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): May 4, 2016
 
CURTISS-WRIGHT CORPORATION
( Exact Name of Registrant as Specified in Its Charter)

Delaware	1-134	13-0612970	
State or Other Jurisdiction of	Commission File	IRS Employer	
Incorporation or Organization	Number	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))

1 	
 
SECTION 2 – FINANCIAL INFORMATION
 
ITEM 2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION .
 
On Wednesday, May 4, 2016, the Company issued a press release announcing financial results for the first quarter ended March 31, 2016. A conference call and webcast presentation will be held on May 5, 2016 at 10:00 am EDT for management to discuss the Company's first quarter 2016 performance. David C. Adams, Chairman and CEO, and Glenn E. Tynan, Vice President and CFO, will host the call. A copy of the press release and the webcast slide presentation are attached hereto as Exhibits 99.1 and 99.2.
 
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 84831561
 
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 May 4, 2016
 
99.2 Presentation shown during investor and securities analyst webcast on May 5, 2016

2 	
 
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:     May 4, 2016	 	 	

 

 

 

 

3 	
 
EXHIBIT INDEX

Exhibit	 	
Number	Description	
 	 	
99.1	Press Release dated May 4, 2016	 	
99.2	Presentation shown during investor and securities analyst webcast on May 5, 2016	

 

 

 

 
 
4

EXHIBIT 99.1
Curtiss-Wright Reports First Quarter 2016 Financial Results; Raises Full-Year Free Cash Flow Guidance

CHARLOTTE, N.C., May 04, 2016 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) reported financial results for the first quarter ended March 31, 2016. 
First Quarter 2016 Highlights
·	Increase free cash flow guidance range to $290 million to $310 million and maintain full-year 2016 expectations for diluted earnings per share (EPS) of $4.00 to $4.15;
·	Net sales of $504 million;
·	Operating income of $57 million driving operating margin of 11.4%;
·	Earnings per diluted share of $0.73, ahead of expectations;
·	Free cash flow increased 275% to $61 million, free cash flow conversion of 187%;
·	Backlog of $2.1 billion increased 7% from December 31, 2015; and
·	Share repurchase of approximately $25 million.

“We reported first quarter results ahead of our expectations despite challenging industrial markets, particularly for energy, as expected,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “Looking ahead, we anticipate steady, sequential improvement over the remainder of 2016, reflecting our team’s ability to mitigate the industrial end market headwinds, as we continue our drive to top-quartile financial performance.” 
“Further, we anticipate solid margin improvement in all three segments during the second half of 2016.  As a result, full-year operating margin is expected to improve 70 to 90 basis points, and we are maintaining our current full-year diluted EPS guidance of $4.00 to $4.15. In addition, as a result of strong first quarter free cash flow, we are raising our full-year guidance by $10 million to a new range of $290 to $310 million.”   
“Further, as part of our commitment to buy back at least $100 million in stock in 2016, we repurchased approximately $25 million in stock during the first quarter.  Overall, we believe that our continued focus on improving profitability, generating strong free cash flow and maintaining a balanced capital allocation strategy will continue to enhance shareholder value.”
First Quarter 2016 Operating Results from Continuing Operations

(In thousands)	 	   1Q-2016 	 	   1Q-2015 	 	   % Change	
Sales	 	$	  503,507	 	 	$	  546,199	 	 	 	  (8	%)	
Operating income	 	 	57,263	 	 	 	  72,835	 	 	 	  (21	%)	
Operating margin	 	 	11.4	%	 	 	13.3	%	 	(190 bps)  	

Sales
Sales of $504 million in the first quarter decreased $43 million, or 8%, compared to the prior year, reflecting a 7% decrease in organic sales and $4 million, or 1%, in unfavorable foreign currency translation.  First quarter 2016 sales reflect continued lower demand in the energy sector within the Commercial/Industrial segment. Additionally, prior year sales in the Power segment included a $10 million net benefit from a one-time termination change order on the former Progress Energy U.S. AP1000 plant that did not recur.
From an end market perspective, sales to the defense markets decreased 4%, while sales to the commercial markets decreased 10%, compared to the prior year. 
Please refer to the accompanying tables for a breakdown of sales by end market.
Operating Income
Operating income in the first quarter was $57 million, a decrease of $16 million, or 21%, compared to the prior year.  This performance was primarily driven by lower operating income in the Commercial/Industrial segment resulting from lower sales volumes and restructuring costs, as well as the aforementioned one-time, prior year net benefit of the termination change order in the Power segment of $7 million, or $0.10 per diluted share, that did not recur. 
Operating margin was 11.4%, a decrease of 190 basis points over the prior year, primarily reflecting lower segment operating income, despite the benefits of our ongoing margin improvement initiatives.  Excluding the one-time, prior year net benefit of the termination change order, which favorably impacted prior year margins by 100 basis points, operating margin would only have been down 90 basis points from the comparable prior year period.
Non-segment expense
Non-segment expenses decreased 47% compared with the prior year, primarily due to lower pension expenses and higher net foreign exchange transactional gains.
Net Earnings
First quarter net earnings decreased 24% from the comparable prior year period, principally reflecting lower operating income. Interest expense of $10 million increased by $1 million compared to the prior year period.  Our effective tax rate for the current quarter was 31.0%, a decrease from 32.8% in the prior year, principally driven by enhanced manufacturing deduction in the U.S. coupled with the reinstatement of the U.S. R&D credit.
Free Cash Flow

(In thousands)	 	1Q-2016  	 	  1Q-2015  	 	
Net cash generated from operating activities	 	$	  70,260	 	 	$	  (171,091	)	 	
Capital expenditures	 	 	  (8,825	)	 	 	  (9,096	)	 	
Free cash flow	 	$	  61,435	 	 	$	  (180,187	)	 	
Pension payment	 	 	  -	 	 	 	  145,000	 	 	
Adjusted free cash flow	 	$	  61,435	 	 	$	   (35,187	)	 	

Free cash flow, defined as cash flow from operations less capital expenditures, was $61 million for the first quarter of 2016, an increase of $96 million compared to ($35) million in the prior year period, excluding the first quarter 2015 pension contribution of $145 million.  Similarly, net cash generated from operating activities also increased $96 million to $70 million, primarily driven by lower accounts receivable due to higher advanced payments. Capital expenditures of $9 million were essentially flat with the prior year period. 
New Orders and Backlog
New orders of $629 million in the first quarter were flat compared to the prior year, primarily due to higher orders within the Commercial/Industrial and Power segments, offset by reduced orders within the Defense segment.  Backlog of $2.1 billion increased 7% from December 31, 2015, led by growth in our naval defense businesses.
Other Items – Share Repurchase
During the first quarter, the Company repurchased approximately 349,000 shares of its common stock for approximately $25 million.
Full-Year 2016 Guidance
The Company is maintaining its full-year 2016 financial guidance as follows, with the exception of free cash flow which increased by $10 million from prior guidance: 

 	2016 Guidance	Chg vs. 2015	 	
Total sales	$2.17 - $2.22 billion	-1% to +1%	 	
Operating income	$304 - $315 million	Up 5 - 8%	 	
Operating margin	14.0% - 14.2%	  Up 70 - 90 bps	 	
Diluted earnings per share	$4.00 - $4.15	Up 7 - 11%	 	
Diluted shares outstanding	46.0 million	 	 	
Free cash flow	$290 - 310 million	Up 7 - 14%	 	
 	 	 	
Notes: 
Full-year 2016 growth rates reflect comparisons to 2015 Pro Forma results, which exclude the one-time China AP1000 fee of $20 million recognized in the fourth quarter of 2015.  
Additionally, 2016 growth in free cash flow is comparable to adjusted free cash flow for 2015, which excludes contributions to the Company’s corporate defined benefit pension plan of $145 million in 2015.
A more detailed breakdown of our 2016 guidance by segment and by market can be found in the attached accompanying schedules. 
First Quarter 2016 Segment Performance
Commercial/Industrial

(In thousands)	 	   1Q-2016    	 	   1Q-2015    	 	  % Change	
Sales	 	$	  274,727	 	 	$	  297,887	 	 	 	  (8	%)	
Operating income	 	 	30,052	 	 	 	43,289	 	 	 	  (31	%)	
Operating margin	 	 	10.9	%	 	 	14.5	%	 	(360 bps)  	

Sales for the first quarter were $275 million, a decrease of $23 million, or 8%, over the comparable prior year period.  Organic sales decreased 7% over the prior year period, excluding $3 million in unfavorable foreign currency translation, primarily within the general industrial market, and a $1 million benefit from a prior year acquisition.  In the general industrial market, we experienced lower sales of severe-service valves serving the energy markets, as expected, along with a reduction in sales for industrial vehicle products.  Within the commercial aerospace market, we experienced higher sales of actuation systems and sensors and controls products, primarily on the Boeing 737 program, principally offset by lower sales of surface technology services, most notably to Airbus. 
Operating income in the first quarter was $30 million, down 31% from the comparable prior year period, while operating margin decreased 360 basis points to 10.9%. Our results primarily reflect decreased profitability for industrial valves and surface treatment services, as expected, due to lower sales volumes. Our results were also impacted by approximately $3 million in costs related to our previously announced restructuring activities, which we expect will yield higher profitability beginning in the second half of 2016.
Defense

(In thousands)	 	  1Q-2016    	 	 1Q-2015    	 	  % Change	
Sales	 	$	  105,391	 	 	$	  113,500	 	 	 	  (7	%)	
Operating income	 	 	16,845	 	 	 	18,027	 	 	 	  (7	%)	
Operating margin	 	 	16.0	%	 	 	15.9	%	 	10 bps  	

Sales for the first quarter were $105 million, a decrease of $8 million, or 7%, over the comparable prior year period.  Organic sales decreased 6% over the prior year period, excluding $1 million in unfavorable foreign currency translation.  In the aerospace defense market, we experienced lower sales of embedded computing products based on the timing of production on various fighter jet and rotorcraft programs, including the V-22 and P-8 programs.  In the ground defense market, sales were flat as higher sales for the G/ATOR program were essentially offset by lower sales on the Abrams program. Within the naval defense market, our results reflect higher embedded computing product sales as well as increased helicopter handling systems sales primarily on the DDG-51 program.
Operating income in the first quarter was $17 million, a decrease of $1 million, or 7%, compared to the prior year period, while operating margin improved 10 basis points to 16.0%. Favorable foreign currency translation added $2 million to current quarter results. The reduction in organic operating income was driven primarily by lower sales volumes and unfavorable sales mix.  Meanwhile, our ongoing operational and margin improvement initiatives produced a slight improvement in operating margin, despite lower sales.    
Power

(In thousands)	 	  1Q-2016    	 	  1Q-2015    	 	  % Change	
Sales	 	$	  123,389	 	 	$	  134,812	 	 	 	  (8	%)	
Operating income	 	 	14,628	 	 	 	19,512	 	 	 	  (25	%)	
Operating margin	 	 	11.9	%	 	 	14.5	%	 	(260 bps)  	

Sales for the first quarter were $123 million, a decrease of $11 million, or 8%, over the comparable prior year period. The reduction in sales was primarily driven by the aforementioned termination change order on the domestic AP1000 program, which provided a $10 million net benefit in the prior year period that did not recur. Elsewhere within the power generation market, our results reflect higher AP1000 program production revenues, which were partially offset by lower aftermarket sales primarily supporting domestic nuclear operating reactors.  In the naval defense market, we experienced lower sales of pumps and generators supporting the Virginia-class submarine program, based on the timing of production, as well as lower sales of pumps and valves on the CVN-79 aircraft carrier program as production is nearing completion.
Operating income in the first quarter was $15 million, a decrease of $5 million, or 25%, compared to the prior year period, while operating margin declined 260 basis points to 11.9%.  Those decreases were primarily driven by the aforementioned termination change order on the domestic AP1000 program, which provided a net benefit of $7 million in the prior year period that did not recur.  Excluding this one-time benefit, operating income increased 17% and operating margin improved 180 basis points primarily driven by higher AP1000 production volumes in the current period and the absence of reactor coolant pump testing costs which impacted the prior year period.  Those improvements were partially offset by lower profitability in our aftermarket power generation business.
Conference Call Information
The Company will host a conference call to discuss first quarter 2016 financial results at 10:00 a.m. EDT on Thursday, May 5, 2016.  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	
 	 	 	 	2016	 	 	 	2015	 	 	$	%	
 	Product sales	 	$	  402,918	 	 	$	  445,687	 	 	$	  (42,769	)	 	(10	%)	
 	Service sales	 	 	  100,589	 	 	 	  100,512	 	 	 	  77	 	 	0	%	
 	Total net sales	 	 	  503,507	 	 	 	  546,199	 	 	 	  (42,692	)	 	(8	%)	
 	 	 	 	 	 	 	 	 	
 	Cost of product sales	 	 	  264,735	 	 	 	  293,009	 	 	 	  (28,274	)	 	(10	%)	
 	Cost of service sales	 	 	  66,869	 	 	 	  62,094	 	 	 	  4,775	 	 	8	%	
 	Total cost of sales	 	 	  331,604	 	 	 	  355,103	 	 	 	  (23,499	)	 	(7	%)	
 	 	 	 	 	 	 	 	 	
 	Gross profit	 	 	  171,903	 	 	 	  191,096	 	 	 	  (19,193	)	 	(10	%)	
 	 	 	 	 	 	 	 	 	
 	Research and development expenses	 	 	  15,160	 	 	 	  15,262	 	 	 	  (102	)	 	(1	%)	
 	Selling expenses	 	 	  29,626	 	 	 	  31,088	 	 	 	  (1,462	)	 	(5	%)	
 	General and administrative expenses	 	 	  69,854	 	 	 	  71,911	 	 	 	  (2,057	)	 	(3	%)	
 	 	 	 	 	 	 	 	 	
 	Operating income	 	 	  57,263	 	 	 	  72,835	 	 	 	  (15,572	)	 	(21	%)	
 	 	 	 	 	 	 	 	 	
 	Interest expense	 	 	  (9,933	)	 	 	  (8,996	)	 	 	  (937	)	 	10	%	
 	Other income, net	 	 	  234	 	 	 	  481	 	 	 	  (247	)	NM  	
 	 	 	 	 	 	 	 	 	
 	Earnings before income taxes	 	 	  47,564	 	 	 	  64,320	 	 	 	  (16,756	)	 	(26	%)	
 	Provision for income taxes	 	 	  (14,745	)	 	 	  (21,097	)	 	 	  6,352	 	 	(30	%)	
 	Earnings from continuing operations	 	$	  32,819	 	 	$	  43,223	 	 	$	  (10,404	)	 	(24	%)	
 	 	 	 	 	 	 	 	 	
 	Loss from discontinued operations, net of tax	 	  - 	 	 	 	  (27,232	)	 	 	  27,232	 	NM  	
 	 	 	 	 	 	 	 	 	
 	Net earnings	 	$	  32,819	 	 	$	  15,991	 	 	$	  16,828	 	 	105	%	
 	 	 	 	 	 	 	 	 	
 	Basic earnings per share	 	 	 	 	 	 	 	
 	Earnings from continuing operations	 	$	  0.74	 	 	$	  0.91	 	 	 	 	
 	Earnings from discontinued operations	 	 	  - 	 	 	 	  (0.57	)	 	 	 	
 	Total	 	$	  0.74	 	 	$	  0.34	 	 	 	 	
 	 	 	 	 	 	 	 	 	
 	Diluted earnings per share	 	 	 	 	 	 	 	
 	Earnings from continuing operations	 	$	  0.73	 	 	$	  0.89	 	 	 	 	 	 	 	 	
 	Earnings from discontinued operations	 	 	  - 	 	 	 	  (0.56	)	 	 	 	
 	Total	 	$	  0.73	 	 	$	  0.33	 	 	 	 	

 	Dividends per share	 	$	  0.13	 	 	$	  0.13	 	 	 	 	
 	 	 	 	 	 	 	 	 	
 	Weighted average shares outstanding:	 	 	 	 	 	 	 	
 	Basic	 	 	44,578	 	 	 	47,724	 	 	 	 	
 	Diluted	 	 	45,240	 	 	 	48,732	 	 	 	 	
 	 	 	 	 	 	 	 	 	
 	NM- not meaningful	 	 	 	 	 	 	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	 	
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	 	
($'s in thousands, except par value)	 	

 	 	 	 	 	 	 	 	 	
 	 	 	March 31,	 	December 31,	 	Change	 	
 	 	 	 	2016	 	 	 	2015	 	 	%	 	
Assets	 	 	 	 	 	 	 	
  Current assets:	 	 	 	 	 	 	 	
 	  Cash and cash equivalents	 	$	  337,263	 	 	$	  288,697	 	 	 	17	%	 	
 	  Receivables, net	 	 	  481,768	 	 	 	  566,289	 	 	 	(15	%)	 	
 	  Inventories	 	 	  403,027	 	 	 	  379,591	 	 	 	6	%	 	
 	  Other current assets	 	 	  38,146	 	 	 	  40,306	 	 	 	(5	%)	 	
 	   Total current assets	 	 	1,260,204	 	 	 	1,274,883	 	 	 	(1	%)	 	
  Property, plant, and equipment, net	 	 	  407,114	 	 	 	  413,644	 	 	 	(2	%)	 	
  Goodwill	 	 	  978,624	 	 	 	  972,606	 	 	 	1	%	 	
  Other intangible assets, net	 	 	  306,003	 	 	 	  310,763	 	 	 	(2	%)	 	
  Other assets	 	 	  11,707	 	 	 	  17,715	 	 	 	(34	%)	 	
 	    Total assets	 	$	    2,963,652	 	 	$	    2,989,611	 	 	 	(1	%)	 	
 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	
  Current liabilities:	 	 	 	 	 	 	 	
 	  Current portion of long-term and short term debt	 	$	  919	 	 	$	  1,259	 	 	 	(27	%)	 	
 	  Accounts payable	 	 	  134,839	 	 	 	  163,286	 	 	 	(17	%)	 	
 	  Accrued expenses	 	 	  96,275	 	 	 	  131,863	 	 	 	(27	%)	 	
 	  Income taxes payable	 	 	  5,041	 	 	 	  7,956	 	 	 	(37	%)	 	
 	  Deferred revenue	   	 	  183,177	 	 	 	  181,671	 	 	 	1	%	 	
 	  Other current liabilities	 	 	  36,928	 	 	 	  37,190	 	 	 	(1	%)	 	
 	    Total current liabilities	 	 	457,179	 	 	 	523,225	 	 	 	(13	%)	 	
  Long-term debt, net	 	 	  966,861	 	 	 	  951,946	 	 	 	2	%	 	
  Deferred tax liabilities, net	 	 	  56,912	 	 	 	  54,447	 	 	 	5	%	 	
  Accrued pension and other postretirement benefit costs	 	 	  103,392	 	 	 	  103,723	 	 	 	(0	%)	 	
  Long-term portion of environmental reserves	 	 	  14,193	 	 	 	  14,017	 	 	 	1	%	 	
  Other liabilities	 	 	  78,409	 	 	 	  86,830	 	 	 	(10	%)	 	
 	    Total liabilities	 	 	1,676,946	 	 	 	1,734,188	 	 	 	(3	%)	 	
 	 	 	 	 	 	 	 	 	
Stockholders' equity	 	 	 	 	 	 	 	
  Common stock, $1 par value	 	 	  49,187	 	 	 	  49,190	 	 	 	(0	%)	 	
  Additional paid in capital	 	 	  132,871	 	 	 	  144,923	 	 	 	(8	%)	 	
  Retained earnings	 	 	  1,617,659	 	 	 	  1,590,645	 	 	 	2	%	 	
  Accumulated other comprehensive loss	 	 	  (207,211	)	 	 	  (225,928	)	 	 	(8	%)	 	
  Less:  cost of treasury stock	 	 	  (305,800	)	 	 	  (303,407	)	 	 	1	%	 	
 	    Total stockholders' equity	 	 	1,286,706	 	 	 	1,255,423	 	 	 	2	%	 	
 	 	 	 	 	 	 	 	 	
 	    Total liabilities and stockholders' equity	 	$	    2,963,652	 	 	$	    2,989,611	 	 	 	(1	%)	 	

 	CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
 	SEGMENT INFORMATION (UNAUDITED)	
 	($'s in thousands)	

 	 	 	Three Months Ended	
 	 	 	March 31,	
 	 	 	 	 	 	 	Change	
 	 	 	 	2016	 	 	 	2015	 	 	%	
 	Sales:	 	 	 	 	 	 	
 	Commercial/Industrial	 	$	  274,727	 	 	$	  297,887	 	 	 	(8	%)	
 	Defense	 	 	  105,391	 	 	 	  113,500	 	 	 	(7	%)	
 	Power	 	 	  123,389	 	 	 	  134,812	 	 	 	(8	%)	
 	 	 	 	 	 	 	 	
 	Total sales	 	$	    503,507	 	 	$	    546,199	 	 	 	(8	%)	
 	 	 	 	 	 	 	 	
 	Operating income (expense):	 	 	 	 	 	 	
 	Commercial/Industrial	 	$	  30,052	 	 	$	  43,289	 	 	 	(31	%)	
 	Defense	 	 	  16,845	 	 	 	  18,027	 	 	 	(7	%)	
 	Power	 	 	  14,628	 	 	 	  19,512	 	 	 	(25	%)	
 	 	 	 	 	 	 	 	
 	Total segments	 	$	    61,525	 	 	$	    80,828	 	 	 	(24	%)	
 	Corporate and other	 	 	  (4,262	)	 	 	  (7,993	)	 	 	47	%	
 	 	 	 	 	 	 	 	
 	Total operating income	 	$	    57,263	 	 	$	    72,835	 	 	 	(21	%)	

 	Operating margins:	 	 	 	 	 	 	
 	Commercial/Industrial	 	 	10.9	%	 	 	14.5	%	 	 	
 	Defense	 	 	16.0	%	 	 	15.9	%	 	 	
 	Power	 	 	11.9	%	 	 	14.5	%	 	 	
 	Total Curtiss-Wright	 	 	11.4	%	 	 	13.3	%	 	 	
 	 	 	 	 	 	 	 	
 	Segment margins	 	 	12.2	%	 	 	14.8	%	 	 	

 	CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
 	SALES BY END MARKET (UNAUDITED)	
 	($'s in thousands)	

 	 	 	Three Months Ended	
 	 	 	March 31,	
 	 	 	 	 	 	 	Change	
 	 	 	 	2016	 	 	 	2015	 	 	%	
 	Defense markets:	 	 	 	 	 	 	
 	Aerospace	 	$	  61,390	 	 	$	  71,346	 	 	 	(14	%)	
 	Ground	 	 	  19,174	 	 	 	  18,655	 	 	 	3	%	
 	Naval	 	 	  91,937	 	 	 	  89,063	 	 	 	3	%	
 	Other	 	 	  2,428	 	 	 	  2,727	 	 	 	(11	%)	
 	Total Defense	 	$	    174,929	 	 	$	    181,791	 	 	 	(4	%)	
 	 	 	 	 	 	 	 	
 	Commercial markets:	 	 	 	 	 	 	
 	Commercial Aerospace	 	$	  100,841	 	 	$	  101,018	 	 	 	(0	%)	
 	Power Generation	 	 	  99,656	 	 	 	  113,235	 	 	 	(12	%)	
 	General Industrial	 	 	  128,081	 	 	 	  150,155	 	 	 	(15	%)	
 	Total Commercial	 	$	    328,578	 	 	$	    364,408	 	 	 	(10	%)	
 	 	 	 	 	 	 	 	
 	Total Curtiss-Wright	 	$	    503,507	 	 	$	    546,199	 	 	 	(8	%)	
 	 	 	 	 	 	 	 	
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	
 	2016 vs 2015	
 	Commercial/Industrial	 	Defense	 	Power	 	Total Curtiss-Wright	 	
 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	
Organic	 	(7	%)	 	 	(34	%)	 	 	(6	%)	 	 	(20	%)	 	 	(8	%)	 	 	(25	%)	 	 	(7	%)	 	 	(26	%)	 	
Acquisitions	 	0	%	 	 	1	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	1	%	 	
Foreign Currency	 	(1	%)	 	 	2	%	 	 	(1	%)	 	 	13	%	 	 	(0	%)	 	 	0	%	 	 	(1	%)	 	 	4	%	 	
Total	 	(8	%)	 	 	(31	%)	 	 	(7	%)	 	 	(7	%)	 	 	(8	%)	 	 	(25	%)	 	 	(8	%)	 	 	(21	%)	 	

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)	

 	 	 	Year Ended	
 	 	 	March 31,	
 	 	 	 	2016	 	 	 	2015	 	
 	 	 	 	 	 	
 	Net cash provided by operating activities	$	  70,260	 	 	$	  (171,091	)	
 	Capital expenditures	 	 	  (8,825	)	 	 	  (9,096	)	
 	Free cash flow 	 	$	  61,435	 	 	$	  (180,187	)	
 	 	 	 	 	 	
 	Pension Payment	 	 	  - 	 	 	 	  145,000	 	
 	 	 	 	 	 	
 	Adjusted free cash flow	 	$	  61,435	 	 	$	  (35,187	)	
 	 	 	 	 	 	
 	Cash conversion *	 	 	187	%	 	 	(81	%)	
 	 	 	 	 	 	
 	*Cash conversion is calculated as adjusted free cash flow divided by earnings from continuing operations	

  	CURTISS-WRIGHT CORPORATION	
 	2016 Guidance (from Continuing Operations)  	
 	As of May 4, 2016	
 	($'s in millions, except per share data)	

 	 	2015	 	2015	 	2016 Guidance	
 	 	 Reported	 	 Pro Forma*	 	Low	 	High	
 	Sales:	 	 	 	 	 	 	 	
 	Commercial/Industrial	$	  1,185	 	 	$	  1,185	 	 	$	  1,145	 	 	$	  1,170	 	
 	Defense	 	  477	 	 	 	  477	 	 	 	  490	 	 	 	  500	 	
 	Power	 	  543	 	 	 	  523	 	 	 	  535	 	 	 	  550	 	
 	Total sales	$	    2,206	 	 	$	    2,186	 	 	$	    2,170	 	 	$	    2,220	 	
 	 	 	 	 	 	 	 	 	
 	Operating income:	 	 	 	 	 	 	 	
 	Commercial/Industrial	$	  172	 	 	$	  172	 	 	$	  168	 	 	$	  173	 	
 	Defense	 	  99	 	 	 	  99	 	 	 	  93	 	 	 	  97	 	
 	Power	 	  75	 	 	 	  55	 	 	 	  69	 	 	 	  72	 	
 	Total segments	 	  345	 	 	 	  325	 	 	 	  330	 	 	 	  342	 	
 	Corporate and other	 	  (35	)	 	 	  (35	)	 	 	  (26	)	 	 	  (27	)	
 	Total operating income	$	    311	 	 	$	    291	 	 	$	    304	 	 	$	    315	 	
 	 	 	 	 	 	 	 	 	
 	Interest expense	$	  (36	)	 	$	  (36	)	 	$	  (38	)	 	$	  (39	)	
 	Earnings before income taxes	 	  275	 	 	 	  255	 	 	 	  267	 	 	 	  276	 	
 	Provision for income taxes	 	  (83	)	 	 	  (77	)	 	 	  (83	)	 	 	  (86	)	
 	Net earnings	$	    192	 	 	$	    178	 	 	$	    184	 	 	$	    191	 	
 	 	 	 	 	 	 	 	 	
 	Reported diluted earnings per share	$	    4.04	 	 	$	    3.74	 	 	$	    4.00	 	 	$	    4.15	 	
 	Diluted shares outstanding	 	47.6	 	 	 	47.6	 	 	 	46.0	 	 	 	46.0	 	
 	Effective tax rate	 	30.1	%	 	 	30.1	%	 	 	31.0	%	 	 	31.0	%	

 	Operating margins:	 	 	 	 	 	 	 	
 	Commercial/Industrial	 	14.5	%	 	 	14.5	%	 	 	14.6	%	 	 	14.8	%	
 	Defense	 	20.7	%	 	 	20.7	%	 	 	19.1	%	 	 	19.3	%	
 	Power	 	13.8	%	 	 	10.5	%	 	 	12.9	%	 	 	13.1	%	
 	Total operating margin	 	14.1	%	 	 	13.3	%	 	 	14.0	%	 	 	14.2	%	
 	 	 	 	 	 	 	 	 	
 	Note: Full year amounts may not add due to rounding	 	 	 	 	 	 	 	
 	 	
 	* Excludes the one-time China AP1000 fee of $20 million recognized as revenue and operating income
in the fourth quarter of 2015.   This affects the Power segment and Total Curtiss-Wright.  	

 	 	 	 	 	 	 	
  	CURTISS-WRIGHT CORPORATION	
 	2016 Sales Growth Guidance by End Market (from Continuing Operations)	
 	As of May 4, 2016	
 	 	 	 	 	 	 	
 	 	 	2016 % Change (vs 2015)	 	
 	 	 	Low	 	High	 	
 	 	 	 	 	 	 	
 	Defense Markets	 	 	 	 	 	
 	  Aerospace	 	 	1	%	 	 	3	%	 	
 	  Ground	 	 	4	%	 	 	6	%	 	
 	  Navy	 	 	0	%	 	 	2	%	 	
 	Total Defense   (Including Other Defense)	 	 	2	%	 	 	4	%	 	
 	 	 	 	 	 	 	
 	Commercial Markets	 	 	 	 	 	
 	  Commercial Aerospace	 	 	(4	%)	 	 	(2	%)	 	
 	  Power Generation	 	 	4	%	 	 	6	%	 	
 	  General Industrial	 	 	(6	%)	 	 	(2	%)	 	
 	Total Commercial	 	 	(3	%)	 	 	(1	%)	 	
 	 	 	 	 	 	 	
 	Total Curtiss-Wright Sales	 	 	(1	%)	 	 	1	%	 	

 	Note: Full year amounts may not add due to rounding	 	 	 	
 	* The Company’s full-year 2016 guidance reflects sales growth rates compared
to 2015 Pro Forma results, which exclude the one-time China AP1000 fee of
$20 million recognized as revenue in the fourth quarter of 2015.   This affects
2016 growth rates for Power Generation, Total Commercial and Total Curtiss-Wright sales.  	
 	 	 	
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 8,400 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, 2015, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.

Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com

EXHIBIT 99.2