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): February 26, 2020
 
CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware	 	001-00134	 	13-0612970	
(State or Other
Jurisdiction of
Incorporation)	 	(Commission File
Number)	 	(IRS Employer
Identification No.)	
 
130 Harbour Place Drive, Suite 300	 	
Davidson, NC	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))

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	

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. ☐

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

On Wednesday, February 26, 2020, the Company issued a press release announcing financial results for the fourth quarter and full year ended December 31, 2019.  A conference call and webcast presentation will be held on Thursday, February 27, 2020 at 9:00 am ET for management to discuss the Company’s fourth quarter and full-year 2019 performance as well as expectations for 2020 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 9489886

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 26, 2020

99.2 Presentation shown during investor and securities analyst webcast on February 27, 2020

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 26, 2020

EXHIBIT INDEX

 Exhibit	 Description	
 Number	 	 	
 	 	 	
 99.1	 	 Press Release dated February 26, 2020	
 99.2	 	 Presentation shown during investor and securities analyst webcast on February 27, 2020	

 	Exhibit 99.1	

Curtiss-Wright Reports Fourth Quarter and Full-Year 2019 Financial Results; Issues Initial Full-Year 2020 Guidance
DAVIDSON, N.C.--(BUSINESS WIRE)--February 26, 2020--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2019.
Fourth Quarter 2019 Highlights:
·	Reported diluted earnings per share (EPS) of $2.08, with Adjusted diluted EPS of $2.12 (defined below), up 10% and 12%, respectively, compared to the prior year;
·	Reported free cash flow of $243 million, with Adjusted free cash flow of $248 million and an Adjusted free cash flow conversion of 277%;
·	Net sales of $656 million, up 1%;
·	Reported operating income of $121 million, up 10%, with Reported operating margin of 18.4%, up 140 basis points;
·	Adjusted operating income of $123 million, up 12%, with Adjusted operating margin of 18.8%, up 180 basis points; and
·	Share repurchases of approximately $12 million.
Full-Year 2019 Highlights:
·	Reported diluted EPS of $7.15, with Adjusted diluted EPS of $7.27, up 15% and 14%, respectively, compared to the prior year;
·	Reported free cash flow of $352 million, with Adjusted free cash flow of $371 million and an Adjusted free cash flow conversion of 121%;
·	Net sales of $2.5 billion, up 3%, including 2% organic growth;
·	Reported operating income of $404 million, up 8%, with Reported operating margin of 16.2%, up 70 basis points;
·	Adjusted operating income of $411 million, up 7%, with Adjusted operating margin of 16.5%, up 70 basis points;
·	New orders of $2.6 billion increased 6%, while Backlog of $2.2 billion increased 7% from December 31, 2018; and
·	Share repurchases of $50 million.
“We delivered record Adjusted diluted EPS in the fourth quarter, driven by continued strong sales growth in our defense markets and the benefits of our ongoing margin improvement initiatives,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “In addition, we generated nearly $250 million in Adjusted free cash flow, along with robust free cash flow conversion of 277% in the quarter.”
“Our full-year 2019 results were highlighted by a strong operational performance, as we delivered higher sales and operating income in all three segments, improved profitability that produced a 16.5% Adjusted operating margin, and double-digit growth in Adjusted diluted EPS. Adjusted free cash flow of $371 million was also strong, driven by solid growth in earnings as well as our continued efforts to reduce working capital.”

Full-Year 2020 Guidance
The Company is issuing full-year 2020 financial guidance as follows:

(In millions, except EPS)	2020 Reported
Guidance	2020
Adjustments	2020 Adjusted
Guidance(1)(2)	
Total Sales	$2,590 - $2,630	-	$2,590 - $2,630	
Operating Income	$390 - $399	$38	$428 - $437	
Operating Margin	15.1% - 15.2%	150 bps	16.5% - 16.6%	
Diluted EPS	$6.82 - $7.02	$0.68	$7.50 - $7.70	
Diluted Shares Outstanding	43.0	-	43.0	
Free Cash Flow	$193 - $213	$177	$370 - $390	
(1) 2020 Adjusted guidance excludes $28 million in restructuring costs (impacting all three segments), $7 million in one-time backlog amortization and transaction costs associated with the acquisition of 901D, and $3 million in one-time transition and IT security costs associated with the relocation of our DRG business.	
(2) 2020 Adjusted free cash flow guidance excludes a $150 million voluntary contribution made in January to the Company’s corporate defined benefit pension plan, a $14 million cash impact from restructuring, and a $13 million capital investment related to the new, state-of-the-art naval facility principally for DRG.	

Full-year 2020 Adjusted guidance notes (compared to Adjusted full-year 2019):
·	Expect solid sales growth of 4% - 6%, driven by increases in all defense markets;
·	Expect Adjusted operating income growth of 4% - 6%, Adjusted operating margin of 16.5% to 16.6% (flat to up 10 basis points) and Adjusted diluted EPS of $7.50 to $7.70 (up 3% - 6%);
·	Commercial/Industrial segment reflects improved profitability due to higher sales and the benefits of our ongoing margin improvement initiatives; Adjusted guidance excludes $13 million in restructuring costs;
·	Defense segment reflects reduced profitability, despite higher sales, mainly due to a $5 million increase in R&D investments; Adjusted guidance excludes $4 million in restructuring costs and $7 million in first year purchase accounting costs associated with acquisitions;
·	Power segment reflects reduced profitability, despite higher sales, mainly due to a $5 million increase in R&D investments; Adjusted guidance excludes $11 million in restructuring costs and $3 million in one-time transition and IT security costs; and
·	Expect Adjusted free cash flow to range from $370 to $390 million, representing an Adjusted free cash flow conversion rate in excess of 115%.
In addition, the Company has reorganized two business units to better align to its management structure and to shift most of the naval defense revenue into the Defense and Power segments. Historical financials will be available on the Company’s website.
A more detailed breakdown of the Company’s 2020 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts can be found in the accompanying schedules.
Mr. Adams continued, “For 2020, we anticipate increased sales driven by growth in all defense markets, improved profitability despite significantly increasing our year-over-year R&D investments, and strong free cash flow generation. We will continue to execute on our ongoing margin improvement initiatives, including various restructuring actions. These initiatives are expected to generate approximately $20 million in annualized savings beginning in 2021, and support Curtiss-Wright’s long-term profitable growth. Overall, we expect to maintain top-quartile performance for all of our key financial metrics and deliver significant long-term value for our shareholders.”

Fourth Quarter 2019 Operating Results

(In millions)	4Q-2019	4Q-2018	Change	
Sales	$	655.8	$	648.6	1%	
Reported operating income	$	120.7	$	110.0	10%	
Adjustments (1)	 	2.5	 	0.4	 	
Adjusted operating income (1)	$	123.2	$	110.4	12%	
Adjusted operating margin (1)	 	18.8%	 	17.0%	180 bps	
(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 in the current year.	

·	Sales of $656 million, up $7 million, or 1%, compared to the prior year (1% organic, 1% acquisitions, partially offset by 1% unfavorable foreign currency translation);
·	From an end market perspective, total sales to the defense markets increased 9% (8% organic), led by strong growth in aerospace and naval defense, while total sales to the commercial markets decreased 5%, as higher commercial aerospace sales were more than offset by reduced power generation and general industrial sales. Please refer to the accompanying tables for an overall breakdown of sales by end market;
·	Reported operating income was $121 million, up 10%, while reported operating margin increased 140 basis points to 18.4%;
·	Adjusted operating income of $123 million, up 12%, principally reflects higher profitability on strong defense revenues in the Commercial/Industrial and Defense segments, partially offset by lower power generation revenues in the Power segment;
·	Adjusted operating margin of 18.8%, up 180 basis points, primarily reflects higher revenues and favorable absorption in the Commercial/Industrial and Defense segments, and increased profitability in the Power segment, despite lower revenues, due to the benefits of our ongoing margin improvement initiatives; and
·	Non-segment expenses of $8 million decreased by $1 million, or 10% compared to the prior year, primarily due to lower environmental expenses.

Net Earnings and Diluted EPS

(In millions, except EPS)	4Q-2019	4Q-2018	Change	
Reported net earnings	$	89.4	$	82.8	8%	
Adjustments, net of tax (1)	 	1.9	 	0.4	 	
Adjusted net earnings (1)	$	91.3	$	83.2	10%	
Reported diluted EPS	$	2.08	$	1.89	10%	
Adjustments, net of tax (1)	 	0.04	 	0.01	 	
Adjusted diluted EPS (1)	$	2.12	$	1.90	12%	
(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 in the current year.	
·	Reported net earnings of $89 million, up $7 million, or 8% from the prior year, principally reflecting higher segment operating income and lower corporate expenses;
·	Reported diluted EPS of $2.08, up 10% from the prior year, principally reflecting higher net earnings, as well as a lower share count;
·	Adjusted net earnings of $91 million, up 10%;
·	Adjusted diluted EPS of $2.12, up 12%; and
·	Effective tax rate (ETR) of 24.6% increased slightly compared to the prior year quarter.

Free Cash Flow

(In millions)	4Q-2019	4Q-2018	Change	
Net cash provided by operating activities	$	262.4	$	237.3	11%	
Capital expenditures	 	(19.8)	 	(23.1)	14%	
Reported free cash flow	$	242.6	$	214.2	13%	
Adjustment to capital expenditures (DRG facility investment) (1)	 	5.3	 	-	 	
Adjusted free cash flow (1)	$	247.9	$	214.2	16%	
(1) Adjusted free cash flow excludes fourth quarter 2019 capital investment related to the new, state-of-the-art naval facility principally for DRG (Power segment).	
·	Reported free cash flow of $243 million, increased $28 million, or 13%, compared to the prior year, driven by improved working capital, primarily due to the timing of advanced payments received in the fourth quarter of 2019 which were expected in 2020;
·	Capital expenditures decreased by $3 million to $20 million compared to the prior year, primarily due to lower capital investments within the Commercial/Industrial segment, despite a $5 million investment related to the new, state-of-the-art naval facility for the DRG business; and
·	Adjusted free cash flow, which excludes the DRG facility investment in the current period, increased $34 million to $248 million.
New Orders and Backlog
·	For full-year 2019, new orders of $2.6 billion increased 6% compared to the prior year, led by strong organic growth in naval defense and commercial aerospace orders.
·	Backlog of $2.2 billion increased 7% from December 31, 2018.
Other Items – Share Repurchase
·	During the fourth quarter, the Company repurchased 92,006 shares of its common stock for approximately $12 million.
·	Year-to-date, the Company repurchased 410,530 shares for $50 million.

Fourth Quarter 2019 Segment Performance
Commercial/Industrial

(In millions)	4Q-2019	4Q-2018	Change	
Sales	$	323.2	$	304.8	6%	
Reported operating income	$	52.7	$	46.9	12%	
Reported operating margin	 	16.3%	 	15.4%	90 bps	
·	Sales of $323 million, up $18 million, or 6%, compared to the prior year;
·	Strong sales growth in the aerospace and naval defense markets principally reflects higher sales of actuation systems on the F-35 program and higher sales of valves on the Virginia class submarine program;
·	Commercial aerospace market sales increased primarily due to higher sales of actuation equipment and sensors;
·	Lower general industrial market sales reflect reduced demand for industrial vehicles, industrial valves and surface treatment services; and
·	Reported operating income was $53 million, up 12%, while reported operating margin increased 90 basis points to 16.3%, principally reflecting favorable overhead absorption on higher defense revenues and a one-time gain on sale of a product line, partially offset by a shift in mix to lower margin actuation products.

Defense

(In millions)	4Q-2019	4Q-2018	Change	
Sales	$	163.5	$	150.9	8%	
Reported operating income	$	44.1	$	36.5	21%	
Adjustments (1)	 	0.5	 	-		
Adjusted operating income (1)	$	44.6	$	36.5	22%	
Adjusted operating margin (1)	 	27.2%	 	24.2%	300 bps	
(1) Adjusted results exclude one-time backlog amortization and transaction costs for current year acquisition.	
·	Sales of $163 million, up $13 million, or 8%, compared to the prior year (6% organic, 2% acquisition);
·	Higher aerospace defense market revenues principally reflect increased sales of embedded computing and avionics equipment on various unmanned aerial vehicles (UAVs) and helicopter platforms, as well as the contribution from the TCG acquisition, partially offset by lower revenues on various fighter jet programs;
·	Naval defense market revenue growth was primarily due to higher sales of embedded computing and aircraft handling equipment on various platforms;
·	Lower ground defense market revenues reflect reduced sales of embedded computing equipment on the Abrams tank platform and lower sales of our turret drive stabilization systems for armored tanks to international customers;
·	Reported operating income was $44 million, with Reported operating margin of 27.0%; and
·	Adjusted operating income was $45 million, up 22% from the prior year, while Adjusted operating margin increased 300 basis points to 27.2%, primarily reflecting favorable mix on higher defense revenues.

Power

(In millions)	4Q-2019	4Q-2018	Change	
Sales	$	169.1	$	192.9	(12%)	
Reported operating income	$	32.3	$	36.1	(10%)	
Adjustments (1)	 	2.0	 	0.4	 	
Adjusted operating income (1)	$	34.3	$	36.5	(6%)	
Adjusted operating margin (1)	 	20.3%	 	18.9%	140 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 in the current year.	
·	Sales of $169 million, down $24 million, or 12%, compared to the prior year;
·	Lower naval defense market sales primarily reflect the timing of naval spares and service center revenues;
·	Reduced power generation market sales primarily reflect lower domestic aftermarket revenues, as well as the timing of production on the China Direct AP1000 program;
·	Reported operating income was $32 million, with Reported operating margin of 19.1%; and
·	Adjusted operating income was $34 million, down 6%, while Adjusted operating margin increased 140 basis points to 20.3%, primarily reflecting higher profitability in the aftermarket power generation business, despite lower sales volumes, due to savings generated by our margin improvement initiatives.
**********
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and full-year 2019 financial results and expectations for 2020 guidance at 9:00 a.m. ET on Thursday, February 27, 2020. 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	
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)	
($'s in thousands, except per share data)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Year Ended	
 	 	December 31,	 	Change	 	December 31,	 	Change	
 	 	2019	 	2018	 	$	%	 	2019	 	2018	 	$	%	
Product sales	 	$	552,918	 	 	$	541,689	 	 	$	11,229	 	2%	 	$	2,073,530	 	 	$	1,993,249	 	 	$	80,281	 	4%	
Service sales	 	102,853	 	 	106,933	 	 	(4,080)	 	(4)%	 	414,431	 	 	418,586	 	 	(4,155)	 	(1)%	
Total net sales	 	655,771	 	 	648,622	 	 	7,149	 	1%	 	2,487,961	 	 	2,411,835	 	 	76,126	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of product sales	 	343,286	 	 	336,402	 	 	6,884	 	2%	 	1,329,761	 	 	1,272,599	 	 	57,162	 	4%	
Cost of service sales	 	66,733	 	 	71,168	 	 	(4,435)	 	(6)%	 	259,455	 	 	267,975	 	 	(8,520)	 	(3)%	
Total cost of sales	 	410,019	 	 	407,570	 	 	2,449	 	1%	 	1,589,216	 	 	1,540,574	 	 	48,642	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	 	245,752	 	 	241,052	 	 	4,700	 	2%	 	898,745	 	 	871,261	 	 	27,484	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development expenses	 	18,017	 	 	19,291	 	 	(1,274)	 	(7)%	 	72,520	 	 	64,525	 	 	7,995	 	12%	
Selling expenses	 	30,558	 	 	32,095	 	 	(1,537)	 	(5)%	 	120,861	 	 	126,641	 	 	(5,780)	 	(5)%	
General and administrative expenses	 	76,523	 	 	79,661	 	 	(3,138)	 	(4)%	 	301,411	 	 	306,469	 	 	(5,058)	 	(2)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	120,654	 	 	110,005	 	 	10,649	 	10%	 	403,953	 	 	373,626	 	 	30,327	 	8%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	8,164	 	 	8,264	 	 	(100)	 	(1)%	 	31,347	 	 	33,983	 	 	(2,636)	 	(8)%	
Other income, net	 	6,152	 	 	4,099	 	 	2,053	 	50%	 	23,856	 	 	16,596	 	 	7,260	 	44%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings before income taxes	 	118,642	 	 	105,840	 	 	12,802	 	12%	 	396,462	 	 	356,239	 	 	40,223	 	11%	
Provision for income taxes	 	(29,234)	 	 	(23,005)	 	 	(6,229)	 	(27)%	 	(88,879)	 	 	(80,490)	 	 	(8,389)	 	(10)%	
Net earnings	 	$	89,408	 	 	$	82,835	 	 	$	6,573	 	8%	 	$	307,583	 	 	$	275,749	 	 	$	31,834	 	12%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings per share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	2.09	 	 	$	1.91	 	 	 	 	 	$	7.20	 	 	$	6.28	 	 	 	 	
Diluted earnings per share	 	$	2.08	 	 	$	1.89	 	 	 	 	 	$	7.15	 	 	$	6.22	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dividends per share	 	$	0.17	 	 	$	0.15	 	 	 	 	 	$	0.66	 	 	$	0.60	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	42,687	 	 	43,447	 	 	 	 	 	42,739	 	 	43,892	 	 	 	 	
Diluted	 	42,986	 	 	43,782	 	 	 	 	 	43,016	 	 	44,316	 	 	 	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONSOLIDATED BALANCE SHEETS (UNAUDITED)	
($'s in thousands, except par value)	
 	 	 	 	 	 	 	 	
 	 	 	December 31,	 	December 31,	 	Change	
 	 	 	2019	 	2018	 	%	
Assets	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	
 	Cash and cash equivalents	 	$	391,033	 	 	$	276,066	 	 	42%	
 	Receivables, net	 	632,194	 	 	593,755	 	 	6%	
 	Inventories, net	 	424,835	 	 	423,426	 	 	0%	
 	Other current assets	 	81,729	 	 	50,719	 	 	61%	
 	Total current assets	 	1,529,791	 	 	1,343,966	 	 	14%	
Property, plant, and equipment, net	 	385,593	 	 	374,660	 	 	3%	
Goodwill	 	1,166,680	 	 	1,088,032	 	 	7%	
Other intangible assets, net	 	479,907	 	 	429,567	 	 	12%	
Operating lease right-of-use assets, net	 	165,490	 	 	—	 	 	NM	
Other assets	 	36,800	 	 	19,160	 	 	92%	
 	Total assets	 	$	3,764,261	 	 	$	3,255,385	 	 	16%	
 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	
 	Current portion of long-term and short term debt	 	$	—	 	 	$	243	 	 	NM	
 	Accounts payable	 	222,000	 	 	232,983	 	 	(5)%	
 	Accrued expenses	 	164,744	 	 	166,954	 	 	(1)%	
 	Income taxes payable	 	7,670	 	 	5,811	 	 	32%	
 	Deferred revenue	 	276,115	 	 	236,508	 	 	17%	
 	Other current liabilities	 	74,202	 	 	44,829	 	 	66%	
 	Total current liabilities	 	744,731	 	 	687,328	 	 	8%	
Long-term debt, net	 	760,639	 	 	762,313	 	 	0%	
Deferred tax liabilities	 	80,159	 	 	47,121	 	 	70%	
Accrued pension and other postretirement benefit costs	 	138,635	 	 	101,227	 	 	37%	
Long-term operating lease liability	 	145,124	 	 	—	 	 	NM	
Long-term portion of environmental reserves	 	15,026	 	 	15,777	 	 	(5)%	
Other liabilities	 	105,575	 	 	110,838	 	 	(5)%	
 	Total liabilities	 	1,989,889	 	 	1,724,604	 	 	15%	
 	 	 	 	 	 	 	 	
Stockholders' equity	 	 	 	 	 	 	
Common stock, $1 par value	 	$	49,187	 	 	$	49,187	 	 	0%	
Additional paid in capital	 	116,070	 	 	118,234	 	 	(2)%	
Retained earnings	 	2,497,111	 	 	2,191,471	 	 	14%	
Accumulated other comprehensive loss	 	(325,274)	 	 	(288,447)	 	 	13%	
Less: cost of treasury stock	 	(562,722)	 	 	(539,664)	 	 	4%	
 	Total stockholders' equity	 	1,774,372	 	 	1,530,781	 	 	16%	
 	 	 	 	 	 	 	 	
 	Total liabilities and stockholders' equity	 	$	3,764,261	 	 	$	3,255,385	 	 	16%	
 	 	 	 	 	 	 	 	
NM = Not Meaningful	 	 	 	 	 	 	

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

 	 	Three Months Ended	 	Year Ended	
 	 	December 31,	 	December 31,	
 	 	 	 	 	 	Change	 	 	 	 	 	Change	
 	 	2019	 	2018	 	%	 	2019	 	2018	 	%	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial/Industrial	 	$	323,219	 	 	$	304,835	 	 	6%	 	$	1,239,881	 	 	$	1,209,178	 	 	3%	
Defense	 	163,491	 	 	150,924	 	 	8%	 	579,329	 	 	554,374	 	 	5%	
Power	 	169,061	 	 	192,863	 	 	(12)%	 	668,751	 	 	648,283	 	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	 	$	655,771	 	 	$	648,622	 	 	1%	 	$	2,487,961	 	 	$	2,411,835	 	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	
Commercial/Industrial	 	$	52,687	 	 	$	46,922	 	 	12%	 	$	196,455	 	 	$	182,669	 	 	8%	
Defense	 	44,129	 	 	36,462	 	 	21%	 	129,653	 	 	128,446	 	 	1%	
Power	 	32,304	 	 	36,066	 	 	(10)%	 	112,954	 	 	98,858	 	 	14%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	 	$	129,120	 	 	$	119,450	 	 	8%	 	$	439,062	 	 	$	409,973	 	 	7%	
Corporate and other	 	(8,466)	 	 	(9,445)	 	 	10%	 	(35,109)	 	 	(36,347)	 	 	3%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	 	$	120,654	 	 	$	110,005	 	 	10%	 	$	403,953	 	 	$	373,626	 	 	8%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial/Industrial	 	16.3%	 	15.4%	 	90 bps	 	15.8%	 	15.1%	 	70 bps	
Defense	 	27.0%	 	24.2%	 	280 bps	 	22.4%	 	23.2%	 	(80 bps)	
Power	 	19.1%	 	18.7%	 	40 bps	 	16.9%	 	15.2%	 	170 bps	
Total Curtiss-Wright	 	18.4%	 	17.0%	 	140 bps	 	16.2%	 	15.5%	 	70 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	19.7%	 	18.4%	 	130 bps	 	17.6%	 	17.0%	 	60 bps	

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

 	 	Three Months Ended	 	Year Ended	
 	 	December 31,	 	December 31,	
 	 	 	 	 	 	Change	 	 	 	 	 	Change	
 	 	2019	 	2018	 	%	 	2019	 	2018	 	%	
Defense markets:	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace	 	$	122,886	 	 	$	104,142	 	 	18%	 	$	416,841	 	 	$	376,951	 	 	11%	
Ground	 	24,049	 	 	28,667	 	 	(16)%	 	93,432	 	 	97,131	 	 	(4)%	
Naval	 	144,405	 	 	134,020	 	 	8%	 	568,776	 	 	486,476	 	 	17%	
Total Defense	 	$	291,340	 	 	$	266,829	 	 	9%	 	$	1,079,049	 	 	$	960,558	 	 	12%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace	 	$	112,801	 	 	$	108,529	 	 	4%	 	$	433,038	 	 	$	414,422	 	 	4%	
Power Generation	 	113,979	 	 	124,317	 	 	(8)%	 	392,173	 	 	431,793	 	 	(9)%	
General Industrial	 	137,651	 	 	148,947	 	 	(8)%	 	583,701	 	 	605,062	 	 	(4)%	
Total Commercial	 	$	364,431	 	 	$	381,793	 	 	(5)%	 	$	1,408,912	 	 	$	1,451,277	 	 	(3)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	655,771	 	 	$	648,622	 	 	1%	 	$	2,487,961	 	 	$	2,411,835	 	 	3%	

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’s presentation of its financials and guidance includes 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, and capital investments, 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. The Company is also excluding significant restructuring costs in 2020 associated with its operations. 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; one-time transition and IT security costs associated with the relocation of a business in the current year period; and significant restructuring costs in 2020 associated with its operations.
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales 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,	
 	2019 vs. 2018	
 	Commercial/Industrial	 	Defense	 	Power	 	Total Curtiss-Wright	
 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	
Organic	6%	 	13%	 	6%	 	21%	 	(12)%	 	(10)%	 	1%	 	10%	
Acquisitions	0%	 	0%	 	2%	 	0%	 	0%	 	0%	 	1%	 	0%	
Foreign Currency	0%	 	(1)%	 	0%	 	0%	 	0%	 	0%	 	(1)%	 	0%	
Total	6%	 	12%	 	8%	 	21%	 	(12)%	 	(10)%	1%	 	10%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Year Ended	
 	December 31,	
 	2019 vs. 2018	
 	Commercial/Industrial	 	Defense	 	Power	 	Total Curtiss-Wright	
 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	
Organic	4%	 	8%	 	3%	 	0%	 	(1)%	 	11%	 	2%	 	6%	
Acquisitions	0%	 	0%	 	2%	 	0%	 	4%	 	3%	 	2%	 	1%	
Foreign Currency	(1)%	 	0%	 	0%	 	1%	 	0%	 	0%	 	(1)%	 	1%	
Total	3%	 	8%	 	5%	 	1%	 	3%	 	14%	3%	 	8%	
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, voluntary contributions to the Company’s corporate defined benefit pension plan made in the first quarters of 2018 and 2020, and the cash impact from restructuring in 2020. 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	 	Year Ended	
 	 	December 31,	 	December 31,	
 	 	2019	 	2018	 	2019	 	2018	
 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	$	262,389	 	 	$	237,298	 	 	$	421,404	 	 	$	336,273	 	
Capital expenditures	(19,833)	 	 	(23,130)	 	 	(69,752)	 	 	(53,417)	 	
Free cash flow	$	242,556	 	 	$	214,168	 	 	$	351,652	 	 	$	282,856	 	
Adjustment to capital expenditures (DRG facility investment)	 	5,298	 	 	—	 	 	19,284	 	 	—	 	
Voluntary pension payment	—	 	 	—	 	 	—	 	 	50,000	 	
Adjusted free cash flow	$	247,854	 	 	$	214,168	 	 	$	370,936	 	 	$	332,856	 	
Free Cash Flow Conversion	277%	 	259%	 	121%	 	121%	

CURTISS-WRIGHT CORPORATION			
2019 Reconciliation Reported (GAAP) to Adjusted (Non-GAAP)			
($'s in millions, except per share data)			
														 		
	2018
Reported
(GAAP)		2018
Adjustments (1)
(Non-GAAP)		2018
Adjusted (1)
(Non-GAAP)		2019
Reported
(GAAP)		2019
Adjustments (1)
(Non-GAAP)		2019
Adjusted (1)
(Non-GAAP)					
													2019 Chg vs
2018 Adjusted			
Sales:																
Commercial/Industrial	$	 	1,209	 		$	 	-	 		$	 	1,209	 		$	 	1,240	 		$	 	-	 		$	 	1,240	 					
Defense	 	554	 		 	-	 		 	554	 		 	579	 		 	2	 		 	581	 					
Power	 	648	 		 	-	 		 	648	 		 	669	 		 	-	 		 	669	 					
Total sales	$	 	2,412	 		$	 	-	 		$	 	2,412	 		$	 	2,488	 		$	 	2	 		$	 	2,490	 		3	%			
														 		
Operating income:																
Commercial/Industrial	$	 	183	 		$	 	-	 		$	 	183	 		$	 	196	 		$	 	-	 		$	 	196	 					
Defense	 	128	 		 	-	 		 	128	 		 	130	 		 	2	 		 	132	 					
Power	 	99	 		 	9	 		 	108	 		 	113	 		 	4	 		 	117	 					
Total segments	 	410	 		 	9	 		 	419	 		 	439	 		 	7	 		 	446	 					
Corporate and other	 	(36	)		 	-	 		 	(36	)		 	(35	)		 	-	 		 	(35	)					
Total operating income	$	 	374	 		$	 	9	 		$	 	382	 		$	 	404	 		$	 	7	 		$	 	411	 		7	%			
														 		
Interest expense	$	 	(34	)		$	 	-	 		$	 	(34	)		$	 	(31	)		 	-	 		$	 	(31	)					
Other income, net	 	17	 		 	-	 		 	17	 		 	24	 		 	-	 		 	24	 					
Earnings before income taxes	356	 	 	 	9	 		 	365	 		 	396	 		 	7	 		 	403	 		 	 				
Provision for income taxes	 	(81	)		 	(2	)		 	(83	)		 	(89	)		 	(2	)		 	(90	)					
Net earnings	$	 	276	 		$	 	7	 		$	 	282	 		$	 	308	 		$	 	5	 		$	 	313	 					
														 		
Diluted earnings per share	$	 	6.22	 		$	 	0.15	 		$	 	6.37	 		$	 	7.15	 		$	 	0.12	 		$	 	7.27	 		14	%			
Diluted shares outstanding	 	44.3	 				 	44.3	 		 	43.0	 				 	43.0	 					
Effective tax rate	 	22.6	%				 	22.6	%		 	22.4	%				 	22.4	%					
														 		
Operating margins:																
Commercial/Industrial	 	15.1	%		 	-	 		 	15.1	%		 	15.8	%		 	-	 		 	15.8	%		70 bps			
Defense	 	23.2	%		 	-	 		 	23.2	%		 	22.4	%		+30 bps		 	22.7	%		(50 bps)			
Power	 	15.2	%		+140 bps		 	16.6	%		 	16.9	%		+60 bps		 	17.5	%		90 bps			
Total operating margin	 	15.5	%		+30 bps		 	15.8	%		 	16.2	%		+30 bps		 	16.5	%		70 bps			
														 		
Free cash flow (2)	$	 	283	 		$	 	50	 		$	 	333	 		$	 	352	 		$	 	19	 		$	 	371	 		11	%			
														 		
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) 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 excludes a $19 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	
	2020 Segment Reorganization	
	As of February 26, 2020	
	($'s in millions, except per share data)	
								 	
		2019 Adjusted
(Non-GAAP)	 	Business Unit
Realignment	 	2019 Adjusted
(Non-GAAP)	 	2020 Adjusted Guidance
(Non-GAAP)	
		(Prior Structure)				(New Structure)		(New Structure)	
								Low		High	
	Sales:										
	Commercial/Industrial	$	1,240	 		$	(102	)		$	1,138	 		$	1,140	 		$	1,160	 	
	Defense	 	581	 		 	47	 		 	628	 		 	690	 		 	700	 	
	Power	 	669	 		 	55	 		 	724	 		 	760	 		 	770	 	
	Total sales	$	2,490	 		$	-	 		$	2,490	 		$	2,590	 		$	2,630	 	
										 	
	Operating income:										
	Commercial/Industrial	$	196	 		$	(17	)		$	180	 		$	180	 		$	184	 	
	Defense	 	132	 		 	8	 		 	140	 		 	152	 		 	155	 	
	Power	 	117	 		 	9	 		 	126	 		 	130	 		 	132	 	
	Total segments	 	446	 		 	-	 		 	446	 		 	462	 		 	472	 	
	Corporate and other	 	(35	)		 	-	 		 	(35	)		 	(34	)		 	(35	)	
	Total operating income	$	411	 		$	-	 		$	411	 		$	428	 		$	437	 	
										 	
	Interest expense	$	(31	)		$	-	 		$	(31	)		$	(32	)		$	(33	)	
	Other income, net	 	24	 		 	-	 		 	24	 		 	24	 		 	25	 	
	Earnings before income taxes	 	403	 		 	-	 		 	403	 		 	419	 		 	429	 	
	Provision for income taxes	 	(90	)		 	-	 		 	(90	)		 	(96	)		 	(99	)	
	Net earnings	$	313	 		$	-	 		$	313	 		$	323	 		$	331	 	
										 	
	Diluted earnings per share	$	7.27	 		$	-	 		$	7.27	 		$	7.50	 		$	7.70	 	
	Diluted shares outstanding	 	43.0	 				 	43.0	 		 	43.0	 		 	43.0	 	
	Effective tax rate	 	22.4	%				 	22.4	%		 	23.0	%		 	23.0	%	
										 	
	Operating margins:										
	Commercial/Industrial	 	15.8	%		 	-	 		 	15.8	%		 	15.8	%		 	15.9	%	
	Defense	 	22.7	%		(40 bps)		 	22.3	%		 	22.0	%		 	22.1	%	
	Power	 	17.5	%		(10 bps)		 	17.4	%		 	17.1	%		 	17.2	%	
	Total operating margin	 	16.5	%		 	-	 		 	16.5	%		 	16.5	%		 	16.6	%	
										 	
	Notes:										
	(1) Full year amounts may not add due to rounding							
	(2) The above supplemental financial information by reportable segment for the 2019 and 2020 reporting periods reflects the Corporation’s first quarter 2020 segment reorganization.	

																 	
	CURTISS-WRIGHT CORPORATION	
	2020 Guidance (New Segment Structure)	
	As of February 26, 2020	
	($'s in millions, except per share data)	
														 	
		2019
Reported
(GAAP)	 	2019
Adjustments (1)
(Non-GAAP)		2019
Adjusted
(Non-GAAP)		2020
Reported Guidance
(GAAP)		2020
Adjustments (2)
(Non-GAAP)		2020
Adjusted Guidance (3)(4)(5)
(Non-GAAP)	
								Low	High				Low	High		2020 Chg vs 2019 Adjusted	
	Sales:																
	Commercial/Industrial	$	1,138	 		$	-	 		$	1,138	 		$	1,140	 	$	1,160	 		$	-	 		$	1,140	 	$	1,160	 			
	Defense	 	626	 		 	2	 		 	628	 		 	690	 	 	700	 		 	-	 		 	690	 	 	700	 			
	Power	 	724	 		 	-	 		 	724	 		 	760	 	 	770	 		 	-	 		 	760	 	 	770	 			
	Total sales	$	2,488	 		$	2	 		$	2,490	 		$	2,590	 	$	2,630	 		$	-	 		$	2,590	 	$	2,630	 		4 to 6%	
																 	
	Operating income:																
	Commercial/Industrial	$	180	 		$	-	 		$	180	 		$	167	 	$	171	 		$	13	 		$	180	 	$	184	 			
	Defense	 	137	 		 	2	 		 	140	 		 	141	 	 	144	 		 	11	 		 	152	 	 	155	 			
	Power	 	122	 		 	4	 		 	126	 		 	116	 	 	119	 		 	14	 		 	130	 	 	132	 			
	Total segments	 	439	 		 	7	 		 	446	 		 	424	 	 	434	 		 	38	 		 	462	 	 	472	 			
	Corporate and other	 	(35	)		 	-	 		 	(35	)		 	(34	)	 	(35	)		 	-	 		 	(34	)	 	(35	)			
	Total operating income	$	404	 		$	7	 		$	411	 		$	390	 	$	399	 		$	38	 		$	428	 	$	437	 		4 to 6%	
																 	
	Interest expense	$	(31	)		$	-	 		$	(31	)		$	(32	)	$	(33	)		$	-	 		$	(32	)	$	(33	)			
	Other income, net	 	24	 		 	-	 		 	24	 		 	24	 	 	25	 		 	-	 		 	24	 	 	25	 			
	Earnings before income taxes	 	397	 		 	7	 		 	403	 		 	381	 	 	392	 		 	38	 		 	419	 	 	429	 			
	Provision for income taxes	 	(89	)		 	(2	)		 	(90	)		 	(88	)	 	(90	)		 	(9	)		 	(96	)	 	(99	)			
	Net earnings	$	308	 		$	5	 		$	313	 		$	294	 	$	302	 		$	29	 		$	323	 	$	331	 			
																 	
	Diluted earnings per share	$	7.15	 		$	0.12	 		$	7.27	 		$	6.82	 	$	7.02	 		$	0.68	 		$	7.50	 	$	7.70	 		3 to 6%	
	Diluted shares outstanding	 	43.0	 				 	43.0	 		 	43.0	 	 	43.0	 				 	43.0	 	 	43.0	 			
	Effective tax rate	 	22.4	%				 	22.4	%		 	23.0	%	 	23.0	%				 	23.0	%	 	23.0	%			
																 	
	Operating margins:																
	Commercial/Industrial	 	15.8	%		 	-	 		 	15.8	%		 	14.6	%	 	14.8	%		+110 bps		 	15.8	%	 	15.9	%		0 to 10 bps	
	Defense	 	21.9	%		+40 bps		 	22.3	%		 	20.4	%	 	20.6	%		+160 bps		 	22.0	%	 	22.1	%		(20 to 30 bps)	
	Power	 	16.9	%		+50 bps		 	17.4	%		 	15.3	%	 	15.4	%		+180 bps		 	17.1	%	 	17.2	%		(20 to 30 bps)	
	Total operating margin	 	16.2	%		+30 bps		 	16.5	%		 	15.1	%	 	15.2	%		+150 bps		 	16.5	%	 	16.6	%		0 to 10 bps	
																 	
	Free cash flow (6)	$	352	 		$	19	 		$	371	 		$	193	 	$	213	 		$	177	 		$	370	 	$	390	 			
																 	
	Notes: Full year amounts may not add due to rounding. All financial information by reportable segment for the 2019 and 2020 reporting periods reflects the Corporation’s first quarter 2020 segment reorganization.	
	(1) 2019 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 (Defense segment), specifically one-time backlog amortization and transaction costs, as well as one-time transition and IT security costs related to the relocation of the DRG business (Power Segment).	
	(2) 2020 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding restructuring costs (impacting all three segments), the impact of first year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with the acquisition of 901D (Defense Segment), and one-time transition and IT security costs related to the relocation of the DRG business (Power Segment).	
	(3) Commercial/Industrial segment 2020 guidance reflects improved profitability due to higher sales and benefits of our ongoing margin improvement initiatives. Adjusted guidance excludes $13 million in restructuring costs.	
	(4) Defense segment 2020 guidance reflects reduced profitability, despite higher sales, due to a $5 million increase in R&D investments. Adjusted guidance excludes $4 million in restructuring costs and $7 million in one-time backlog amortization and transaction costs associated with the acquisition of 901D.	
	(5) Power segment 2020 guidance reflects reduced profitability, despite higher sales, due to a $5 million increase in R&D investments. Adjusted guidance excludes $11 million in restructuring costs and $3 million in one-time transition and IT security costs related to the relocation of the DRG business.	
	(6) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2019 Adjusted Free Cash Flow excludes a $19 million capital investment in the Power segment related to construction of a new, state-of-the-art naval facility for the DRG business. 2020 Adjusted Free Cash Flow guidance excludes a voluntary contribution to the Company’s corporate defined benefit pension plan of $150 million, a $14 million cash impact from restructuring, and a $13 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	
2020 Sales Growth Guidance by End Market	
As of February 26, 2020	
		 	
		2020 % Change vs 2019	
		(Prior)	
Defense Markets			
Aerospace		4 - 6%	
Ground		5 - 7%	
Navy		12 - 14%	
Total Defense		8 - 10%	
		 	
Commercial Markets			
Commercial Aerospace		0 - 2%	
Power Generation		3 - 5%	
General Industrial		Flat	
Total Commercial		0 - 2%	
		 	
Total Curtiss-Wright Sales		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 9,100 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	

 4Q & FY 2019 Earnings Conference CallFebruary 27, 2020  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. Any references to organic growth exclude the effects of foreign currency translation, acquisitions and divestitures, unless otherwise noted. 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. 

 Fourth Quarter 2019 Highlights  Net Sales of $656 million, up 1% Strong growth in defense markets, up 9% (8% organic)Mainly offset by lower power generation and general industrial revenuesAdjusted Operating Income up 12%; Adjusted Operating Margin of 18.8%, up 180 bpsReflects margin expansion in all three segments, driven by solid defense revenuesBenefits of ongoing margin improvement initiativesAdjusted Diluted EPS of $2.12, up 12%Adjusted Free Cash Flow of $248 million, up 16%; FCF conversion 277%Reflects solid growth in earnings, lower working capital and timing of advanced payments  Notes: Adjusted operating income, operating margin and diluted EPS for fourth quarter and full-year 2019 results 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, as well as one-time transition and IT security costs associated with the relocation of the DRG business (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. Fourth quarter 2019 Adjusted FCF excludes a $5 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. 

 Full-Year 2019 Highlights  Net Sales of $2.5 billion, up 3% Strong growth in defense markets, up 12% (9% organic)Partially offset by lower power generation and general industrial revenuesAdjusted Operating Income up 7%; Adjusted Operating Margin of 16.5%, up 70 bps Solid profitability in C/I and Power segments, partially offset by unfavorable mix in Defense segmentAdjusted Diluted EPS of $7.27, up 14%Adjusted Free Cash Flow of $371 million, up 11%; FCF conversion 121%Reflects double-digit growth in earnings, lower working capital and timing of advanced paymentsNew Orders up 6%, led by double-digit growth in defense markets; Book-to-bill 1.04x  Notes: Adjusted operating income, operating margin and diluted EPS for fourth quarter and full-year 2019 results 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, as well as one-time transition and IT security costs associated with the relocation of the DRG business (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. Full-year 2019 Adjusted FCF excludes a $19 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. 

 901D Acquisition    Completed acquisition of 901D Holdings, LLC (901D) on Dec. 31, 2019Benefits of 901D acquisitionLeading designer and manufacturer of MIL-SPEC Naval Shipboard (surface and submarine) ruggedized enclosure and electronic subsystemsIncreases our footprint on critical U.S. Navy shipbuilding programsExpands the breadth of our instrumentation and controls systems technologiesStrengthens long-term relationships with nearly identical customer baseProvides long-term profitable growth    901D  Purchase Price  $132M (cash)  EBITDA Multiple(1)  ~10x NTM  2020 Sales  ~$50M  Adjusted Operating Margin  Accretive to CW(2)  Adjusted EPS Impact  Accretive to 2020 Adj. EPS(2)   FCF Impact  Accretive to CW(>100% Avg. FCF Conv.)  EBITDA defined as Earnings before Interest, Tax, Depreciation and Amortization Excludes impact of first-year purchase accounting costs, including backlog amortization and transaction costs  

 2020E End Market Sales Growth (Guidance as of February 26, 2020)    2019  2020E  2020E % Total Sales  Key Drivers  Aero Defense   11%   4% - 6%  16%  Favorable growth on key platforms (esp. F-35)  Ground Defense   (4%)   5% - 7%   4%  Modernization of U.S. ground platforms  Naval Defense   17%  12% - 14%  25%  Strong DoD support for submarines and aircraft carriersContribution from 901D acquisition  Total Defense   12%    8% - 10%  45%  Organic growth up 4% - 6%  Commercial Aero   4%   0% - 2%  17%  Higher sales on Airbus platformsBoeing ~Flat (impact of MAX)  Power Generation   (9%)   3% - 5%  16%  Higher CAP1000 program revenues (timing) Part. offset by lower Int’l aftermarket (U.S. market flat)  General Industrial    (4%)  Flat  22%  In-line with global GDP growth rate (flat)  Total Commercial   (3%)   0% - 2%  55%    Total Curtiss-Wright   3%   4% - 6%  100%  Organic growth up 2% - 4% 

 ($ in millions)  2019 Adjusted (1)(Old Structure)  2019 Adjusted (1)(New Structure)  Commercial / Industrial  $1,240  $1,138  Defense  $581  $628  Power  $669  $724  Total Sales  $2,490  $2,490  Commercial / IndustrialMargin  $19615.8%  $18015.8%  DefenseMargin  $132 22.7%  $140 22.3%  PowerMargin  $11717.5%  $12617.4%  Corporate and Other  ($35)  ($35)  Total Op. IncomeCW Margin  $41116.5%  $41116.5%    2020E Financial Outlook (Guidance as of February 26, 2020)  Note: Amounts may not add down due to rounding. 2019 Adjusted results exclude first year purchase accounting costs, specifically one-time inventory step-up, backlog amortization and transaction costs for acquisition of TCG (Defense segment), and one-time transition and IT security costs associated with the relocation of our DRG business (Power segment).2020 Adjusted guidance excludes restructuring costs (impacting all three segments), one-time transition and IT security costs related to the relocation of the DRG business (Power Segment), and one-time backlog amortization and transaction costs associated with the acquisition of 901D (Defense segment). 

 ($ in millions)  2019 Adjusted (1)(New Structure)  2020E Adjusted (2)  2020E Change vs 2019 Adjusted (1)(2)  2020 Key Drivers  Commercial / Industrial  $1,138  $1,140 - 1,160   0% - 2%  Modest growth in commercial & industrial markets  Defense  $628  $690 - 700   10% - 12%  Solid growth in all defense marketsContribution from 901D   Power  $724  $760 - 770   5% - 6%  Solid growth in naval defense and CAP1000  Total Sales  $2,490  $2,590 - 2,630   4% - 6%    Commercial / IndustrialMargin  $18015.8%  $180 - 184 15.8% - 15.9%  0% - 3% +0 - 10 bps  Benefit of PY cost reductionExcludes restructuring costs ($13M)  DefenseMargin  $140 22.3%  $152 - 155 22.0% - 22.1%   9% - 11% (20 - 30 bps)  Higher defense sales and favorable overhead absorption Increased R&D ($5M)Excl. restructuring ($4M) and 901D PA costs ($7M)  PowerMargin  $12617.4%  $130 - 132 17.1% - 17.2%  3% - 5% (20 - 30 bps)  Higher sales and favorable overhead absorption Increased R&D ($5M)Excl. restructuring ($11M) and DRG relocation costs ($3M)  Corporate and Other  ($35)  ($34 - 35)  0% - 4%    Total Op. IncomeCW Margin  $41116.5%  $428 - 43716.5% - 16.6%  4% - 6% +0 - 10 bps  Up 40-50 bps excl. $10M increase in R&D    2020E Financial Outlook (Guidance as of February 26, 2020)  Note: Amounts may not add down due to rounding. 2019 Adjusted results exclude first year purchase accounting costs, specifically one-time inventory step-up, backlog amortization and transaction costs for acquisition of TCG (Defense segment), and one-time transition and IT security costs associated with the relocation of our DRG business (Power segment).2020 Adjusted guidance excludes restructuring costs (impacting all three segments), one-time transition and IT security costs related to the relocation of the DRG business (Power Segment), and one-time backlog amortization and transaction costs associated with the acquisition of 901D (Defense segment). 

 2020E Financial Outlook (Guidance as of February 26, 2020)  ($ in millions, except EPS)  2019 Adjusted (2)  2020E Adjusted (3)  2020E Change vs 2019 Adjusted (2)(3)  2020 Key Drivers  Total Operating Income  $411   $428 - 437    4% - 6%  Higher profitability on strong defense revenues  Other Income/(Expense)   $24  $24 - 25      Interest Expense   ($31)  ($32 - 33)      Effective Tax Rate  22.4%  ~23.0%      Diluted EPS  $7.27  $7.50 - 7.70   3% - 6%  Includes increased R&D ($10M or $0.18)  Diluted Shares Outstanding   43.0   43.0    Reflects $50 million 10b5-1 share repurchase program  Free Cash Flow(1)  $371  $370 - 390   0% - 5%  Excludes $150M voluntary pension contribution and $14M cash impact from restructuring  Free Cash Flow Conversion(1)  121%   115% - 118%      Capital Expenditures   $50  $50 - 60    Excludes $13M capital investment related to relocation of DRG business  Depreciation & Amortization  $102  $115 - 125      Free Cash Flow is defined as cash flow from operations less capital expenditures. FCF Conversion is calculated as free cash flow divided by net earnings from continuing operations. Adjusted FCF Conversion is calculated as adjusted free cash flow divided by net earnings from continuing operations.2019 Adjusted results exclude first year purchase accounting costs, specifically one-time inventory step-up, backlog amortization and transaction costs for acquisition of TCG (Defense segment), and one-time transition and IT security costs associated with the relocation of our DRG business (Power segment). 2019 Adjusted Free Cash Flow excludes a $19 million capital investment related to construction of a new, state-of-the-art naval facility for the DRG business (Power segment).2020 Adjusted guidance excludes restructuring costs (impacting all three segments), one-time transition and IT security costs related to the relocation of the DRG business (Power Segment), and one-time backlog amortization and transaction costs associated with the acquisition of 901D (Defense segment). 2020 Adjusted Free Cash Flow guidance excludes a voluntary contribution to the Company’s corporate defined benefit pension plan of $150 million, a $14 million cash impact from restructuring, and a $13 million capital investment related to construction of a new, state-of-the-art naval facility for the DRG business (Power segment). 

 Positioned to Deliver Solid 2020 Results  Strong defense revenues driving overall sales growth of 4% - 6%Continued adjusted operating margin expansion to reach 16.5% - 16.6% Driven by solid defense revenues and benefit of ongoing margin improvement initiativesRestructuring actions to drive approximately $20M in future annualized savings Increased profitability despite additional R&D investments ($10M or $0.18)Solid growth in adjusted diluted EPS, up 3% - 6%Strong adjusted free cash flow of $370 - 390M, flat to up 5%; FCF conversion >115% Driven by higher earnings and efficient working capital management  Notes: 2020 Adjusted guidance excludes restructuring costs (impacting all three segments), one-time transition and IT security costs related to the relocation of the DRG business (Power Segment), and one-time backlog amortization and transaction costs associated with the acquisition of 901D (Defense segment). 2020 Adjusted Free Cash Flow guidance excludes a voluntary contribution to the Company’s corporate defined benefit pension plan of $150 million, a $14 million cash impact from restructuring, and a $13 million capital investment related to construction of a new, state-of-the-art naval facility for the DRG business (Power segment).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’s presentation of its financials and guidance includes 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, and capital investments, 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. The Company is also excluding significant restructuring costs in 2020 associated with its operations. 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; one-time transition and IT security costs associated with the relocation of a business; and significant restructuring costs in 2020 associated with its operations.Organic Sales and Organic Operating IncomeThe Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales 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.Free Cash Flow and Free Cash Flow ConversionThe 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, voluntary contributions to the Company’s corporate defined benefit pension plan made in the first quarters of 2018 and 2020, and the cash impact from restructuring in 2020. 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. 

     Fourth Quarter 2019 End Market Sales Growth  Notes: Percentages in chart relate to Fourth 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.    4Q’19Change  % of Total Sales  Aero Defense   18%  19%  Ground Defense   (16%)   4%  Naval Defense   8%  22%  Total Defense   9%   44%  Commercial Aero   4%  17%  Power Generation   (8%)  17%  General Industrial    (8%)  21%  Total Commercial   (5%)  56%  Total Curtiss-Wright   1%  100%      Commercial Markets: Down 5% overall, down 4% organicCommercial Aerospace: Higher sales of actuation equipment and sensorsPower Generation: Lower domestic aftermarket and CAP1000 program revenues (timing)General Industrial: Reduced demand for industrial vehicle and valve products, and surface treatment services  Key DriversDefense Markets: Up 9% overall, 8% organicAerospace Defense: Higher COTS embedded computing revenues on UAV and helicopter programs; Higher actuation revenues on F-35Ground Defense: Lower revenues on Abrams tank and various international platformsNaval Defense: Higher VA class submarine (valves) and surface ship revenues (COTS embedded computing and aircraft handling) 

     Full-Year 2019 End Market Sales Growth  Notes: Percentages in chart relate to Full-Year 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.    FY’19Change  % of Total Sales  Aero Defense   11%  16%  Ground Defense   (4%)   4%  Naval Defense   17%  23%  Total Defense   12%   43%  Commercial Aero   4%  17%  Power Generation   (9%)  16%  General Industrial    (4%)  24%  Total Commercial   (3%)  57%  Total Curtiss-Wright   3%  100%      Commercial Markets: Down 3% overall, down 2% organicCommercial Aerospace: Higher sales of surface treatment services and sensorsPower Generation: Lower CAP1000 program (timing) and domestic aftermarket revenuesGeneral Industrial: Reduced demand for surface treatment services, industrial vehicles products and industrial controls  Key DriversDefense Markets: Up 12% overall, 9% organicAerospace Defense: Higher revenues on F-35, UAV and helicopter programsGround Defense: Lower revenues on various international platforms, partially offset by higher Abrams and Bradley salesNaval Defense: Higher VA class submarine, CVN-80 aircraft carrier and service centers revenues 

 2019 Sales by Segment vs. End Market: Realignment to New Structure  Power Segment (OLD)  Commercial Aerospace 31%  Commercial Aerospace 9%  Ground Defense 15%  Commercial Aerospace 8%  Commercial / Industrial Segment (NEW)  Defense Segment (OLD)  Defense Segment (NEW)  Commercial / Industrial Segment (OLD)  Power Segment (NEW)     

 FY2019 End Market Sales Waterfall   Non-Nuclear:Fossil power gen equipment; Surface Technologies services (peening/coatings)  Industrial Pumps & Valves:65% O&G, 35% Chem/Petro75% MRO, 25% Projects  Industrial Vehicles:“Own the Cab” strategy50% On-highway,50% Off-Highway  Industrial Controls:Medical Mobility; Sensors & Controls; Industrial Automation equipment  Overall UP 3%Defense Markets Up 12%Comm’l Markets Down 3% 

 FY2020E Guidance: Sales Waterfall (as of February 26, 2020)  Non-Nuclear:Fossil power gen equipment; Surface Technologies services (peening/coatings)  Industrial Pumps & Valves:65% O&G, 35% Chem/Petro70% MRO, 30% Projects90% Valves, 10% Pumps  Industrial Vehicles:“Own the Cab” strategy50% On-highway,50% Off-Highway  Industrial Controls:Medical Mobility; Sensors & Controls; Industrial Automation equipment  Guidance:Overall UP 4 - 6%Defense Markets UP 8 - 10%Comm’l Markets UP 0 - 2% 

 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 – 4Q 2019 Results  (In millions, except EPS)   4Q-2019  4Q-2018   Change  Sales  $ 655.8  $ 648.6  1%  Reported operating income (GAAP)  $ 120.7  $ 110.0  10%  Adjustments (1)   2.5   0.4  -  Adjusted operating income (Non-GAAP)  $ 123.2  $ 110.4   12%  Adjusted operating margin (Non-GAAP)   18.8%  17.0%  180 bps  Reported net earnings (GAAP)  $ 89.4  $ 82.8   8%  Adjustments, net of tax (1)  1.9  0.4  -  Adjusted net earnings (Non-GAAP)  $ 91.3  $ 83.2  10%  Reported diluted EPS (GAAP)  $ 2.08  $ 1.89   10%  Adjustments, net of tax (1)  0.04  0.01  -  Adjusted diluted EPS (Non-GAAP)  $ 2.12  $ 1.90  12%  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 associated with the relocation of our DRG business (Power segment). 

 Non-GAAP Reconciliation – 2019 vs. 2018 (Adjusted)     

 Non-GAAP Reconciliation – 2020 Segment Reorganization     

 Non-GAAP Reconciliation – 2020 vs. 2019 (Adjusted)