Curtiss-Wright — Oct 30, 2024 release

Curtiss-Wright Corporation, Page 1               Exhibit 99.1 NEWS RELEASE CURTISS-WRIGHT REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS AND RAISES FULL-YEAR 2024 GUIDANCE DAVIDSON, N.C. – October 30, 2024 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights: • Reported sales of $799 million, up 10% ; • Reported operating income of $145 million, operating margin of 18.1%, and diluted earnings per share (EPS) of $2.89; • Adjusted operating income of $149 million, up 11%; • Adjusted operating margin of 18.7%, up 20 basis points; • Adjusted diluted EPS of $2.97, up 17%; • New orders of $860 million, up 2%, reflected a book-to-bill of 1.1x driven by solid demand within our Aerospace & Defense (A&D) markets; • Backlog of $3.3 billion, up 16% year-to-date; and • Free cash flow (FCF) of $163 million, generating 142% Adjusted FCF conversion. Raised Full-Year 2024 Adjusted Financial Guidance: • Sales increased to new range of 7% to 9% growth (previously 6% to 8%), principally driven by strong growth in our A&D markets; • Operating income increased to new range of 7% to 10% growth (previously 6% to 9%); • 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 $10.55 to $10.75, up 12% to 15% (previously $10.40 to $10.65, up 11% to 14%); and • Free cash flow increased to new range of $430 to $450 million, up 4% to 9% (previously $425 to $445 million, up 3% to 8%), and continues to reflect greater than 105% FCF conversion. "Curtiss-Wright achieved strong third quarter results, highlighted by mid-teens revenue growth in our A&D end markets, a better-than-expected operational performance in our Defense Electronics segment and a 17% year-over-year increase in Adjusted diluted EPS ," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We continue to demonstrate solid order activity, yielding an overall book-to-bill of 1.1x in the quarter, highlighted by record quarterly orders within our Defense Electronics segment. We also delivered solid cash generation, resulting in an exceptional free cash flow conversion of 142%. Based on the strong year-to-date performance and our continued momentum in executing on our Pivot to Growth strategy, we once again raised our full-year 2024 outlook for sales, diluted EPS and free cash flow." “We continue to leverage our strong balance sheet in support of our disciplined capital allocation strategy. This includes delivering on our commitment to drive solid returns to our shareholders as we completed the recently announced $100 million expansion of our 2024 share repurchase program during the quarter. Additionally, we remain focused on supplementing our organic growth with high quality, strategic acquisitions that meet our stringent financial criteria to drive long-term shareholder value.” Curtiss-Wright Corporation, Page 2 Third Quarter 2024 Operating Results (In millions) Q3-2024 Q3-2023 Change Reported Sales $ 799  $ 724  10  % Operating income $ 145  $ 133  9  % Operating margin 18.1  % 18.3  % (20 bps) Adjusted (1) Sales $ 799  $ 724  10  % Operating income $ 149  $ 134  11  % Operating margin 18.7  % 18.5  % 20 bps (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $799 million increased 10% compared with the prior year; • Total A&D market sales increased 15%, as we experienced strong growth in the defense markets principally driven by increased demand for our defense electronics products and higher submarine and aircraft carrier revenues in naval defense, as well as higher OEM sales in the commercial aerospace market; • Total Commercial market sales were flat, reflecting solid growth in the power & process market , principally driven by higher sales of our commercial nuclear products, which was offset by lower sales in the general industrial market ; and • Adjusted operating income of $149 million increased 11%, while Adjusted operating margin increased 20 basis points to 18.7%, principally driven by favorable overhead absorption on higher revenues in all three segments and partially offset by an unfavorable mix of products. Curtiss-Wright Corporation, Page 3 Third Quarter 2024 Segment Performance Aerospace & Industrial (In millions) Q3-2024 Q3-2023 Change Reported Sales $ 229  $ 220  4  % Operating income $ 37  $ 39  (4  %) Operating margin 16.4  % 17.7  % (130 bps) Adjusted (1) Sales $ 229  $ 220  4  % Operating income $ 39  $ 39  1  % Operating margin 17.2  % 17.7  % (50 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $229 million, up $8 million, or 4% ; • Commercial aerospace market revenue increases reflected strong demand and higher OEM sales of sensors pro ducts and surface treatment services on narrowbody and widebody platforms; • Higher revenue in the aerospace defense market reflected the timing of sales for our actuation equipment on various fighter jet programs; • Lower general industrial market revenue was principally driven by reduced sales of industrial vehicle products to off-highway vehicle platforms and lower sales of industrial automation and services ; and • Adjusted operating income was $39 million, up 1% from the prior year, while Adjusted operating margin decreased 50 basis points to 17.2%, as favorable absorption on higher sales as well as the benefits of our restructuring initiatives were offset by unfavorable mix of products. Curtiss-Wright Corporation, Page 4 Defense Electronics (In millions) Q3-2024 Q3-2023 Change Reported Sales $ 243  $ 216  12  % Operating income $ 64  $ 56  13  % Operating margin 26.2  % 26.0  % 20 bps Adjusted (1) Sales $ 243  $ 216  12  % Operating income $ 64  $ 56  15  % Operating margin 26.5  % 26.0  % 50 bps (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $243 million, up $27 million, or 12%; • Higher revenue in the aerospace defense market was principally driven by increased sales of our embedded computing equipment on various domestic and international helicopter programs, partially offset by the timing of flight test equipment sales; • Strong revenue growth in the ground defense market primarily reflected higher sales of tactical battlefield communications equipment; • Higher commercial aerospace market revenue principally reflected increased OEM sales of avionics and electronics on various platforms; and • Adjusted operating income was $64 million, up 15% from the prior year, while Adjusted oper ating margin increased 50 basis points to 26.5%, primarily due to favorable absorption on higher A&D revenues. Curtiss-Wright Corporation, Page 5 Naval & Power (In millions) Q3-2024 Q3-2023 Change Reported Sales $ 327  $ 288  14  % Operating income $ 53  $ 48  11  % Operating margin 16.2  % 16.6  % (40 bps) Adjusted (1) Sales $ 327  $ 288  14  % Operating income $ 54  $ 49  10  % Operating margin 16.4  % 17.0  % (60 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $327 million, up $39 million , or 14%; • Strong revenue growth in the naval defense market principally reflected higher demand on the Virginia-class submarine, Columbia-class submarine and CVN-81 aircraft carrier programs, as well as higher growth on various next-generation submarine development programs; • Higher power & process market revenues mainly reflected increased commercial nuclear aftermarket sales supporting the maintenance of U.S. operating reactors; and • Ad justed operating income was $54 million, up 10% from the prior year, while Adjusted operating margin decreased 60 basis points to 16.4% , as favorable absorption on higher revenues was partially offset by an unfavorable mix of products and the timing of development programs. Curtiss-Wright Corporation, Page 6 Free Cash Flow (In millions) Q3-2024 Q3-2023 Change Net cash provided by operating activities $ 177  $ 146  21  % Capital expenditures (15) (9) 56  % Reported free cash flow $ 163  $ 137  19  % Adjusted free cash flow (1) $ 163  $ 137  19  % (1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix. • Reported free cash flow of $163 million increased $26 million year over year, primarily driven by higher cash earnings and lower working capital; • Adjusted free cash flow of $163 million; and • Capital expenditures increased $5 million compared with the prior year period, due to growth investments within the Aerospace & Industrial and Defense Electronics segments. New Orders and Backlog • New orders of $860 million increased 2% compared with the prior year and generated an overall book-to-bill of approximately 1.1x, principally driven by continued strong demand for defense electronics products within our A&D markets; and • Backlog of $3.3 billion, up 16% from December 31, 2023, reflecting higher demand in both our A&D and Commercial markets. Share Repurchase and Dividends • During the third quarter, the Company repurchased 355,578 shares of its common stock for approximately $113 million and remains on track to repurchase a total of $150 million in shares in 2024; and • The Company declared a quarterly dividend of $0.21 a share. Curtiss-Wright Corporation, Page 7 Full-Year 2024 Guidance The Company is updating its full-year 2024 Adjusted financial guidance (1) as follows: ($ in millions, except EPS) 2024 Adjusted Non-GAAP Guidance (Prior) 2024 Adjusted Non-GAAP Guidance (Current) Change vs 2023 Adjusted (Current) Total Sales $3,010 - $3,060 $3,050 - $3,095 Up 7% - 9% Operating Income $525 - $539 $531 - $545 Up 7% - 10% Operating Margin 17.4% - 17.6% 17.4% - 17.6% Up 0 - 20 bps Diluted EPS $10.40 - $10.65 $10.55 - $10.75 Up 12% - 15% Free Cash Flow $425 - $445 $430 - $450 Up 4% - 9% (1) Reconciliations of Reported to Adjusted 2023 operating results and 2024 financial guidance are available in the Appendix. ********** A more detailed breakdown of the Company’s 2024 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted Non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website. Conference Call & Webcast Information The Company will host a conference call to discuss its third quarter 2024 financial results and updates to 2024 guidance at 10:00 a.m. ET on Thursday, October 31, 2024. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com . (Tables to Follow) Curtiss-Wright Corporation, Page 8 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) ($'s in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Product sales $ 684,216  $ 613,915  $ 1,941,327  $ 1,721,832  Service sales 114,702  110,411  355,549  337,750  Total net sales 798,918  724,326  2,296,876  2,059,582  Cost of product sales 434,370  380,163  1,252,773  1,093,469  Cost of service sales 66,285  62,695  207,984  203,664  Total cost of sales 500,655  442,858  1,460,757  1,297,133  Gross profit 298,263  281,468  836,119  762,449  Research and development expenses 20,734  23,464  65,866  65,698  Selling expenses 37,311  34,084  109,202  100,782  General and administrative expenses 92,035  91,401  281,092  272,060  Restructuring expenses 3,280  —  6,198  —  Operating income 144,903  132,519  373,761  323,909  Interest expense 11,408  12,496  33,194  40,432  Other income, net 10,126  7,023  28,294  22,744  Earnings before income taxes 143,621  127,046  368,861  306,221  Provision for income taxes (32,461) (30,268) (81,735) (71,598) Net earnings $ 111,160  $ 96,778  $ 287,126  $ 234,623  Net earnings per share: Basic earnings per share $ 2.91  $ 2.53  $ 7.51  $ 6.13  Diluted earnings per share $ 2.89  $ 2.51  $ 7.47  $ 6.09  Dividends per share $ 0.21  $ 0.20  $ 0.62  $ 0.59  Weighted-average shares outstanding:     Basic 38,208  38,285  38,245  38,301  Diluted 38,451  38,558  38,451  38,538  Curtiss-Wright Corporation, Page 9 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) ($'s in thousands, except par value) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 443,850  $ 406,867  Receivables, net 857,614  732,678  Inventories, net 582,584  510,033  Other current assets 68,035  67,502  Total current assets 1,952,083  1,717,080  Property, plant, and equipment, net 330,292  332,796  Goodwill 1,583,448  1,558,826  Other intangible assets, net 532,397  557,612  Operating lease right-of-use assets, net 156,613  141,435  Prepaid pension asset 279,212  261,869  Other assets 51,693  51,351  Total assets $ 4,885,738   $ 4,620,969   Liabilities Current liabilities: Current portion of long-term debt $ 90,000  $ —  Accounts payable 222,542  243,833  Accrued expenses 194,414  188,039  Deferred revenue 392,330  303,872  Other current liabilities 87,369  70,800  Total current liabilities 986,655  806,544  Long-term debt 959,302  1,050,362  Deferred tax liabilities, net 124,186  132,319  Accrued pension and other postretirement benefit costs 68,159  66,875  Long-term operating lease liability 134,866  118,611  Long-term portion of environmental reserves 14,661  12,784  Other liabilities 107,490  105,061  Total liabilities $ 2,395,319  $ 2,292,556  Stockholders' equity Common stock, $1 par value $ 49,187  $ 49,187  Additional paid in capital 144,394  140,182  Retained earnings 3,751,183  3,487,751  Accumulated other comprehensive loss (203,428) (213,223) Less: cost of treasury stock (1,250,917) (1,135,484) Total stockholders' equity $ 2,490,419  $ 2,328,413  Total liabilities and stockholders' equity $ 4,885,738   $ 4,620,969   Curtiss-Wright Corporation, Page 10 Use and Definitions of Non-GAAP Financial Information (Unaudited) The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release. The following definitions are provided: Adjusted Operating Income, Operating Margin, Net Earnings and Diluted EPS These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) costs associated with the Company's 2024 Restructuring Program; and (iii) the sale or divestiture of a business or product line, as applicable. Curtiss-Wright Corporation, Page 11 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands) Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted As Reported Adjusted Sales: Aerospace & Industrial $ 228,659  $ —  $ 228,659  $ 220,297  $ —  $ 220,297  4  % 4  % Defense Electronics 243,029  —  243,029  216,285  —  216,285  12  % 12  % Naval & Power 327,230  —  327,230  287,744  —  287,744  14  % 14  % Total sales $ 798,918   $ —   $ 798,918   $ 724,326   $ —   $ 724,326   10   % 10   % Operating income (expense): Aerospace & Industrial (2) $ 37,435  $ 1,926  $ 39,361  $ 39,014  $ —  $ 39,014  (4) % 1  % Defense Electronics (2) 63,639  819  64,458  56,212  —  56,212  13  % 15  % Naval & Power (1)(2) 53,039  759  53,798  47,663  1,333  48,996  11  % 10  %                             Total segments $ 154,113   $ 3,504   $ 157,617   $ 142,889   $ 1,333   $ 144,222   8   % 9   % Corporate and other (2) (9,210) 660  (8,550) (10,370) —  (10,370) 11  % 18  % Total operating income $ 144,903   $ 4,164   $ 149,067   $ 132,519   $ 1,333   $ 133,852   9   % 11   % Operating margins: As Reported Adjusted As Reported Adjusted As Reported Adjusted Aerospace & Industrial 16.4  % 17.2  % 17.7  % 17.7  % (130 bps) (50 bps) Defense Electronics 26.2  % 26.5  % 26.0  % 26.0  % 20 bps 50 bps Naval & Power 16.2  % 16.4  % 16.6  % 17.0  % (40 bps) (60 bps) Total Curtiss-Wright 18.1   % 18.7   % 18.3   % 18.5   % (20 bps) 20 bps Segment margins 19.3  % 19.7  % 19.7  % 19.9  % (40 bps) (20 bps) (1) Excludes first year purchase accounting adjustments in both the current and prior year periods. (2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period. Curtiss-Wright Corporation, Page 12 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands) Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted As Reported Adjusted Sales: Aerospace & Industrial $ 681,216  $ —  $ 681,216  $ 649,004  $ —  $ 649,004  5  % 5  % Defense Electronics 683,231  —  683,231  576,161  —  576,161  19  % 19  % Naval & Power 932,429  —  932,429  834,417  —  834,417  12  % 12  % Total sales $ 2,296,876   $ —   $ 2,296,876   $ 2,059,582   $ —   $ 2,059,582   12   % 12   % Operating income (expense): Aerospace & Industrial (2) $ 100,147  $ 4,546  $ 104,693  $ 101,224  $ —  $ 101,224  (1) % 3  % Defense Electronics (2) 169,964  1,342  171,306  122,760  —  122,760  38  % 40  % Naval & Power (1)(2) 134,513  1,101  135,614  132,382  6,669  139,051  2  % (2) %                             Total segments $ 404,624   $ 6,989   $ 411,613   $ 356,366   $ 6,669   $ 363,035   14   % 13   % Corporate and other (2) (30,863) 1,624  (29,239) (32,457) —  (32,457) 5  % 10  % Total operating income $ 373,761   $ 8,613   $ 382,374   $ 323,909   $ 6,669   $ 330,578   15   % 16   % Operating margins: As Reported Adjusted As Reported Adjusted As Reported Adjusted Aerospace & Industrial 14.7  % 15.4  % 15.6  % 15.6  % (90 bps) (20 bps) Defense Electronics 24.9  % 25.1  % 21.3  % 21.3  % 360 bps 380 bps Naval & Power 14.4  % 14.5  % 15.9  % 16.7  % (150 bps) (220 bps) Total Curtiss-Wright 16.3   % 16.6   % 15.7   % 16.1   % 60 bps 50 bps Segment margins 17.6  % 17.9  % 17.3  % 17.6  % 30 bps 30 bps (1) Excludes first year purchase accounting adjustments in both the current and prior year periods. (2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period. Curtiss-Wright Corporation, Page 13 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES SALES BY END MARKET (UNAUDITED) ($'s in thousands) Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 % Change Aerospace & Defense markets: Aerospace Defense $ 158,980  $ 148,023  7  % Ground Defense 92,973  83,185  12  % Naval Defense 217,510  179,862  21  % Commercial Aerospace 96,677  79,703  21  % Total Aerospace & Defense $ 566,140   $ 490,773   15   % Commercial markets: Power & Process $ 131,376  $ 122,118  8  % General Industrial 101,402  111,435  (9  %) Total Commercial $ 232,778   $ 233,553   0   % Total Curtiss-Wright $ 798,918   $ 724,326   10   % Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2023 % Change Aerospace & Defense markets: Aerospace Defense $ 445,158  $ 380,095  17  % Ground Defense 268,672  220,317  22  % Naval Defense 605,004  532,773  14  % Commercial Aerospace 279,768  232,226  20  % Total Aerospace & Defense $ 1,598,602   $ 1,365,411   17   % Commercial markets: Power & Process $ 394,016  $ 373,457  6  % General Industrial 304,258  320,714  (5  %) Total Commercial $ 698,274   $ 694,171   1   % Total Curtiss-Wright $ 2,296,876   $ 2,059,582   12   % Curtiss-Wright Corporation, Page 14 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Diluted earnings per share - As Reported $ 2.89   $ 2.51   $ 7.47   $ 6.09   First year purchase accounting adjustments 0.02  0.03  0.02  0.13  Restructuring costs 0.06  —  0.15  —  Diluted earnings per share - Adjusted (1) $ 2.97   $ 2.54   $ 7.64   $ 6.22   (1) All adjustments are presented net of income taxes. Curtiss-Wright Corporation, Page 15 Organic Sales and Organic Operating Income The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations. Three Months Ended September 30, 2024 vs. 2023 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 4% (4%) 12% 13% 14% 11% 10% 9% Less: Acquisitions 0% 0% 0% 0% (1%) 0% 0% 0% Restructuring 0% 5% 0% 1% 0% 0% 0% 3% Foreign Currency (1%) (2%) 0% 0% 0% 0% 0% (1%) Organic 3% (1%) 12% 14% 13% 11% 10% 11% Nine Months Ended September 30, 2024 vs. 2023 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 5% (1%) 19% 38% 12% 2% 12% 15% Less: Acquisitions 0% 0% 0% 0% (1%) 0% 0% 0% Restructuring 0% 4% 0% 1% 0% 0% 0% 2% Foreign Currency 0% 0% (1%) 0% 0% 0% (1%) 1% Organic 5% 3% 18% 39% 11% 2% 11% 18% Curtiss-Wright Corporation, Page 16 Free Cash Flow and Free Cash Flow Conversion The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Adjusted free cash flow excludes payments associated with the Westinghouse legal settlement in the prior year period. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings. CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net cash provided by operating activities $ 177,274  $ 146,364  $ 242,976  $ 165,717  Capital expenditures (14,584) (9,373) (37,703) (32,037) Free cash flow $ 162,690  $ 136,991  $ 205,273  $ 133,680  Westinghouse legal settlement —  —  —  10,000  Adjusted free cash flow $ 162,690  $ 136,991  $ 205,273  $ 143,680  Adjusted free cash flow conversion 142  % 140  % 70  % 60  % Curtiss-Wright Corporation, Page 17 CURTISS-WRIGHT CORPORATION 2024 Guidance As of October 30, 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  892  907  —  892  907  9 - 11% Naval & Power 1,142  —  1,142  1,233  1,248  —  1,233  1,248  8 - 9% Total sales $ 2,845   $ —   $ 2,845   $ 3,050   $ 3,095   $ —   $ 3,050   $ 3,095   7 - 9% Operating income: Aerospace & Industrial $ 145  $ —  $ 145  $ 148  $ 152  $ 9  $ 157  $ 161  8 - 11% Defense Electronics 192  —  192  213  218  3  216  221  13 - 15% Naval & Power 189  9  198  197  202  1  198  203  0 - 2% Total segments $ 526   $ 9   $ 535   $ 557   $ 572   $ 13   $ 570   $ 585   Corporate and other (42) —  (42) (41) (42) 2  (39) (40) Total operating income $ 485   $ 9   $ 494   $ 516   $ 530   $ 15   $ 531   $ 545   7 - 10% Interest expense $ (51) $ —  $ (51) $ (44) $ (45) $ —  $ (44) $ (45) Other income, net 30  —  30  35  35  —  35  35  Earnings before income taxes 463   9   472   507   519   15   522   534   Provision for income taxes (109) (2) (111) (114) (117) (3) (117) (120) Net earnings $ 355   $ 6   $ 361   $ 393   $ 401   $ 12   $ 405   $ 413   Diluted earnings per share $ 9.20   $ 0.18   $ 9.38   $ 10.23   $ 10.44   $ 0.32   $ 10.55   $ 10.75   12 - 15% Diluted shares outstanding 38.5  38.5  38.4  38.4  38.4  38.4  Effective tax rate 23.4  % 23.4  % 22.5  % 22.5  % 22.5  % 22.5  % Operating margins: Aerospace & Industrial 16.4  % 16.4  % 16.0  % 16.2  % 16.9  % 17.1  % 50 - 70 bps Defense Electronics 23.5  % 23.5  % 23.9  % 24.0  % 24.2  % 24.4  % 70 - 90 bps Naval & Power 16.6  % 17.4  % 16.0  % 16.2  % 16.1  % 16.3  % (110 - 130 bps) Total operating margin 17.0   % 17.4   % 16.9   % 17.1   % 17.4   % 17.6   % 0 - 20 bps Free cash flow $ 403   $ 10   $ 413   $ 430   $ 450   $ —   $ 430   $ 450   4 - 9% 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 18 CURTISS-WRIGHT CORPORATION 2024 Sales Growth Guidance by End Market As of October 30, 2024 2024 % Change vs. 2023 Adjusted Prior Current % Total Sales Aerospace & Defense Markets Aerospace Defense 7 - 9% 9 - 11% 20% Ground Defense 10 - 12% 10 - 12% 11% Naval Defense 5 - 7% 9 - 11% 26% Commercial Aerospace 13 - 15% 16 - 18% 12% Total Aerospace & Defense 8 - 10% 10 - 12% 69% Commercial Markets Power & Process 4 - 6% 5 - 7% 18% General Industrial Flat (2 - 4%) 14% Total Commercial 1 - 3% 1 - 3% 31% Total Curtiss-Wright Sales 6 - 8% 7 - 9% 100% Note: Sales percentages may not add due to rounding. Curtiss-Wright Corporation, Page 19 About Curtiss-Wright Corporation Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,600 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com . ### Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent reports filed with the Securities and Exchange Commission. This press release and additional information are available at www.curtisswright.com . Contact:     Jim Ryan     (704) 869-4621     Jim.Ryan@curtisswright.com