UNITED STATES	
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): July 31, 2019
 
CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware	 	1-134	 	13-0612970	
(State or Other
Jurisdiction of
Incorporation)	 	(Commission File
Number)	 	(IRS Employer
Identification No.)	
 
130 Harbour Place Drive, Suite 300	 	 	
Davidson, North Carolina	 	28036	
(Address of Principal Executive Offices)	 	(Zip Code)	
 
Registrant’s telephone number, including area code: (704) 869-4600
__________
Not applicable
(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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 Emerging growth company	 ☐	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered	
Common Stock	CW	New York Stock Exchange	

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

On Wednesday, July 31, 2019, the Company issued a press release announcing financial results for the second quarter ended June 30, 2019.  A conference call and webcast presentation will be held on Thursday, August 1, 2019 at 9:00 am EDT for management to discuss the Company’s second quarter 2019 performance as well as updates to 2019 financial 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 . In addition, the Listen-Only dial-in number for domestic callers is (844) 220-4970, while international callers can dial (262) 558-6349.  For those unable to participate live, 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 3281937

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 July 31, 2019

99.2 Presentation shown during investor and securities analyst webcast on August 1, 2019

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:              July 31, 2019

EXHIBIT INDEX

Exhibit
Number	 	Description	 	
 	 	 	 	
99.1	 	  Press Release dated July 31, 2019	 	
99.2	 	 Presentation shown during investor and securities analyst webcast on August 1, 2019	 	

 	Exhibit 99.1	

Curtiss-Wright Reports Second Quarter 2019 Financial Results and Reaffirms Full-Year 2019 Guidance
DAVIDSON, N.C.--(BUSINESS WIRE)--July 31, 2019--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2019.
Second Quarter 2019 Highlights:
·	Reported diluted earnings per share (EPS) of $1.86, with Adjusted diluted EPS of $1.90 (defined below), up 11% and 6%, respectively, compared with the prior year;
·	Net sales of $639 million, up 3%;
·	Reported operating income of $106 million, with Adjusted operating income of $108 million;
·	Reported operating margin of 16.5%, with Adjusted operating margin of 16.8%;
·	Reported free cash flow of $76 million, with Adjusted free cash flow of $80 million; and
·	Share repurchases of approximately $13 million.
Maintaining Full-Year Adjusted 2019 Business Outlook (compared with Adjusted full-year 2018):
·	Sales growth of 4 - 6%
·	Adjusted operating income growth of 6 - 9%
·	Adjusted operating margin range of 16.2% to 16.3%, up 40 - 50 basis points
·	Adjusted diluted EPS range of $7.00 to $7.15, up 10 - 12%; and
·	Adjusted free cash flow range of $330 to $340 million, representing a free cash flow conversion rate of approximately 110%.
“Our second quarter results were led by strong 11% sales growth in our defense markets, improved profitability in the Commercial/Industrial and Power segments, and the benefits of our ongoing margin improvement initiatives,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “Our results also included a $4 million planned ramp up in research and development investments to support our long-term organic growth.”
“Looking ahead to the remainder of 2019, we are reaffirming our full-year guidance for sales, operating income, operating margin, diluted EPS and free cash flow. We are projecting another solid operational performance including higher sales in all end markets, strong margin expansion and solid free cash flow generation, as we continue to deliver significant long-term value to our shareholders.”

Second Quarter 2019 Operating Results	
(In millions)	2Q-2019	2Q-2018	Change	
Sales	$ 639.0	$ 620.3	3%	
Reported operating income	$ 105.7	$ 102.1	4%	
Adjustments (1)	2.0	7.0	 	
Adjusted operating income (1)	$ 107.7	$ 109.1	(1%)	
Adjusted operating margin (1)	16.8%	17.6%	(80 bps)	

(1) Adjusted results exclude one-time inventory step-up, backlog amortization and transaction costs for current and prior year acquisitions of TCG in 2019 (Defense segment) and DRG in 2018 (Power segment), respectively, and one-time transition and IT security costs associated with the relocation of our DRG business.	
·	Sales of $639 million, up $19 million, or 3%, compared with the prior year (3% organic, 1% acquisitions, 1% unfavorable foreign currency translation);
·	From an end market perspective, total sales to the defense markets increased 11%, or 10% organically, led by strong growth in ground and naval defense, while total sales to the commercial markets decreased 3%, as higher commercial aerospace sales were more than offset by reduced power generation sales, compared with the prior year. Please refer to the accompanying tables for a breakdown of sales by end market;
·	Reported operating income was $106 million, up 4% compared with the prior year, while reported operating margin was flat at 16.5%;
·	Adjusted operating income of $108 million, nearly flat compared with the prior year, principally reflects higher defense revenues in the Commercial/Industrial and Power segments, offset by reduced operating income on flat sales in the Defense segment and higher non-segment expenses;
·	Adjusted operating margin of 16.8%, down 80 basis points compared with the prior year, primarily reflects reduced profitability and higher research and development expenses in the Defense segment, partially offset by favorable overhead absorption on higher naval defense revenues in the Power segment, as well as increased operating income and the benefits of our ongoing margin improvement initiatives in the Commercial/Industrial segment;
·	Operating results included a gain on the sale of a building that was originally expected in the third quarter of 2019 and provided a $4 million benefit to current quarter results; and
·	Non-segment expenses of $10 million increased by $3 million compared with the prior year, primarily due to higher corporate expenses.

Net Earnings and Diluted EPS	
(In millions, except EPS)	2Q-2019	2Q-2018	Change	
Reported net earnings	$ 80.1	$ 74.8	7%	
Adjustments (1)	2.0	7.0	 	
Tax impact on Adjustments (1)	(0.5)	(1.6)	 	
Adjusted net earnings (1)	$ 81.6	$ 80.2	2%	
Reported diluted EPS	$ 1.86	$ 1.68	11%	
Adjustments (1)	0.05	0.16	 	
Tax impact on Adjustments (1)	(0.01)	(0.04)	 	
Adjusted diluted EPS (1)	$ 1.90	$ 1.80	6%	

(1) Adjusted results exclude one-time inventory step-up, backlog amortization and transaction costs for current and prior year acquisitions, and one-time transition and IT security costs associated with the relocation of our DRG business.	
·	Reported net earnings of $80 million, up $5 million, or 7%, reflecting higher segment operating income and lower interest expense, partially offset by higher corporate expenses;
·	Reported diluted EPS of $1.86, up $0.18, or 11%, compared with the prior year, reflecting higher segment operating income, lower interest expense and a lower share count, partially offset by higher corporate expenses;
·	Adjusted net earnings of $82 million, up $2 million, or 2%, and Adjusted diluted EPS of $1.90, up $0.10, or 6%, compared with the prior year; and
·	Effective tax rate (ETR) of 22.7% was essentially flat with the prior year quarter.

Free Cash Flow	
(In millions)	2Q-2019	2Q-2018	Change	
Net cash used for operating activities	$ 92.2	$ 97.9	(6%)	
Capital expenditures	(16.4)	(10.9)	(51%)	
Reported free cash flow	$ 75.8	$ 87.1	(13%)	
Adjustment to capital expenditures (DRG facility investment) (1)	4.0	-	-	
Adjusted free cash flow (1)	$ 79.8	$ 87.1	(8%)	

(1) Adjusted free cash flow excludes second quarter 2019 capital spending in accordance with the Company’s planned $20 million capital investment related to the new, state-of-the-art naval facility principally for DRG.	
·	Reported free cash flow of $76 million, defined as cash flow from operations less capital expenditures, decreased $11 million, or 13%, compared with the prior year, primarily driven by timing of supplier payments and higher capital expenditures;
·	Capital expenditures increased by approximately $6 million to $16 million compared with the prior year, primarily due to higher capital investments within the Power segment, including a $4 million investment related to the new, state-of-the-art naval facility for the DRG business; and
·	Adjusted free cash flow, which excludes the facility investment in the current period, decreased $7 million to $80 million, principally due to the timing of supplier payments.
New Orders and Backlog
·	Year-to-date, new orders of $1.3 billion increased 3% compared with the prior year period, led by strong organic growth in naval defense orders; and
·	Backlog of $2.2 billion increased 10% from December 31, 2018.
Other Items – Share Repurchase
·	During the second quarter, the Company repurchased 109,436 shares of its common stock for approximately $13 million; and
·	Year-to-date, the Company repurchased 216,708 shares for approximately $25 million.

Second Quarter 2019 Segment Performance	
	
Commercial/Industrial	
(In millions)	2Q-2019	2Q-2018	Change	
Sales	$ 318.3	$ 312.5	2%	
Reported operating income	$ 56.2	$ 51.7	9%	
Reported operating margin	17.7%	16.6%	110 bps	
·	Sales of $318 million, up $6 million, or 2%, compared with the prior year (3% organic, 1% unfavorable foreign currency translation);
·	Strong sales growth in the aerospace and naval defense markets was led by higher sales of actuation systems on the F-35 program and higher sales of valves on the Virginia class submarine program, respectively;
·	Commercial aerospace market sales growth was led by higher OEM sales of sensors;
·	Lower power generation market sales reflect reduced international sales of surface technology services and valves;
·	General industrial market sales were essentially flat, as solid demand for industrial valves and industrial controls were offset by reduced sales of surface treatment services; and
·	Reported operating income was $56 million, up 9%compared with the prior year, while reported operating margin increased 110 basis points to 17.7%, principally driven by the benefits of our ongoing margin improvement initiatives and the aforementioned gain on the sale of a building, partially offset by increased research and development expenses and the impact from tariffs.

Defense	
(In millions)	2Q-2019	2Q-2018	Change	
Sales	$ 145.0	$ 146.2	(1%)	
Reported operating income	$ 29.7	$ 38.6	(23%)	
Adjustments (1)	0.9	-	-	
Adjusted operating income (1)	$ 30.5	$ 38.6	(21%)	
Adjusted operating margin (1)	21.0%	26.4%	(540 bps)	

(1) Adjusted results exclude one-time backlog amortization and transaction costs for current year acquisition.	
·	Sales of $145 million, down $1 million, or 1%, compared with the prior year ((3%) organic, 3% acquisition, 1% unfavorable foreign currency translation);
·	Aerospace defense market sales were essentially flat, as higher sales of tactical data link equipment (TCG acquisition) were offset by lower sales of embedded computing equipment on various programs;
·	Ground defense market revenues increased principally due to higher sales on the Abrams tank platform;
·	Lower naval defense market revenues were the result of reduced sales of embedded computing equipment on various programs;
·	Lower general industrial market revenues reflect reduced industrial controls sales due to the timing of an automotive contract completed last year;
·	Reported operating income was $30 million, with Reported operating margin of 20.5%; and
·	Adjusted operating income of $31 million, down $8 million, or 21%, compared with the prior year, while Adjusted operating margin decreased 540 basis points to 21.0%, reflecting unfavorable mix and higher research and development expenses in the current year, as well as favorable contract adjustments within our naval defense business in the prior year which did not recur.

Power	
(In millions)	2Q-2019	2Q-2018	Change	
Sales	$ 175.8	$ 161.7	9%	
Reported operating income	$ 30.1	$ 19.2	57%	
Adjustments (1)	1.2	7.0	 	
Adjusted operating income (1)	$ 31.2	$ 26.2	19%	
Adjusted operating margin (1)	17.8%	16.2%	160 bps	

(1) Adjusted results exclude one-time Inventory Step-up, Backlog Amortization and Transaction costs for prior year acquisition, and one-time transition and IT security costs associated with the relocation of our DRG business.	
·	Sales of $176 million, up $14 million, or 9%, compared with the prior year;
·	Strong naval defense market sales were driven by higher Virginia class submarine and CVN-80 aircraft carrier revenues, as well as solid spares and service center revenues;
·	Reduced power generation market sales reflect timing of production on the China Direct AP1000 program and lower domestic aftermarket revenues;
·	Reported operating income was $30 million, with Reported operating margin of 17.1%; and
·	Adjusted operating income was $31 million, up $5 million, or 19% compared with the prior year, while Adjusted operating margin increased 160 basis points to 17.8%, principally reflecting favorable overhead absorption on higher naval defense revenues.

Full-Year 2019 Guidance
The Company is reaffirming its full-year 2019 financial guidance as follows:

(In millions, except EPS)	2019E Adjusted Guidance
(Current) (1)	2019E Change vs 2018 Adjusted (1)	
Total Sales	$2,510 - $2,550	Up 4 - 6%	
Operating Income	$406 - $415	Up 6 - 9%	
Operating Margin	16.2% - 16.3%	Up 40 - 50 bps	
Effective Tax Rate	23.0%	 	
Diluted EPS	$7.00 - $7.15	Up 10 - 12%	
Diluted Shares Outstanding	43.3	 	
Free Cash Flow (2)	$330 - $340	Up 0 - 2%	

(1) 2019 Adjusted guidance excludes one-time backlog amortization and transaction costs associated with the acquisition of TCG in the Defense segment, and one-time transition and IT security costs associated with the relocation of our DRG business in the Power segment.	
(2) 2019 Adjusted free cash flow guidance excludes a $20 million capital investment in the Power segment related to the new, state-of-the-art naval facility principally for DRG.	
A more detailed breakdown of the Company’s 2019 guidance by segment and by market can be found in the accompanying schedules.
**********
Conference Call & Webcast Information
The Company will host a conference call to discuss its second quarter financial results and business outlook at 9:00 a.m. EDT on Thursday, August 1, 2019. A live webcast of the call and the accompanying financial presentation, as well as a replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)

 	
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)	
($'s in thousands, except per share data)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Six Months Ended	
 	 	June 30,	 	Change	 	June 30,	 	Change	
 	 	2019	 	2018	 	$	%	 	2019	 	2018	 	$	%	
Product sales	 	$	532,253	 	 	$	511,676	 	 	$	20,577	 	4%	 	$	1,003,852	 	 	$	956,363	 	 	$	47,489	 	5%	
Service sales	 	106,743	 	 	108,622	 	 	(1,879	)	(2%)	 	213,458	 	 	211,457	 	 	2,001	 	1%	
Total net sales	 	638,996	 	 	620,298	 	 	18,698	 	3%	 	1,217,310	 	 	1,167,820	 	 	49,490	 	4%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of product sales	 	342,726	 	 	324,184	 	 	18,542	 	6%	 	654,682	 	 	623,495	 	 	31,187	 	5%	
Cost of service sales	 	66,226	 	 	69,614	 	 	(3,388	)	(5%)	 	135,711	 	 	136,634	 	 	(923	)	(1%)	
Total cost of sales	 	408,952	 	 	393,798	 	 	15,154	 	4%	 	790,393	 	 	760,129	 	 	30,264	 	4%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	 	230,044	 	 	226,500	 	 	3,544	 	2%	 	426,917	 	 	407,691	 	 	19,226	 	5%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development expenses	 	18,900	 	 	15,054	 	 	3,846	 	26%	 	36,141	 	 	30,995	 	 	5,146	 	17%	
Selling expenses	 	30,693	 	 	32,665	 	 	(1,972	)	(6%)	 	62,170	 	 	64,185	 	 	(2,015	)	(3%)	
General and administrative expenses	 	74,766	 	 	76,705	 	 	(1,939	)	(3%)	 	150,876	 	 	145,937	 	 	4,939	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	105,685	 	 	102,076	 	 	3,609	 	4%	 	177,730	 	 	166,574	 	 	11,156	 	7%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	7,960	 	 	9,566	 	 	(1,606	)	(17%)	 	15,232	 	 	17,770	 	 	(2,538	)	(14%)	
Other income, net	 	5,871	 	 	3,971	 	 	1,900	 	48%	 	11,349	 	 	8,654	 	 	2,695	 	31%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings before income taxes	 	103,596	 	 	96,481	 	 	7,115	 	7%	 	173,847	 	 	157,458	 	 	16,389	 	10%	
Provision for income taxes	 	(23,524	)	 	(21,693	)	 	(1,831	)	8%	 	(38,182	)	 	(39,027	)	 	845	 	(2%)	
Net earnings	 	$	80,072	 	 	$	74,788	 	 	$	5,284	 	7%	 	$	135,665	 	 	$	118,431	 	 	$	17,234	 	15%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	1.87	 	 	$	1.69	 	 	 	 	 	$	3.17	 	 	$	2.68	 	 	 	 	
Diluted earnings per share	 	$	1.86	 	 	$	1.68	 	 	 	 	 	$	3.15	 	 	$	2.66	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dividends per share	 	$	0.17	 	 	$	0.15	 	 	 	 	 	$	0.32	 	 	$	0.30	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	42,758	 	 	44,124	 	 	 	 	 	42,776	 	 	44,144	 	 	 	 	
Diluted	 	43,024	 	 	44,553	 	 	 	 	 	43,038	 	 	44,604	 	 	 	 	

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

 	 	 	June 30,	 	December 31,	 	Change	 	
 	 	 	2019	 	2018	 	%	 	
Assets	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	
 	Cash and cash equivalents	 	$	216,344	 	 	$	276,066	 	 	(22%)	 	
 	Receivables, net	 	636,058	 	 	593,755	 	 	7%	 	
 	Inventories, net	 	436,190	 	 	423,426	 	 	3%	 	
 	Other current assets	 	48,060	 	 	50,719	 	 	(5%)	 	
 	Total current assets	 	1,336,652	 	 	1,343,966	 	 	(1%)	 	
Property, plant, and equipment, net	 	375,582	 	 	374,660	 	 	0%	 	
Goodwill	 	1,112,781	 	 	1,088,032	 	 	2%	 	
Other intangible assets, net	 	433,517	 	 	429,567	 	 	1%	 	
Operating lease right-of-use assets, net	 	135,190	 	 	—	 	 	NM	 	
Other assets	 	32,918	 	 	19,160	 	 	72%	 	
 	Total assets	 	$	3,426,640	 	 	$	3,255,385	 	 	5%	 	
 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	
 	Current portion of long-term and short-term debt	 	$	—	 	 	$	243	 	 	(100%)	 	
 	Accounts payable	 	173,791	 	 	232,983	 	 	(25%)	 	
 	Accrued expenses	 	138,278	 	 	166,954	 	 	(17%)	 	
 	Income taxes payable	 	8,521	 	 	5,811	 	 	47%	 	
 	Deferred revenue	 	243,053	 	 	236,508	 	 	3%	 	
 	Other current liabilities	 	74,226	 	 	44,829	 	 	66%	 	
 	Total current liabilities	 	637,869	 	 	687,328	 	 	(7%)	 	
Long-term debt	 	761,476	 	 	762,313	 	 	0%	 	
Deferred tax liabilities, net	 	49,929	 	 	47,121	 	 	6%	 	
Accrued pension and other postretirement benefit costs	 	97,334	 	 	101,227	 	 	(4%)	 	
Long-term operating lease liability	 	117,789	 	 	—	 	 	NM	 	
Long-term portion of environmental reserves	 	16,411	 	 	15,777	 	 	4%	 	
Other liabilities	 	93,536	 	 	110,838	 	 	(16%)	 	
 	Total liabilities	 	1,774,344	 	 	1,724,604	 	 	3%	 	
 	 	 	 	 	 	 	 	 	
Stockholders' equity	 	 	 	 	 	 	 	
Common stock, $1 par value	 	49,187	 	 	49,187	 	 	0%	 	
Additional paid in capital	 	116,835	 	 	118,234	 	 	(1%)	 	
Retained earnings	 	2,339,703	 	 	2,191,471	 	 	7%	 	
Accumulated other comprehensive loss	 	(302,490	)	 	(288,447	)	 	(5%)	 	
Less: cost of treasury stock	 	(550,939	)	 	(539,664	)	 	(2%)	 	
 	Total stockholders' equity	 	1,652,296	 	 	1,530,781	 	 	8%	 	
 	 	 	 	 	 	 	 	 	
 	Total liabilities and stockholders' equity	 	$	3,426,640	 	 	$	3,255,385	 	 	5%	 	
 	 	 	 	 	 	 	 	 	
NM - not meaningful	

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

 	 	Three Months Ended	 	Six Months Ended	
 	 	June 30,	 	June 30,	
 	 	 	 	 	 	Change	 	 	 	 	 	Change	
 	 	2019	 	2018	 	%	 	2019	 	2018	 	%	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial/Industrial	 	$	318,267	 	 	$	312,463	 	 	2%	 	$	611,774	 	 	$	609,104	 	 	0%	
Defense	 	144,962	 	 	146,177	 	 	(1%)	 	265,984	 	 	265,078	 	 	0%	
Power	 	175,767	 	 	161,658	 	 	9%	 	339,552	 	 	293,638	 	 	16%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	 	$	638,996	 	 	$	620,298	 	 	3%	 	$	1,217,310	 	 	$	1,167,820	 	 	4%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial/Industrial	 	$	56,236	 	 	$	51,736	 	 	9%	 	$	95,682	 	 	$	90,961	 	 	5%	
Defense	 	29,661	 	 	38,641	 	 	(23%)	 	47,314	 	 	58,369	 	 	(19%)	
Power	 	30,069	 	 	19,201	 	 	57%	 	54,288	 	 	34,543	 	 	57%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	 	$	115,966	 	 	$	109,578	 	 	6%	 	$	197,284	 	 	$	183,873	 	 	7%	
Corporate and other	 	(10,281	)	 	(7,502	)	 	(37%)	 	(19,554	)	 	(17,299	)	 	(13%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	 	$	105,685	 	 	$	102,076	 	 	4%	 	$	177,730	 	 	$	166,574	 	 	7%	

Operating margins:	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial/Industrial	 	17.7	%	 	16.6	%	 	110bps	 	15.6	%	 	14.9	%	 	70bps	
Defense	 	20.5	%	 	26.4	%	 	(590bps)	 	17.8	%	 	22.0	%	 	(420bps)	
Power	 	17.1	%	 	11.9	%	 	520bps	 	16.0	%	 	11.8	%	 	420bps	
Total Curtiss-Wright	 	16.5	%	 	16.5	%	 	0bps	 	14.6	%	 	14.3	%	 	30bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	18.1	%	 	17.7	%	 	40bps	 	16.2	%	 	15.7	%	 	50bps	

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

 	 	Three Months Ended	 	Six Months Ended	
 	 	June 30,	 	June 30,	
 	 	 	 	 	 	Change	 	 	 	 	 	Change	
 	 	2019	 	2018	 	%	 	2019	 	2018	 	%	
Defense markets:	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace	 	$	104,426	 	 	$	99,654	 	 	5%	 	$	183,213	 	 	$	178,808	 	 	2%	
Ground	 	26,394	 	 	20,777	 	 	27%	 	47,151	 	 	43,296	 	 	9%	
Naval	 	149,853	 	 	132,347	 	 	13%	 	280,941	 	 	235,835	 	 	19%	
Total Defense	 	$	280,673	 	 	$	252,778	 	 	11%	 	$	511,305	 	 	$	457,939	 	 	12%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace	 	$	108,000	 	 	$	104,617	 	 	3%	 	$	211,222	 	 	$	204,021	 	 	4%	
Power Generation	 	93,171	 	 	102,316	 	 	(9%)	 	189,652	 	 	200,635	 	 	(5%)	
General Industrial	 	157,152	 	 	160,587	 	 	(2%)	 	305,131	 	 	305,225	 	 	0%	
Total Commercial	 	$	358,323	 	 	$	367,520	 	 	(3%)	 	$	706,005	 	 	$	709,881	 	 	(1%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	638,996	 	 	$	620,298	 	 	3%	 	$	1,217,310	 	 	$	1,167,820	 	 	4%	

Use of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
The Company has elected to change the presentation of its financials and guidance to include an Adjusted (non-GAAP) view that excludes first year purchase accounting costs associated with its acquisitions, as well as one-time transition and IT security costs specifically associated with the relocation of the DRG business in the Power segment. Transition costs include relocation of employees and equipment as well as overlapping facility and labor costs associated with the relocation. We believe this Adjusted view will provide improved transparency to the investment community in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Operating Income, Operating Margin, Net Income and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding the impact of first year purchase accounting costs associated with acquisitions for current and prior year periods, specifically one-time inventory step-up, backlog amortization and transaction costs, as well as one-time transition and IT security costs associated with the relocation of a business in the current year period.
Organic Revenue and Organic Operating Income
The Corporation discloses organic revenue and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic revenue and organic operating income are defined as revenue and operating income excluding the impact of foreign currency fluctuations and contributions from acquisitions made during the last twelve months.

	 	
 	Three Months Ended	
 	June 30,	
 	2019 vs. 2018	
 	Commercial/Industrial	 	Defense	 	Power	 	Total Curtiss-Wright	
 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	
Organic	3%	 	8%	 	(3%)	 	(25%)	 	9%	 	57%	 	3%	 	3%	
Acquisitions	0%	 	0%	 	3%	 	0%	 	0%	 	0%	 	1%	 	0%	
Foreign Currency	(1%)	 	1%	 	(1%)	 	2%	 	0%	 	0%	 	(1%)	 	1%	
Total	2%	 	9%	 	(1%)	 	(23%)	 	9%	 	57%	3%	 	4%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Six Months Ended	
 	June 30,	
 	2019 vs. 2018	
 	Commercial/Industrial	 	Defense	 	Power	 	Total Curtiss-Wright	
 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	
Organic	2%	 	4%	 	0%	 	(21%)	 	8%	 	47%	 	3%	 	4%	
Acquisitions	0%	 	0%	 	1%	 	(1%)	 	8%	 	10%	 	2%	 	2%	
Foreign Currency	(2%)	 	1%	 	(1%)	 	3%	 	0%	 	0%	 	(1%)	 	1%	
Total	0%	 	5%	 	0%	 	(19%)	 	16%	 	57%	4%	 	7%	

Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as cash flow provided by operating activities less capital expenditures. Adjusted free cash flow excludes a capital investment in the Power segment related to the new, state-of-the-art naval facility principally for DRG, and a voluntary contribution to the Company’s corporate defined benefit pension plan made in the first quarter of 2018. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by net earnings from continuing operations.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
NON-GAAP FINANCIAL DATA (UNAUDITED)	
($'s in thousands)	

 	 	Three Months Ended	 	Six Months Ended	
 	 	June 30,	 	June 30,	
 	 	2019	 	2018	 	2019	 	2018	
 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	$	92,244	 	 	$	97,947	 	 	$	40,386	 	 	$	26,685	 	
Capital expenditures	(16,437	)	 	(10,881	)	 	(33,471	)	 	(19,852	)	
Free cash flow	$	75,807	 	 	$	87,066	 	 	$	6,915	 	 	$	6,833	 	
Adjustment to capital expenditures (DRG facility investment)	4,039	 	 	—	 	 	9,162	 	 	—	 	
Voluntary pension payment	—	 	 	—	 	 	—	 	 	50,000	 	
Adjusted free cash flow	$	79,846	 	 	$	87,066	 	 	$	16,077	 	 	$	56,833	 	
Free Cash Flow Conversion	100%	 	116%	 	12%	 	48%	

																							 	
CURTISS-WRIGHT CORPORATION	
2019 Guidance	
As of July 31, 2019	
($'s in millions, except per share data)	
																			 	
			2018
Reported
(GAAP)		2018
Adjustments (1)
(Non-GAAP)		2018
Adjusted
(Non-GAAP)			2019 Reported Guidance (2)(3)(4)
 (GAAP)			2019
Adjustments (1)
 (Non-GAAP)		2019
Adjusted Guidance (2)(3)(4)
 (Non-GAAP)	
										Low		High					Low		High				2019 Chg vs
2018 Adjusted	
Sales:																								
Commercial/Industrial			$	1,209	 		$	-	 		$	1,209	 			$	1,255	 		$	1,275	 			$	-	 		$	1,255	 		$	1,275	 					
Defense			 	554	 		 	-	 		 	554	 			 	575	 		 	585	 			 	-	 		 	575	 		 	585	 					
Power			 	648	 		 	-	 		 	648	 			 	680	 		 	690	 			 	-	 		 	680	 		 	690	 					
Total sales			$	2,412	 		$	-	 		$	2,412	 			$	2,510	 		$	2,550	 			$	-	 		$	2,510	 		$	2,550	 				4 to 6%	
																							 	
Operating income:																								
Commercial/Industrial			$	183	 		$	-	 		$	183	 			$	195	 		$	200	 			$	-	 		$	195	 		$	200	 					
Defense			 	128	 		 	-	 		 	128	 			 	128	 		 	131	 			 	2	 		 	130	 		 	133	 					
Power			 	99	 		 	9	 		 	108	 			 	109	 		 	111	 			 	6	 		 	115	 		 	117	 					
Total segments			 	410	 		 	9	 		 	419	 			 	432	 	-	 	442	 			 	8	 		 	440	 	-	 	450	 					
Corporate and other			 	(36	)		 	-	 		 	(36	)			 	(34	)		 	(36	)			 	-	 		 	(34	)		 	(36	)					
Total operating income			$	374	 		$	9	 		$	382	 			$	398	 		$	407	 			$	8	 		$	406	 		$	415	 				6 to 9%	
																							 	
Interest expense			$	(34	)		$	-	 		$	(34	)			$	(33	)		$	(33	)			$	-	 		$	(33	)		$	(33	)					
Other income, net			 	17	 		 	-	 		 	17	 			 	19	 		 	19	 			 	-	 		 	19	 		 	19	 					
Earnings before income taxes			 	356	 		 	9	 		 	365	 			 	385	 		 	393	 			 	8	 		 	393	 		 	401	 					
Provision for income taxes			 	(81	)		 	(2	)		 	(83	)			 	(88	)		 	(90	)			 	(2	)		 	(90	)		 	(92	)					
Net earnings			$	276	 		$	7	 		$	282	 			$	297	 		$	303	 			$	6	 		$	303	 		$	309	 					
																							 	
Diluted earnings per share			$	6.22	 		$	0.15	 		$	6.37	 			$	6.86	 		$	7.01	 			$	0.14	 		$	7.00	 		$	7.15	 				10 to 12%	
Diluted shares outstanding			 	44.3	 				 	44.3	 			 	43.3	 		 	43.3	 					 	43.3	 		 	43.3	 					
Effective tax rate			 	22.6	%				 	22.6	%			 	23.0	%		 	23.0	%					 	23.0	%		 	23.0	%					
																							 	
Operating margins:																								
Commercial/Industrial			 	15.1	%		 	-	 		 	15.1	%			 	15.6	%		 	15.7	%			 	-	 		 	15.6	%		 	15.7	%				50 to 60 bps	
Defense			 	23.2	%		 	-	 		 	23.2	%			 	22.2	%		 	22.3	%			+40 bps		 	22.6	%		 	22.7	%				(50 to 60 bps)	
Power			 	15.2	%		+140 bps		 	16.6	%			 	16.0	%		 	16.1	%			+90 bps		 	16.9	%		 	17.0	%				30 to 40 bps	
Total operating margin			 	15.5	%		+30 bps		 	15.8	%			 	15.8	%		 	15.9	%			+40 bps		 	16.2	%		 	16.3	%				40 to 50 bps	
																							 	
Free cash flow (5)			$	283	 		$	50	 		$	333	 			$	310	 		$	320	 			$	20	 		$	330	 		$	340	 					

Note: Full year amounts may not add due to rounding	
(1) Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding the impact of first year purchase accounting costs associated with acquisitions for current and prior year periods, specifically one-time inventory step-up, backlog amortization and transaction costs, as well as one-time transition and IT security costs related to the relocation of the DRG business.	
(2) Commercial/Industrial segment 2019 guidance reflects improved profitability due to higher sales and benefits of our ongoing margin improvement initiatives, partially offset by $4 million for tariffs and a $3 million increase in R&D investments.	
(3) Defense segment 2019 Reported guidance reflects reduced profitability, despite higher sales, due to a $5 million increase in R&D investments. Adjusted guidance excludes $2 million in first year purchase accounting costs associated with the TCG acquisition.	
(4) Power segment 2019 Reported guidance reflects improved profitability due to higher sales, partially offset by a $2 million increase in R&D investments. Adjusted guidance excludes $6 million in one-time transition and IT security costs related to the relocation of the DRG business.	
(5) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2018 Adjusted Free Cash Flow excludes a voluntary contribution to the Company’s corporate defined benefit pension plan of $50 million. 2019 Adjusted Free Cash Flow guidance excludes a $20 million capital investment in the Power segment related to construction of a new, state-of-the-art naval facility for the DRG business.	

	
CURTISS-WRIGHT CORPORATION	
2019 Sales Growth Guidance by End Market	
As of July 31, 2019	
				 	
		2019 % Change vs 2018	
		(Prior)	 	(Current)	
Defense Markets					
Aerospace		8 - 10%		9 - 11%	
Ground		5 - 7%		1 - 2%	
Navy		8 - 10%		8 - 10%	
Total Defense		8 - 10%		8 - 10%	
				 	
Commercial Markets					
Commercial Aerospace		4 - 6%		4 - 6%	
Power Generation		1 - 3%		1 - 3%	
General Industrial		1 - 3%		1 - 3%	
Total Commercial		1 - 3%		1 - 3%	
				 	
Total Curtiss-Wright Sales		4 - 6%		4 - 6%	

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 press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
Contacts
Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com

 	Exhibit 99.2	

 2Q 2019 Earnings Conference CallAugust 1, 2019  NYSE: CW 

 Safe Harbor Statement  Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect new information that may become available after the original presentation posting. The presentation contains forward-looking statements including, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives, our management’s ability to integrate our acquisition, and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations. This presentation also includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release that is posted to our website and furnished with the SEC. We undertake no duty to update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at the SEC's website at www.sec.gov. 

 2019 Second Quarter Performance and Full-Year Business Outlook  Net Sales up 3% overall (3% organic)Strong growth in defense markets, up 11%, including contribution from TCG; 10% organic growthAdjusted Operating Margin of 16.8% driven by improved profitability in C/I and Power segmentsIncluding benefits of ongoing margin improvement initiatives and $4M gain on sale of buildingPartially offset by $4M overall increase in R&D investments and $1M in tariffsAdjusted Diluted EPS of $1.90, up 6%Including benefits of lower interest expense and continued share repurchaseAdjusted Free Cash Flow of $80 million    Second Quarter 2019 Highlights    FY 2019 Guidance Highlights  Maintaining 2019 guidance reflecting higher YOY Sales, Operating Income, Operating Margin and EPSExpect sales growth of 4-6%, led by strong growth in aerospace defense and naval defense marketsSolid growth in operating income and continued margin expansion of 40-50 bps driving Adjusted diluted EPS growth of 10-12%Maintaining Adjusted FCF guidance range of $330 to $340M; Adj. FCF conversion ~110%  Notes: Any references to organic growth exclude the effects of foreign currency translation, acquisitions and divestitures, unless otherwise noted. Adjusted operating income, operating margin and diluted EPS for second quarter results and full-year 2019 guidance exclude first year purchase accounting costs associated with current and prior year acquisitions of TCG in 2019 (Defense segment) and DRG in 2018 (Power segment), respectively, specifically one-time inventory step-up, backlog amortization and transaction costs. Adjusted guidance also excludes one-time transition and IT security costs associated with the relocation of the DRG business in the Power segment.Free Cash Flow (FCF) is defined as cash flow from operations less capital expenditures. FCF conversion is defined as FCF divided by net earnings from continuing operations. Adjusted FCF guidance excludes a $20 million capital investment in the Power segment related to construction of a new, state-of-the-art naval facility. Adjusted FCF Conversion is calculated as Adjusted FCF divided by net earnings from continuing operations. 

     Second Quarter 2019 End Market Sales Growth  Notes: Percentages in chart relate to Second Quarter 2019 sales compared with the prior year. Amounts may not add due to rounding.Any references to organic growth exclude the effects of foreign currency translation, acquisitions and divestitures, unless otherwise noted.    2Q’19Change  % of Total Sales  Aero Defense   5%  16%  Ground Defense   27%   4%  Naval Defense   13%  23%  Total Defense   11%   44%  Commercial Aero   3%  17%  Power Generation   (9%)  15%  General Industrial    (2%)  25%  Total Commercial   (3%)  56%  Total Curtiss-Wright   3%  100%      Commercial Markets: Down 3% overall, down 1% organicCommercial Aerospace: Higher sales of sensors on OEM platformsPower Generation: Lower CAP1000 program (timing), domestic aftermarket and surface treatment revenuesGeneral Industrial: Solid demand for industrial valves more than offset by lower sales of industrial controls and surface treatment services  Key DriversDefense Markets: Up 11% overall, 10% organicAerospace Defense: Higher F-35 sales and benefit of TCG, partially offset by lower defense electronics revenues on various programsGround Defense: Higher revenues on Abrams tank platform Naval Defense: Higher VA class submarine, CVN-80 aircraft carrier, service centers and spares revenues 

 Second Quarter 2019 Adjusted Operating Income / Margin Drivers  ($ in millions)  2Q’19Adjusted(1)  2Q’18Adjusted(1)  Change vs. 2018 Adjusted(1)  Key Drivers  Commercial / IndustrialMargin  $56.2 17.7%  $51.7 16.6%  9% 110 bps  Includes gain on sale of buildingBenefit of Op margin improvement initiativesPartially offset by higher R&D and tariffs  DefenseMargin   30.5 21.0%   38.6 26.4%   (21%) (540 bps)  Unfavorable mix (lower margin systems sales)Higher R&DFavorable non-recurring contract adjustments that benefited 2Q’18   PowerMargin   31.2 17.8%   26.2 16.2%  19%160 bps  Higher revenues and favorable absorption in naval defense  Total SegmentsAdjusted Operating Income  $118.0  $116.5  1%    Corp & Other   (10.3)   (7.5)  (37%)  Higher FX and other corporate costs  Total CW Adjusted Op IncomeMargin  $107.7 16.8%  $109.1 17.6%  (1%)(80 bps)    Adjusted operating income and operating margin exclude first year purchase accounting costs, specifically one-time inventory step-up, backlog amortization and transaction costs for current and prior year acquisitions of TCG in 2019 (Defense segment) and DRG in 2018 (Power segment), respectively, and one-time transition and IT security costs of $6 million associated with the relocation of our DRG business in the Power segment.  Note: Amounts may not add down due to rounding.  

 2019E End Market Sales Growth (Guidance as of July 31, 2019)  Synchronized Growth Continues in 2019    2019E(Prior)  2019E(Current)  2019E % of Total Sales  Aero Defense   8 - 10%   9 - 11%  16%  Ground Defense  5 - 7%  1 - 2%   4%  Naval Defense   8 - 10%  No change  21%  Total Defense   8 - 10%  No change  41%  Commercial Aero  4 - 6%  No change  17%  Power Generation  1 - 3%  No change  17%  General Industrial   1 - 3%  No change  25%  Total Commercial  1 - 3%  No change  59%  Total Curtiss-Wright  4 - 6%  No change  100%  Note: Amounts may not add down due to rounding.   Updated  

 ($ in millions)  2019E Adjusted (1)  2019E Change vs 2018 Adjusted (1)  Commercial / Industrial  $1,255 - 1,275   4 - 5%  Defense  $575 - 585   4 - 5%  Power  $680 - 690   5 - 7%  Total Sales  $2,510 - 2,550   4 - 6%  Commercial / IndustrialMargin  $195 - 200 15.6% - 15.7%   7 - 10% +50 - 60 bps  DefenseMargin  $130 - 133 22.6% - 22.7%   1 - 3% (50 - 60 bps)  PowerMargin  $115 - 117 16.9% - 17.0%   7 - 9% 30 - 40 bps  Corporate and Other   ($34 - 36)   (0 - 5%)  Total Op. IncomeCW Margin   $406 - 415 16.2% - 16.3%   6 - 9% +40 - 50 bps  Diluted EPS   $7.00 - 7.15   10 - 12%    2019E Financial Outlook (Guidance as of July 31, 2019)  Note: Amounts may not add down due to rounding. 2019 Adjusted guidance excludes first year purchase accounting costs of $2 million associated with the TCG acquisition in the Defense segment, specifically one-time backlog amortization and transaction costs, and one-time transition and IT security costs of $6 million associated with the relocation of our DRG business in the Power segment.      Re-Affirm Full-Year 

 2019E Financial Outlook (Guidance as of July 31, 2019)  ($ in millions)  2019EReported  Adjustments (2)   2019EAdjusted (2)  Free Cash Flow(1)  $310 - 320  $20  $330 - 340  Free Cash Flow Conversion(1)   ~105%     ~110%  Capital Expenditures   $75 - 85     $75 - 85  Depreciation & Amortization  $100 - 110    $100 - 110  Notes:Free Cash Flow is defined as cash flow from operations less capital expenditures. Free Cash Flow Conversion is calculated as free cash flow divided by net earnings from continuing operations. Adjusted Free Cash Flow Conversion is calculated as adjusted free cash flow divided by net earnings from continuing operations.2019 Adjusted Free Cash Flow guidance excludes a $20 million capital investment in the Power segment related to construction of a new, state-of-the-art naval facility for the DRG business.     Re-Affirm Full-Year 

 Assessing Impact of Various External Factors  Topic  Impact to CW  Level of concern   Boeing LTAExtension  Recently signed agreement for actuation equipment  None  Tariffs (AP1000)  Pertaining to 2015 CAP1000 order, tariffs not an issue; licensing granted to ship all RCPs to China  None  Tariffs (China)  Guided for ($4M) impact to C/I segment operating income in 2019 (valves, vehicles)Increase prices where possibleUtilize alternate sourcing, where appropriate  Low  AP1000 Sanmen 2  TBD when Root Cause Analysis is completeCW maintains multi-year warranty on RCPsLiability limited to cost to repair or replace a part  TBD 

 Remain on Track to Deliver Strong 2019 Results   Higher sales in all end markets driving overall growth of 4 - 6%Continued operating margin expansion, up 40 - 50 bpsAdjusted operating margin of 16.2% - 16.3%Driven by improved sales outlook and benefit of ongoing margin improvement initiativesDespite increased R&D investments ($10M) and tariffs ($4M)Solid growth in adjusted diluted EPS, up 10 - 12%Adjusted free cash flow remains solid; FCF conversion ~110% Driven by higher earnings and efficient working capital management  Notes: Adjusted operating margin and diluted EPS guidance excludes first year purchase accounting costs associated with the TCG acquisition in the Defense segment, specifically one-time backlog amortization and transaction costs, and one-time transition and IT security costs associated with the relocation of our DRG business in the Power segment.Adjusted Free Cash Flow is defined as cash flow from operations less capital expenditures, and excludes a $20 million capital investment in the Power segment related to construction of a new, state-of-the-art naval facility for the DRG business. Any 

 Appendix  Non-GAAP Financial Results The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "Adjusted" amounts, which are Non-GAAP financial measures described below. We utilize a number of different financial measures in analyzing and assessing the overall performance of our business, and in making operating decisions, forecasting and planning for future periods. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance.  The Company has elected to change the presentation of its financials and guidance to include an Adjusted (non-GAAP) view that excludes first year purchase accounting costs associated with its acquisitions, as well as one-time transition and IT security costs specifically associated with the relocation of the DRG business in the Power segment. Transition costs include relocation of employees and equipment as well as overlapping facility and labor costs associated with the relocation. We believe this Adjusted view will provide improved transparency to the investment community in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers.   Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished with this presentation. All per share amounts are reported on a diluted basis. The following definitions are provided: Adjusted Operating Income, Operating Margin, Net Income and Diluted EPSThese Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding the impact of first year purchase accounting costs associated with acquisitions for current and prior year periods, specifically one-time inventory step-up, backlog amortization and transaction costs, as well as one-time transition and IT security costs associated with the relocation of a business in the current year period. 

 FY2019E End Market Sales Waterfall (Guidance as of July 31, 2019)  Guidance:Defense Markets up 8-10%Comm’l Markets up 1-3%  Industrial Controls:Medical Mobility, Industrial Automation equipment, Sensors and Controls  Industrial Vehicles:“Own the Cab” strategy49% On-highway,51% Off-Highway  Industrial Pumps & Valves:65% O&G, 35% Chem/Petro; 75% MRO, 25% projects  Non-Nuclear:Surface Technologies services (peening, coatings); Fossil power gen equipment  Note: Percentages in chart relate to Full-Year 2019E sales.  

 Non-GAAP Reconciliation – Organic Results  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.  Note: Amounts may not add due to rounding 

 Non-GAAP Reconciliations – 2Q 2019 Results  (In millions, except EPS)   2Q-2019  2Q-2018   Change  Sales  $ 639.0  $ 620.3  3%  Reported operating income (GAAP)  $ 105.7  $ 102.1  4%  Adjustments (1)   2.0   7.0  -  Adjusted operating income (Non-GAAP)  $ 107.7  $ 109.1   (1%)  Adjusted operating margin (Non-GAAP)  16.8%  17.6%  (80 bps)  Reported net earnings (GAAP)  $ 80.1  $ 74.8   7%  Adjustments (1)  2.0  7.0  -  Tax impact on Adjustments (1)   (0.5)   (1.6)  -  Adjusted net earnings (Non-GAAP)  $ 81.6  $ 80.2  2%  Reported diluted EPS (GAAP)  $ 1.86  $ 1.68   11%  Adjustments (1)  $0.05  $0.16  -  Tax impact on Adjustments (1)  ($0.01)  ($0.04)  -  Adjusted diluted EPS (Non-GAAP)  $ 1.90  $ 1.80  6%  Adjusted operating income, operating margin, net income and diluted EPS results exclude first year purchase accounting costs associated with current and prior year acquisitions, and one-time transition and IT security costs of $6 million associated with the relocation of our DRG business in the Power segment. 

 Non-GAAP Reconciliation – 2019 vs. 2018 Adjusted