News Details

Curtiss-Wright Reports Second Quarter 2017 Financial Results; Raises Full-Year Sales and EPS Guidance; Declares 15% Increase in Quarterly Dividend

July 26, 2017

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter and six months ended June 30, 2017.

Second Quarter 2017 Highlights

  • Diluted earnings per share (EPS) of $1.13, ahead of expectations, and up 28% compared with the prior year;
  • Net sales of $568 million, up 7%, including 5% organic growth;
  • Operating income of $83 million, up 22%;
  • Operating margin of 14.7%, up 190 basis points, despite 50 basis point dilution from acquisitions;
  • New orders of $548 million, up 5%;
  • Backlog of $2.1 billion increased 7% from December 31, 2016;
  • Free cash flow of $73 million, resulting in free cash flow conversion of 144%, as defined in table below; and
  • Share repurchases of approximately $14 million.

Full-Year 2017 Business Outlook

  • Increasing sales guidance by $20 million to new range of $2.19 to $2.23 billion, primarily due to improved outlook in industrial markets;
  • Increasing operating income guidance by $5 million, primarily due to improved industrial outlook and lower amortization estimates associated with the Teletronics Technology Corporation (TTC) acquisition;
  • Increasing operating margin guidance by 10 basis points to new range of 14.7% to 14.8%;
  • Increasing EPS guidance by $0.05 to new range of $4.45 to $4.55;
  • Increasing quarterly dividend by 15% to fifteen cents ($0.15) per share; and
  • Maintaining free cash flow guidance range of $260 million to $280 million.

“Our second quarter results were ahead of our expectations driven by robust 7% top-line growth and improved profitability that generated stronger than anticipated EPS of $1.13,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “We achieved higher sales and operating income growth in each of our segments, particularly in our Power segment. This drove overall operating margin up 190 basis points to 14.7%. In addition, the incremental benefits of our ongoing margin improvement initiatives enabled us to more than offset the first-year purchase accounting costs associated with the TTC acquisition.”

“As a result of our strong start and improved performance in several of our industrial businesses, we are increasing our full-year 2017 guidance for sales, operating income, operating margin and EPS. We remain committed to increasing shareholder value by delivering solid profitability and free cash flow, maintaining a balanced capital allocation strategy and driving for top-quartile financial performance in our key financial metrics.”

Second Quarter 2017 Operating Results from Continuing Operations

 
(In thousands)     2Q-2017     2Q-2016     Change
Sales $ 567,653 $ 532,766 7 %
Operating income 83,271 68,089 22 %
Operating margin 14.7 % 12.8 % 190 bps
 

Sales

Sales of $568 million in the second quarter increased $35 million, or 7%, compared with the prior year, reflecting a $27 million, or 5%, increase in organic sales, and a $13 million, or 3%, contribution from acquisitions, partially offset by $5 million, or (1%), in unfavorable foreign currency translation.

Higher organic sales were principally driven by strong AP1000 revenues in the Power segment and improved industrial demand in the Commercial/Industrial segment. Higher Defense segment sales primarily reflect the contribution from our acquisition of TTC.

From an end market perspective, sales to the defense markets increased 4%, while sales to the commercial markets increased 8%, compared with the prior year. Please refer to the accompanying tables for a breakdown of sales by end market.

Operating Income

Operating income in the second quarter was $83 million, an increase of $15 million, or 22%, compared with the prior year, due to strong increases in each of our segments. In the Commercial/Industrial segment, higher operating income was primarily driven by the benefits of our margin improvement initiatives. In the Defense segment, our results reflect higher profitability on our embedded computing products, partially offset by first-year purchase accounting costs from the TTC acquisition. Finally, in the Power segment, our results reflect a strong improvement in operating income resulting from higher revenues on the AP1000 China Direct program and higher profitability in the aftermarket business.

Operating margin was 14.7%, an increase of 190 basis points over the prior year, reflecting higher revenues and the benefits of our ongoing margin improvement initiatives, partially offset by 50 basis points in margin dilution from acquisitions.

Non-segment Expense

Non-segment expenses increased by approximately $1 million compared with the prior year, due to higher foreign currency transactional losses.

Net Earnings

Second quarter net earnings increased 27% compared with the prior year, as higher operating income was partially offset by higher interest expense. In addition, the effective tax rate for the current quarter was 30.3%, a decrease from 31.0% in the prior year.

Free Cash Flow

(In thousands)     2Q-2017     2Q-2016
Net cash provided by operating activities $ 85,873 $ 86,371
Capital expenditures   (12,914 )   (6,908 )
Free cash flow $ 72,959 $ 79,463
 

Free cash flow, defined as cash flow from operations less capital expenditures, was $73 million for the second quarter of 2017, a decrease of $6 million compared with the prior year. Net cash provided by operating activities of $86 million was essentially flat, primarily due to higher cash earnings, partially offset by higher trade receivables on increased sales. Capital expenditures increased by $6 million to $13 million, primarily due to capital investments being made in each of our segments.

New Orders and Backlog

New orders of $548 million in the second quarter increased 5% compared to the prior year, as higher orders within the Commercial/Industrial and Defense segments were partially offset by lower orders within the Power segment. Backlog of $2.1 billion increased 7% from December 31, 2016, due to increases in all three segments.

Other Items – Share Repurchase

During the second quarter, the Company repurchased 151,552 shares of its common stock for approximately $14 million.

Full-Year 2017 Guidance

The Company is updating its full-year 2017 financial guidance as follows:

 
   

Prior Guidance

   

Current Guidance

Total sales $2.17 - $2.21 billion $2.19 - $2.23 billion
Operating income $316 - $325 million $321 - $329 million
Operating margin 14.6% - 14.7% 14.7% - 14.8%
Interest expense $40 - $41 million $41 - $42 million
Diluted earnings per share $4.40 - $4.50 $4.45 - $4.55
Diluted shares outstanding 44.9 million No change
Free cash flow $260 - $280 million No change
 

Notes:

  • Full-year 2017 guidance includes the acquisition of TTC, which adds $65 million in sales to the Defense segment, and is now expected to be slightly accretive to operating income and earnings per share, including purchase accounting costs.
  • Full-year 2017 guidance reflects the impact of a discrete tax benefit of $4.1 million from the adoption of ASU 2016-09 Improvements to Employee Share-Based Payment Accounting, which resulted in a $0.10 increase to our EPS guidance as disclosed in our press release dated May 3, 2017.
  • A more detailed breakdown of the Company’s 2017 guidance by segment and by market can be found in the accompanying schedules.

Second Quarter 2017 Segment Performance

Commercial/Industrial

(In thousands)     2Q-2017     2Q-2016     Change
Sales $ 291,599 $ 290,046 1 %
Operating income 43,693 38,957 12 %
Operating margin 15.0 % 13.4 % 160 bps
 

Sales for the second quarter were $292 million, an increase of $2 million, or 1%, over the prior year. Organic sales increased 2%, excluding $4 million, or (1%), in unfavorable foreign currency translation. In the general industrial market, we experienced solid sales growth for industrial vehicle products, while sales of severe-service valves to the energy markets were flat with the prior year but demonstrated sequential quarterly improvement. Elsewhere, our results reflect a decline in the commercial aerospace market, primarily due to reduced sales to Boeing on the 747 and 787 programs, despite higher sales on the 737 program. In the naval defense market, we experienced lower revenues on the Virginia-class submarine program, based on the timing of production.

Operating income in the second quarter was $44 million, up 12% from the prior year, while operating margin improved 160 basis points to 15.0%. This performance principally reflects increased profitability resulting from our ongoing margin improvement initiatives, most notably for facility consolidations, as well as higher profitability for industrial vehicle products, driven by higher sales volumes.

Defense

(In thousands)     2Q-2017     2Q-2016     Change
Sales $ 126,361 $ 113,961 11 %
Operating income 21,187 18,609 14 %
Operating margin 16.8 % 16.3 % 50 bps
 

Sales for the second quarter were $126 million, an increase of $12 million, or 11%, from the prior year. These results primarily reflect a $13 million contribution from the acquisition of TTC, partially offset by $1 million in unfavorable foreign currency translation, while organic sales were flat compared with the prior year. In the aerospace defense market, our results reflect higher sales of data acquisition and flight test equipment from TTC, increased sales to unmanned aerial vehicle (UAV) programs and higher foreign military sales. These increases were offset by lower domestic vehicle product sales, most notably on the G/ATOR program, in the ground defense market.

Operating income in the second quarter was $21 million, an increase of $3 million, or 14%, compared with the prior year, while operating margin increased 50 basis points to 16.8%, despite 300 basis point dilution from TTC. These improvements in operating income and margin were primarily driven by favorable mix for our defense electronics products, as well as the benefits of our margin improvement initiatives. Favorable foreign currency translation also added approximately $1 million to current quarter operating income.

Power

(In thousands)     2Q-2017     2Q-2016     Change
Sales $ 149,693 $ 128,759 16 %
Operating income 24,870 16,114 54 %
Operating margin 16.6 % 12.5 % 410 bps
 

Sales for the second quarter were $150 million, an increase of $21 million, or 16%, from the prior year. These results primarily reflect higher sales in the power generation market, driven by higher revenues on the AP1000 program, primarily on the 2015 China Direct contract, as well as improved aftermarket sales supporting currently operating nuclear reactors, driven by seasonally high spring outages. In the naval defense market, higher revenues on the CVN-80 aircraft carrier program were mainly offset by lower revenues on the Virginia-class submarine program, based on the timing of production.

Operating income in the second quarter was $25 million, an increase of $9 million, or 54%, compared with the prior year, while operating margin increased 410 basis points to 16.6%. This performance reflects higher production on the AP1000 China Direct program, as well as improved profitability in the aftermarket business driven by higher sales and the benefits of our ongoing margin improvement initiatives.

Conference Call & Webcast Information

The Company will host a conference call to discuss second quarter 2017 financial results at 9:00 a.m. EDT on Thursday, July 27, 2017. A live webcast of the call and the accompanying financial presentation, as well as a replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.

(Tables to Follow)

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

($’s in thousands, except per share data)

                               
Three Months Ended Six Months Ended
June 30, Change June 30, Change
2017 2016 $ % 2017 2016 $ %
Product sales $ 459,774 $ 427,324 $ 32,450 8 % $ 883,003 $ 830,242 $ 52,761 6 %
Service sales 107,879   105,442   2,437   2 % 208,241   206,031   2,210   1 %
Total net sales 567,653 532,766 34,887 7 % 1,091,244 1,036,273 54,971 5 %
 
Cost of product sales 299,739 279,869 19,870 7 % 586,231 544,604 41,627 8 %
Cost of service sales 69,144   67,518   1,626   2 % 135,468   134,387   1,081   1 %
Total cost of sales 368,883 347,387 21,496 6 % 721,699 678,991 42,708 6 %
 
Gross profit 198,770 185,379 13,391 7 % 369,545 357,282 12,263 3 %
 
Research and development expenses 15,501 15,236 265 2 % 30,799 30,396 403 1 %
Selling expenses 28,560 29,126 (566 ) (2 %) 57,513 58,752 (1,239 ) (2 %)
General and administrative expenses 71,438   72,928   (1,490 ) (2 %) 146,735   142,782   3,953   3 %
 
Operating income 83,271 68,089 15,182 22 % 134,498 125,352 9,146 7 %
 
Interest expense 10,750 10,273 477 5 % 21,127 20,206 921 5 %
Other income, net 190   101   89   NM 502   335   167   NM
 
Earnings before income taxes 72,711 57,917 14,794 26 % 113,873 105,481 8,392 8 %
Provision for income taxes (22,061 ) (17,954 ) (4,107 ) 23 % (30,676 ) (32,699 ) 2,023   (6 %)
Net earnings $ 50,650   $ 39,963   $ 10,687   27 % $ 83,197   $ 72,782   $ 10,415   14 %
 
Net earnings per share:
Basic earnings per share $ 1.15 $ 0.90 $ 1.88 $ 1.63
Diluted earnings per share $ 1.13 $ 0.88 $ 1.86 $ 1.61
 
Dividends per share $ 0.13 $ 0.13 $ 0.26 $ 0.26
 
Weighted average shares outstanding:
Basic 44,213 44,487 44,221 44,526
Diluted 44,807 45,164 44,825 45,195
 
NM- not meaningful
 

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

($’s in thousands, except par value)

           
June 30, December 31, Change
2017 2016 %
Assets
Current assets:
Cash and cash equivalents $ 342,711 $ 553,848 (38 %)
Receivables, net 502,216 463,062 8 %
Inventories, net 396,245 366,974 8 %
Other current assets 45,932   30,927   49 %
Total current assets 1,287,104   1,414,811   (9 %)
Property, plant, and equipment, net 390,520 388,903 0 %
Goodwill 1,082,944 951,057 14 %
Other intangible assets, net 345,991 271,461 27 %
Other assets 14,715   11,549   27 %
Total assets $ 3,121,274   $ 3,037,781   3 %
 
Liabilities
Current liabilities:

Current portion of long-term and short-term debt

$ 150,820 $ 150,668 0 %
Accounts payable 157,088 177,911 (12 %)
Accrued expenses 116,492 130,239 (11 %)
Income taxes payable 10,578 18,274 (42 %)
Deferred revenue 183,955 170,143 8 %
Other current liabilities 34,858   28,027   24 %
Total current liabilities 653,791   675,262   (3 %)
Long-term debt 814,810 815,630 0 %
Deferred tax liabilities, net 55,675 49,722 12 %
Accrued pension and other postretirement benefit costs 103,181 107,151 (4 %)
Long-term portion of environmental reserves 16,091 14,024 15 %
Other liabilities 84,561   84,801   0 %
Total liabilities 1,728,109   1,746,590   (1 %)
 

Stockholders equity

Common stock, $1 par value 49,187 49,187 0 %
Additional paid in capital 122,584 129,483 (5 %)
Retained earnings 1,825,697 1,754,907 4 %
Accumulated other comprehensive loss (244,161 ) (291,756 ) 16 %
Less: cost of treasury stock (360,142 ) (350,630 ) (3 %)

Total stockholders’ equity

1,393,165   1,291,191   8 %
   

Total liabilities and stockholders equity

$ 3,121,274   $ 3,037,781   3 %
 

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)

($’s in thousands)

                       
Three Months Ended Six Months Ended
June 30, June 30,
Change Change
2017 2016 % 2017 2016 %

Sales:

Commercial/Industrial $ 291,599 $ 290,046 1 % $ 570,421 $ 564,773 1 %
Defense 126,361 113,961 11 % 241,023 219,352 10 %
Power 149,693   128,759   16 % 279,800     252,148   11 %
 
Total sales $ 567,653 $ 532,766 7 % $ 1,091,244 $ 1,036,273 5 %
 

Operating income expense:

Commercial/Industrial $ 43,693 $ 38,957 12 % $ 74,314 $ 69,009 8 %
Defense 21,187 18,609 14 % 32,342 35,454 (9 %)
Power 24,870   16,114   54 % 41,410   30,742   35 %
 
Total segments $ 89,750 $ 73,680 22 % $ 148,066 $ 135,205 10 %
Corporate and other (6,479 ) (5,591 ) (16 %) (13,568 ) (9,853 ) (38 %)
 
Total operating income $ 83,271   $ 68,089   22 % $ 134,498   $ 125,352   7 %
 
 

Operating margins:

Commercial/Industrial 15.0 % 13.4 % 160 bps 13.0 % 12.2 % 80 bps
Defense 16.8 % 16.3 % 50 bps 13.4 % 16.2 % (280 bps)
Power 16.6 % 12.5 % 410 bps 14.8 % 12.2 % 260 bps
Total Curtiss-Wright 14.7 % 12.8 % 190 bps 12.3 % 12.1 % 20 bps
 
Segment margins 15.8 % 13.8 % 200 bps 13.6 % 13.0 % 60 bps
 

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SALES BY END MARKET (UNAUDITED)

($’s in thousands)

                       
Three Months Ended Six Months Ended
June 30, June 30,
Change Change
2017 2016 % 2017 2016 %
Defense markets:
Aerospace $ 88,097 $ 76,558 15 % $ 153,880 $ 138,107 11 %
Ground 17,515 19,880 (12 %) 37,251 39,055 (5 %)
Naval 100,048 103,998 (4 %) 191,018 196,950 (3 %)
Other 5,964   2,541   135 % 13,007   3,794   243 %
Total Defense $ 211,624 $ 202,977 4 % $ 395,156 $ 377,906 5 %
 
Commercial markets:
Aerospace $ 101,631 $ 102,595 (1 %) $ 200,455 $ 204,781 (2 %)
Power Generation 114,773 95,628 20 % 220,325 195,518 13 %
General Industrial 139,625   131,566   6 % 275,308   258,068   7 %
Total Commercial $ 356,029 $ 329,789 8 % $ 696,088 $ 658,367 6 %
       
Total Curtiss-Wright $ 567,653   $ 532,766   7 % $ 1,091,244   $ 1,036,273   5 %
 

Use of Non-GAAP Financial Information (Unaudited)

The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

Organic Revenue and Organic Operating Income
The Corporation discloses organic revenue and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic revenue and organic operating income are defined as revenue and operating income excluding the impact of foreign currency fluctuations and contributions from acquisitions made during the last twelve months.

       
Three Months Ended
June 30,
2017 vs. 2016
Commercial/Industrial     Defense     Power Total Curtiss-Wright
Sales    

Operating
income

Sales    

Operating
income

Sales    

Operating
income

Sales    

Operating
income

Organic 2 % 12 % 0 % 14 % 16 % 54 % 5 % 22 %
Acquisitions 0 % 0 % 12 % (7 %) 0 % 0 % 3 % (2 %)
Foreign Currency (1 %) 0 % (1 %) 7 % 0 % 0 % (1 %) 2 %
Total 1 % 12 % 11 % 14 % 16 % 54 % 7 % 22 %
 
 
 
Six Months Ended
June 30,
2017 vs. 2016
Commercial/Industrial Defense Power Total Curtiss-Wright
Sales

Operating
income

Sales

Operating
income

Sales

Operating
income

Sales

Operating
income

Organic 2 % 7 % 0 % 8 % 11 % 35 % 4 % 12 %
Acquisitions 0 % 0 % 11 % (20 %) 0 % 0 % 2 % (6 %)
Foreign Currency (1 %) 1 % (1 %) 3 % 0 % 0 % (1 %) 1 %
Total 1 % 8 % 10 % (9 %) 11 % 35 % 5 % 7 %
 

Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as cash flow provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by net earnings from continuing operations.

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)

($’s in thousands)

               
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
 
Net cash provided by operating activities $ 85,873 $ 86,371 $ 60,932 $ 156,631
Capital expenditures (12,914 ) (6,908 ) (23,288 ) (15,733 )
Free cash flow $ 72,959   $ 79,463   $ 37,644   $ 140,898  
 
Free Cash Flow Conversion 144 % 199 % 45 % 194 %
 

 
CURTISS-WRIGHT CORPORATION
2017 Guidance (from Continuing Operations)
As of July 26, 2017

($’s in millions, except per share data)

       

2016
Reported

2017 Guidance
Low     High

Sales:

Commercial/Industrial $ 1,119 $ 1,120 $ 1,140
Defense 467 540 550
Power 524   525   535  
Total sales $ 2,109 $ 2,185 $ 2,225
 

Operating income:

Commercial/Industrial $ 157 $ 161 $ 166
Defense 98 106 109
Power 76   77   79  
Total segments 331 343 353
Corporate and other (23 ) (22 ) (24 )
Total operating income $ 308   $ 321   $ 329  
 
Interest expense $ 41 $ 41 $ 42
Earnings before income taxes 268 281 288
Provision for income taxes (79 ) (82 ) (84 )
Net earnings $ 189   $ 200   $ 204  
 
Reported diluted earnings per share $ 4.20 $ 4.45 $ 4.55
Diluted shares outstanding 45.0 44.9 44.9
Effective tax rate 29.3 % 29.1 % 29.1 %
 

Operating margins:

Commercial/Industrial 14.0 % 14.3 % 14.5 %
Defense 21.1 % 19.6 % 19.7 %
Power 14.6 % 14.6 % 14.7 %
Total operating margin 14.6 % 14.7 % 14.8 %
 
Note: Full year amounts may not add due to rounding
(1) Full-year 2017 guidance includes the acquisition of TTC, which adds $65 million in sales to the Defense segment and is now expected to be slightly accretive to operating income and earnings per share, including purchase accounting costs.
(2) Full-year 2017 guidance reflects the impact of a discrete tax benefit of $4.1 million from the adoption of Accounting Standards Update (ASU) 2016-09 regarding the accounting for share-based payments. This change resulted in a $0.10 increase to our EPS guidance as disclosed in our press release dated May 3, 2017.
 

 
CURTISS-WRIGHT CORPORATION
2017 Sales Growth Guidance by End Market (from Continuing Operations)
As of July 26, 2017
   
2017 % Change vs 2016
 

Defense Markets

Aerospace 23 - 25%
Ground Flat
Navy (1 - 3%)
Total Defense 7 to 9%
(Including Other Defense)
 

Commercial Markets

Commercial Aerospace Flat
Power Generation 3 - 5%
General Industrial 2 - 4%
Total Commercial 1 to 3%
 
Total Curtiss-Wright Sales 4 to 6%
 
Note: Full year amounts may not add due to rounding
Full-year 2017 guidance includes the acquisition of TTC, which adds $65 million in sales, primarily to the aerospace defense market and to a lesser extent to the commercial aerospace market.
 

About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,000 people worldwide. For more information, visit www.curtisswright.com.

Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management’s expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

Source: Curtiss-Wright Corporation

Curtiss-Wright Corporation

Jim Ryan, 704-869-4621

Jim.Ryan@curtisswright.com