sales for FY2024
“11%”
Operating income - Defense Electronics % Chg for FY2024
“11 - 13%”
Operating income - Naval & Power % Chg for FY2024
“(2) - 0%”
Total operating income % Chg for FY2024
“6 - 9%”
Diluted earnings per share % Chg for FY2024
“11 - 14%”
Diluted shares outstanding for FY2024
“38.5”
Operating margin - Aerospace & Industrial % … for FY2024
“50 to 70 bps”
Operating margin - Defense Electronics % Chg for FY2024
“50 to 70 bps”
Operating margin - Naval & Power % Chg for FY2024
“(110 to 130 bps)”
Total operating margin % Chg for FY2024
“0 to 20 bps”
Aerospace Defense sales growth for FY2024
“7 - 9%”
Aerospace Defense % Total Sales for FY2024
“20%”
Ground Defense sales growth for FY2024
“10 - 12%”
Naval Defense % Total Sales for FY2024
“25%”
Commercial Aerospace sales growth for FY2024
“13 - 15%”
Commercial Aerospace % Total Sales for FY2024
“12%”
Sales - Defense Electronics % Chg for FY2024
“8 -10%”
Total Aerospace & Defense sales growth for FY2024
“8 - 10%”
Total Aerospace & Defense % Total Sales for FY2024
“68%”
Power & Process sales growth for FY2024
“4 - 6%”
Sales - Aerospace & Industrial % Chg for FY2024
“4 - 6%”
Power & Process % Total Sales for FY2024
“18%”
General Industrial % Total Sales for FY2024
“14%”
Total Commercial sales growth for FY2024
“1 - 3%”
Total Commercial % Total Sales for FY2024
“32%”
Naval Defense sales growth for FY2024
“5 - 7%”
Sales - Naval & Power % Chg for FY2024
“5 -7%”
Total Curtiss-Wright Sales growth for FY2024
“6 - 8%”
Total Curtiss-Wright Sales % Total Sales for FY2024
“100%”
Exhibit 99.1 · the passage around this item
… earlier in the release
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net cash provided by operating activities $ 111,335 $ 110,952 $ 65,702 $ 19,353 Capital expenditures (11,064) (12,003) (23,119) (22,664) Free cash flow $ 100,271 $ 98,949 $ 42,583 $ (3,311) Westinghouse legal settlement — — — 10,000 Adjusted free cash flow $ 100,271 $ 98,949 $ 42,583 $ 6,689 Adjusted free cash flow conversion 97 % 119 % 24 % 5 % Curtiss-Wright Corporation, Page 18 CURTISS-WRIGHT CORPORATION 2024 Guidance As of August 7, 2024 ($'s in millions, except per share data) 2023 Reported (GAAP) 2023 Adjustments (Non-GAAP) (1,2) 2023 Adjusted (Non-GAAP) (1,2) 2024 Reported Guidance (GAAP) 2024 Adjustments (Non-GAAP) (3) 2024 Adjusted Guidance (Non-GAAP) (3) Low High Low High 2024 Chg vs 2023 Adjusted Sales: Aerospace & Industrial $ 887 $ — $ 887 $ 925 $ 940 $ — $ 925 $ 940 4 - 6% Defense Electronics 816 — 816 882 897 — 882 897 8 -10% Naval & Power 1,142 — 1,142 1,203 1,223 — 1,203 1,223 5 -7% Total sales $ 2,845 $ — $ 2,845 $ 3,010 $ 3,060 $ — $ 3,010 $ 3,060 6 - 8% Operating income: Aerospace & Industrial $ 145 $ — $ 145 $ 147 $ 151 $ 10 $ 157 $ 161 8 - 11% Defense Electronics 192 — 192 209 215 3 212 218 11 - 13% Naval & Power 189 9 198 194 199 — 194 199 (2) - 0% Total segments 526 9 535 550 565 13 562 578 Corporate and other (42) — (42) (40) (41) 2 (38) (39) Total operating income $ 485 $ 9 $ 494 $ 510 $ 524 $ 15 $ 525 $ 539 6 - 9% Interest expense $ (51) $ — $ (51) $ (44) $ (45) $ — $ (44) $ (45) Other income, net 30 — 30 35 35 — 35 35 Earnings before income taxes 463 9 472 501 514 15 516 529 Provision for income taxes (109) (2) (111) (113) (116) (3) (116) (119) Net earnings $ 355 $ 6 $ 361 $ 388 $ 398 $ 12 $ 400 $ 410 Diluted earnings per share $ 9.20 $ 0.18 $ 9.38 $ 10.09 $ 10.34 $ 0.31 $ 10.40 $ 10.65 11 - 14% Diluted shares outstanding 38.5 38.5 38.5 38.5 38.5 38.5 Effective tax rate 23.4 % 23.4 % 22.5 % 22.5 % 22.5 % 22.5 % Operating margins: Aerospace & Industrial 16.4 % 16.4 % 15.9 % 16.1 % 16.9 % 17.1 % 50 to 70 bps Defense Electronics 23.5 % 23.5 % 23.7 % 24.0 % 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
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.