HighGravityDataCurtiss-Wright — Oct 30, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000026324-24-000046
Showing in the filing
Diluted earnings per share Change vs 2023 Adjusted
“12 - 15%”
Period
FY2024
Measure
Company-defined measure
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 $ 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 CORPORATI
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.