Curtiss-Wright — Feb 12, 2025 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000026324-25-000008
Showing in the filing
Operating margin - Defense Electronics % Chg
“10 - 30 bps”
Period
FY2025
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 46
EPS growth for FY2025
“double-digit”
Operating margin expansion for FY2025
“40 to 60 basis points”
Free Cash Flow Generation for FY2025
“strong free cash flow generation”
Three-Year Financial Targets for the long term
“line of sight to the three-year financial targets that we communicated at our 2024 Investor Day”
Quarterly dividend
“$0.21 a share”
Adjusted Total Sales for FY2025
“$3,335 - $3,385”
Total operating income for FY2025
“$598 - $613”
Operating Income % Chg vs 2024 Adjusted for FY2025
“10 - 12%”
Total operating income % Chg for FY2025
“10 - 12%”
Total operating margin for FY2025
“17.9% - 18.1%”
Operating margin - Aerospace & Industrial % … for FY2025
“40 - 60 bps”
Operating Margin % Chg vs 2024 Adjusted for FY2025
“40 - 60 bps”
Diluted earnings per share for FY2025
“$12.10 - $12.40”
Diluted EPS for FY2025
“$12.10 - $12.40”
Free Cash Flow for FY2025
“$485 - $505”
Free Cash Flow % Chg vs 2024 Adjusted for FY2025
“0 - 4%”
Capital expenditures increase for FY2025
“$14 to $24 million year-over-year”
General Industrial % Total Sales for FY2025
“12%”
Ground Defense sales growth for FY2025
“3 - 5%”
Sales - Defense Electronics % Chg for FY2025
“7 - 9%”
Sales - Naval & Power % Chg for FY2025
“10 - 11%”
Ground Defense % Total Sales for FY2025
“11%”
Operating income - Aerospace & Industrial % … for FY2025
“5 - 8%”
Operating income - Defense Electronics % Chg for FY2025
“8 - 10%”
Operating income - Naval & Power % Chg for FY2025
“13 - 16%”
Diluted earnings per share % Chg for FY2025
“11 - 14%”
Diluted EPS % Chg vs 2024 Adjusted for FY2025
“11 - 14%”
Diluted shares outstanding for FY2025
“37.9”
Effective tax rate for FY2025
“22.0%”
Operating margin - Defense Electronics % Chg for FY2025
“10 - 30 bps”
Operating margin - Naval & Power % Chg for FY2025
“50 - 70 bps”
Aerospace Defense sales growth for FY2025
“6 - 8%”
Aerospace Defense % Total Sales for FY2025
“20%”
Sales - Aerospace & Industrial % Chg for FY2025
“3 - 5%”
Naval Defense % Total Sales for FY2025
“25%”
Commercial Aerospace sales growth for FY2025
“10 - 12%”
Commercial Aerospace % Total Sales for FY2025
“13%”
Total Aerospace & Defense sales growth for FY2025
“5 - 7%”
Total Aerospace & Defense % Total Sales for FY2025
“69%”
Power & Process sales growth for FY2025
“16 - 18%”
Power & Process % Total Sales for FY2025
“19%”
General Industrial sales growth for FY2025
“Flat”
Total Commercial sales growth for FY2025
“9 - 11%”
Total Commercial % Total Sales for FY2025
“31%”
Total Curtiss-Wright Sales growth for FY2025
“7 - 8%”
Total Curtiss-Wright Sales % Total Sales for FY2025
“100%”
Exhibit 99.1 · the passage around this item
… earlier in the release
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands) Three Months Ended 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 expenditures. 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results) and the timing of prior year record customer advances. Curtiss-Wright Corporation, Page 19 CURTISS-WRIGHT CORPORATION
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.