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Curtiss-Wright — Oct 30, 2024 release

Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000026324-24-000046
Open on SEC.gov ↗
Showing in the filing
Operating income - Naval & Power % Chg
“0 - 2%”
Period
FY2024
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 48
Sales growth for FY2024
“7% to 9% growth”
Diluted EPS for FY2024
“$10.55 to $10.75, up 12% to 15%”
Free cash flow for FY2024
“$430 to $450 million, up 4% to 9%”
Adjusted FCF conversion for FY2024
“greater than 105%”
Quarterly dividend
“$0.21 a share”
Total Sales (Adjusted) for FY2024
“$3,050 - $3,095”
Total Sales Change vs 2023 Adjusted for FY2024
“Up 7% - 9%”
Total Operating Income (Adjusted) for FY2024
“$531 - $545”
Total Operating Margin (Adjusted) for FY2024
“17.4% - 17.6%”
Total Operating Margin Change vs 2023 Adjusted for FY2024
“0 - 20 bps”
Diluted earnings per share (Adjusted) for FY2024
“$10.55 - $10.75”
Diluted EPS (Adjusted) for FY2024
“$10.55 - $10.75”
Free cash flow (Reported/Adjusted) for FY2024
“$430 - $450”
Free Cash Flow Change vs 2023 Adjusted for FY2024
“Up 4% - 9%”
General Industrial % Total Sales for FY2024
“14%”
Naval & Power Sales Change vs 2023 Adjusted for FY2024
“8 - 9%”
Sales - Naval & Power % Chg for FY2024
“8 - 9%”
Aerospace & Industrial Operating Income Chan… for FY2024
“8 - 11%”
Operating income - Aerospace & Industrial % … for FY2024
“8 - 11%”
Ground Defense % Total Sales for FY2024
“11%”
Naval & Power Operating Income Change vs 202… for FY2024
“0 - 2%”
Operating income - Naval & Power % Chg for FY2024
“0 - 2%”
Total operating income % Chg for FY2024
“7 - 10%”
Total Operating Income Change vs 2023 Adjusted for FY2024
“7 - 10%”
Diluted earnings per share Change vs 2023 Ad… for FY2024
“12 - 15%”
Aerospace & Industrial Operating Margin Chan… for FY2024
“50 - 70 bps”
Defense Electronics Operating Margin Change … for FY2024
“70 - 90 bps”
Naval & Power Operating Margin Change vs 202… for FY2024
“(110 - 130 bps)”
Aerospace Defense Sales Growth (Current) for FY2024
“9 - 11%”
Defense Electronics Sales Change vs 2023 Adj… for FY2024
“9 - 11%”
Sales - Defense Electronics % Chg for FY2024
“9 - 11%”
Aerospace Defense % Total Sales for FY2024
“20%”
Total Aerospace & Defense Sales Growth (Curr… for FY2024
“10 - 12%”
Naval Defense % Total Sales for FY2024
“26%”
Defense Electronics Operating Income Change … for FY2024
“13 - 15%”
Operating income - Defense Electronics % Chg for FY2024
“13 - 15%”
Commercial Aerospace Sales Growth (Current) for FY2024
“16 - 18%”
Commercial Aerospace % Total Sales for FY2024
“12%”
Total Aerospace & Defense % Total Sales for FY2024
“69%”
Aerospace & Industrial Sales Change vs 2023 … for FY2024
“4 - 6%”
Sales - Aerospace & Industrial % Chg for FY2024
“4 - 6%”
Power & Process Sales Growth (Current) for FY2024
“5 - 7%”
Power & Process % Total Sales for FY2024
“18%”
General Industrial Sales Growth (Current) for FY2024
“(2 - 4%)”
Total Commercial Sales Growth (Current) for FY2024
“1 - 3%”
Total Commercial % Total Sales for FY2024
“31%”
Total Curtiss-Wright Sales Growth (Current) for FY2024
“7 - 9%”
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 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   $ 4
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.