Curtiss-Wright — Feb 12, 2025 release

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Net cash provided by operating activities $ 301,299  $ 282,372  $ 544,275  $ 448,089  Capital expenditures (23,271) (12,629) (60,974) (44,666) Free cash flow $ 278,028  $ 269,743  $ 483,301  $ 403,423  Westinghouse legal settlement —  —  —  10,000  Adjusted free cash flow $ 278,028  $ 269,743  $ 483,301  $ 413,423  Adjusted free cash flow conversion 223  % 221  % 116  % 114  % Curtiss-Wright Corporation, Page 18 CURTISS-WRIGHT CORPORATION 2025 Guidance As of February 12, 2025 ($'s in millions, except per share data) 2024 Reported  (GAAP) 2024 Adjustments (Non-GAAP) (1) 2024 Adjusted (Non-GAAP) (1) 2025 Reported Guidance (GAAP) 2025  Adjustments (Non-GAAP) (2) 2025 Adjusted Guidance (Non-GAAP) (2) Low High Low High 2025 Chg vs 2024 Adjusted Sales: Aerospace & Industrial $ 932  $ —  $ 932  $ 960  $ 975  $ —  $ 960  $ 975  3 - 5% Defense Electronics 911  —  911  975  990  $ —  975  990  7 - 9% Naval & Power 1,278  —  1,278  1,400  1,420  $ —  1,400  1,420  10 - 11% Total sales $ 3,121   $ —   $ 3,121   $ 3,335   $ 3,385   $ —   $ 3,335   $ 3,385   7 - 8% Operating income: Aerospace & Industrial $ 148  $ 10  $ 158  $ 164  $ 169  $ 3  $ 167  $ 172  5 - 8% Defense Electronics 225  2  227  244  250  —  244  250  8 - 10% Naval & Power 200  2  202  217  223  11  228  234  13 - 16% Total segments 572   15   587   624   641   14   638   655   Corporate and other (44) 3  (41) (40) (42) —  (40) (42) Total operating income $ 529   $ 17   $ 546   $ 584   $ 599   $ 14   $ 598   $ 613   10 - 12% Interest expense $ (45) $ —  $ (45) $ (42) $ (43) $ —  $ (42) $ (43) Other income, net 38  —  38  33  34  $ —  33  34  Earnings before income taxes 522   17   539   575   590   $ 14   589   603   Provision for income taxes (117) (4) (121) (127) (130) (3) (130) (133) Net earnings $ 405   $ 13   $ 418   $ 448   $ 460   $ 11   $ 459   $ 470   Diluted earnings per share $ 10.55   $ 0.35   $ 10.90   $ 11.80   $ 12.10   $ 0.30   $ 12.10   $ 12.40   11 - 14% Diluted shares outstanding 38.4  38.4  37.9  37.9  37.9  37.9  Effective tax rate 22.4  % 22.4  % 22.0  % 22.0  % 22.0  % 22.0  % Operating margins: Aerospace & Industrial 15.9  % 17.0  % 17.1  % 17.3  % 17.4  % 17.6  % 40 - 60 bps Defense Electronics 24.7  % 24.9  % 25.0  % 25.2  % 25.0  % 25.2  % 10 - 30 bps Naval & Power 15.6  % 15.8  % 15.5  % 15.7  % 16.3  % 16.5  % 50 - 70 bps Total operating margin 16.9   % 17.5   % 17.5   % 17.7   % 17.9   % 18.1   % 40 - 60 bps Free cash flow (3) $ 483   $— $ 483   $ 485   $ 505   $— $ 485   $ 505   0 - 4% Notes: Amounts may not add due to rounding. (1) 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. (2) 2025 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. (3) Free Cash Flow is defined as cash flow from operations less capital expe