HighGravityDataCurtiss-Wright — Feb 14, 2024 release
Fiscal 2023 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001157523-24-000252
Showing in the filing
Operating income - Defense Electronics % Chg
“3 - 6%”
Period
FY2024
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 32
Free cash flow generation for FY2024
“ranging from $415 to $435 million”
Quarterly dividend
“$0.20 a share”
Total Sales for FY2024
“$2,960 - $3,010”
Total Sales % Chg vs 2023 Adjusted for FY2024
“Up 4% - 6%”
Operating Income for FY2024
“$514 - $528”
Operating Income % Chg vs 2023 Adjusted for FY2024
“Up 4% - 7%”
Operating Margin for FY2024
“17.4% - 17.6%”
Operating Margin % Chg vs 2023 Adjusted for FY2024
“Up 0 - 20 bps”
Diluted EPS for FY2024
“$10.00 - $10.30”
Diluted EPS % Chg vs 2023 Adjusted for FY2024
“Up 7% - 10%”
Free Cash Flow % Chg vs 2023 Adjusted for FY2024
“Up 0% - 5%”
Operating income - Aerospace & Industrial % … for FY2024
“5 - 8%”
Operating income - Defense Electronics % Chg for FY2024
“3 - 6%”
Operating income - Naval & Power % Chg for FY2024
“2 - 5%”
Diluted shares outstanding for FY2024
“38.5”
Effective tax rate for FY2024
“23.5%”
Sales - Defense Electronics % Chg for FY2024
“5 - 7%”
Total Aerospace & Defense sales growth for FY2024
“5 - 7%”
Aerospace Defense % Total Sales for FY2024
“20%”
Ground Defense % Total Sales for FY2024
“11%”
Naval Defense sales growth for FY2024
“3 - 5%”
Naval Defense % Total Sales for FY2024
“25%”
Commercial Aerospace sales growth for FY2024
“10 - 12%”
Commercial Aerospace % Total Sales for FY2024
“12%”
Total Aerospace & Defense % Total Sales for FY2024
“67%”
Power & Process sales growth for FY2024
“3 - 5%”
Sales - Aerospace & Industrial % Chg for FY2024
“3 - 5%”
General Industrial sales growth for FY2024
“1 - 3%”
Total Commercial sales growth for FY2024
“2 - 4%”
Ground Defense sales growth for FY2024
“4 - 6%”
Sales - Naval & Power % Chg for FY2024
“4 - 6%”
Total Curtiss-Wright Sales growth for FY2024
“4 - 6%”
Exhibit 99.1 · the passage around this item
… earlier in the release
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Net cash provided by operating activities
$
282,372
$
292,389
$
448,089
$
294,776
Capital expenditures
(12,629
)
(9,428
)
(44,666
)
(38,217
)
Free cash flow
$
269,743
$
282,961
$
403,423
$
256,559
Westinghouse legal settlement
—
—
10,000
15,000
Pension payment to former executives
—
15,753
—
23,967
Adjusted free cash flow
$
269,743
$
298,714
$
413,423
$
295,526
Adjusted free cash flow conversion
221
%
265
%
114
%
94
%
CURTISS-WRIGHT CORPORATION
2024 Guidance
As of February 14, 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)
Low
High
2024 Chg
vs 2023
Adjusted
Sales:
Aerospace & Industrial
$
887
$
—
$
887
$
915
$
930
3 - 5
%
Defense Electronics
816
—
816
857
872
5 - 7
%
Naval & Power
1,142
—
1,142
1,188
1,208
4 - 6
%
Total sales
$
2,845
$
—
$
2,845
$
2,960
$
3,010
4 to 6%
Operating income:
Aerospace & Industrial
$
145
$
—
$
145
$
152
$
156
5 - 8
%
Defense Electronics
192
—
192
198
203
3 - 6
%
Naval & Power
189
9
198
202
207
2 - 5
%
Total segments
526
9
535
552
567
Corporate and other
(42
)
—
(42
)
(38
)
(39
)
Total operating income
$
485
$
9
$
494
$
514
$
528
4 to 7%
Interest expense
$
(51
)
$
—
$
(51
)
$
(45
)
$
(46
)
Other income, net
30
—
30
33
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.