Curtiss-Wright — Oct 30, 2024 release

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%