SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2015
 
CURTISS-WRIGHT CORPORATION
( Exact Name of Registrant as Specified in Its Charter)

Delaware	 
1-134	 
13-0612970	
State or Other
Jurisdiction of
Incorporation or
Organization	Commission File
Number	IRS Employer
Identification No.

 	
 13925 Ballantyne Corporate Place, Suite 400
Charlotte, North Carolina	28277	
Address of Principal Executive Offices	Zip Code	

Registrant's telephone number, including area code: (704) 869-4600
--------------
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

SECTION 2 – FINANCIAL INFORMATION
  
ITEM 2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION .

On Wednesday, April 29, 2015, the Company issued a press release announcing financial results for the first quarter ended March 31, 2015.  A copy of this press release and slide presentation are attached hereto as Exhibits 99.1 and 99.2.  A conference call and webcast presentation will be held on April 30, 2015 at 9:00 am EST for management to discuss the Company's first quarter 2015 performance as well as expectations for 2015 financial performance.  David C. Adams, Chairman and CEO, and Glenn E. Tynan, Vice President and CFO, will host the call.

The financial press release, access to the webcast and the accompanying financial presentation will be posted on Curtiss-Wright's website at www.curtisswright.com. For those unable to participate, a webcast replay will be available for 90 days on the Company's website beginning one hour after the call takes place. A conference call replay will also be available for seven days.

Conference Call Replay:
Domestic       (855) 859-2056
International (404) 537-3406
Passcode 24369815

The information contained in this Current Report, including Exhibits 99.1 and 99.2, are being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a)  Not applicable.

(b)  Not applicable.

(c)  Exhibits.

99.1 Press Release dated April 29, 2015
 
99.2 Presentation shown during investor and securities analyst webcast on April 30, 2015

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CURTISS-WRIGHT CORPORATION

By:  /s/ Glenn E. Tynan
Glenn E. Tynan
Vice-President and
Chief Financial Officer

Date:  April 29, 2015

 

 
EXHIBIT INDEX

Exhibit
Number	 	Description	 	
 	 	 	 	
99.1	 	Press Release dated April 29, 2015	 	
99.2	 	Presentation shown during investor and securities analyst webcast on April 30, 2015	 	

EXHIBIT 99.1
Curtiss-Wright Reports First Quarter Financial Results
CHARLOTTE, N.C., April 29, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) reported financial results for the first quarter ended March 31, 2015.
First Quarter 2015 Operating Highlights from Continuing Operations
·	Net sales increased 1% to $546 million, from $543 million in 2014; Organic sales up 3%;
·	Operating income increased 19% to $73 million, from $61 million in 2014;
·	Operating margin increased 210 basis points to 13.3%, from 11.2% in 2014;
·	Net earnings from continuing operations increased 19% to $43 million, or $0.89 per diluted share, from $36 million, or $0.74 per diluted share, in 2014;
·	New orders totaled $629 million, up 8% from 2014, primarily due to higher demand within the defense markets, driving book-to-bill to 1.15; and
·	Backlog of approximately $1.65 billion was nearly unchanged from December 31, 2014.
"We were pleased with our solid first quarter results, which were driven by 3% organic sales growth, and improved organic operating income and margin growth in our commercial businesses, generating $0.89 in diluted earnings per share," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "This performance reflects our drive for operating margin expansion as we continue to leverage the scale and critical mass of One Curtiss-Wright.
"Our first quarter results in the Power segment reflect the receipt of a termination change order on the former Progress Energy U.S. AP1000 plant, which ceased construction years ago due to state funding constraints. This order, originally anticipated in the second quarter, provided a one-time net benefit of $0.10 to the current quarter diluted EPS results. We are maintaining our current full-year diluted EPS guidance of $3.80 to $3.90, and anticipate solid margin improvement in all three segments during the second half of 2015.
"Further, as part of our commitment to buyback at least $200 million in stock in 2015, we repurchased approximately $47 million in stock in the first quarter. Overall, we believe that our steadfast commitment to improving profitability, generating strong free cash flow and maintaining a balanced capital allocation strategy will continue to enhance shareholder value."
First Quarter 2015 Operating Results from Continuing Operations

(In thousands)	1Q-2015	1Q-2014	% Change	
Sales	$ 546,199	$ 542,959	1%	
Operating income	72,835	61,034	19%	
Operating margin	13.3%	11.2%	210 bps	
Sales
Sales of $546 million in the first quarter increased $3 million, or 1%, compared to the prior year period, driven by solid 3% organic growth (excluding effects of foreign currency translation, acquisitions and divestitures) across all three segments, offset by 2% in unfavorable foreign currency translation.
From an end market perspective, first quarter sales to the commercial markets decreased 1%, while sales to the defense markets increased 4%, compared to the prior year period. Please refer to the accompanying tables for a breakdown of sales by end market.
Operating Income
Operating income in the first quarter was $73 million, an increase of approximately $12 million or 19% compared to the prior year period. This improvement was primarily driven by the one-time benefit of the termination change order, as well as solid organic growth in the Commercial/Industrial segment. On an organic basis, operating income improved 16%, excluding $2 million in foreign currency translation.
Operating margin was 13.3%, an increase of 210 basis points over the prior year period, reflecting higher operating income in all three segments and the benefits of our ongoing margin improvement initiatives. On an organic basis, operating margin improved 150 basis points to 12.7%.
Non-segment operating expense
Non-segment costs were slightly higher as compared with the prior year period, primarily due to higher foreign exchange transactional losses partially offset by lower pension costs.
Net Earnings
First quarter net earnings increased 19% from the comparable prior year period. Interest expense of approximately $9 million was in-line with the prior year period. Our effective tax rate for the current quarter was 32.8%, an increase from 30.1% in the prior year period, driven by a decline in the manufacturing deduction as well as the mix of domestic income.
Free Cash Flow

(In thousands)	1Q-2015	1Q-2014	
Net cash used for operating activities	$ (171,091)	$ (14,593)	
Capital expenditures	(9,096)	(18,365)	
Free cash flow	$ (180,187)	$ (32,958)	
Pension payment	145,000	7,800	
Adjusted free cash flow	$ (35,187)	$ (25,158)	
Free cash flow, defined as cash flow from operations less capital expenditures, was ($180 million) for the first quarter of 2015, compared to ($33 million) in the prior year period, or a decrease of $147 million. Adjusted free cash flow, defined as free cash flow excluding pension contributions of $145 million and $8 million from current and prior year periods, respectively, decreased $10 million to approximately ($35) million, primarily due to higher tax payments in the current year period, partially offset by higher cash earnings. Capital expenditures of $9 million were $9 million lower in the first quarter of 2015, as the prior year period included investments in facility expansions that did not recur this year.
Other Items – Discontinued Operations
During the first quarter of 2015, the Company recorded an after-tax book charge on its discontinued operations of approximately $27 million, or $0.57 diluted earnings per share.
Other Items – Share Repurchase
Beginning in January 2015, the Company began to repurchase shares under its previously announced $200 million share repurchase program, which it expects to complete by year-end.
During the first quarter, the Company repurchased approximately 673,500 shares of its common stock for approximately $47 million.
Full-Year 2015 Guidance
The Company is maintaining its full-year 2015 financial guidance as follows:

 	2015 Guidance	Chg vs. 2014	
Total sales	$2.28 - $2.33 billion	2% - 4%	
Operating income	$303 - $312 million	7% - 10%	
Operating margin	13.3% - 13.4%	+ 70 - 80 bps	
Interest expense	$37 - 38 million	 	
Effective tax rate	~32%	 	
Diluted earnings per share	$3.80 - $3.90	10% - 13%	
Diluted shares outstanding	47.8 million	 	
Free cash flow	$100 - $120 million	 	
Adjusted free cash flow *	$245 - $265 million	 	
Notes: A more detailed breakdown of our 2015 guidance by segment and by market can be found in the attached accompanying schedules. 
Effective January 30, 2015, Curtiss-Wright elected to make a $145 million contribution to its corporate defined benefit pension plan, which is expected to significantly reduce annual pension expense and annual cash contributions going forward. 
*Adjusted free cash flow guidance excludes the aforementioned pension contribution of $145 million.
First Quarter 2015 Segment Performance
Commercial/Industrial

(In thousands)	 1Q-2015	 1Q-2014	 % Change	
Sales	$ 297,887	$ 300,953	(1%)	
Operating income	43,289	38,496	12%	
Operating margin	14.5%	12.8%	170 bps	
Sales for the first quarter were approximately $298 million, a decrease of $3 million, or 1%, over the comparable prior year period.  Organic sales increased 2% over the prior year period, excluding $9 million in unfavorable foreign currency translation. Within the commercial aerospace market, we experienced higher sales of OEM actuation systems and sensors and controls products, primarily on the Boeing 737 and Airbus A380 programs, offset by lower sales for surface treatment services primarily due to unfavorable foreign currency translation. In the general industrial market, lower international project sales of severe-service industrial valves serving the energy markets and unfavorable foreign currency translation were partially offset by higher domestic sales of industrial vehicle products.
Operating income in the first quarter was $43 million, an increase of $5 million, or 12%, from the comparable prior year period, while operating margin increased 170 basis points to 14.5%. The improvement in operating income and operating margin was primarily driven by higher sales of industrial vehicle products, as well as the benefit of our ongoing margin improvement initiatives. We also experienced higher profitability for surface treatment services and industrial valves products, despite lower sales volumes, due to ongoing cost reduction initiatives. 
Defense

(In thousands)	 1Q-2015	 1Q-2014	 % Change	
Sales	$ 113,500	$ 112,371	1%	
Operating income	18,027	15,784	14%	
Operating margin	15.9%	14.0%	190 bps	
Sales for the first quarter were approximately $113 million, an increase of $1 million, or 1%, over the comparable prior year period. Organic sales increased 4% over the prior year period, excluding $4 million in unfavorable foreign currency translation. Our results reflect strong ground defense sales, driven by higher demand for turret drive stabilization systems from international customers and improved domestic Abrams platform sales. Those gains were offset by lower demand on several military helicopter programs, including the Apache and Chinook platforms.  
Operating income in the first quarter was $18 million, an increase of approximately $2 million, or 14%, compared to the prior year period, while operating margin improved 190 basis points to 15.9%. This improvement in operating income and operating margin was primarily driven by higher sales of embedded computing products and the benefits of our ongoing margin improvement initiatives, largely offset by higher estimated costs on certain long-term development contracts.  In addition, favorable foreign currency translation added approximately $2 million to current quarter results.  
Power

(In thousands)	 1Q-2015	 1Q-2014	 % Change	
Sales	$ 134,812	$ 129,635	4%	
Operating income	19,512	14,275	37%	
Operating margin	14.5%	11.0%	350 bps	
Sales for the first quarter were approximately $135 million, an increase of approximately $5 million, or 4%, compared to the prior year period. Within the power generation market, our results reflect the benefit of the non-recurring termination order on the former Progress Energy domestic AP1000 plant. This improvement was partially offset by lower China AP1000 program revenues compared to the prior year period, as well as lower aftermarket sales supporting domestic nuclear operating reactors, as a result of ongoing deferred spending on maintenance and upgrades.  Within the naval defense market, we experienced higher sales of pumps and generators supporting the Virginia-class submarine program, which were mainly offset by decreased production on the Ford-class aircraft carrier program.
Operating income in the first quarter was approximately $20 million, a 37% increase from the comparable prior year period, while operating margin increased 350 basis points to 14.5%. This improvement in operating income and operating margin was primarily driven by the aforementioned termination change order on the domestic AP1000 program.   
Conference Call Information
The Company will host a conference call to discuss first quarter 2015 financial results and updates to 2015 guidance at 9:00 a.m. EDT on Thursday, April 30, 2015. A live webcast of the call and the accompanying financial presentation 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
March 31,	Change		
 	2015	2014	$	%		
Product sales	 $ 445,687	 $ 436,227	 $ 9,460	2%		
Service sales	 100,512	 106,732	 (6,220)	(6%)		
Total net sales	 546,199	 542,959	 3,240	1%		
 	 	 	 	 		
Cost of product sales	 293,009	 288,934	 4,075	1%		
Cost of service sales	 62,094	 69,411	 (7,317)	(11%)		
Total cost of sales	 355,103	 358,345	 (3,242)	(1%)		
 	 	 	 	 		
Gross profit	 191,096	 184,614	 6,482	4%		
 	 	 	 	 		
Research and development expenses	 15,262	 16,877	 (1,615)	(10%)		
Selling expenses	 31,088	 32,631	 (1,543)	(5%)		
General and administrative expenses	 71,911	 74,072	 (2,161)	(3%)		
 	 	 	 	 		
Operating income	 72,835	 61,034	 11,801	19%		
 	 	 	 	 		
Interest expense	 (8,996)	 (9,055)	 59	1%		
Other income, net	 481	 112	 369	NM		
 	 	 	 	 		
Earnings before income taxes	 64,320	 52,091	 12,229	23%		
Provision for income taxes	 21,097	 15,661	 5,436	35%		
Earnings from continuing operations	 $ 43,223	 $ 36,430	 $ 6,793	19%		
 	 	 	 	 		
Loss from discontinued operations, net of tax	 $ (27,232)	 $ (1,266)	 $ (25,966)	NM		
 	 	 	 	 		
Net earnings	 $ 15,991	 $ 35,164	 $ (19,173)	(55%)		
 	 	 	 	 		
Basic earnings per share	 	 	 	 		
Earnings from continuing operations	 $ 0.91	 $ 0.76	 	 		
Earnings from discontinued operations	 (0.57)	 (0.03)	 	 		
Total	 $ 0.34	 $ 0.73	 	 		
 	 	 	 	 		
Diluted earnings per share	 	 	 	 		
Earnings from continuing operations	 $ 0.89	 $ 0.74	 	 		
Earnings from discontinued operations	 (0.56)	 (0.02)	 	 		
Total	 $ 0.33	 $ 0.72	 	 		

Dividends per share	 $ 0.13	 $ 0.13	 	 		
 	 	 	 	 		
Weighted average shares outstanding:	 	 	 	 		
Basic	47,724	47,982	 	 		
Diluted	48,732	49,130	 	 		
 	 	 	 	 		
NM- not meaningful	 	 	 	 	
 		
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES		
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)		
($'s in thousands, except par value)		
 	 	 	 		
 	March 31,
2015	December 31,
2014	Change
%		
Assets	 	 	 		
Current assets:	 	 	 		
Cash and cash equivalents	 $ 215,594	 $ 450,116	(52%)		
Receivables, net	 496,019	 495,480	0%		
Inventories, net	 390,188	 388,670	0%		
Deferred tax assets, net	 45,953	 44,311	4%		
Assets held for sale	 92,169	 147,347	(37%)		
Other current assets	 100,925	 45,151	124%		
Total current assets	1,340,848	1,571,075	(15%)		
Property, plant, and equipment, net	 439,305	 458,919	(4%)		
Goodwill	 983,996	 998,506	(1%)		
Other intangible assets, net	 337,007	 349,227	(3%)		
Other assets	 24,243	 21,784	11%		
Total assets	 $ 3,125,399	 $ 3,399,511	(8%)		
 	 	 	 		
Liabilities	 	 	 		
Current liabilities:	 	 	 		
Current portion of long-term and short term debt	 $ 965	 $ 1,069	(10%)		
Accounts payable	 131,887	 152,266	(13%)		
Accrued expenses	 109,893	 145,938	(25%)		
Income taxes payable	 5,543	 22,472	(75%)		
Deferred revenue	 150,655	 176,693	(15%)		
Liabilities held for sale	 29,138	 35,392	(18%)		
Other current liabilities	 55,260	 38,163	45%		
Total current liabilities	483,341	571,993	(15%)		
Long-term debt	 965,189	 953,279	1%		
Deferred tax liabilities, net	 105,328	 51,554	104%		
Accrued pension and other postretirement benefit costs	 68,860	 226,687	(70%)		
Long-term portion of environmental reserves	 14,024	 14,911	(6%)		
Other liabilities	 87,950	 102,654	(14%)		
Total liabilities	1,724,692	1,921,078	(10%)		
 	 	 	 		
Stockholders' equity	 	 	 		
Common stock, $1 par value	 49,190	 49,190	0%		
Additional paid in capital	 153,432	 158,043	(3%)		
Retained earnings	 1,479,107	 1,469,306	1%		
Accumulated other comprehensive loss	 (182,481)	 (128,411)	42%		
Less: cost of treasury stock	 (98,541)	 (69,695)	41%		
Total stockholders' equity	1,400,707	1,478,433	(5%)		
 	 	 	 		
Total liabilities and stockholders' equity	 $ 3,125,399	 $ 3,399,511	(8%)		
 	 	 	 		
NM-not meaningful	 	 	 	
 	
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
SEGMENT INFORMATION (UNAUDITED)	
($'s in thousands)	
 	 	
 	Three Months Ended
March 31,	
 	2015	2014	Change
%	
Sales:	 	 	 	
Commercial/Industrial	 $ 297,887	 $ 300,953	(1%)	
Defense	 113,500	 112,371	1%	
Power	 134,812	 129,635	4%	
 	 	 	 	
Total sales	 $ 546,199	 $ 542,959	1%	
 	 	 	 	
Operating income (expense):	 	 	 	
Commercial/Industrial	 $ 43,289	 $ 38,496	12%	
Defense	 18,027	 15,784	14%	
Power	 19,512	 14,275	37%	
 	 	 	 	
Total segments	 $ 80,828	 $ 68,555	18%	
Corporate and other	 (7,993)	 (7,521)	(6%)	
 	 	 	 	
Total operating income	 $ 72,835	 $ 61,034	19%	

Operating margins:	 	 	 	
Commercial/Industrial	14.5%	12.8%	 	
Defense	15.9%	14.0%	 	
Power	14.5%	11.0%	 	
Total Curtiss-Wright	13.3%	11.2%	 	
 	 	 	 	
Segment margins	14.8%	12.6%	 	
 		
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES		
SALES BY END MARKET (UNAUDITED)		
($'s in thousands)		
 	 		
 	Three Months Ended
March 31,		
 	2015	2014	Change
$	Change
%		
Defense markets:	 	 	 	 		
Aerospace	 $ 71,346	 $ 71,605	 $ (259)	--%		
Ground	 18,655	 13,858	 4,797	35%		
Naval	 89,062	 87,886	 1,176	1%		
Other	 2,726	 957	 1,769	NM		
Total Defense	 $ 181,789	 $ 174,306	 $ 7,483	4%		
 	 	 	 	 		
Commercial markets:	 	 	 	 		
Commercial Aerospace	 $ 101,020	 $ 103,098	 $ (2,078)	(2%)		
Power Generation	 113,235	 109,086	 4,149	4%		
General Industrial	 150,155	 156,469	 (6,314)	(4%)		
Total Commercial	 $ 364,410	 $ 368,653	 $ (4,243)	(1%)		
 	 	 	 	 		
Total Curtiss-Wright	 $ 546,199	 $ 542,959	 $ 3,240	1%		
 	 	 	 	 		
NM- not meaningful	 	 	 	 	
Use of Non-GAAP Financial Information
The Corporation supplements our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. We believe 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. We encourage investors to review our 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
March 31,
2015 vs 2014	
 	Commercial/Industrial	Defense	Power	Total Curtiss-Wright	
 	Sales	Operating
income	Sales	Operating
income	Sales	Operating
income	Sales	Operating
income	
Organic	2%	12%	4%	(0%)	4%	38%	3%	16%	
Acquisitions	0%	(0%)	0%	0%	0%	(1%)	0%	(0%)	
Foreign Currency	(3%)	(0%)	(3%)	14%	(0%)	(0%)	(2%)	3%	
Total	(1%)	12%	1%	14%	4%	37%	1%	19%	
Free Cash Flow
The Corporation discloses free cash flow because the Corporation believes it measures cash flow available for investing and financing activities. Free cash flow is defined as net cash flow provided by operating activities less capital expenditures. Free cash flow represents cash generated after paying for interest on borrowings, income taxes, capital expenditures, and working capital requirements, but before repaying outstanding debt and investing cash or utilizing debt credit lines to acquire businesses and make other strategic investments.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
NON-GAAP FINANCIAL DATA (UNAUDITED)	
($'s in thousands)	
 	 	 	
 	Three Months Ended
March 31,	
 	2015	2014	
 	 	 	
Net cash used by operating activities	 $ (171,091)	 $ (14,593)	
Capital expenditures	 (9,096)	 (18,365)	
Free cash flow 	 $ (180,187)	 $ (32,958)	
 	 	 	
Pension Payment	 145,000	 7,800	
 	 	 	
Adjusted free cash flow	 $ (35,187)	 $ (25,158)	
 	 	 	
Cash conversion *	(81%)	(69%)	
 	 	 	
*Cash conversion is calculated as free cash flow from operations divided by earnings from continuing operations	
 		
CURTISS-WRIGHT CORPORATION		
2015 Earnings Guidance (from Continuing Operations) 		
As of April 29, 2015		
($'s in millions, except per share data)		
 	 		
 	2014 Pro	2015 Guidance		
 	 Forma	Low	High		
Sales:	 	 	 		
Commercial/Industrial	 $ 1,228	 $ 1,265	 $ 1,285		
Defense	 490	 500	 515		
Power	 525	 515	 530		
Total sales	 $ 2,243	 $ 2,280	 $ 2,330		
 	 	 	 		
Operating income:	 	 	 		
Commercial/Industrial	 $ 179	 $ 188	 $ 191		
Defense	 83	 90	 93		
Power	 51	 59	 61		
Total segments	 313	 337	 345		
Corporate and other	 (30)	 (33)	 (33)		
Total operating income	 $ 282	 $ 303	 $ 312		
 	 	 	 		
Interest expense	 $ (36)	 $ (37)	 $ (38)		
Earnings before income taxes	 247	 267	 274		
Provision for income taxes	 (77)	 (85)	 (88)		
Net earnings	 $ 170	 $ 181	 $ 187		
 	 	 	 		
Reported diluted earnings per share	 $ 3.46	 $ 3.80	 $ 3.90		
Diluted shares outstanding	49.0	47.8	47.8		
Effective tax rate	31.2%	32.0%	32.0%		
 		
Operating margins:	 	 	 		
Commercial/Industrial	14.5%	14.8%	14.9%		
Defense	16.9%	18.0%	18.1%		
Power	9.8%	11.4%	11.5%		
Total operating margin	12.6%	13.3%	13.4%		
 	 	 	 		
Note: Full year amounts may not add due to rounding	 	
 	
CURTISS-WRIGHT CORPORATION	
2015 Sales Growth Guidance by End Market (from Continuing Operations)	
As of April 29, 2015	
 	 	 	
 	2015 % Change (vs 2014)	
 	Low	High	
 	 	 	
Defense Markets	 	 	
Aerospace	(2%)	2%	
Ground	26%	30%	
Navy	(2%)	2%	
Total Defense (Including Other Defense)	2%	4%	
 	 	 	
Commercial Markets	 	 	
Commercial Aerospace	(2%)	2%	
Power Generation	(2%)	2%	
General Industrial	5%	9%	
Total Commercial	2%	4%	
 	 	 	
Total Curtiss-Wright Sales	2%	4%	
 	 	 	
Note: Full year amounts may not add due to rounding	
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 9,000 people worldwide. For more information, visit www.curtisswright.com.
Certain statements made in this 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 our acquisitions, the successful sale of our businesses held for sale, 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 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, 2014, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
CONTACT: Jim Ryan
         (973) 541-3766
         Jim.Ryan@curtisswright.com

EXHIBIT 99.2