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): February 18, 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: (973) 541-3700
--------------
(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, February 18, 2015, the Company issued a press release announcing financial results for the fourth quarter and full-year ended December 31, 2014.  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 February 19, 2015 at 9:00 am EDT for management to discuss the Company's 2014 fourth quarter and full-year 2014 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 68758173

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 February 18, 2015
99.2 Presentation shown during investor and securities analyst webcast on February 19, 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: February 18, 2015

 

 
EXHIBIT INDEX

Exhibit
Number	 	Description	 	
 	 	 	 	
99.1	 	Press Release dated February 18, 2015	 	
99.2	 	Presentation shown during investor and securities analyst webcast on February 19, 2015	 	

EXHIBIT 99.1
Curtiss-Wright Reports Fourth Quarter and Full-Year 2014 Financial Results and Issues 2015 Guidance
CHARLOTTE, N.C., Feb. 18, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) reported financial results for the fourth quarter and full-year ended December 31, 2014.
Fourth Quarter 2014 Operating Highlights from Continuing Operations
·	Net sales decreased 3% to $573 million, from $588 million in 2013;
·	Operating income increased 5% to $75 million, from $72 million in 2013;
·	Operating margin increased 90 basis points to 13.1%, from 12.2% in 2013;
·	Net earnings from continuing operations increased 3% to $46 million, or $0.94 per diluted share, from $45 million, or $0.92 per diluted share, in 2013;
·	Free cash flow increased 86% to $166 million, from $89 million in 2013, generating a free cash flow conversion of 360%; and
·	New orders totaled $534 million, down 8% from 2013, primarily due to lower demand within the aerospace and ground defense markets following strong year-to-date results.
Full-Year 2014 Operating Highlights from Continuing Operations
·	Net sales increased 6% to $2.2 billion, from $2.1 billion in 2013;
·	Operating income increased 19% to $282 million, from $237 million in 2013;
·	Operating margin increased 140 basis points to 12.6%, from 11.2% in 2013;
·	Net earnings from continuing operations increased 22% to $170 million, or $3.46 per diluted share, from $139 million, or $2.91 per diluted share, in 2013;
·	Free cash flow increased 60% to $265 million, from $166 million in 2013, generating a free cash flow conversion of 156%;
·	New orders totaled $2.4 billion, up 11% from 2013, primarily due to higher demand within the aerospace and naval defense markets, as well as the contribution from acquisitions; and Backlog grew to approximately $1.67 billion, up 5% from December 31, 2013.
"We were pleased with our fourth quarter results as we continue to drive solid operating margin expansion and free cash flow generation that produced $0.94 in diluted earnings per share and free cash flow conversion of 360%," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "Our full-year 2014 results reflect robust improvements in operating income, operating margin, diluted EPS and free cash flow, and are a testament to all that we have accomplished under the first year of the 'One Curtiss-Wright' vision. Full-year operating margin of 12.6% represents a one-year increase of more than 300 basis points over 2013 reported results.
"We are delivering on our long-term strategy and have made great strides in our pursuit of upper quartile metrics compared to our peer group. Our operational teams remain intensely focused on driving efficiencies throughout the business, enabling CW to become leaner and more profitable, while also increasing our long-term value to customers and shareholders. As a result, we are forecasting operating margin of 13.3% to 13.4%, diluted EPS of $3.80 to $3.90, and free cash flow of $245 to $265 million in 2015.
"Furthermore, following the Board's re-initiation of our share repurchase program in early 2014 and our commitment to a balanced capital allocation strategy, we returned more than $90 million to our shareholders through consistent share repurchases and dividend distributions in 2014. For 2015, we are actively repurchasing shares under our new buyback program and expect to repurchase at least $200 million this year.
"Overall, we remain dedicated to enhancing shareholder value by improving profitability, generating strong free cash flow and maintaining a balanced capital allocation strategy."
Fourth Quarter 2014 Operating Results from Continuing Operations

(In thousands)	4Q-2014	4Q-2013	% Change	
Sales	$ 572,586	$ 588,167	(3%)	
Operating income	74,931	71,529	5%	
Operating margin	13.1%	12.2%	90 bps	
Sales
Sales of $573 million in the fourth quarter decreased $16 million, or 3%, compared to the prior year period, primarily driven by lower organic growth in the Defense segment, partially offset by gains in the Commercial/Industrial and Energy segments.
From a market perspective, fourth quarter sales to the commercial markets decreased 2% compared to the prior year period, while sales to the defense markets decreased approximately 5%. Please refer to the table on page 10 for a full breakdown of sales by end market.
Operating Income
Operating income in the fourth quarter was $75 million, an increase of 5% compared to the prior year period, primarily driven by solid organic growth (excluding effects of foreign currency translation, acquisitions and divestitures) in the Commercial/Industrial and Energy segments and reduced corporate expenses.
Operating margin was 13.1%, an increase of 90 basis points over the prior year period reflecting higher operating income in the Commercial/Industrial and Energy segments. Our results continue to reflect the ongoing margin improvement initiatives benefiting each of our segments, which included lower corporate costs resulting primarily from our organizational realignment.
Non-segment operating expense
Non-segment costs were lower by $8 million as compared with the prior year period, primarily due to lower pension costs and other corporate expenses in the current quarter.
Net Earnings
Fourth quarter net earnings increased 3% from the comparable prior year period. Interest expense of approximately $9 million decreased slightly compared to the prior year period, primarily due to lower average debt levels. Our effective tax rate for the current quarter was 30.8%, an increase from 28.3% in the prior year period, which had benefitted from favorable adjustments to certain tax valuation allowances and state tax return filing true-ups.
Free Cash Flow

(In thousands)	4Q-2014	4Q-2013	
Net cash generated from operating activities	$ 178,593	$ 103,441	
Capital expenditures	(12,635)	(14,366)	
Free cash flow	$ 165,958	$ 89,075	
Free cash flow was $166 million for the fourth quarter of 2014, compared to $89 million in the prior year period, or an increase of approximately $77 million. Net cash generated from operating activities increased by $75 million from the prior year period primarily due improvements in working capital as it relates to cash collections and the timing of vendor payments.  Capital expenditures of $13 million were more than $1 million lower than the prior year period. Free cash flow is defined as cash flow from operations less capital expenditures.
Other Items – Update on Discontinued Operations
During the fourth quarter of 2014, the Company completed the previously announced sale of its upstream oil and gas business (Cimarron) for $100 million in cash.
In addition, during the first quarter of 2015, the Company completed the sale of its aviation ground support equipment business (Douglas) serving the commercial aerospace market for approximately $5 million in cash.
Other Items – Share Repurchase
The Company repurchased approximately 301,000 and 975,500 shares of its common stock during the fourth quarter and year-to-date periods, for approximately $21 million and $65 million, respectively.
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.
Other Items – Segment Realignment
As a result of the previously announced discontinued operations, the Corporation is realigning certain segments and businesses, as follows:
·	The Energy segment will be renamed as the Power segment.
·	The businesses serving the nuclear naval defense and new build (AP1000) power generation markets, which had previously operated within the Defense segment, will join with the Nuclear aftermarket business in the new Power segment.
·	The remaining Oil and Gas businesses, which had previously operated within the Energy segment, will join the Commercial / Industrial segment, specifically the industrial valves group of companies. As a result, all of our industrial and severe service valve businesses will operate within a single division.
·	The Defense segment will be comprised primarily of the electronics businesses serving the aerospace and ground defense markets.
·	Historical financial results in the new segment structure for 2014 and 2013 periods can be found on page 13 in this release and will be downloadable from the Investor Relations section of our website.
Full-Year 2015 Guidance
The Company is issuing 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 will significantly reduce annual pension expense and annual cash contributions going forward. 
*Adjusted free cash flow excludes the aforementioned pension contribution of $145 million. 
Fourth Quarter 2014 Segment Performance
Commercial/Industrial

(In thousands)	 4Q-2014	 4Q-2013	 % Change	
Sales	$ 265,462	$ 254,590	4%	
Operating income	35,743	28,992	23%	
Operating margin	13.5%	11.4%	210 bps	
Sales for the fourth quarter were approximately $265 million, an increase of $11 million, or 4%, over the comparable prior year period.  Within the commercial aerospace market, higher sales were driven by the ramp up in OEM production rates, particularly on the Boeing 737 and 787 programs, as well as solid demand for our sensors and controls products. Higher industrial valve sales to the naval defense market were partially offset by lower sales of shot peening and engineered coatings services to the automotive industry within the general industrial market. The 2014 acquisition of CCRS contributed approximately $3 million to sales in the current quarter, primarily related to coating and repair services for industrial gas turbines in the power generation market, which was offset by $3 million in unfavorable foreign currency translation.
Operating income in the fourth quarter was $36 million, an increase of $7 million, or 23%, from the comparable prior year period, while operating margin increased 210 basis points to 13.5%.   The improvement in operating income and operating margin was driven by higher sales volumes related to industrial valve products, surface treatment services and industrial vehicle products, as well as improved profitability resulting from our ongoing margin improvement initiatives.
Defense

(In thousands)	 4Q-2014	 4Q-2013	 % Change	
Sales	$ 199,658	$ 232,877	(14%)	
Operating income	28,757	44,890	(36%)	
Operating margin	14.4%	19.3%	(490 bps)	
Sales for the fourth quarter were approximately $200 million, a decrease of $33 million, or 14%, over the comparable prior year period. Within the defense markets, we experienced lower naval sales, primarily due to decreased production on the Ford-class aircraft carrier and DDG-51 destroyer programs, which more than offset higher sales of pumps and generators supporting the Virginia-class submarine program. Within the power generation market, our results primarily reflect lower revenues on the domestic and China AP1000 programs compared to the prior year period. We also experienced lower quarter-over-quarter revenues related to the licensing of certain non-strategic products within the commercial aerospace market.
Operating income in the fourth quarter was $29 million, a decrease of approximately $16 million, or 36%, compared to the prior year period, while operating margin declined 490 basis points to 14.4%. Our results were primarily impacted by an increase in costs on the AP1000 program as well as the reduced benefit of product licensing agreements. Those decreases were partially offset by the benefits of our ongoing margin improvement initiatives. 
Energy

(In thousands)	 4Q-2014	 4Q-2013	 % Change	
Sales	$ 107,466	$ 100,700	7%	
Operating income	16,343	11,621	41%	
Operating margin	15.2%	11.5%	370 bps	
Sales for the fourth quarter were approximately $107 million, an increase of approximately $7 million, or 7%, compared to the prior year period. In the oil and gas market, higher sales were driven by strong global aftermarket demand for severe-service industrial and pressure relief valves. Within the power generation market, we experienced lower aftermarket sales supporting domestic nuclear operating reactors, as a result of ongoing deferred spending on maintenance and upgrades, which more than offset higher sales supporting international reactors.
Operating income in the fourth quarter was $16 million, a 41% increase from the comparable prior year period, while operating margin increased 370 basis points to 15.2%. This improvement in operating income and operating margin was primarily driven by higher sales volumes for severe-service valves in the oil and gas market as well as the benefit of our ongoing margin improvement initiatives.  
Conference Call Information
The Company will host a conference call to discuss the fourth quarter and full-year 2014 financial results and expectations for 2015 guidance at 9:00 a.m. EST on Thursday, February 19, 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	 	Year Ended	 	
 	December 31	Change	December 31	Change	
 	2014	2013	$	%	2014	2013	$	%	
Product sales	 $ 463,902	 $ 487,255	 $ (23,353)	(5%)	 $ 1,815,028	 $ 1,719,591	 $ 95,437	6%	
Service sales	 108,684	 100,912	 7,772	8%	 428,098	 398,490	 29,608	7%	
Total net sales	 572,586	 588,167	 (15,581)	(3%)	 2,243,126	 2,118,081	 125,045	6%	
 	 	 	 	 	 	 	 	 	
Cost of product sales	 300,663	 313,342	 (12,679)	(4%)	 1,190,714	 1,123,291	 67,423	6%	
Cost of service sales	 71,583	 65,770	 5,813	9%	 275,896	 258,951	 16,945	7%	
Total cost of sales	 372,246	 379,112	 (6,866)	(2%)	 1,466,610	 1,382,242	 84,368	6%	
 	 	 	 	 	 	 	 	 	
Gross profit	 200,340	 209,055	 (8,715)	(4%)	 776,516	 735,839	 40,677	6%	
 	 	 	 	 	 	 	 	 	
Research and development expenses	 16,692	 18,185	 (1,493)	(8%)	 67,842	 63,580	 4,262	7%	
Selling expenses	 32,665	 33,368	 (703)	(2%)	 128,005	 128,473	 (468)	(0%)	
General and administrative expenses	 76,052	 85,973	 (9,921)	(12%)	 298,296	 306,663	 (8,367)	(3%)	
 	 	 	 	 	 	 	 	 	
Operating income	 74,931	 71,529	 3,402	5%	 282,373	 237,123	 45,250	19%	
 	 	 	 	 	 	 	 	 	
Interest expense	 (8,740)	 (9,352)	 612	7%	 (35,794)	 (37,053)	 1,259	3%	
Other income, net	 435	 144	 291	NM	 365	 980	 (615)	NM	
 	 	 	 	 	 	 	 	 	
Earnings before income taxes	 66,626	 62,321	 4,305	7%	 246,944	 201,050	 45,894	23%	
Provision for income taxes	 20,494	 17,621	 2,873	16%	 76,995	 61,646	 15,349	25%	
Earnings from continuing operations	 $ 46,132	 $ 44,700	 $ 1,432	3%	 $ 169,949	 $ 139,404	 $ 30,545	22%	
 	 	 	 	 	 	 	 	 	
Gain (loss) from discontinued operations, net of tax	 $ (29,382)	 $ 2,607	 $ (31,989)	NM	 $ (56,611)	 $ (1,423)	 $ (55,188)	NM	
 	 	 	 	 	 	 	 	 	
Net earnings	 $ 16,750	 $ 47,307	 $ (30,557)	(65%)	 $ 113,338	 $ 137,981	 $ (24,643)	(18%)	
 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 $ 0.96	 $ 0.95	 	 	 $ 3.54	 $ 2.97	 	 	
Earnings (loss) from discontinued operations	 (0.61)	 0.05	 	 	 (1.18)	 (0.03)	 	 	
Total	 $ 0.35	 $ 1.00	 	 	 $ 2.36	 $ 2.94	 	 	
 	 	 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 $ 0.94	 $ 0.92	 	 	 $ 3.46	 $ 2.91	 	 	
Earnings (loss) from discontinued operations	  (0.60)	 0.05	 	 	 (1.15)	 (0.03)	 	 	
Total	 $ 0.34	 $ 0.97	 	 	 $ 2.31	 $ 2.88	 	 	

Dividends per share	 $ 0.13	 $ 0.10	 	 	 $ 0.52	 $ 0.39	 	 	
 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding:	 	 	 	 	 	 	 	 	
Basic	47,927	47,443	 	 	48,019	46,991	 	 	
Diluted	48,905	48,591	 	 	49,075	47,912	 	 	
 	 	 	 	 	 	 	 	 	
NM- not meaningful	 	 	 	 	 	 	 	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	
($'s In thousands, except par value)	
 	 	 	 	
 	December 31,	December 31,	Change	
 	2014	2013	%	
Assets	 	 	 	
Current assets:	 	 	 	
Cash and cash equivalents	 $ 450,116	 $ 175,294	157%	
Receivables, net	 495,480	 603,592	(18%)	
Inventories, net	 388,670	 452,087	(14%)	
Deferred tax assets, net	 44,311	 47,650	(7%)	
Assets held for sale	 147,347	 -- 	NM	
Other current assets	 45,151	 58,660	(23%)	
Total current assets	1,571,075	1,337,283	17%	
Property, plant, and equipment, net	 458,919	 515,718	(11%)	
Goodwill	 998,506	 1,110,429	(10%)	
Other intangible assets, net	 349,227	 471,379	(26%)	
Other assets	 21,784	 23,465	(7%)	
Total assets	 $ 3,399,511	 $ 3,458,274	(2%)	
 	 	 	 	
Liabilities	 	 	 	
Current liabilities:	 	 	 	
Current portion of long-term and short term debt	 $ 1,069	 $ 1,334	(20%)	
Accounts payable	 152,266	 186,941	(19%)	
Accrued expenses	 145,938	 142,935	2%	
Income taxes payable	 22,472	 789	2748%	
Deferred revenue	 176,693	 164,343	8%	
Liabilities held for sale	 35,392	 -- 	NM	
Other current liabilities	 38,163	 38,251	(0%)	
Total current liabilities	571,993	534,593	7%	
Long-term debt	 953,279	 958,604	(1%)	
Deferred tax liabilities, net	 51,554	 123,644	(58%)	
Accrued pension and other postretirement benefit costs	 226,687	 138,904	63%	
Long-term portion of environmental reserves	 14,911	 15,498	(4%)	
Other liabilities	 102,654	 134,326	(24%)	
Total liabilities	1,921,078	1,905,569	1%	
 	 	 	 	
Stockholders' equity	 	 	 	
Common stock, $1 par value	 49,190	 49,190	0%	
Additional paid in capital	 158,043	 150,618	5%	
Retained earnings	 1,469,306	 1,380,981	6%	
Accumulated other comprehensive income (loss)	 (128,411)	 25,259	NM	
Less: cost of treasury stock	 (69,695)	 (53,343)	31%	
Total stockholders' equity	1,478,433	1,552,705	(5%)	
 	 	 	 	
Total liabilities and stockholders' equity	 $ 3,399,511	 $ 3,458,274	(2%)	
 	 	 	 	
NM-not meaningful	 	 	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
SEGMENT INFORMATION (UNAUDITED)	
($'s In thousands)	
 	 	 	 	 	 	 	
 	Three Months Ended	Year Ended	
 	December	December	
 	 	 	Change	 	 	Change	
 	2014	2013	%	2014	2013	%	
Sales:	 	 	 	 	 	 	
Commercial/Industrial	 $ 265,462	 $ 254,590	4%	 $ 1,074,772	 $ 950,698	13%	
Defense	 199,658	 232,877	(14%)	 737,566	 767,499	(4%)	
Energy	 107,466	 100,700	7%	 430,788	 399,884	8%	
 	 	 	 	 	 	 	
Total sales	 $ 572,586	 $ 588,167	(3%)	 $ 2,243,126	 $ 2,118,081	6%	
 	 	 	 	 	 	 	
Operating income (expense):	 	 	 	 	 	 	
Commercial/Industrial	$ 35,743	 $ 28,992	23%	 $ 142,831	 $ 105,245	36%	
Defense	 28,757	 44,890	(36%)	 102,252	 116,618	(12%)	
Energy	 16,343	 11,621	41%	 67,602	 57,204	18%	
 	 	 	 	 	 	 	
Total segments	 $ 80,843	 $ 85,503	(5%)	 $ 312,685	 $ 279,067	12%	
Corporate and other	 (5,912)	(13,974)	58%	 (30,312)	 (41,944)	28%	
 	 	 	 	 	 	 	
Total operating income	 $ 74,931	 $ 71,529	5%	 $ 282,373	 $ 237,123	19%	

Operating margins:	 	 	 	 	 	 	
Commercial/Industrial	13.5%	11.4%	 	13.3%	11.1%	 	
Defense	14.4%	19.3%	 	13.9%	15.2%	 	
Energy	15.2%	11.5%	 	15.7%	14.3%	 	
Total Curtiss-Wright	13.1%	12.2%	 	12.6%	11.2%	 	
 	 	 	 	 	 	 	
Segment margins	14.1%	14.5%	 	13.9%	13.2%	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
SALES BY END MARKET (UNAUDITED)	
($'s In thousands)	
 	 	 	 	 	 	 	
 	Three Months Ended	Year Ended	
 	December 31,	December 31,	
 	 	 	Change	 	 	Change	
 	2014	2013	%	2014	2013	%	
Defense markets:	 	 	 	 	 	 	
Aerospace	 $ 83,811	 $ 81,628	3%	 $ 285,576	 $ 262,914	9%	
Ground	 18,739	 21,215	(12%)	 74,066	 80,064	(7%)	
Naval	 100,054	 107,996	(7%)	 381,336	 370,748	3%	
Other	 2,406	 4,107	(41%)	 8,612	 16,370	(47%)	
Total Defense	 $ 205,010	 $ 214,946	(5%)	 $ 749,590	 $ 730,096	3%	
 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	
Commercial Aerospace	 $ 105,874	 $ 109,519	(3%)	 $ 428,083	 $ 398,870	7%	
Oil and Gas	 52,423	 45,971	14%	 232,360	 186,638	24%	
Power Generation	 111,094	 119,572	(7%)	 427,460	 461,574	(7%)	
General Industrial	 98,185	 98,159	0%	 405,633	 340,903	19%	
Total Commercial	 $ 367,576	 $ 373,221	(2%)	 $ 1,493,536	 $ 1,387,985	8%	
 	 	 	 	 	 	 	
Total Curtiss-Wright	 $ 572,586	 $ 588,167	(3%)	 $ 2,243,126	 $ 2,118,081	6%	
 	 	 	 	 	 	 	
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	
 	2014 vs 2013	
 	Commercial	Defense	Energy	Total Curtiss-Wright	
 	Sales	Operating
income	Sales	Operating
income	Sales	Operating
income	Sales	Operating
income	
Organic	4%	25%	(13%)	(39%)	3%	36%	(3%)	2%	
Acquisitions	1%	1%	0%	0%	4%	2%	1%	1%	
Foreign Currency	(1%)	(3%)	(1%)	3%	(0%)	3%	(1%)	2%	
Total	4%	23%	(14%)	(36%)	7%	41%	(3%)	5%	
 	 	 	 	 	 	 	 	 	
 	Year Ended	
 	2014 vs 2013	
 	Commercial	Defense	Energy	Total Curtiss-Wright	
 	Sales	Operating
income	Sales	Operating
income	Sales	Operating
income	Sales	Operating
income	
Organic	6%	32%	(6%)	(18%)	6%	17%	2%	14%	
Acquisitions	7%	5%	2%	3%	2%	(1%)	4%	3%	
Foreign Currency	0%	(1%)	(0%)	3%	(0%)	2%	0%	2%	
Total	13%	36%	(4%)	(12%)	8%	18%	6%	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	Year Ended	
 	 	December 31	December 31	
 	 	2014	2013	2014	2013	
 	 	 	 	 	 	
Net cash provided by operating activities	 $ 178,593	 $ 103,441	 $ 331,766	 $ 237,827	
Capital expenditures	 	 (12,635)	 (14,366)	 (67,115)	 (72,242)	
Free cash flow 	 	 $ 165,958	 $ 89,075	 $ 264,651	 $ 165,585	
 	 	 	 	 	 	
Cash conversion *	 	360%	199%	156%	119%	
 	 	 	 	 	 	
*Cash conversion is calculated as free cash flow divided by earnings from continuing operations	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
HISTORICAL SEGMENT INFORMATION (UNAUDITED)	
($'s In thousands)	
The Corporation is issuing the below supplemental financial information by reportable segment for the 2014 and 2013 prior quarterly reporting periods to reflect the Corporation's first quarter 2015 segment reorganization.	
 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	3/31/2014	6/30/2014	9/30/2014	12/31/2014	FY 2014	
Sales:	 	 	 	 	 	 	
Commercial/Industrial	 	$ 300,953	$ 313,798	$ 312,808	$ 300,538	$ 1,228,097	
Defense	 	 112,371	 118,507	 127,061	 131,918	 489,857	
Power	 	 129,635	 136,893	 118,514	 140,130	 525,172	
Total sales	 	$  542,959	$  569,198	$  558,383	$  572,586	$  2,243,126	
 	 	 	 	 	 	 	
Operating income:	 	 	 	 	 	 	
Commercial/Industrial	 	$ 38,496	$ 45,750	$ 51,069	$ 43,369	$ 178,684	
Defense	 	 15,784	 18,002	 22,480	 26,286	 82,552	
Power	 	 14,275	 14,865	 11,121	 11,188	 51,449	
Total segments	 	$  68,555	$  78,617	$  84,670	$  80,843	$  312,685	
Corporate and other	 	 (7,521)	 (6,458)	 (10,421)	 (5,912)	 (30,312)	
Total operating income	 	$  61,034	$  72,159	$  74,249	$  74,931	$  282,373	
 	 	 	 	 	 	 	
Operating margins:	 	 	 	 	 	 	
Commercial/Industrial	 	12.8%	14.6%	16.3%	14.4%	14.5%	
Defense	 	14.0%	15.2%	17.7%	19.9%	16.9%	
Power	 	11.0%	10.9%	9.4%	8.0%	9.8%	
Total Curtiss-Wright	 	11.2%	12.7%	13.3%	13.1%	12.6%	
 	 	 	 	 	 	 	
Segment margins	 	12.6%	13.8%	15.2%	14.1%	13.9%	
 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	3/31/2013	6/30/2013	9/30/2013	12/31/2013	FY 2013	
Sales:	 	 	 	 	 	 	
Commercial/Industrial	 	$ 249,204	$ 272,829	$ 272,678	$ 281,386	$ 1,076,097	
Defense	 	 108,060	 113,385	 105,760	 153,023	 480,228	
Power	 	 137,131	 137,925	 132,942	 153,758	 561,756	
Total sales	 	$  494,395	$  524,139	$  511,380	$  588,167	$  2,118,081	
 	 	 	 	 	 	 	
Operating income:	 	 	 	 	 	 	
Commercial/Industrial	 	$ 25,304	$ 33,556	$ 39,019	$ 33,426	$ 131,305	
Defense	 	 8,266	 19,078	 18,637	 28,379	 74,360	
Power	 	 16,924	 18,435	 14,345	 23,698	 73,402	
Total segments	 	$  50,494	$  71,069	$  72,001	$  85,503	$  279,067	
Corporate and other	 	 (9,755)	 (12,077)	 (6,138)	 (13,974)	 (41,944)	
Total operating income	 	$  40,739	$  58,992	$  65,863	$  71,529	$  237,123	
 	 	 	 	 	 	 	
Operating margins:	 	 	 	 	 	 	
Commercial/Industrial	 	10.2%	12.3%	14.3%	11.9%	12.2%	
Defense	 	7.6%	16.8%	17.6%	18.5%	15.5%	
Power	 	12.3%	13.4%	10.8%	15.4%	13.1%	
Total Curtiss-Wright	 	8.2%	11.3%	12.9%	12.2%	11.2%	
 	 	 	 	 	 	 	
Segment margins	 	10.2%	13.6%	14.1%	14.5%	13.2%	

CURTISS-WRIGHT CORPORATION	
2015 Earnings Guidance (from Continuing Operations) 	
As of February 18, 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%	
 	 	 	 	
Note: Full year amounts may not add due to rounding	
 	
* Information has been revised from that previously presented to reflect segment change announced in first quarter 2015.	
 	 	 	 	
CURTISS-WRIGHT CORPORATION	
2015 Sales Guidance by End Market (from Continuing Operations)	
As of February 18, 2015	
 	 	 	
 	2015 Guidance % Change	
 	Low	High	
 	 	 	
Defense Markets	 	 	
Aerospace	(2%)	2%	
Ground	18%	22%	
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, 2013, 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