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): August 3, 2022
 
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, August 3, 2022, the Company issued a press release announcing financial results for the second quarter ended June 30, 2022.  A conference call and webcast presentation will be held on Thursday, August 4, 2022 at 10:00 am ET for management to discuss the Company’s second quarter 2022 financial results and updates to 2022 financial guidance. Lynn M. Bamford, Chair and Chief Executive Officer, and K. Christopher Farkas, Vice President and Chief Financial Officer, 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 dial-in number for domestic callers is (866) 374-5140, while international callers can dial (404) 400-0571. The PIN code for all participants is 71170317#. For those unable to join the live presentation, a webcast replay will be available within the Investor Relations section on the Company’s website beginning one hour after the call takes place.

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 August 3, 2022

99.2 Presentation shown during investor and securities analyst webcast on August 4, 2022

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/ K. Christopher Farkas	
 	 	K. Christopher Farkas	
 	 	Vice-President and
Chief Financial Officer	

Date:    August 3, 2022

EXHIBIT INDEX

Exhibit
 Number	Description	
 	 	
99.1	Press Release dated August 3, 2022	
99.2	Presentation shown during investor and securities analyst webcast on August 4, 2022	

Exhibit 99.1

Curtiss-Wright Reports Second Quarter 2022 Financial Results and Raises Full-year 2022 Guidance
DAVIDSON, N.C.--(BUSINESS WIRE)--August 3, 2022--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights:
·	Reported sales of $609 million, operating income of $98 million, operating margin of 16.1%, and diluted earnings per share (EPS) of $1.83;
·	Adjusted operating margin of 16.1%, up 50 basis points;
·	Adjusted diluted EPS of $1.83, up 18%;
·	New orders of $776 million, up 13%, reflecting strong Aerospace & Defense (A&D) market demand, and book-to-bill of 1.27;
·	Backlog of $2.4 billion, up 9% year-to-date;
·	Reported free cash flow (FCF) of $22 million; and
·	Share repurchases of approximately $12 million.
Full-Year 2022 Adjusted Guidance:
·	Full-year 2022 guidance updated to include the acquisition of the Safran aerospace arresting systems business (SAA) that was completed on June 30, 2022; the business is expected to generate partial year sales of approximately $40 million within the Naval & Power segment and also be accretive to full-year Adjusted diluted EPS;
·	Sales increased to new range of 4% to 6% growth (previously 3% to 5%);
·	Adjusted operating income increased to new range of 5% to 7% growth (previously 3% to 6%) to reflect organic improvements and the contribution from SAA;
·	Maintained Adjusted operating margin range of 17.1% to 17.3%, up 10 to 30 basis points compared with the prior year;
·	Adjusted diluted EPS increased by $0.05 to new range of $8.10 to $8.30, up 10% to 13%; and
·	Maintained free cash flow range of $345 to $365 million, reflecting greater than 110% FCF conversion.
"Curtiss-Wright delivered solid second quarter results, as overall sales were in-line with our expectations and our ongoing focus on operational execution enabled us to generate 50 basis points in operating margin expansion. As a result, Adjusted diluted EPS of $1.83 exceeded our expectations in the second quarter," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We also experienced strong order activity, as bookings increased 13% year over year, yielding a book-to-bill of 1.27, driven by increased demand in our defense and commercial aerospace markets."
"Looking ahead to the remainder of 2022, although near-term headwinds from ongoing supply chain disruption continue to impact the timing of revenue within our defense markets, we are encouraged by the improving trends in our commercial markets which provides confidence in achieving our full-year outlook. We raised our full-year 2022 guidance for total sales growth to a new range of 4% to 6% to reflect the contribution of the recently completed SAA acquisition, and we continue to anticipate solid organic growth of 3% to 5% in our A&D and Commercial markets. We also expect continued operating margin expansion and double-digit Adjusted diluted EPS growth of 10% to 13%, as we successfully execute on our Pivot to Growth strategy to drive long-term shareholder value.”
Financing of $300 Million in Senior Notes:
·	On July 29, 2022, the Company priced a private placement debt offering of $300 million for senior notes, consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034; The offering is expected to close in the fourth quarter; and
·	Curtiss-Wright maintains a flexible and conservative capital structure, and has significant capacity for acquisitions, returns to shareholders and other corporate needs.

Second Quarter 2022 Operating Results

(In millions)		Q2-2022		Q2-2021		Change	
Reported		 		 		 	
Sales		$	609	 		$	621	 		(2	%)	
Operating income		$	98	 		$	95	 		4	%	
Operating margin		 	16.1	%		 	15.2	%		90 bps	
 		 		 		 	
Adjusted (1)		 		 		 	
Sales		$	609	 		$	609	 		0	%	
Operating income		$	98	 		$	95	 		3	%	
Operating margin		 	16.1	%		 	15.6	%		50 bps	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $609 million were flat compared with the prior year;
·	Total A&D market sales decreased 3%, while total Commercial market sales increased 6%;
·	In our A&D markets, we experienced reduced sales in our defense markets due to ongoing supply chain headwinds principally for defense electronics components and the timing of naval defense revenues, which were partially offset by modest growth in the commercial aerospace market;
·	In our Commercial markets, we experienced solid sales growth within the power & process market, despite the wind down on the China Direct AP1000 program, as well as solid mid-single-digit growth in the general industrial market; and
·	Adjusted operating income of $98 million increased 3%, while Adjusted operating margin increased 50 basis points to 16.1%, principally driven by increased profitability in the Naval & Power segment, as well as the benefits of our ongoing company-wide operational excellence initiatives; These increases were partially offset by unfavorable overhead absorption on lower revenues in our Defense Electronics segment.

Second Quarter 2022 Segment Performance
Aerospace & Industrial

(In millions)		Q2-2022		Q2-2021		Change	
Reported		 		 		 	
Sales		$	209	 		$	200	 		4	%	
Operating income		$	32	 		$	32	 		2	%	
Operating margin		 	15.6	%		 	16.0	%		(40 bps)	
 		 		 		 	
Adjusted (1)		 		 		 	
Sales		$	209	 		$	194	 		8	%	
Operating income		$	32	 		$	30	 		7	%	
Operating margin		 	15.6	%		 	15.7	%		(10 bps)	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $209 million, up $15 million, or 8%;
·	Higher commercial aerospace market revenue reflected strong demand for actuation and sensors products, as well as surface treatment services, on numerous narrowbody and widebody platforms;
·	Higher general industrial market revenue was driven by increased sales of industrial vehicle products, principally serving off-highway and specialty platforms;
·	Lower aerospace defense market revenue principally reflected reduced sales of actuation and sensors products on various fighter jet programs; and
·	Adjusted operating income was $32 million, up 7% from the prior year, while Adjusted operating margin decreased 10 basis points to 15.6%, as favorable absorption on strong Commercial market sales and the benefits of our ongoing operational excellence initiatives were offset by higher research and development investments.

Defense Electronics

(In millions)		Q2-2022		Q2-2021		Change	
Reported		 		 		 	
Sales		$	150	 		$	162	 		(8	%)	
Operating income		$	24	 		$	29	 		(16	%)	
Operating margin		 	16.4	%		 	18.0	%		(160 bps)	
 		 		 		 	
Adjusted (1)		 		 		 	
Sales		$	150	 		$	163	 		(8	%)	
Operating income		$	24	 		$	31	 		(21	%)	
Operating margin		 	16.4	%		 	18.9	%		(250 bps)	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $150 million, down $14 million, or 8%, principally reflected the timing of sales within our aerospace and ground defense markets due to ongoing supply chain headwinds and the delayed signing of the FY22 defense budget;
·	Higher naval defense market revenue primarily reflected increased revenues on the Virginia-class submarine program;
·	Lower commercial aerospace market revenue reflected decreased sales of avionics and flight test equipment on various domestic and international platforms; and
·	Adjusted operating income was $24 million, down 21% from the prior year, while adjusted operating margin decreased 250 basis points to 16.4%, primarily reflecting unfavorable absorption on lower A&D revenues.

Naval & Power

(In millions)		Q2-2022		Q2-2021		Change	
Reported		 		 		 	
Sales		$	251	 		$	259	 		(3	%)	
Operating income		$	50	 		$	43	 		16	%	
Operating margin		 	19.9	%		 	16.6	%		330 bps	
 		 		 		 	
Adjusted (1)		 		 		 	
Sales		$	251	 		$	252	 		0	%	
Operating income		$	50	 		$	43	 		15	%	
Operating margin		 	19.9	%		 	17.2	%		270 bps	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $251 million were essentially flat compared with the prior year period;
·	Naval defense market revenue declines primarily reflected lower revenues on the CVN-80 aircraft carrier and Virginia-class submarine programs, partially offset by higher revenues on the CVN-81 aircraft carrier and Columbia-class submarine programs;
·	Higher power & process market revenues reflected strong growth in industrial valve sales in the process market as well as higher nuclear aftermarket revenues supporting the maintenance of existing operating reactors; Those increases were partially offset by the timing of production on the China Direct AP1000 program; and
·	Adjusted operating income was $50 million, up 15% from the prior year, while adjusted operating margin increased 270 basis points to 19.9%, primarily driven by favorable mix in the naval defense and process markets, as well as the benefits of our ongoing operational excellence initiatives.

Free Cash Flow

(In millions)		Q2-2022		Q2-2021		Change	
Net cash provided by operating activities		$	31	 		$	75	 		(59	%)	
Capital expenditures		 	(9	)		 	(9	)		(7	%)	
Reported free cash flow		$	22	 		$	66	 		(66	%)	
Adjusted free cash flow (1)		$	22	 		$	66	 		(66	%)	

(1)		A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.	
·	Reported free cash flow of $22 million decreased $43 million, primarily due to the timing of defense revenues and higher working capital;
·	Adjusted free cash flow of $22 million; and
·	Capital expenditures were essentially flat compared with the prior year.
New Orders and Backlog
·	New orders of $776 million increased 13% and generated a strong book-to-bill of 1.27, principally driven by strong demand for naval defense and commercial aerospace products within our A&D markets, and for nuclear aftermarket and process products within our Commercial markets; and
·	Backlog of $2.4 billion, up 9% from December 31, 2021, reflects higher demand in both our A&D and commercial markets.
Share Repurchase and Dividends
·	During the second quarter, the Company repurchased 87,412 shares of its common stock for approximately $12 million; and
·	The Company also declared and paid a quarterly dividend of $0.19 a share, an increase of 6% from the previous quarter.

Full-Year 2022 Guidance
The Company is updating its full-year 2022 Adjusted financial guidance(1) as follows:

($ in millions, except EPS)		2022 Adjusted
Non-GAAP Guidance
(Prior)		2022 Adjusted
Non-GAAP Guidance
(Current)		% Chg vs 2021	
Total Sales		$2,530 - $2,580		$2,570 - $2,620		Up 4% - 6%	
Operating Income		$432 - $446		$439 - $452		Up 5% - 7%	
Operating Margin		17.1% - 17.3%		17.1% - 17.3%		Up 10 - 30 bps	
Diluted EPS		$8.05 - $8.25		$8.10 - $8.30		Up 10% - 13%	
Free Cash Flow		$345 - $365		$345 - $365		Up 0% - 5%	

(1)		Reconciliations of Reported to Adjusted 2021 operating results and 2022 financial guidance are available in the Appendix. Adjusted guidance includes the contribution from the SAA acquisition to the Company's second half 2022 performance.	
**********
A more detailed breakdown of the Company’s 2022 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. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss second quarter 2022 financial results and updates to 2022 guidance at 10:00 a.m. ET on Thursday, August 4, 2022. 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,	 	June 30,	
 		2022	 	2021	 	2022	 	2021	
Product sales		$	505,416	 	 	$	515,392	 	 	$	958,837	 	 	$	1,024,367	 	
Service sales		 	103,941	 	 	 	106,103	 	 	 	209,981	 	 	 	194,187	 	
Total net sales		 	609,357	 	 	 	621,495	 	 	 	1,168,818	 	 	 	1,218,554	 	
 		 	 	 	 	 	 	 		
Cost of product sales		 	316,389	 	 	 	331,881	 	 	 	610,916	 	 	 	661,335	 	
Cost of service sales		 	64,454	 	 	 	64,895	 	 	 	127,986	 	 	 	122,743	 	
Total cost of sales		 	380,843	 	 	 	396,776	 	 	 	738,902	 	 	 	784,078	 	
 		 	 	 	 	 	 	 		
Gross profit		 	228,514	 	 	 	224,719	 	 	 	429,916	 	 	 	434,476	 	
 		 	 	 	 	 	 	 		
Research and development expenses		 	23,868	 	 	 	23,194	 	 	 	44,417	 	 	 	45,057	 	
Selling expenses		 	30,407	 	 	 	29,564	 	 	 	58,499	 	 	 	59,160	 	
General and administrative expenses		 	76,134	 	 	 	77,378	 	 	 	163,734	 	 	 	150,610	 	
Loss on divestiture		 	—	 	 	 	—	 	 	 	4,651	 	 	 	—	 	
 		 	 	 	 	 	 	 		
Operating income		 	98,105	 	 	 	94,583	 	 	 	158,615	 	 	 	179,649	 	
 		 	 	 	 	 	 	 		
Interest expense		 	9,788	 	 	 	10,180	 	 	 	19,318	 	 	 	20,139	 	
Other income, net		 	4,555	 	 	 	440	 	 	 	7,552	 	 	 	5,283	 	
 		 	 	 	 	 	 	 		
Earnings before income taxes		 	92,872	 	 	 	84,843	 	 	 	146,849	 	 	 	164,793	 	
Provision for income taxes		 	(22,000	)	 	 	(23,435	)	 	 	(35,292	)	 	 	(43,916	)	
Net earnings		$	70,872	 	 	$	61,408	 	 	$	111,557	 	 	$	120,877	 	
 		 	 	 	 	 	 	 		
Net earnings per share:		 	 	 	 	 	 	 		
Basic earnings per share		$	1.84	 	 	$	1.50	 	 	$	2.90	 	 	$	2.95	 	
Diluted earnings per share		$	1.83	 	 	$	1.49	 	 	$	2.89	 	 	$	2.94	 	
 		 	 	 	 	 	 	 		
Dividends per share		$	0.19	 	 	$	0.18	 	 	$	0.37	 	 	$	0.35	 	
 		 	 	 	 	 	 	 		
Weighted-average shares outstanding:		 	 	 	 	 	 	 		
Basic		 	38,429	 	 	 	40,915	 	 	 	38,438	 	 	 	40,921	 	
Diluted			38,654				41,088				38,657				41,092		

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	
($'s in thousands, except par value)	
 		 	 	 	
 		June 30,	 	December 31,	
 		2022	 	2021	
Assets		 	 	 	
Current assets:		 	 	 	
Cash and cash equivalents		$	171,414	 	 	$	171,004	 	
Receivables, net		 	699,632	 	 	 	647,148	 	
Inventories, net		 	482,790	 	 	 	411,567	 	
Assets held for sale		 	—	 	 	 	10,988	 	
Other current assets		 	84,584	 	 	 	67,101	 	
Total current assets		 	1,438,420	 	 	 	1,307,808	 	
Property, plant, and equipment, net		 	348,062	 	 	 	360,031	 	
Goodwill		 	1,531,999	 	 	 	1,463,026	 	
Other intangible assets, net		 	638,873	 	 	 	538,077	 	
Operating lease right-of-use assets, net		 	145,325	 	 	 	143,613	 	
Prepaid pension asset		 	263,719	 	 	 	256,422	 	
Other assets		 	36,130	 	 	 	34,568	 	
Total assets		$	4,402,528	 	 	$	4,103,545	 	
 		 	 	 	
Liabilities		 	 	 	
Current liabilities:		 	 	 	
Current portion of long-term debt		$	202,500	 	 	$	—	 	
Accounts payable		 	171,589	 	 	 	211,640	 	
Accrued expenses		 	133,706	 	 	 	147,701	 	
Deferred revenue		 	215,188	 	 	 	260,157	 	
Liabilities held for sale		 	—	 	 	 	12,655	 	
Due to seller		 	247,215	 	 	 	—	 	
Other current liabilities		 	89,009	 	 	 	102,714	 	
Total current liabilities		 	1,059,207	 	 	 	734,867	 	
Long-term debt		 	1,006,577	 	 	 	1,050,610	 	
Deferred tax liabilities, net		 	149,213	 	 	 	147,349	 	
Accrued pension and other postretirement benefit costs		 	84,404	 	 	 	91,329	 	
Long-term operating lease liability		 	126,006	 	 	 	127,152	 	
Long-term portion of environmental reserves		 	13,100	 	 	 	13,656	 	
Other liabilities		 	96,382	 	 	 	112,092	 	
Total liabilities		 	2,534,889	 		 	2,277,055	 	
 		 	 	 	
Stockholders' equity		 	 	 	
Common stock, $1 par value		$	49,187	 	 	$	49,187	 	
Additional paid in capital		 	126,316	 	 	 	127,104	 	
Retained earnings		 	3,006,164	 	 	 	2,908,827	 	
Accumulated other comprehensive loss		 	(227,872	)	 	 	(190,465	)	
Less: cost of treasury stock		 	(1,086,156	)	 	 	(1,068,163	)	
Total stockholders' equity		 	1,867,639	 	 	 	1,826,490	 	
 		 	 	 	
Total liabilities and stockholders' equity		$	4,402,528	 	 	$	4,103,545	 	

Use and Definitions 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 Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. 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. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)	
($'s in thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended	 	Three Months Ended	 	 	 	 	
 	June 30, 2022	 	June 30, 2021	 	% Change	
 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	208,572	 	 	$	—	 	$	208,572	 	 	$	199,713	 	 	$	(5,784	)	 	$	193,929	 	 	4	%	 	8	%	
Defense Electronics (2)	 	149,549	 	 	 	—	 	 	149,549	 	 	 	162,351	 	 	 	1,080	 	 	 	163,431	 	 	(8	)%	 	(8	)%	
Naval & Power (3)	 	251,236	 	 	 	—	 	 	251,236	 	 	 	259,431	 	 	 	(7,413	)	 	 	252,018	 	 	(3	)%	 	—	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	609,357	 	 	$	—	 	$	609,357	 	 	$	621,495	 	 	$	(12,117	)	 	$	609,378	 	 	(2	)%	 	—	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	32,464	 	 	$	—	 	$	32,464	 	 	$	31,977	 	 	$	(1,506	)	 	$	30,471	 	 	2	%	 	7	%	
Defense Electronics (2)	 	24,460	 	 	 	—	 	 	24,460	 	 	 	29,271	 	 	 	1,592	 	 	 	30,863	 	 	(16	)%	 	(21	)%	
Naval & Power (3)	 	50,001	 	 	 	—	 	 	50,001	 	 	 	43,095	 	 	 	366	 	 	 	43,461	 	 	16	%	 	15	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	106,925	 	 	$	—	 	$	106,925	 	 	$	104,343	 	 	$	452	 	 	$	104,795	 	 	2	%	 	2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and other	 	(8,820	)	 	 	—	 	 	(8,820	)	 	 	(9,760	)	 	 	—	 	 	 	(9,760	)	 	10	%	 	10	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	98,105	 	 	$	—	 	$	98,105	 	 	$	94,583	 	 	$	452	 	 	$	95,035	 	 	4	%	 	3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As Reported	 	 	 	Adjusted	 	As Reported	 	 	 	Adjusted	 	As Reported	 	Adjusted	
Aerospace & Industrial	 	15.6	%	 	 	 	 	15.6	%	 	 	16.0	%	 	 	 	 	15.7	%	 	(40 bps)	 	(10 bps)	
Defense Electronics	 	16.4	%	 	 	 	 	16.4	%	 	 	18.0	%	 	 	 	 	18.9	%	 	(160 bps)	 	(250 bps)	
Naval & Power	 	19.9	%	 	 	 	 	19.9	%	 	 	16.6	%	 	 	 	 	17.2	%	 	330 bps	 	270 bps	
Total Curtiss-Wright	 	16.1	%	 	 	 	 	16.1	%	 	 	15.2	%	 	 	 	 	15.6	%	 	90 bps	 	50 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	17.5	%	 	 	 	 	17.5	%	 	 	16.8	%	 	 	 	 	17.2	%	 	70 bps	 	30 bps	

(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020.	
(2) Excludes first year purchase accounting adjustments in the prior period.	
(3) Excludes the results of operations from our German valves business, which was sold in January 2022.	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)	
($'s in thousands)	
							 	
	Six Months Ended	 	Six Months Ended	 	 	 	 	
 	June 30, 2022	 	June 30, 2021	 	% Change	
 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	399,684	 	 	$	—	 	$	399,684	 	 	$	380,044	 	 	$	(8,383	)	 	$	371,661	 	 	5	%	 	8	%	
Defense Electronics (2)	 	292,618	 	 	 	—	 	 	292,618	 	 	 	343,563	 	 	 	2,160	 	 	 	345,723	 	 	(15	)%	 	(15	)%	
Naval & Power (3)	 	476,516	 	 	 	—	 	 	476,516	 	 	 	494,947	 	 	 	(12,996	)	 	 	481,951	 	 	(4	)%	 	(1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	1,168,818	 	 	$	—	 	$	1,168,818	 	 	$	1,218,554	 	 	$	(19,219	)	 	$	1,199,335	 	 	(4	)%	 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	57,317	 	 	$	—	 	$	57,317	 	 	$	51,002	 	 	$	(1,982	)	 	$	49,020	 	 	12	%	 	17	%	
Defense Electronics (2)	 	47,750	 	 	 	—	 	 	47,750	 	 	 	65,894	 	 	 	3,197	 	 	 	69,091	 	 	(28	)%	 	(31	)%	
Naval & Power (3)	 	77,289	 	 	 	5,427	 	 	82,716	 	 	 	81,152	 	 	 	2,955	 	 	 	84,107	 	 	(5	)%	 	(2	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	182,356	 	 	$	5,427	 	$	187,783	 	 	$	198,048	 	 	$	4,170	 	 	$	202,218	 	 	(8	)%	 	(7	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and other (4)	 	(23,741	)	 	 	4,876	 	 	(18,865	)	 	 	(18,399	)	 	 	—	 	 	 	(18,399	)	 	(29	)%	 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	158,615	 	 	$	10,303	 	$	168,918	 	 	$	179,649	 	 	$	4,170	 	 	$	183,819	 	 	(12	)%	 	(8	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As Reported	 	 	 	Adjusted	 	As Reported	 	 	 	Adjusted	 	As Reported	 	Adjusted	
Aerospace & Industrial	 	14.3	%	 	 	 	 	14.3	%	 	 	13.4	%	 	 	 	 	13.2	%	 	90 bps	 	110 bps	
Defense Electronics	 	16.3	%	 	 	 	 	16.3	%	 	 	19.2	%	 	 	 	 	20.0	%	 	(290 bps)	 	(370 bps)	
Naval & Power	 	16.2	%	 	 	 	 	17.4	%	 	 	16.4	%	 	 	 	 	17.5	%	 	(20 bps)	 	(10 bps)	
Total Curtiss-Wright	 	13.6	%	 	 	 	 	14.5	%	 	 	14.7	%	 	 	 	 	15.3	%	 	(110 bps)	 	(80 bps)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	15.6	%	 	 	 	 	16.1	%	 	 	16.3	%	 	 	 	 	16.9	%	 	(70 bps)	 	(80 bps)	

(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020.	
(2) Excludes first year purchase accounting adjustments in the prior period.	
(3) Excludes the results of operations from our German valves business, which was sold in January 2022, and the loss on divestiture in the current period.	
(4) Excludes costs associated with shareholder activism in the current period.	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)	
($'s in thousands)	
 	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
 	 	Three Months Ended		 	Three Months Ended		 	 	 	
 	 	June 30, 2022		 	June 30, 2021		 	% Change	
 	 	As Reported	 	Adjustments		 	Adjusted Sales		 	As Reported		 	Adjustments	 	Adjusted Sales		 	Change in As
Reported
Sales	Change in
Adjusted
Sales	
Aerospace & Defense markets:	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Aerospace Defense	 	$	94,545	 	$	—		 	$	94,545		 	$	99,977		 	$	—	 	 	$	99,977		 	(5	%)	(5	%)	
Ground Defense (1)	 	 	44,393	 	 	—		 	 	44,393		 	 	48,221		 	 	1,080	 	 	 	49,301		 	(8	%)	(10	%)	
Naval Defense	 	 	172,786	 	 	—		 	 	172,786		 	 	177,724		 	 	—	 	 	 	177,724		 	(3	%)	(3	%)	
Commercial Aerospace (2)	 	 	68,192	 	 	—		 	 	68,192		 	 	71,555		 	 	(5,784	)	 	 	65,771		 	(5	%)	4	%	
Total Aerospace & Defense	 	$	379,916	 	$	—		 	$	379,916		 	$	397,477		 	$	(4,704	)	 	$	392,773		 	(4	%)	(3	%)	
 	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Commercial markets:	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Power & Process (3)	 	 	125,355	 	 	—		 	 	125,355		 	 	125,333		 	 	(7,414	)	 	 	117,919		 	0	%	6	%	
General Industrial	 	 	104,086	 	 	—		 	 	104,086		 	 	98,685		 	 	—	 	 	 	98,685		 	5	%	5	%	
Total Commercial	 	$	229,441	 	$	—		 	$	229,441		 	$	224,018		 	$	(7,414	)	 	$	216,604		 	2	%	6	%	
 	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Total Curtiss-Wright	 	$	609,357	 	$	—		 	$	609,357		 	$	621,495		 	$	(12,118	)	 	$	609,377		 	(2	%)	0	%	
 	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
 	 	Six Months Ended		 	Six Months Ended		 	 	 	
 	 	June 30, 2022		 	June 30, 2021		 	% Change	
 	 	As Reported	 	Adjustments		 	Adjusted Sales		 	As Reported		 	Adjustments	 	Adjusted Sales		 	Change in As Reported Sales	Change in Adjusted Sales	
Aerospace & Defense markets:	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Aerospace Defense	 	$	192,549	 	$	—		 	$	192,549		 	$	210,993		 	$	—	 	 	$	210,993		 	(9	%)	(9	%)	
Ground Defense (1)	 	 	83,501	 	 	—		 	 	83,501		 	 	103,967		 	 	2,160	 	 	 	106,127		 	(20	%)	(21	%)	
Naval Defense	 	 	335,753	 	 	—		 	 	335,753		 	 	355,629		 	 	—	 	 	 	355,629		 	(6	%)	(6	%)	
Commercial Aerospace (2)	 	 	129,084	 	 	—		 	 	129,084		 	 	128,824		 	 	(8,383	)	 	 	120,441		 	0	%	7	%	
Total Aerospace & Defense	 	$	740,887	 	$	—		 	$	740,887		 	$	799,413		 	$	(6,223	)	 	$	793,190		 	(7	%)	(7	%)	
 	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Commercial markets:	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Power & Process (3)	 	 	230,143	 	 	—		 	 	230,143		 	 	230,837		 	 	(12,996	)	 	 	217,841		 	0	%	6	%	
General Industrial	 	 	197,788	 	 	—		 	 	197,788		 	 	188,304		 	 	—	 	 	 	188,304		 	5	%	5	%	
Total Commercial	 	$	427,931	 	$	—		 	$	427,931		 	$	419,141		 	$	(12,996	)	 	$	406,145		 	2	%	5	%	
 	 	 	 	 		 	 		 	 		 	 	 	 		 	 	 	
Total Curtiss-Wright	 	$	1,168,818	 	$	—		 	$	1,168,818		 	$	1,218,554		 	$	(19,219	)	 	$	1,199,335		 	(4	%)	(3	%)	

(1) Excludes first year purchase accounting adjustments in the prior period.	
(2) Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program, which we substantially exited in the fourth quarter of 2020.	
(3) Excludes the prior period results of our German valves business, which was sold in January 2022.	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)	
 		 	 	 	 	 	 	 	
 		Three Months Ended	 	Six Months Ended	
 		June 30,	 	June 30,	
 		2022	 	2021	 	2022	 	2021	
Diluted earnings per share - As Reported		$	1.83	 	$	1.49	 	 	$	2.89	 	$	2.94	 	
Divested German valves business		 	—	 	 	—	 	 	 	0.11	 	 	0.04	 	
Costs associated with shareholder activism		 	—	 	 	—	 	 	 	0.10	 	 	—	 	
Former executive pension settlement expense		 	—	 	 	0.06	 	 	 	0.04	 	 	0.06	 	
First year purchase accounting adjustments		 	—	 	 	0.03	 	 	 	—	 	 	0.06	 	
Exit of build-to-print actuation product line		 	—	 	 	(0.02	)	 	 	—	 	 	(0.03	)	
Diluted earnings per share - Adjusted (1)		$	1.83	 	$	1.56	 	 	$	3.14	 	$	3.07	 	
 		 	 	 	 	 	 	 	
(1) All adjustments are presented net of income taxes.	

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 contributions from acquisitions made during the last twelve months, loss on divestiture of the German valves business, and foreign currency fluctuations.

 		Three Months Ended	
 		June 30,	
 		2022 vs. 2021	
 	 	Aerospace & Industrial	 	Defense Electronics	 	Naval & Power	 	Total Curtiss-Wright	
 	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	
As Reported	 	4%	 	2%	 	(8%)	 	(16%)	 	(3%)	 	16%	 	(2%)	 	4%	
Less: Acquisitions	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	
Foreign Currency	 	3%	 	0%	 	1%	 	(5%)	 	0%	 	(1%)	 	1%	 	(2%)	
Organic	 	7%	 	2%	 	(7%)	 	(21%)	 	(3%)	 	15%	 	(1%)	 	2%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Six Months Ended	
 	 	June 30,	
 	 	2022 vs. 2021	
 	 	Aerospace & Industrial	 	Defense Electronics	 	Naval & Power	 	Total Curtiss-Wright	
 	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	 	Sales	 	Operating
income	
As Reported	 	5%	 	12%	 	(15%)	 	(28%)	 	(4%)	 	(5%)	 	(4%)	 	(12%)	
Less: Acquisitions	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	
Loss on divestiture	 	0%	 	0%	 	0%	 	0%	 	0%	 	7%	 	0%	 	4%	
Foreign Currency	 	2%	 	2%	 	1%	 	(1%)	 	0%	 	0%	 	1%	 	(1%)	
Organic	 	7%	 	14%	 	(14%)	 	(29%)	 	(4%)	 	2%	 	(3%)	 	(9%)	

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 net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2022 excludes: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.

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

 		Three Months Ended	 	Six Months Ended	
 		June 30,	 	June 30,	
 		2022	 	2021	 	2022	 	2021	
Net cash provided by (used for) operating activities		$	31,044	 	 	$	75,079	 	 	$	(93,271	)	 	$	48,476	 	
Capital expenditures		 	(8,596	)	 	 	(9,234	)	 	 	(19,492	)	 	 	(17,771	)	
Free cash flow		$	22,448	 	 	$	65,845	 	 	$	(112,763	)	 	$	30,705	 	
Westinghouse legal settlement		 	—	 	 	 	—	 	 	 	15,000	 	 	 	—	 	
Pension payment to former executive		 	—	 	 	 	—	 	 	 	8,214	 	 	 	—	 	
Adjusted free cash flow		$	22,448	 	 	$	65,845	 	 	$	(89,549	)	 	$	30,705	 	
Adjusted free cash flow conversion		 	32	%	 	 	101	%	 	 	(74	%)	 	 	24	%	

CURTISS-WRIGHT CORPORATION	
2022 Guidance	
As of August 3, 2022	
($'s in millions, except per share data)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2021
 Reported
 (GAAP)	 	2021
 Adjustments
 (Non-
GAAP)(1)	 	2021
 Adjusted
 (Non-
GAAP)(1)	 	2022
 Reported
Guidance (GAAP)	 	2022
 Adjustments
 (Non-GAAP)(2,3)	 	2022
 Adjusted Guidance
 (Non-GAAP)(1,2,3)	
 	 	 	 	 	 	 	Low	High	 	 	 	Low	High	 	2022 Chg
 vs 2021
 Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	786	 	 	$	(11	)	 	$	775	 	 	$	820	 	$	840	 	 	$	—	 	 	$	820	 	$	840	 	 	6 - 8%	
Defense Electronics	 	724	 	 	 	4	 	 	 	728	 	 	 	720	 	 	735	 	 	 	—	 	 	 	720	 	 	735	 	 	(1) - 1%	
Naval & Power	 	995	 	 	 	(30	)	 	 	965	 	 	 	1,030	 	 	1,045	 	 	 	—	 	 	 	1,030	 	 	1,045	 	 	7 - 8%	
Total sales	$	2,506	 	 	$	(37	)	 	$	2,468	 	 	$	2,570	 	$	2,620	 	 	$	—	 	 	$	2,570	 	$	2,620	 	 	4 to 6%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	122	 	 	$	(2	)	 	$	120	 	 	$	133	 	$	137	 	 	$	—	 	 	$	133	 	$	137	 	 	11 - 14%	
Defense Electronics	 	159	 	 	 	5	 	 	 	164	 	 	 	160	 	 	165	 	 	 	—	 	 	 	160	 	 	165	 	 	(3) - 0%	
Naval & Power	 	142	 	 	 	34	 	 	 	176	 	 	 	171	 	 	175	 	 	 	15	 	 	 	186	 	 	190	 	 	6 - 8%	
Total segments	 	423	 	 	 	38	 	 	 	460	 	 	 	464	 	 	477	 	 	 	15	 	 	 	479	 	 	492	 	 	 	
Corporate and other	 	(40	)	 	 	—	 	 	 	(40	)	 	 	(44	)	 	(45	)	 	 	5	 	 	 	(39	)	 	(40	)	 	 	
Total operating income	$	383	 	 	$	38	 	 	$	420	 	 	$	420	 	$	432	 	 	$	20	 	 	$	439	 	$	452	 	 	5 to 7%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	$	(40	)	 	$	—	 	 	$	(40	)	 	$	(44	)	$	(45	)	 	$	—	 	 	$	(44	)	$	(45	)	 	 	
Other income, net	 	12	 	 	 	3	 	 	 	15	 	 	 	8	 	 	9	 	 	 	9	 	 	 	17	 	 	18	 	 	 	
Earnings before income taxes	 	355	 	 	 	41	 	 	 	395	 	 	 	384	 	 	396	 	 	 	29	 	 	 	412	 	 	424	 	 	 	
Provision for income taxes	 	(87	)	 	 	(10	)	 	 	(97	)	 	 	(92	)	 	(95	)	 	 	(7	)	 	 	(99	)	 	(102	)	 	 	
Net earnings	$	267	 	 	$	31	 	 	$	298	 	 	$	291	 	$	301	 	 	$	22	 	 	$	313	 	$	323	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	$	6.58	 	 	$	0.76	 	 	$	7.34	 	 	$	7.54	 	$	7.74	 	 	$	0.56	 	 	$	8.10	 	$	8.30	 	 	10 to 13%	
Diluted shares outstanding	 	40.6	 	 	 	 	 	40.6	 	 	 	38.6	 	 	38.8	 	 	 	 	 	38.6	 	 	38.8	 	 	 	
Effective tax rate	 	24.6	%	 	 	 	 	24.6	%	 	 	24.0	%	 	24.0	%	 	 	 	 	24.0	%	 	24.0	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	 	15.5	%	 	 	 	 	15.5	%	 	 	16.2	%	 	16.4	%	 	 	 	 	16.2	%	 	16.4	%	 	70 to 90 bps	
Defense Electronics	 	22.0	%	 	 	 	 	22.6	%	 	 	22.2	%	 	22.4	%	 	 	 	 	22.2	%	 	22.4	%	 	(20 to 40 bps)	
Naval & Power	 	14.2	%	 	 	 	 	18.2	%	 	 	16.6	%	 	16.7	%	 	 	 	 	18.0	%	 	18.2	%	 	(20) to 0 bps	
Total operating margin	 	15.3	%	 	 	 	 	17.0	%	 	 	16.3	%	 	16.5	%	 	 	 	 	17.1	%	 	17.3	%	 	10 to 30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	$	347	 	 	 	 	$	347	 	 	$	306	 	$	326	 	 	$	39	 	 	$	345	 	$	365	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Notes: Full year amounts may not add due to rounding.	
(1) 2021 Adjusted financials excludes the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max program; the results of operations and related impairments from our German valves business; pension settlement charges related to the retirement of two former executives (within non-operating income); and one-time legal settlement costs.	
(2) 2022 Adjusted financials exclude the impact of first year purchase accounting adjustments, the loss on sale of our German valves business, costs associated with shareholder activism and pension settlement charges related to the retirement of two former executives.	
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow guidance excludes executive pension settlement payments of $24 million and a legal settlement payment of $15 million.	

CURTISS-WRIGHT CORPORATION	
2022 Sales Growth Guidance by End Market	
As of August 3, 2022	

 	 	 	 	
 	2022 % Change vs. 2021 Adjusted(1)(2)	 	 	
 	 	 	 	 	 	
 	Prior	 	Current	 	% Total Sales	
Aerospace & Defense Markets	 	 	 	 	 	
Aerospace Defense	0 - 2%	 	9 - 11%	 	19%	
Ground Defense	2 - 4%	 	(1 - 3%)	 	8%	
Naval Defense	1 - 3%	 	1 - 3%	 	28%	
Commercial Aerospace	9 - 11%	 	9 - 11%	 	11%	
Total Aerospace & Defense	2 - 4%	 	4 - 6%	 	66%	
 	 	 	 	 	 	
Commercial Markets	 	 	 	 	 	
Power & Process	1 - 3%	 	4 - 6%	 	18%	
General Industrial	6 - 8%	 	6 - 8%	 	16%	
Total Commercial	4 - 6%	 	5 - 7%	 	34%	
 	 	 	 	 	 	
Total Curtiss-Wright Sales	3 - 5%	 	4 - 6%	 	100%	
 	 	 	 	 	 	
(1) 2021 Adjusted Sales exclude the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max programs; and the results of operations from our German valves business.	
(2) 2022 Sales include the contribution from the SAA acquisition to the Company's second half 2022 performance.	

About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,000 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. 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, 2021, 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

 AUGUST 4, 2022  Q2 2022 EARNINGS CONFERENCE CALL  Conference Call Dial-in numbers:  (866) 374-5140 (domestic)  (404) 400-0571 (international)  PIN Code: 71170317# 

 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 within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and Curtiss-Wright Corporation assumes no obligation to update the information included in this report. Such forward-looking statements include, 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, including the impact of a global pandemic or national epidemic.   This presentation also includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release and this presentation that are 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.  2 

 SOLID SECOND QUARTER PERFORMANCE SUPPORTS FULL-YEAR 2022 OUTLOOK  Secured new financing to support capital allocation strategy  Announced new and expanded revolving credit facility  Circled $300M Senior Notes; Delayed draw feature  Completed acquisition of Safran aerospace arresting systems business (SAA) for $240M  4% - 6% Sales growth, including contribution from SAA  Maintaining overall 3% - 5% organic growth, despite impact of ongoing supply chain headwinds  5% - 7% Operating Income growth  10% - 13% EPS growth driven by improved profitability and benefit of prior year share repurchase   Sales of $609M, reflecting HSD sequential growth  Strong demand in Nuclear aftermarket, Process and Industrial end markets  Continued Operating Margin expansion, up 50 bps  Driven by strong profitability in N&P segment and benefits of company-wide operational excellence initiatives  Adj. Diluted EPS of $1.83, up 18%, exceeded expectations  Q2 Orders of $776M, up 13%; Backlog up 9% YTD  Q2 Book-to-Bill 1.27x, led by strong demand in Naval Defense, Commercial Aerospace, Nuclear and Process markets  3  Second Quarter 2022 Highlights   Recent Events  Note: Second quarter 2022 results do not include any contribution from the previously announced SAA acquisition. FY 2022 guidance is presented on an Adjusted (Non-GAAP) basis and includes partial year sales contribution from SAA.   Raised Full-Year 2022 Guidance  

 SECOND QUARTER 2022 FINANCIAL REVIEW  ($ in millions)  Q2’22 Adjusted  Q2’21 Adjusted  Chg vs. Q2’21  Key Drivers  Aerospace & Industrial   $209  $194   8%  Strong growth in Commercial Aerospace (narrow/widebody OEM) and industrial vehicles  Defense Electronics   $150  $163   (8%)  Timing of revenue in Aerospace Defense (embedded computing equipment on fighter jet and helicopter platforms) and Ground Defense (tactical communications equipment)  Lower Commercial Aerospace sales (avionics and flight test equipment)   Naval & Power   $251  $252   (0%)  Lower Naval Defense revenues (CVN-80 aircraft carrier and timing on Virginia-class submarine)  Strong, double-digit growth in Nuclear aftermarket and Process (valves), partially offset by reduced CAP1000 program revenues (wind down)   Total Sales  $609  $609   (0%)  Aerospace & Industrial   Margin   $32   15.6%   $30   15.7%  7%  (10 bps)  Favorable absorption on solid sales growth and benefit of operational excellence and pricing initiatives  Profitability offset by YOY R&D investments (40 bps impact)  Defense Electronics   Margin   $24   16.4%   $31 18.9%   (21%)  (250 bps)  Unfavorable absorption on lower A&D revenues  Naval & Power   Margin   $50   19.9%   $43   17.2%  15%  270 bps  Favorable mix in Naval Defense and Process markets   Benefit of operational excellence and pricing initiatives  Corporate and Other  ($9)   ($10)  9%  Total Op. Income  CW Margin  $98  16.1%  $95  15.6%  3%  50 bps  4  Notes: Second quarter 2022 results do not include any contribution from the previously announced SAA acquisition. Amounts may not add due to rounding. 

 2022 END MARKET SALES GROWTH GUIDANCE (As of August 3, 2022)  2022E Growth vs 2021   (Prior)  2022E Growth vs 2021 (Current)  2022E % Sales  Expecting Solid Growth in A&D and Commercial Markets  Aerospace Defense   0% - 2%   9% - 11%  19%  Contribution from SAA acquisition; Expect H2 ramp in defense electronics  Ground Defense   2% - 4%   (1% - 3%)   8%  Timing of tactical communications equipment revenues; Expect H2 ramp  Naval Defense   1% - 3%   1% - 3%  28%  Solid revenue growth on CVN-81 aircraft carrier and Columbia-class submarine, partially offset by lower CVN-80 A/C revenues  Commercial Aero   9% - 11%   9% - 11%  11%  Strong recovery in OEM (mainly narrowbody) and Aftermarket  Total Aerospace & Defense   2% - 4%  4% - 6%  66%  Defense markets guidance weighted to H2 - Ongoing supply chain disruption and delayed signing of FY22 budget  Power & Process   1% - 3%  4% - 6%  18%  Strong U.S. nuclear aftermarket revenues, partially offset by lower CAP1000 program revenues (wind down)   Strong growth in valves sales to process market   General Industrial    6% - 8%  6% - 8%  16%  Continued strength in industrial vehicles  Total Commercial   4% - 6%  5% - 7%  34%  Continued strong demand in Comm’l markets, up 7% - 9% ex. CAP1000  Total Curtiss-Wright   3% - 5%  4% - 6%  100%  5   Note: FY 2022 guidance includes partial year sales contribution from SAA acquisition.   Updated (in blue)  

 ($ in millions)  2022E Adjusted (Prior)  2022E Adjusted (Current)  % Change vs 2021  Aerospace & Industrial  $805 - 825  $820 - 840   6% - 8%  Strong growth in Commercial Aerospace and General Industrial markets  Defense Electronics  $745 - 760  $720 - 735   (1%) - 1%  A&D sales growth weighted to H2; Caution remains on supply chain  Higher Aerospace Defense (C5ISR) mainly offset by Ground Defense (tactical communications)  Naval & Power  $980 - 995  $1,030 - 1,045   7% - 8%  Naval Defense growth LSD driven by CVN-81 aircraft carrier and Columbia-class submarine  Strong growth in Nuclear Aftermarket and Process, part. offset by wind down on CAP1000 program  Reflects ½ year contribution from SAA acquisition ($40M)  Total Sales  $2,530 - 2,580  $2,570 - 2,620  4% - 6%  Aerospace & Industrial  Margin  $131 - 135   16.2% - 16.4%  $133 - 137   16.2% - 16.4%  11% - 14%   70 - 90 bps  Strong absorption on higher sales  Benefit of ongoing operational excellence initiatives  Defense Electronics  Margin  $164 - 169   22.0% - 22.2%  $160 - 165   22.2% - 22.4%  (3%) - 0%   (20 - 40) bps  Benefit of ongoing operational excellence initiatives  Includes YOY R&D investments of $5M (70 bps impact)  Naval & Power  Margin  $177 - 182    18.1% - 18.3%  $186 - 190    18.0% - 18.2%  6% - 8%  (20) - 0 bps  Higher Nuclear AM and Process sales offset by wind down on profitable CAP1000 program   Solid incremental margin expansion excl. CAP1000 impact  Acquisition accretive to operating income, but initially dilutive on operating margin   Corporate and Other  ($39 - 40)  ($39 - 40)  ~ Flat  Total Op. Income  CW Margin  $432 - 446  17.1% - 17.3%  $439 - 452  17.1% - 17.3%  5% - 7%   +10 - 30 bps  Continued Margin Expansion in 2022, incl. R&D investments and CAP1000 Headwinds  2022 FINANCIAL GUIDANCE (As of August 3, 2022)  6   Note: FY 2022 guidance includes partial year sales contribution from SAA acquisition.   Updated (in blue)  

 2022 FINANCIAL GUIDANCE (As of August 3, 2022)  ($ in millions, except EPS)  2022E Adjusted (Prior)  2022E Adjusted (Current)  % Change vs 2021  Total Sales  $2,530 - 2,580  $2,570 - 2,620  4% - 6%  Total Operating Income  $432 - 446  $439 - 452  5% - 7%  Growth in operating income > sales  Other Income  $17 - 18  $17 - 18  Interest Expense  ($40 - 41)  ($44 - 45)  Reflects use of revolver and new financing  Diluted EPS  $8.05 - 8.25  $8.10 - 8.30  10% - 13%  Benefit of Record ‘21 Share Repurchase ($350M); SAA acquisition accretive to EPS  Diluted Shares Outstanding   38.6 - 38.8  38.6 - 38.8  Min. $50M share repurchase in ’22  Free Cash Flow  $345 - 365  $345 - 365  0% - 5%  Cash Flow from Operations up 2% - 10%  Free Cash Flow Conversion   >110%   >110%  Remain above 110% long-term target  Capital Expenditures  $50 - 60  $50 - 60  Average ~2% of Sales (over time)  Depreciation & Amortization  $110 - 120  $110 - 120  7  Updated (in blue)    Note: FY 2022 guidance includes partial year sales contribution from SAA acquisition.  

 CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE GROWTH  8  Sales growth of 4% - 6%, driven by increases in A&D and Commercial markets  Solid 3% - 5% organic growth plus SAA acquisition providing strong boost to top-line  Continued Operating Margin expansion, Expect 10 - 30 bps increase to 17.1% - 17.3%  Solid growth in Adjusted Diluted EPS, up 10% - 13%  Free Cash Flow generation remains solid   Targeting 10th consecutive year >100% FCF conversion  Disciplined and focused capital allocation strategy  Maintain flexible and conservative capital structure with significant capacity for acquisitions and share repurchases  Remain confident to deliver on Investor Day financial targets for 2023  Release of initial FY23 Defense Budget provides optimism and continued support for platforms most critical to CW  Commercial markets continue to benefit from long-term secular trends  

 Appendix  9 

 NON-GAAP FINANCIAL INFORMATION  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 Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. 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. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within the Company’s earnings press release.     The following definitions are provided:  Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS  These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions in the prior year, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.   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 contributions from acquisitions made during the last twelve months, loss on divestiture of the German valves business, and foreign currency fluctuations.   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 net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2022 excludes: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.   EBITDA  EBITDA is defined as Net Earnings before Interest, Tax, Depreciation and Amortization.   10 

 SECOND QUARTER 2022: END MARKET SALES GROWTH  ($ in millions)  Q2’22 Adjusted  Q2’21 Adjusted  Chg vs. Q2’21  Key Drivers  Aerospace Defense  $95  $100   (5%)  Timing of sales on various programs, due to supply chain headwinds and delayed signing of FY22 DoD Budget; Partially offset by higher foreign military sales  Ground Defense  $44  $49   (10%)  Timing of sales on tactical communications equipment, due to supply chain headwinds and delayed signing of FY22 DoD Budget; Partially offset by higher stabilization systems  Naval Defense  $172  $178   (3%)  Lower revenues on CVN-80 aircraft carrier and timing on Virginia-class submarine; Partially offset by higher Columbia-class submarine, CVN-81 aircraft carrier and C5/ISR  Commercial Aero  $68  $66   4%  Strong demand for actuation and sensors equipment, and surface treatment services; Mainly offset by reduced sales of avionics and flight test equipment  Total A&D Markets  $380  $393   (3%)  Power & Process  $125  $118   6%  Double-digit sales growth in nuclear aftermarket and process markets, partially offset by lower CAP1000 revenues (wind down)  General Industrial   $104  $99   5%  Continued strong demand for industrial vehicles products  Total Commercial Markets  $229  $217   6%  Total Curtiss-Wright  $609  $609   (0%)  11 

 2022E END MARKET SALES WATERFALL (as of August 3, 2022)  FY’22 Adjusted Guidance:  Overall UP 4 - 6%  A&D Markets UP 4 - 6%  Comm’l Markets UP 5 - 7%  Note: Amounts may not add down due to rounding.  Power & Process market sales concentrated in Naval & Power segment  General Industrial sales concentrated in Aerospace & Industrial segment  12