Curtiss-Wright — Aug 7, 2024 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   % 17.4   % 16.9   % 17.1   % 17.4   % 17.6   % 0 to 20 bps Free cash flow $ 403   $ 10   $ 413   $ 425   $ 445   $ —   $ 425   $ 445   3 - 8% Notes: Full year amounts may not add due to rounding. (1) 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments. (2) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2023 Adjusted Free Cash Flow excluded a legal settlement payment of $10 million. (3) 2024 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments. Curtiss-Wright Corporation, Page 19 CURTISS-WRIGHT CORPO