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 24, 2016
 
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, February 24, 2016, the Company issued a press release announcing financial results for the fourth quarter and twelve months ended December 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 February 25, 2016 at 9:00 am EST for management to discuss the Company's fourth quarter and full-year 2015 performance as well as expectations for 2016 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 30203222
 
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 24, 2016
 
99.2 Presentation shown during investor and securities analyst webcast on February 25, 2016

 	
 
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 24, 2016

 	
 
EXHIBIT INDEX

Exhibit
Number	 	Description	 	
 	 	 	 	
99.1	 	Press Release dated February 24, 2016	 	
99.2	 	Presentation shown during investor and securities analyst webcast on February 25, 2016	 	

EXHIBIT 99.1
Curtiss-Wright Reports Fourth Quarter and Full-Year 2015 Financial Results and Issues 2016 Guidance

CHARLOTTE, N.C., Feb. 24, 2016 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) reported financial results for the fourth quarter and full-year ended December 31, 2015. 
Fourth Quarter 2015 Highlights
·	Net sales increased 3% to $589 million, from $573 million in 2014; Organic (excluding effects of foreign currency translation, acquisitions and divestitures) sales up 4%;
·	Operating income increased 45% to $109 million, from $75 million in 2014;
·	Operating margin increased 530 basis points to 18.4% from 13.1% in 2014;
·	Net earnings from continuing operations increased 53% to $71 million, or $1.53 per diluted share, from $46 million, or $0.94 per diluted share, in 2014;
·	Free cash flow decreased 6% to $156 million, from $166 million in 2014, generating a free cash flow conversion of 220%; and
·	The Company invested more than $100 million in share repurchases in the fourth quarter.

Full-Year 2015 Highlights
·	Net sales decreased 2% to $2.21 billion, from $2.24 billion in 2014;
·	Operating income increased 10% to $311 million, from $282 million in 2014;
·	Operating margin increased 150 basis points to 14.1%, from 12.6% in 2014;
·	Net earnings from continuing operations increased 13% to $192 million, or $4.04 per diluted share, from $170 million, or $3.46 per diluted share, in 2014;
·	Adjusted free cash flow (excluding the first quarter 2015 pension contribution of $145 million) increased 3% to $272 million, from $265 million in 2014, generating a free cash flow conversion of 141%; and
·	The Company substantially completed its $300 million share repurchase program in 2015, buying back approximately 4.3 million shares.

“We were pleased with our fourth quarter results, which reflect the benefit of the China AP1000 ® reactor coolant pump (RCP) order received in late December and an overall solid performance in our defense markets, despite weaker global economic conditions and lower oil prices impacting several of our industrial markets,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation.  “Our full-year 2015 results reflect a 10% improvement in operating income, despite a 2% drop in sales, while full-year operating margin of 14.1% represents an increase of 150 basis points over 2014 reported results, reflecting the benefits of our ongoing margin improvement initiatives and the new AP1000 order.  We are delivering on our long-term strategy and continue to drive solid operating margin expansion and free cash flow generation.
“For 2016, we’re forecasting a mixed performance across our businesses, as continued strength in our defense markets will essentially be offset by reduced sales expectations across our industrial markets.  The combination of slower economic growth and the low oil price environment are driving weaker demand in our industrial businesses, particularly those serving the energy markets. Meanwhile, our operational teams remain intensely focused on driving efficiencies to become leaner and more profitable despite the top-line pressures, while also continuing to invest in our future.  As a result, we are forecasting 2016 sales ranging from -1% to +1%, operating margin of 14.0% to 14.2%, and free cash flow of $280 to $300 million, as we continue to pursue top-quartile financial performance.  
“Further, we remained true to our commitment to our shareholders by returning more than $300 million in capital during 2015 through consistent share repurchases and dividend distributions.  Share repurchases in the fourth quarter well exceeded $100 million and included both planned and opportunistic repurchases.  In 2016, we will continue to actively repurchase shares under the currently authorized share buyback program and expect to repurchase at least $100 million in stock this year.
“Overall, we remain focused on driving long-term shareholder value by expanding operating margins, generating strong free cash flow and maintaining a balanced capital allocation strategy.” 
Fourth Quarter 2015 Operating Results from Continuing Operations

(In thousands)	 	   4Q-2015	 	   4Q-2014	 	   % Change	
Sales	 	$	  588,755	 	 	$	  572,586	 	 	 	  3	%	
Operating income	 	 	108,527	 	 	 	  74,931	 	 	 	  45	%	
Operating margin	 	 	18.4	%	 	 	13.1	%	 	  530 bps	

Sales
Sales of $589 million in the fourth quarter increased $16 million, or 3%, compared to the prior year, reflecting a 4% increase in organic sales, partially offset by $9 million, or 1%, in unfavorable foreign currency translation.  Fourth quarter sales included a benefit of $33 million from the receipt of the new AP1000 RCP order, which included the recognition of a one-time fee of $20 million.
From an end market perspective, sales to the commercial markets increased 4%, while sales to the defense markets increased 1%, 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 fourth quarter was $109 million, an increase of $34 million, or 45%, compared to the prior year.  This performance was primarily driven by higher operating income in the Power segment mainly due to a one-time fee of $20 million related to the new AP1000 RCP order, as well as higher AP1000 program production volumes. In the Defense segment, we experienced higher organic operating income, despite lower sales, along with the benefit of favorable foreign currency translation.  
Operating margin was 18.4%, an increase of 530 basis points over the prior year, primarily reflecting higher segment operating income, the aforementioned AP1000 order and the benefits of our ongoing margin improvement initiatives.  
Non-segment expense
Non-segment expenses decreased 4% compared with the prior year, primarily due to lower pension expenses.
Net Earnings
Fourth quarter net earnings increased 53% from the comparable prior year period, reflecting higher operating income.  Interest expense of $9 million was in-line with the prior year period. 
Our effective tax rate for the current quarter was 28.8%, a decrease from 30.8% in the prior year, principally driven by increased foreign rate differential and the enhancement of certain tax deductions.
Free Cash Flow

(In thousands)	 	4Q-2015	 	  4Q-2014	 	
Net cash generated from operating activities	 	$	  167,170	 	 	$	  178,593	 	 	
Capital expenditures	 	 	  (11,664	)	 	 	  (12,635	)	 	
Free cash flow	 	$	  155,506	 	 	$	  165,958	 	 	

Free cash flow, defined as cash flow from operations less capital expenditures, was $156 million for the fourth quarter of 2015, compared to $166 million in the prior year period, or a decrease of $10 million.  Net cash generated from operating activities decreased $11 million to $167 million, primarily due to lower cash collections, partially offset by higher cash earnings and deferred revenues. Capital expenditures of $12 million were $1 million lower than the prior year period. 
New Orders and Backlog
New orders of $937 million increased 77% in the fourth quarter, primarily due to the receipt of a new AP1000 order within the Power segment, offsetting reduced orders within the Commercial/Industrial and Defense segments.    
Backlog of $1.93 billion increased 15% from December 31, 2014, primarily due to the aforementioned AP1000 order within the Power segment.
Other Items – Share Repurchase
During the fourth quarter, the Company repurchased 1.6 million shares of its common stock for approximately $109 million.
For full-year 2015, the Company repurchased 4.3 million shares of its common stock for approximately $300 million, completing the entirety of its planned share repurchase program for 2015.
Full-Year 2016 Guidance
The Company’s full-year 2016 financial guidance reflects growth rates compared to 2015 Pro Forma results, which exclude the one-time China AP1000 fee of $20 million recognized in the fourth quarter of 2015: 

 	2015 Pro Forma	2016 Guidance	Chg vs. 2015	 	
Total sales	$2.19 billion	 $2.17 - $2.22 billion	-1% to +1%	 	
Operating income	$291 million	$304 - $315 million	Up 5 - 8%	 	
Operating margin	 	 	 	 	 	 	 	 	 	 	13.3	%	14.0% - 14.2%	 Up 70 - 90 bps	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	$	3.74	 	$4.00 - $4.15	Up 7 - 11%	 	
Diluted shares outstanding	47.6 million	46.0 million	 	 	
Adjusted free cash flow	$272 million	$280 - 300 million	Up 3 - 10%	 	
 	 	 	 	
Notes: 
Adjusted free cash flow for 2015 excludes the Company’s $145 million pension contribution to its corporate defined benefit pension plan on January 30, 2015.
A more detailed breakdown of our 2016 guidance by segment and by market can be found in the attached accompanying schedules. 
Fourth Quarter 2015 Segment Performance
Commercial/Industrial

(In thousands)	 	   4Q-2015	 	   4Q-2014	 	  % Change	
Sales	 	$	  289,882	 	 	$	  300,538	 	 	 	  (4	%)	
Operating income	 	 	42,724	 	 	 	43,369	 	 	 	  (1	%)	
Operating margin	 	 	14.7	%	 	 	14.4	%	 	30 bps	

Sales for the fourth quarter were $290 million, a decrease of $11 million, or 4%, over the comparable prior year period.  Organic sales decreased 2% over the prior year period, excluding $5 million in unfavorable foreign currency translation, primarily within the energy sector of the general industrial market, and a $1 million benefit from acquisitions. Within the commercial aerospace market, sales were flat as improved OEM production sales of sensors and controls equipment to Boeing and Airbus were offset by lower sales of surface technology services, most notably to Airbus.  In the general industrial market, sales declined 8% reflecting continued lower sales of severe-service valves serving the energy markets resulting from the steady decline in the price of crude oil, along with a modest reduction in sales for industrial vehicle products.  Those reductions were partially offset by higher actuation system sales supporting the F-35 Joint Strike Fighter program in the aerospace defense market.
Operating income in the fourth quarter was $43 million, down 1% from the comparable prior year period, while operating margin increased 30 basis points to 14.7%. Our results principally reflect improved profitability for industrial valves and vehicle products, despite lower sales volumes, due to ongoing cost reduction initiatives, as well as higher sales volumes of sensors and controls products.  This performance was partially offset by lower profitability for surface treatment services, based on lower sales volumes.
Defense

(In thousands)	 	  4Q-2015	 	 4Q-2014	 	  % Change	
Sales	 	$	  126,818	 	 	$	  131,918	 	 	 	  (4	%)	
Operating income	 	 	31,000	 	 	 	26,286	 	 	 	18	%	
Operating margin	 	 	24.4	%	 	 	19.9	%	 	450 bps	

Sales for the fourth quarter were $127 million, a decrease of $5 million, or 4%, over the comparable prior year period.  Organic sales decreased 1% over the prior year period, excluding $3 million in unfavorable foreign currency translation.  In the aerospace defense market, we experienced lower sales of embedded computing products as expected, based on the timing of production on various helicopter and Intelligence, Surveillance and Reconnaissance (ISR) programs.  In the ground defense market, our performance was driven by higher sales of ground combat and communications programs domestically, most notably for the G/ATOR program. Within the naval defense market, we experienced higher embedded computing product sales as well as increased helicopter handling systems sales on the DDG-51 program.  Within the commercial aerospace market, our results reflect lower revenues related to flight test equipment, primarily due to reduced rotorcraft and regional jet sales.
Operating income in the fourth quarter was $31 million, an increase of $5 million, or 18%, compared to the prior year period, while operating margin improved 450 basis points to 24.4%. On an organic basis, operating income increased 5% while operating margin increased 140 basis points as compared to the prior year, excluding $3 million in favorable foreign currency translation. This improvement in operating income and margin was driven primarily by continued solid profitability for our Commercial Off-the-Shelf (COTS) electronics products, as well as the benefits of our ongoing operational and margin improvement initiatives.    
Power

(In thousands)	 	  4Q-2015	 	  4Q-2014	 	  % Change	
Sales	 	$	  172,055	 	 	$	  140,130	 	 	 	23	%	
Operating income	 	 	40,476	 	 	 	11,188	 	 	 	 262	%	
Operating margin	 	 	23.5	%	 	 	8.0	%	 	1,550 bps	

Sales for the fourth quarter were $172 million, an increase of $32 million, or 23%, over the comparable prior year period. Within the power generation market, our results reflect the receipt of the new AP1000 order, which included the recognition of the one-time fee, as well as higher AP1000 production revenues. Aftermarket sales supporting domestic nuclear operating reactors were essentially flat during the period. 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.
Operating income in the fourth quarter was $40 million, an increase of $29 million, or 262%, compared to the prior year period, while operating margin improved 1,550 basis points to 23.5%.  This improvement in operating income and margin was primarily driven by the receipt of the new AP1000 order and one-time fee, as well as the higher AP1000 production volumes. We also experienced higher profitability in our aftermarket power generation business, despite relatively flat sales volumes, reflecting our ongoing operational and margin improvement initiatives. 
Conference Call Information
The Company will host a conference call to discuss fourth quarter and full-year 2015 financial results and expectations for 2016 guidance at 9:00 a.m. EST on Thursday, February 25, 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	 	 	 	 	Year Ended	 	 	 	 	
 	 	 	December 31,	 	Change	 	December 31,	 	Change	 	 	
 	 	 	 	2015	 	 	 	2014	 	 	$	%	 	 	2015	 	 	 	2014	 	 	$	%	 	 	
 	Product sales	 	$	  483,512	 	 	$	  463,902	 	 	$	  19,610	 	 	4	%	 	$	  1,796,802	 	 	$	  1,815,028	 	 	$	  (18,226	)	 	(1	%)	 	 	
 	Service sales	 	 	  105,243	 	 	 	  108,684	 	 	 	  (3,441	)	 	(3	%)	 	 	  408,881	 	 	 	  428,098	 	 	 	  (19,217	)	 	(4	%)	 	 	
 	Total net sales	 	 	  588,755	 	 	 	  572,586	 	 	 	  16,169	 	 	3	%	 	 	  2,205,683	 	 	 	  2,243,126	 	 	 	  (37,443	)	 	(2	%)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Cost of product sales	 	 	  291,895	 	 	 	  300,663	 	 	 	  (8,768	)	 	(3	%)	 	 	  1,156,596	 	 	 	  1,190,714	 	 	 	  (34,118	)	 	(3	%)	 	 	
 	Cost of service sales	 	 	  72,546	 	 	 	  71,583	 	 	 	  963	 	 	1	%	 	 	  265,832	 	 	 	  275,896	 	 	 	  (10,064	)	 	(4	%)	 	 	
 	Total cost of sales	 	 	  364,441	 	 	 	  372,246	 	 	 	  (7,805	)	 	(2	%)	 	 	  1,422,428	 	 	 	  1,466,610	 	 	 	  (44,182	)	 	(3	%)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Gross profit	 	 	  224,314	 	 	 	  200,340	 	 	 	  23,974	 	 	12	%	 	 	  783,255	 	 	 	  776,516	 	 	 	  6,739	 	 	1	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Research and development expenses	 	 	  15,204	 	 	 	  16,692	 	 	 	  (1,488	)	 	(9	%)	 	 	  60,837	 	 	 	  67,842	 	 	 	  (7,005	)	 	(10	%)	 	 	
 	Selling expenses	 	 	  31,042	 	 	 	  32,665	 	 	 	  (1,623	)	 	(5	%)	 	 	  121,482	 	 	 	  128,005	 	 	 	  (6,523	)	 	(5	%)	 	 	
 	General and administrative expenses	 	 	  69,541	 	 	 	  76,052	 	 	 	  (6,511	)	 	(9	%)	 	 	  290,319	 	 	 	  298,296	 	 	 	  (7,977	)	 	(3	%)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating income	 	 	  108,527	 	 	 	  74,931	 	 	 	  33,596	 	 	45	%	 	 	  310,617	 	 	 	  282,373	 	 	 	  28,244	 	 	10	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Interest expense	 	 	  (9,085	)	 	 	  (8,740	)	 	 	  (345	)	 	(4	%)	 	 	  (36,038	)	 	 	  (35,794	)	 	 	  (244	)	 	(1	%)	 	 	
 	Other income, net	 	 	  10	 	 	 	  435	 	 	 	  (425	)	NM  	 	 	  615	 	 	 	  365	 	 	 	  250	 	NM  	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Earnings before income taxes	 	 	  99,452	 	 	 	  66,626	 	 	 	  32,826	 	 	49	%	 	 	  275,194	 	 	 	  246,944	 	 	 	  28,250	 	 	11	%	 	 	
 	Provision for income taxes	 	 	  28,690	 	 	 	  20,494	 	 	 	  8,196	 	 	40	%	 	 	  82,946	 	 	 	  76,995	 	 	 	  5,951	 	 	8	%	 	 	
 	Earnings from continuing operations	 	$	  70,762	 	 	$	  46,132	 	 	$	  24,630	 	 	53	%	 	$	  192,248	 	 	$	  169,949	 	 	$	  22,299	 	 	13	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Loss from discontinued operations, net of tax	 	  (913	)	 	 	  (29,382	)	 	 	  28,469	 	NM  	 	 	  (46,787	)	 	 	  (56,611	)	 	 	  9,824	 	NM  	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net earnings	 	$	  69,849	 	 	$	  16,750	 	 	$	  53,099	 	 	317	%	 	$	  145,461	 	 	$	  113,338	 	 	$	  32,123	 	 	28	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Earnings from continuing operations	 	$	  1.56	 	 	$	  0.96	 	 	 	 	 	$	  4.12	 	 	$	  3.54	 	 	 	 	 	 	
 	Earnings from discontinued operations	 	 	  (0.02	)	 	 	  (0.61	)	 	 	 	 	 	  (1.00	)	 	 	  (1.18	)	 	 	 	 	 	
 	Total	 	$	  1.54	 	 	$	  0.35	 	 	 	 	 	$	  3.12	 	 	$	  2.36	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Earnings from continuing operations	 	$	  1.53	 	 	$	  0.94	 	 	 	 	 	$	  4.04	 	 	$	  3.46	 	 	 	 	 	 	 	 	 	 	
 	Earnings from discontinued operations	 	 	  (0.02	)	 	 	  (0.60	)	 	 	 	 	 	  (0.99	)	 	 	  (1.15	)	 	 	 	 	 	
 	Total	 	$	  1.51	 	 	$	  0.34	 	 	 	 	 	$	  3.05	 	 	$	  2.31	 	 	 	 	 	 	

 	Dividends per share	 	$	  0.13	 	 	$	  0.13	 	 	 	 	 	$	  0.52	 	 	$	  0.52	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Weighted average shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Basic	 	 	45,245	 	 	 	47,927	 	 	 	 	 	 	46,624	 	 	 	48,019	 	 	 	 	 	 	
 	Diluted	 	 	46,143	 	 	 	48,905	 	 	 	 	 	 	47,616	 	 	 	49,075	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	NM- not meaningful	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

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

 	 	 	December 31,	 	December 31,	 	Change	 	
 	 	 	 	2015	 	 	 	2014	 	 	%	 	
Assets	 	 	 	 	 	 	 	
  Current assets:	 	 	 	 	 	 	 	
 	  Cash and cash equivalents	 	$	  288,697	 	 	$	  450,116	 	 	 	(36	%)	 	
 	  Receivables, net	 	 	  566,289	 	 	 	  495,480	 	 	 	14	%	 	
 	  Inventories	 	 	  379,591	 	 	 	  388,670	 	 	 	(2	%)	 	
 	  Deferred tax assets, net	 	 	  41,737	 	 	 	  44,311	 	 	 	(6	%)	 	
 	  Assets held for sale	 	 	  - 	 	 	 	  147,347	 	 	 	(100	%)	 	
 	  Other current assets	 	 	  40,306	 	 	 	  45,151	 	 	 	(11	%)	 	
 	    Total current assets	 	 	1,316,620	 	 	 	1,571,075	 	 	 	(16	%)	 	
  Property, plant, and equipment, net	 	 	  413,644	 	 	 	  458,919	 	 	 	(10	%)	 	
  Goodwill	 	 	  972,606	 	 	 	  998,506	 	 	 	(3	%)	 	
  Other intangible assets, net	 	 	  310,763	 	 	 	  349,227	 	 	 	(11	%)	 	
  Other assets	 	 	  15,745	 	 	 	  21,784	 	 	 	(28	%)	 	
 	    Total assets	 	$	    3,029,378	 	 	$	    3,399,511	 	 	 	(11	%)	 	
 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	
  Current liabilities:	 	 	 	 	 	 	 	
 	  Current portion of long-term and short term debt	 	$	  1,259	 	 	$	  1,069	 	 	 	18	%	 	
 	  Accounts payable	 	 	  163,286	 	 	 	  152,266	 	 	 	7	%	 	
 	  Accrued expenses	 	 	  131,863	 	 	 	  145,938	 	 	 	(10	%)	 	
 	  Income taxes payable	 	 	  7,956	 	 	 	  22,472	 	 	 	(65	%)	 	
 	  Deferred revenue	 	 	  181,671	 	 	 	  176,693	 	 	 	3	%	 	
 	  Liabilities held for sale	 	 	  - 	 	 	 	  35,392	 	 	 	(100	%)	 	
 	  Other current liabilities	 	 	  39,152	 	 	 	  38,163	 	 	 	3	%	 	
 	    Total current liabilities	 	 	525,187	 	 	 	571,993	 	 	 	(8	%)	 	
  Long-term debt	 	 	  953,083	 	 	 	  953,279	 	 	 	(0	%)	 	
  Deferred tax liabilities, net	 	 	  91,115	 	 	 	  51,554	 	 	 	77	%	 	
  Accrued pension and other postretirement benefit costs	 	 	  103,723	 	 	 	  226,687	 	 	 	(54	%)	 	
  Long-term portion of environmental reserves	 	 	  14,017	 	 	 	  14,911	 	 	 	(6	%)	 	
  Other liabilities	 	 	  86,830	 	 	 	  102,654	 	 	 	(15	%)	 	
 	    Total liabilities	 	 	1,773,955	 	 	 	1,921,078	 	 	 	(8	%)	 	
 	 	 	 	 	 	 	 	 	
Stockholders' equity	 	 	 	 	 	 	 	
  Common stock, $1 par value	 	 	  49,190	 	 	 	  49,190	 	 	 	0	%	 	
  Additional paid in capital	 	 	  144,923	 	 	 	  158,043	 	 	 	(8	%)	 	
  Retained earnings	 	 	  1,590,645	 	 	 	  1,469,306	 	 	 	8	%	 	
  Accumulated other comprehensive loss	 	 	  (225,928	)	 	 	  (128,411	)	 	 	76	%	 	
  Less:  cost of treasury stock	 	 	  (303,407	)	 	 	  (69,695	)	 	 	335	%	 	
 	    Total stockholders' equity	 	 	1,255,423	 	 	 	1,478,433	 	 	 	(15	%)	 	
 	 	 	 	 	 	 	 	 	
 	    Total liabilities and stockholders' equity	 	$	    3,029,378	 	 	$	    3,399,511	 	 	 	(11	%)	 	

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

 	 	 	Three Months Ended	 	Year Ended	 	
 	 	 	December 31,	 	December 31,	 	
 	 	 	 	 	 	 	Change	 	 	 	 	 	Change	 	
 	 	 	 	2015	 	 	 	2014	 	 	%	 	 	2015	 	 	 	2014	 	 	%	 	
 	Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial/Industrial	 	$	  289,882	 	 	$	  300,538	 	 	 	(4	%)	 	$	  1,184,791	 	 	$	  1,228,097	 	 	 	(4	%)	 	
 	Defense	 	 	  126,818	 	 	 	  131,918	 	 	 	(4	%)	 	 	  477,413	 	 	 	  489,857	 	 	 	(3	%)	 	
 	Power	 	 	  172,055	 	 	 	  140,130	 	 	 	23	%	 	 	  543,479	 	 	 	  525,172	 	 	 	3	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Total sales	 	$	    588,755	 	 	$	    572,586	 	 	 	3	%	 	$	    2,205,683	 	 	$	    2,243,126	 	 	 	(2	%)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial/Industrial	 	$	  42,724	 	 	$	  43,369	 	 	 	(1	%)	 	$	  171,525	 	 	$	  178,684	 	 	 	(4	%)	 	
 	Defense	 	 	  31,000	 	 	 	  26,286	 	 	 	18	%	 	 	  98,895	 	 	 	  82,552	 	 	 	20	%	 	
 	Power	 	 	  40,476	 	 	 	  11,188	 	 	 	262	%	 	 	  74,987	 	 	 	  51,449	 	 	 	46	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Total segments	 	$	    114,200	 	 	$	    80,843	 	 	 	41	%	 	$	    345,407	 	 	$	    312,685	 	 	 	10	%	 	
 	Corporate and other	 	 	  (5,673	)	 	 	  (5,912	)	 	 	4	%	 	 	  (34,790	)	 	 	  (30,312	)	 	 	(15	%)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Total operating income	 	$	    108,527	 	 	$	    74,931	 	 	 	45	%	 	$	    310,617	 	 	$	    282,373	 	 	 	10	%	 	

 	Operating margins:	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial/Industrial	 	 	14.7	%	 	 	14.4	%	 	 	 	 	14.5	%	 	 	14.5	%	 	 	 	
 	Defense	 	 	24.4	%	 	 	19.9	%	 	 	 	 	20.7	%	 	 	16.9	%	 	 	 	
 	Power	 	 	23.5	%	 	 	8.0	%	 	 	 	 	13.8	%	 	 	9.8	%	 	 	 	
 	Total Curtiss-Wright	 	 	18.4	%	 	 	13.1	%	 	 	 	 	14.1	%	 	 	12.6	%	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Segment margins	 	 	19.4	%	 	 	14.1	%	 	 	 	 	15.7	%	 	 	13.9	%	 	 	 	

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

 	 	 	Three Months Ended	 	Year Ended	 	
 	 	 	December 31,	 	December 31,	 	
 	 	 	 	 	 	 	Change	 	 	 	 	 	Change	 	
 	 	 	 	2015	 	 	 	2014	 	 	%	 	 	2015	 	 	 	2014	 	 	%	 	
 	Defense markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Aerospace	 	$	  75,656	 	 	$	  82,421	 	 	 	(8	%)	 	$	  304,521	 	 	$	  290,604	 	 	 	5	%	 	
 	Ground	 	 	  24,307	 	 	 	  18,739	 	 	 	30	%	 	 	  85,722	 	 	 	  74,066	 	 	 	16	%	 	
 	Naval	 	 	  103,797	 	 	 	  100,053	 	 	 	4	%	 	 	  388,304	 	 	 	  381,335	 	 	 	2	%	 	
 	Other	 	 	  2,155	 	 	 	  2,406	 	 	 	(10	%)	 	 	  8,723	 	 	 	  8,610	 	 	 	1	%	 	
 	Total Defense	 	$	    205,915	 	 	$	    203,619	 	 	 	1	%	 	$	    787,270	 	 	$	    754,615	 	 	 	4	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial Aerospace	 	$	  105,710	 	 	$	  107,270	 	 	 	(1	%)	 	$	  398,538	 	 	$	  422,888	 	 	 	(6	%)	 	
 	Power Generation	 	 	  141,547	 	 	 	  111,758	 	 	 	27	%	 	 	  436,396	 	 	 	  429,779	 	 	 	2	%	 	
 	General Industrial	 	 	  135,583	 	 	 	  149,939	 	 	 	(10	%)	 	 	  583,479	 	 	 	  635,844	 	 	 	(8	%)	 	
 	Total Commercial	 	$	    382,840	 	 	$	    368,967	 	 	 	4	%	 	$	    1,418,413	 	 	$	    1,488,511	 	 	 	(5	%)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Total Curtiss-Wright	 	$	    588,755	 	 	$	    572,586	 	 	 	3	%	 	$	    2,205,683	 	 	$	    2,243,126	 	 	 	(2	%)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	
 	December 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	%)	 	 	(3	%)	 	 	(1	%)	 	 	5	%	 	 	23	%	 	 	261	%	 	4	%	 	 	40	%	 	
Acquisitions	 	0	%	 	 	1	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	0	%	 	 	0	%	 	
Foreign Currency	 	(2	%)	 	 	1	%	 	 	(3	%)	 	 	13	%	 	 	(0	%)	 	 	 	1	%  	 	(1	%)	 	 	5	%	 	
Total	 	(4	%)	 	 	(1	%)	 	 	(4	%)	 	 	18	%	 	 	23	%	 	 	262	%	 	3	%	 	 	45	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Year Ended	
 	December 31,	
 	2015 vs 2014	
 	Commercial/Industrial	 	Defense	 	Power	 	Total Curtiss-Wright	 	
 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	
Organic	 	(1	%)	 	 	(5	%)	 	 	0	%	 	 	6	%	 	 	3	%	 	 	46	%	 	0	%	 	 	6	%	 	
Acquisitions	 	0	%	 	 	1	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	(0	%)	 	0	%	 	 	0	%	 	
Foreign Currency	 	(3	%)	 	 	(0	%)	 	 	(3	%)	 	 	14	%	 	 	(0	%)	 	 	 	0	  %	 	(2	%)	 	 	4	%	 	
Total	 	(4	%)	 	 	(4	%)	 	 	(3	%)	 	 	20	%	 	 	3	%	 	 	46	%	 	(2	%)	 	 	10	%	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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,	 	
 	 	 	 	2015	 	 	 	2014	 	 	 	2015	 	 	 	2014	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	Net cash provided by operating activities    	$	  167,170	 	 	$	  178,593	 	 	$	  162,479	 	 	$	  331,766	 	 	
 	Capital expenditures	 	 	  (11,664	)	 	 	  (12,635	)	 	 	  (35,512	)	 	 	  (67,115	)	 	
 	Free cash flow 	 	$	  155,506	 	 	$	  165,958	 	 	$	  126,967	 	 	$	  264,651	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	Pension Payment	 	 	  - 	 	 	 	  - 	 	 	 	  145,000	 	 	 	  39,800	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	Adjusted free cash flow	 	$	  155,506	 	 	$	  165,958	 	 	$	  271,967	 	 	$	  304,451	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	Cash conversion *	 	 	220	%	 	 	360	%	 	 	141	%	 	 	179	%	 	
 	 	 	 	 	 	 	 	 	 	 	
 	*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 February 24, 2016	 	 	
 	($'s in millions, except per share data)	 	 	

 	 	2015
Reported	 	2015 Pro
Forma*	 	2016 Guidance	 	 	 	 	
 	 		 		 	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 February 24, 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, 2014, 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