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): November 2, 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, November 2, 2022, the Company issued a press release announcing financial results for the third quarter ended September 30, 2022.  A conference call and webcast presentation will be held on Thursday, November 3, 2022 at 10:00 am ET for management to discuss the Company’s third 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 (800) 245-3047, while international callers can dial (203) 518-9765. The PIN code for all participants is CWQ322. 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 November 2, 2022

99.2 Presentation shown during investor and securities analyst webcast on November 3, 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:    November 2, 2022

EXHIBIT INDEX

Exhibit
 Number	Description	
 	 	
99.1	Press Release dated November 2, 2022	
99.2	Presentation shown during investor and securities analyst webcast on November 3, 2022	

Exhibit 99.1

Curtiss-Wright Reports Third Quarter 2022 Financial Results and Updates Full-Year 2022 Guidance
DAVIDSON, N.C.--(BUSINESS WIRE)--November 2, 2022--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter ended September 30, 2022.
Third Quarter 2022 Highlights:
·	Reported sales of $631 million, operating income of $108 million, operating margin of 17.1%, and diluted earnings per share (EPS) of $1.91;
·	Adjusted operating income of $114 million, up 6%;
·	Adjusted operating margin of 18.2%, up 70 basis points;
·	Adjusted diluted EPS of $2.07, up 10%;
·	Reported free cash flow (FCF) of $86 million;
·	New orders of $818 million, up 32%, reflecting strong Aerospace & Defense (A&D) and Commercial market demand, and book-to-bill of 1.30; and
·	Backlog of $2.6 billion, up 19% year-to-date.
"Curtiss-Wright delivered solid third quarter results, despite continued supply chain challenges, as the strength of our combined portfolio, coupled with the benefits of our company-wide operational excellence initiatives, enabled us to generate stronger than expected profitability with 70 basis points in operating margin expansion and double-digit EPS growth," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "Sales in our Commercial markets increased 9% during the quarter, led by double-digit growth in our general industrial and process markets, while sales for Aerospace & Defense markets were relatively flat. We once again experienced robust order activity, as bookings increased 32% year over year, and both bookings and backlog grew 19% on a year-to-date basis. This was driven by strong demand across the majority of our defense and commercial markets, including record level quarterly orders within our Defense Electronics segment."
Full-Year 2022 Financial Outlook:
·	Sales revised to new range of 2% to 4% growth (previously 4% to 6%), including 1% to 3% growth in our A&D markets and 6% to 8% growth in our Commercial markets;
·	Adjusted operating income revised to new range of 3% to 6% growth (previously 5% to 7%), reflecting the timing of revenues within our Defense Electronics segment, partially offset by stronger profitability within our Aerospace & Industrial segment;
·	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 revised to new range of $8.05 to $8.20 (previously $8.10 to $8.30), which continues to reflect double-digit growth; and
·	Adjusted free cash flow revised to a new range of $275 to $315 million (previously $345 to $365 million), reflecting the timing of defense revenues, as well as the expected delay in receipt of a significant cash payment upon the final delivery of our CAP1000 reactor coolant pumps to China, which has likely pushed to 2023, to align with our customer’s project schedule.
"Although underlying demand across the portfolio remains strong, we are revising our full-year 2022 guidance to reflect the ongoing global supply chain disruption which continues to impact the timing of production, deliveries and free cash flow within our Defense Electronics segment. We have taken numerous actions, including consistent engagement with our supply base that supported our prior expectations of a strong second half, however, conditions are not easing as quickly as anticipated. While we are confident these dynamics will get resolved over time, the challenges are delaying the recognition of our strong order book."

"Looking forward, the business fundamentals in the Defense Electronics segment remain quite strong, driven by record bookings, strong profitability and favorable long-term secular tailwinds. In addition, we remain focused on mitigating the impact of other macro-level headwinds through our ongoing operational excellence initiatives. As a result, we are able to maintain our previous operating margin guidance despite the topline reset."
"Overall, Curtiss-Wright remains in a strong position to deliver significant long-term value for our shareholders and on track to achieve the financial targets that we set out at our 2021 Investor Day."
Curtiss-Wright and X-energy Sign Preferred Strategic Supplier Agreement:
·	On September 15, 2022, the Company signed a preferred strategic supplier agreement to advance the design and deployment of X-energy’s Xe-100 advanced Small Modular Reactor (SMR);
·	Under the agreement, Curtiss-Wright has been selected as a preferred supplier to develop and provide three of the most critical systems for the Nuclear Steam Supply System; and
·	Curtiss-Wright estimates that its content for these three systems will be in excess of $100 million in revenue per four-unit (320 MW) plant.
Poland Selects Westinghouse AP1000 Technology for its First Nuclear Power Plant:
·	Earlier in 2022, Curtiss-Wright secured Westinghouse’s commitment to our reactor coolant pump (RCP) technology in future AP1000 power plants, including Eastern Europe;
·	Westinghouse's initial partnership with Poland covers the first three of potentially six AP1000 reactors, which are expected to begin producing electricity in 2033; and
·	The agreement provides an opportunity for Curtiss-Wright to receive new RCP orders within the next three to five years.

Third Quarter 2022 Operating Results

(In millions)	Q3-2022	Q3-2021	Change	
Reported	 	 	 	
Sales	$	631	 	$	621	 	2	%	
Operating income	$	108	 	$	98	 	10	%	
Operating margin	 	17.1	%	 	15.7	%	140 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	631	 	$	614	 	3	%	
Operating income	$	114	 	$	108	 	6	%	
Operating margin	 	18.2	%	 	17.5	%	70 bps	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $631 million increased 3% compared with the prior year, and included a 1% headwind from unfavorable foreign currency translation;
·	Total A&D market sales were flat, while total Commercial market sales increased 9%;
·	In our A&D markets, our results reflected the contribution from the acquisition of our new engineered arresting systems business in the aerospace defense market and mid-single digit sales growth in commercial aerospace; Those increases were principally offset by the timing of defense electronics revenues due to ongoing supply chain headwinds;
·	In our Commercial markets, we experienced double-digit sales growth in the general industrial market and mid-single digit sales growth within the power & process market, despite the wind down on the China Direct AP1000 program as it nears completion; and
·	Adjusted operating income of $114 million increased 6%, while Adjusted operating margin increased 70 basis points to 18.2%, principally driven by the benefits of our ongoing company-wide operational excellence initiatives and favorable overhead absorption on higher revenues in the Aerospace & Industrial and Naval & Power segments, partially offset by unfavorable overhead absorption on lower revenues in our Defense Electronics segment.

Third Quarter 2022 Segment Performance
Aerospace & Industrial

(In millions)	Q3-2022	Q3-2021	Change	
Reported	 	 	 	
Sales	$	213	 	$	196	 	9	%	
Operating income	$	39	 	$	31	 	27	%	
Operating margin	 	18.3	%	 	15.7	%	260 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	213	 	$	196	 	9	%	
Operating income	$	39	 	$	31	 	27	%	
Operating margin	 	18.3	%	 	15.7	%	260 bps	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $213 million, up $17 million, or 9% overall, and included a 3% headwind from unfavorable foreign currency translation;
·	Higher commercial aerospace market revenue reflected continued strong demand for sensors products and surface treatment services on numerous narrowbody and widebody platforms;
·	Strong double-digit revenue growth in the general industrial market was driven by increased sales of industrial vehicle products, principally serving on-highway and specialty platforms, and higher sales of surface treatment services; and
·	Adjusted operating income was $39 million, up 27% from the prior year, while Adjusted operating margin increased 260 basis points to 18.3%, reflecting favorable absorption on strong sales and the benefits of our ongoing operational excellence and pricing initiatives.

Defense Electronics

(In millions)	Q3-2022	Q3-2021	Change	
Reported	 	 	 	
Sales	$	161	 	$	182	 	(11	%)	
Operating income	$	37	 	$	41	 	(10	%)	
Operating margin	 	22.7	%	 	22.5	%	20 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	161	 	$	183	 	(12	%)	
Operating income	$	37	 	$	42	 	(14	%)	
Operating margin	 	22.7	%	 	23.2	%	(50 bps)	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $161 million, down $21 million, or 12%, principally reflected the timing of defense market sales due to ongoing supply chain headwinds related to the availability of electronic components;
·	Lower aerospace defense market revenue reflected decreased sales of our embedded computing and flight test equipment;
·	Ground defense market revenue declines reflected reduced sales of our tactical communications equipment; and
·	Adjusted operating income was $37 million, down 14% from the prior year, while adjusted operating margin decreased 50 basis points to 22.7%, primarily reflecting unfavorable absorption and mix on lower A&D revenues, partially offset by the benefits of our ongoing operational excellence initiatives.

Naval & Power

(In millions)	Q3-2022	Q3-2021	Change	
Reported	 	 	 	
Sales	$	256	 	$	243	 	6	%	
Operating income	$	42	 	$	35	 	17	%	
Operating margin	 	16.2	%	 	14.6	%	160 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	256	 	$	235	 	9	%	
Operating income	$	48	 	$	44	 	11	%	
Operating margin	 	18.9	%	 	18.6	%	30 bps	

(1)		Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Adjusted sales of $256 million, up $21 million, or 9%, principally driven by the contribution from the arresting systems acquisition for arresting systems equipment within the aerospace defense market;
·	Naval defense market revenues increased slightly as higher revenues on the Columbia-class submarine and CVN-81 aircraft carrier programs were mainly offset by timing of revenues on the Virginia-class submarine and CVN-80 aircraft carrier programs;
·	Higher power & process market revenues reflected continued strong growth in industrial valve sales in the process market, as well as higher nuclear aftermarket revenues supporting existing operating reactors; Those increases were partially offset by the wind down of production on the China Direct AP1000 program; and
·	Adjusted operating income was $48 million, up 11% from the prior year, while adjusted operating margin increased 30 basis points to 18.9%, as favorable absorption on higher organic revenues, as well as the benefits of our restructuring and ongoing operational excellence initiatives, were partially offset by unfavorable mix in the power & process market.

Free Cash Flow

(In millions)	Q3-2022	Q3-2021	Change	
Net cash provided by operating activities	$	96	 	$	107	 	(11	%)	
Capital expenditures	 	(9	)	 	(10	)	(8	%)	
Reported free cash flow	$	86	 	$	97	 	(11	%)	
Adjusted free cash flow (1)	$	86	 	$	97	 	(11	%)	

(1)		A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.	
·	Reported free cash flow of $86 million decreased $11 million, primarily due to the timing of defense revenues and higher inventory levels as we continue to work through the challenging supply chain environment;
·	Adjusted free cash flow of $86 million; and
·	Capital expenditures decreased $1 million compared with the prior year.
New Orders and Backlog
·	New orders of $818 million increased 32% in the third quarter and generated a book-to-bill of 1.30, principally driven by strong demand for defense and commercial aerospace products within our A&D markets, and for nuclear aftermarket and process products within our Commercial markets; and
·	Backlog of $2.6 billion, up 19% from December 31, 2021, reflects strong demand in both our A&D and Commercial markets.
Share Repurchase and Dividends
·	During the third quarter, the Company repurchased 90,307 shares of its common stock for approximately $13 million; and
·	The Company also declared a quarterly dividend of $0.19 a share.
Other Items – Completion of Financing of $300 Million in Senior Notes
·	On October 27, 2022, the Company announced the successful completion of a private placement debt offering of $300 million for senior notes (the "Notes"), consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034.

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	$2,570 - $2,620	$2,525 - $2,575	Up 2% - 4%	
Operating Income	$439 - $452	$433 - $444	Up 3% - 6%	
Operating Margin	17.1% - 17.3%	17.1% - 17.3%	Up 10 - 30 bps	
Diluted EPS	$8.10 - $8.30	$8.05 - $8.20	Up 10% - 12%	
Free Cash Flow	$345 - $365	$275 - $315	Down 9% - 21%	

(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 arresting systems acquisition to the Company's second half 2022 performance. 	
·	Revised Adjusted free cash flow reflects the timing of defense revenues, as well as the expected delay in receipt of a significant cash payment upon the final delivery of our CAP1000 reactor coolant pumps to China, which has likely pushed to 2023, to align with our customer’s project schedule.
**********
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 third quarter 2022 financial results and updates to 2022 guidance at 10:00 a.m. ET on Thursday, November 3, 2022. A live webcast of the call and the accompanying financial presentation, as well as a webcast 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	 	Nine Months Ended	
 	September 30,	 	September 30,	
 	2022	 	2021	 	2022	 	2021	
Product sales	$	530,782	 	 	$	528,339	 	 	$	1,489,619	 	 	$	1,552,706	 	
Service sales	 	99,760	 	 	 	92,280	 	 	 	309,741	 	 	 	286,467	 	
Total net sales	 	630,542	 	 	 	620,619	 	 	 	1,799,360	 	 	 	1,839,173	 	
 	 	 	 	 	 	 	 	
Cost of product sales	 	338,264	 	 	 	328,424	 	 	 	949,180	 	 	 	989,759	 	
Cost of service sales	 	60,069	 	 	 	55,187	 	 	 	188,055	 	 	 	177,930	 	
Total cost of sales	 	398,333	 	 	 	383,611	 	 	 	1,137,235	 	 	 	1,167,689	 	
 	 	 	 	 	 	 	 	
Gross profit	 	232,209	 	 	 	237,008	 	 	 	662,125	 	 	 	671,484	 	
 	 	 	 	 	 	 	 	
Research and development expenses	 	17,387	 	 	 	21,618	 	 	 	61,804	 	 	 	66,675	 	
Selling expenses	 	31,888	 	 	 	30,067	 	 	 	90,387	 	 	 	89,227	 	
General and administrative expenses	 	75,351	 	 	 	78,998	 	 	 	239,085	 	 	 	229,608	 	
Loss on divestiture	 	—	 	 	 	—	 	 	 	4,651	 	 	 	—	 	
Impairment of assets held for sale	 	—	 	 	 	8,656	 	 	 	—	 	 	 	8,656	 	
 	 	 	 	 	 	 	 	
Operating income	 	107,583	 	 	 	97,669	 	 	 	266,198	 	 	 	277,318	 	
 	 	 	 	 	 	 	 	
Interest expense	 	13,997	 	 	 	9,955	 	 	 	33,315	 	 	 	30,094	 	
Other income, net	 	3,746	 	 	 	3,627	 	 	 	11,298	 	 	 	8,910	 	
 	 	 	 	 	 	 	 	
Earnings before income taxes	 	97,332	 	 	 	91,341	 	 	 	244,181	 	 	 	256,134	 	
Provision for income taxes	 	(23,564	)	 	 	(21,638	)	 	 	(58,856	)	 	 	(65,554	)	
Net earnings	$	73,768	 	 	$	69,703	 	 	$	185,325	 	 	$	190,580	 	
 	 	 	 	 	 	 	 	
Net earnings per share:	 	 	 	 	 	 	 	
Basic earnings per share	$	1.92	 	 	$	1.71	 	 	$	4.82	 	 	$	4.66	 	
Diluted earnings per share	$	1.91	 	 	$	1.70	 	 	$	4.79	 	 	$	4.64	 	
 	 	 	 	 	 	 	 	
Dividends per share	$	0.19	 	 	$	0.18	 	 	$	0.56	 	 	$	0.53	 	
 	 	 	 	 	 	 	 	
Weighted-average shares outstanding:	 	 	 	 	 	 	 	
Basic	 	38,368	 	 	 	40,769	 	 	 	38,416	 	 	 	40,865	 	
Diluted	 	38,647	 	 	 	40,950	 	 	 	38,655	 	 	 	41,040	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	
($'s in thousands, except par value)	
 	 	 	 	
 	September 30,	 	December 31,	
 	2022	 	2021	
Assets	 	 	 	
Current assets:	 	 	 	
Cash and cash equivalents	$	113,552	 	 	$	171,004	 	
Receivables, net	 	713,592	 	 	 	647,148	 	
Inventories, net	 	503,064	 	 	 	411,567	 	
Assets held for sale	 	—	 	 	 	10,988	 	
Other current assets	 	84,468	 	 	 	67,101	 	
Total current assets	 	1,414,676	 	 	 	1,307,808	 	
Property, plant, and equipment, net	 	338,549	 	 	 	360,031	 	
Goodwill	 	1,512,231	 	 	 	1,463,026	 	
Other intangible assets, net	 	618,563	 	 	 	538,077	 	
Operating lease right-of-use assets, net	 	145,252	 	 	 	143,613	 	
Prepaid pension asset	 	267,262	 	 	 	256,422	 	
Other assets	 	45,629	 	 	 	34,568	 	
Total assets	$	4,342,162	 	 	$	4,103,545	 	
 	 	 	 	
Liabilities	 	 	 	
Current liabilities:	 	 	 	
Current portion of long-term debt	$	202,500	 	 	$	—	 	
Accounts payable	 	182,621	 	 	 	211,640	 	
Accrued expenses	 	139,982	 	 	 	147,701	 	
Deferred revenue	 	220,259	 	 	 	260,157	 	
Liabilities held for sale	 	—	 	 	 	12,655	 	
Other current liabilities	 	95,002	 	 	 	102,714	 	
Total current liabilities	 	840,364	 	 	 	734,867	 	
Long-term debt	 	1,141,211	 	 	 	1,050,610	 	
Deferred tax liabilities, net	 	150,721	 	 	 	147,349	 	
Accrued pension and other postretirement benefit costs	 	85,865	 	 	 	91,329	 	
Long-term operating lease liability	 	125,493	 	 	 	127,152	 	
Long-term portion of environmental reserves	 	13,186	 	 	 	13,656	 	
Other liabilities	 	101,079	 	 	 	112,092	 	
Total liabilities	 	2,457,919	 	 	 	2,277,055	 	
 	 	 	 	
Stockholders' equity	 	 	 	
Common stock, $1 par value	$	49,187	 	 	$	49,187	 	
Additional paid in capital	 	131,230	 	 	 	127,104	 	
Retained earnings	 	3,072,639	 	 	 	2,908,827	 	
Accumulated other comprehensive loss	 	(274,114	)	 	 	(190,465	)	
Less: cost of treasury stock	 	(1,094,699	)	 	 	(1,068,163	)	
Total stockholders' equity	 	1,884,243	 	 	 	1,826,490	 	
 	 	 	 	
Total liabilities and stockholders' equity	$	4,342,162	 	 	$	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	 	 	 	 	
 	September 30, 2022	 	September 30, 2021	 	% Change	
 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	213,093	 	 	$	—	 	$	213,093	 	 	$	196,296	 	 	$	(381	)	 	$	195,915	 	 	9	%	 	9	%	
Defense Electronics (2)	 	161,188	 	 	 	—	 	 	161,188	 	 	 	181,504	 	 	 	1,080	 	 	 	182,584	 	 	(11	)%	 	(12	)%	
Naval & Power (4)	 	256,261	 	 	 	—	 	 	256,261	 	 	 	242,819	 	 	 	(7,471	)	 	 	235,348	 	 	6	%	 	9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	630,542	 	 	$	—	 	$	630,542	 	 	$	620,619	 	 	$	(6,772	)	 	$	613,847	 	 	2	%	 	3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	39,080	 	 	$	—	 	$	39,080	 	 	$	30,872	 	 	$	(97	)	 	$	30,775	 	 	27	%	 	27	%	
Defense Electronics (2)	 	36,588	 	 	 	—	 	 	36,588	 	 	 	40,762	 	 	 	1,561	 	 	 	42,323	 	 	(10	)%	 	(14	)%	
Naval & Power (3)(4)	 	41,576	 	 	 	6,905	 	 	48,481	 	 	 	35,483	 	 	 	8,381	 	 	 	43,864	 	 	17	%	 	11	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	117,244	 	 	$	6,905	 	$	124,149	 	 	$	107,117	 	 	$	9,845	 	 	$	116,962	 	 	9	%	 	6	%	
Corporate and other	 	(9,661	)	 	 	—	 	 	(9,661	)	 	 	(9,448	)	 	 	9	 	 	 	(9,439	)	 	(2	)%	 	(2	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	107,583	 	 	$	6,905	 	$	114,488	 	 	$	97,669	 	 	$	9,854	 	 	$	107,523	 	 	10	%	 	6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As Reported	 	 	 	Adjusted	 	As Reported	 	 	 	Adjusted	 	As Reported	 	Adjusted	
Aerospace & Industrial	 	18.3	%	 	 	 	 	18.3	%	 	 	15.7	%	 	 	 	 	15.7	%	 	260 bps	 	260 bps	
Defense Electronics	 	22.7	%	 	 	 	 	22.7	%	 	 	22.5	%	 	 	 	 	23.2	%	 	20 bps	 	(50 bps)	
Naval & Power	 	16.2	%	 	 	 	 	18.9	%	 	 	14.6	%	 	 	 	 	18.6	%	 	160 bps	 	30 bps	
Total Curtiss-Wright	 	17.1	%	 	 	 	 	18.2	%	 	 	15.7	%	 	 	 	 	17.5	%	 	140 bps	 	70 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	18.6	%	 	 	 	 	19.7	%	 	 	17.3	%	 	 	 	 	19.1	%	 	130 bps	 	60 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 first year purchase accounting adjustments in the current period.	
(4) Excludes the results of operations from our German valves business, which was sold in January 2022, including an impairment loss in the prior period.	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)	
($'s in thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended	 	Nine Months Ended	 	 	 	 	
 	September 30, 2022	 	September 30, 2021	 	% Change	
 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	612,777	 	 	$	—	 	$	612,777	 	 	$	576,340	 	 	$	(8,764	)	 	$	567,576	 	 	6	%	 	8	%	
Defense Electronics (2)	 	453,806	 	 	 	—	 	 	453,806	 	 	 	525,067	 	 	 	3,240	 	 	 	528,307	 	 	(14	)%	 	(14	)%	
Naval & Power (4)	 	732,777	 	 	 	—	 	 	732,777	 	 	 	737,766	 	 	 	(20,468	)	 	 	717,298	 	 	(1	)%	 	2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	1,799,360	 	 	$	—	 	$	1,799,360	 	 	$	1,839,173	 	 	$	(25,992	)	 	$	1,813,181	 	 	(2	)%	 	(1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial (1)	$	96,397	 	 	$	—	 	$	96,397	 	 	$	81,874	 	 	$	(2,079	)	 	$	79,795	 	 	18	%	 	21	%	
Defense Electronics (2)	 	84,338	 	 	 	—	 	 	84,338	 	 	 	106,656	 	 	 	4,692	 	 	 	111,348	 	 	(21	)%	 	(24	)%	
Naval & Power (3)(4)	 	118,865	 	 	 	12,332	 	 	131,197	 	 	 	116,635	 	 	 	11,337	 	 	 	127,972	 	 	2	%	 	3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	299,600	 	 	$	12,332	 	$	311,932	 	 	$	305,165	 	 	$	13,950	 	 	$	319,115	 	 	(2	)%	 	(2	)%	
Corporate and other (5)	 	(33,402	)	 	 	4,876	 	 	(28,526	)	 	 	(27,847	)	 	 	75	 	 	 	(27,772	)	 	(20	)%	 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	266,198	 	 	$	17,208	 	$	283,406	 	 	$	277,318	 	 	$	14,025	 	 	$	291,343	 	 	(4	)%	 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As Reported	 	 	 	Adjusted	 	As Reported	 	 	 	Adjusted	 	As Reported	 	Adjusted	
Aerospace & Industrial	 	15.7	%	 	 	 	 	15.7	%	 	 	14.2	%	 	 	 	 	14.1	%	 	150 bps	 	160 bps	
Defense Electronics	 	18.6	%	 	 	 	 	18.6	%	 	 	20.3	%	 	 	 	 	21.1	%	 	(170 bps)	 	(250 bps)	
Naval & Power	 	16.2	%	 	 	 	 	17.9	%	 	 	15.8	%	 	 	 	 	17.8	%	 	40 bps	 	10 bps	
Total Curtiss-Wright	 	14.8	%	 	 	 	 	15.8	%	 	 	15.1	%	 	 	 	 	16.1	%	 	(30 bps)	 	(30 bps)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	16.7	%	 	 	 	 	17.3	%	 	 	16.6	%	 	 	 	 	17.6	%	 	10 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 first year purchase accounting adjustments in the current period.	
(4) Excludes the results of operations from our German valves business, which was sold in January 2022, including a loss on divestiture in the current period and an impairment loss in the prior period.	
(5) 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	 	 	 	
 	 	September 30, 2022	 	September 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	 	$	114,431	 	$	—	 	$	114,431	 	$	116,853	 	$	—	 	 	$	116,853	 	(2	%)	(2	%)	
Ground Defense (1)	 	 	54,890	 	 	—	 	 	54,890	 	 	55,124	 	 	1,080	 	 	 	56,204	 	0	%	(2	%)	
Naval Defense	 	 	174,844	 	 	—	 	 	174,844	 	 	175,800	 	 	—	 	 	 	175,800	 	(1	%)	(1	%)	
Commercial Aerospace (2)	 	 	70,257	 	 	—	 	 	70,257	 	 	67,461	 	 	(381	)	 	 	67,080	 	4	%	5	%	
Total Aerospace & Defense	 	$	414,422	 	$	—	 	$	414,422	 	$	415,238	 	$	699	 	 	$	415,937	 	0	%	0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Power & Process (3)	 	 	110,559	 	 	—	 	 	110,559	 	 	112,736	 	 	(7,472	)	 	 	105,264	 	(2	%)	5	%	
General Industrial	 	 	105,561	 	 	—	 	 	105,561	 	 	92,645	 	 	—	 	 	 	92,645	 	14	%	14	%	
Total Commercial	 	$	216,120	 	$	—	 	$	216,120	 	$	205,381	 	$	(7,472	)	 	$	197,909	 	5	%	9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	630,542	 	$	—	 	$	630,542	 	$	620,619	 	$	(6,773	)	 	$	613,846	 	2	%	3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Nine Months Ended	 	Nine Months Ended	 	 	 	
 	 	September 30, 2022	 	September 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	 	$	306,980	 	$	—	 	$	306,980	 	$	327,847	 	$	—	 	 	$	327,847	 	(6	%)	(6	%)	
Ground Defense (1)	 	 	138,391	 	 	—	 	 	138,391	 	 	159,090	 	 	3,240	 	 	 	162,330	 	(13	%)	(15	%)	
Naval Defense	 	 	510,597	 	 	—	 	 	510,597	 	 	531,429	 	 	—	 	 	 	531,429	 	(4	%)	(4	%)	
Commercial Aerospace (2)	 	 	199,341	 	 	—	 	 	199,341	 	 	196,285	 	 	(8,764	)	 	 	187,521	 	2	%	6	%	
Total Aerospace & Defense	 	$	1,155,309	 	$	—	 	$	1,155,309	 	$	1,214,651	 	$	(5,524	)	 	$	1,209,127	 	(5	%)	(4	%)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Power & Process (3)	 	 	340,702	 	 	—	 	 	340,702	 	 	343,573	 	 	(20,468	)	 	 	323,105	 	(1	%)	5	%	
General Industrial	 	 	303,349	 	 	—	 	 	303,349	 	 	280,949	 	 	—	 	 	 	280,949	 	8	%	8	%	
Total Commercial	 	$	644,051	 	$	—	 	$	644,051	 	$	624,522	 	$	(20,468	)	 	$	604,054	 	3	%	7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	1,799,360	 	$	—	 	$	1,799,360	 	$	1,839,173	 	$	(25,992	)	 	$	1,813,181	 	(2	%)	(1	%)	

(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	 	Nine Months Ended	
 	September 30,	 	September 30,	
 	2022	 	2021	 	2022	 	2021	
Diluted earnings per share - As Reported	$	1.91	 	$	1.70	 	$	4.79	 	$	4.64	 	
Divested German valves business	 	—	 	 	0.15	 	 	0.11	 	 	0.19	 	
Costs associated with shareholder activism	 	—	 	 	—	 	 	0.10	 	 	—	 	
Former executive pension settlement expense	 	—	 	 	—	 	 	0.04	 	 	0.06	 	
First year purchase accounting adjustments	 	0.16	 	 	0.03	 	 	0.17	 	 	0.09	 	
Exit of build-to-print actuation product line	 	—	 	 	—	 	 	—	 	 	(0.03	)	
Diluted earnings per share - Adjusted (1)	$	2.07	 	$	1.88	 	$	5.21	 	$	4.95	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(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	
 	September 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	9%	 	27%	 	(11%)	 	(10%)	 	6%	 	17%	 	2%	 	10%	
Less: Acquisitions	0%	 	0%	 	0%	 	0%	 	(6%)	 	20%	 	(2%)	 	7%	
Impairment of assets held for sale	0%	 	0%	 	0%	 	0%	 	0%	 	(24%)	 	0%	 	(9%)	
Foreign currency	3%	 	1%	 	1%	 	(1%)	 	0%	 	(1%)	 	1%	 	0%	
Organic	12%	 	28%	 	(10%)	 	(11%)	 	0%	 	12%	 	1%	 	8%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended	
 	September 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	6%	 	18%	 	(14%)	 	(21%)	 	(1%)	 	2%	 	(2%)	 	(4%)	
Less: Acquisitions	0%	 	0%	 	0%	 	0%	 	(1%)	 	6%	 	(1%)	 	3%	
Loss on divestiture/impairment of assets held for sale	0%	 	0%	 	0%	 	0%	 	0%	 	(3%)	 	0%	 	(2%)	
Foreign currency	3%	 	1%	 	1%	 	(1%)	 	0%	 	0%	 	1%	 	0%	
Organic	9%	 	19%	 	(13%)	 	(22%)	 	(2%)	 	5%	 	(2%)	 	(3%)	
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	 	Nine Months Ended	
 	September 30,	 	September 30,	
 	2022	 	2021	 	2022	 	2021	
Net cash provided by operating activities	$	95,658	 	 	$	107,285	 	 	$	2,387	 	 	$	155,761	 	
Capital expenditures	 	(9,297	)	 	 	(10,087	)	 	 	(28,789	)	 	 	(27,858	)	
Free cash flow	$	86,361	 	 	$	97,198	 	 	$	(26,402	)	 	$	127,903	 	
Westinghouse legal settlement	 	—	 	 	 	—	 	 	 	15,000	 	 	 	—	 	
Pension payment to former executive	 	—	 	 	 	—	 	 	 	8,214	 	 	 	—	 	
Adjusted free cash flow	$	86,361	 	 	$	97,198	 	 	$	(3,188	)	 	$	127,903	 	
Adjusted free cash flow conversion	 	108	%	 	 	127	%	 	 	(2	%)	 	 	63	%	

CURTISS-WRIGHT CORPORATION	
2022 Guidance	
As of November 2, 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	 	 	 	675	 	 	690	 	 	 	—	 	 	 	675	 	 	690	 	 	(7) - (5)%	
Naval & Power	 	995	 	 	 	(30	)	 	 	965	 	 	 	1,030	 	 	1,045	 	 	 	—	 	 	 	1,030	 	 	1,045	 	 	7 - 8%	
Total sales	$	2,506	 	 	$	(37	)	 	$	2,468	 	 	$	2,525	 	$	2,575	 	 	$	—	 	 	$	2,525	 	$	2,575	 	 	2 to 4%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	122	 	 	$	(2	)	 	$	120	 	 	$	135	 	$	139	 	 	$	—	 	 	$	135	 	$	139	 	 	12 - 16%	
Defense Electronics	 	159	 	 	 	5	 	 	 	164	 	 	 	150	 	 	155	 	 	 	—	 	 	 	150	 	 	155	 	 	(9) - (6)%	
Naval & Power	 	142	 	 	 	34	 	 	 	176	 	 	 	171	 	 	175	 	 	 	15	 	 	 	186	 	 	190	 	 	6 - 8%	
Total segments	 	423	 	 	 	38	 	 	 	460	 	 	 	456	 	 	469	 	 	 	15	 	 	 	471	 	 	484	 	 	 	
Corporate and other	 	(40	)	 	 	—	 	 	 	(40	)	 	 	(43	)	 	(44	)	 	 	5	 	 	 	(38	)	 	(39	)	 	 	
Total operating income	$	383	 	 	$	38	 	 	$	420	 	 	$	413	 	$	425	 	 	$	20	 	 	$	433	 	$	444	 	 	3 to 6%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	$	(40	)	 	$	—	 	 	$	(40	)	 	$	(46	)	$	(47	)	 	$	—	 	 	$	(46	)	$	(47	)	 	 	
Other income, net	 	12	 	 	 	3	 	 	 	15	 	 	 	10	 	 	11	 	 	 	7	 	 	 	17	 	 	18	 	 	 	
Earnings before income taxes	 	355	 	 	 	41	 	 	 	395	 	 	 	378	 	 	389	 	 	 	27	 	 	 	405	 	 	416	 	 	 	
Provision for income taxes	 	(87	)	 	 	(10	)	 	 	(97	)	 	 	(89	)	 	(93	)	 	 	(6	)	 	 	(96	)	 	(100	)	 	 	
Net earnings	$	267	 	 	$	31	 	 	$	298	 	 	$	290	 	$	296	 	 	$	20	 	 	$	310	 	$	316	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	$	6.58	 	 	$	0.76	 	 	$	7.34	 	 	$	7.52	 	$	7.67	 	 	$	0.53	 	 	$	8.05	 	$	8.20	 	 	10 to 12%	
Diluted shares outstanding	 	40.6	 	 	 	 	 	40.6	 	 	 	38.6	 	 	38.6	 	 	 	 	 	38.6	 	 	38.6	 	 	 	
Effective tax rate	 	24.6	%	 	 	 	 	24.6	%	 	 	24.0	%	 	24.0	%	 	 	 	 	24.0	%	 	24.0	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	 	15.5	%	 	 	 	 	15.5	%	 	 	16.4	%	 	16.6	%	 	 	 	 	16.4	%	 	16.6	%	 	90 to 110 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	%	 	 	16.4	%	 	16.5	%	 	 	 	 	17.1	%	 	17.3	%	 	10 to 30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	$	347	 	 	 	 	$	347	 	 	$	236	 	$	276	 	 	$	39	 	 	$	275	 	$	315	 	 	 	

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 November 2, 2022	

 	 	 	 	
 	2022 % Change vs. 2021 Adjusted(1)(2)	 	 	
 	 	 	 	 	 	
 	Prior	 	Current	 	% Total Sales	
Aerospace & Defense Markets	 	 	 	 	 	
Aerospace Defense	9 - 11%	 	3 - 5%	 	19%	
Ground Defense	(1 - 3%)	 	(7 - 9%)	 	8%	
Naval Defense	1 - 3%	 	Flat	 	28%	
Commercial Aerospace	9 - 11%	 	9 - 11%	 	11%	
Total Aerospace & Defense	4 - 6%	 	1 - 3%	 	66%	
 	 	 	 	 	 	
Commercial Markets	 	 	 	 	 	
Power & Process	4 - 6%	 	5 - 7%	 	18%	
General Industrial	6 - 8%	 	6 - 8%	 	16%	
Total Commercial	5 - 7%	 	6 - 8%	 	34%	
 	 	 	 	 	 	
Total Curtiss-Wright Sales	4 - 6%	 	2 - 4%	 	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 arresting systems 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

 NOVEMBER 3, 2022  Q3 2022 EARNINGS CONFERENCE CALL  Conference Call Dial-in numbers:  (800) 245-3047 (domestic)  (203) 518-9765 (international)  Conference code: CWQ322 

 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 

 CURTISS-WRIGHT DELIVERED SOLID THIRD QUARTER RESULTS WITH STRONG ORDER GROWTH  Expect 2% - 4% Sales growth  Ongoing global supply chain challenges impacting timing of Defense Electronics revenues; Continue to expect strong growth in Commercial markets  Maintained overall 17.1% - 17.3% operating margin  Stabilized by company-wide operational excellence initiatives  10% - 12% EPS growth driven by improved profitability  Revised Free Cash Flow outlook   Timing of Defense revenues and delayed receipt of CAP1000 final payment  CW and X-energy sign Preferred Strategic Supplier Agreement  Poland selects Westinghouse AP1000 for first nuclear power plant  Provides CW opportunity to receive new RCP orders within the next 3-5 years  Sales up 3% overall to $631M  Strong demand in Nuclear aftermarket, Process and General Industrial end markets drive 9% growth in Commercial markets  Benefits of combined portfolio more than offset supply chain challenges in Defense (overall A&D flat due to timing)  Strong Operating Margin expansion up 70 bps to 18.2%  Driven by strong profitability in A&I segment and benefits of company-wide operational excellence initiatives  Adj. Diluted EPS of $2.07, up 10%, exceeded expectations  Q3 Orders of $818M, up 32%; Backlog up 19% YTD  Record orders in Defense Electronics; Strong demand in Commercial Aerospace, Nuclear and Process markets  Q3 Book-to-Bill of 1.3x  3  Third Quarter 2022 Highlights   Updated Full-Year 2022 Guidance    Note: FY 2022 guidance is presented on an Adjusted (Non-GAAP) basis and includes partial year sales contribution from the engineered arresting systems acquisition.   Recent Events 

 THIRD QUARTER 2022 FINANCIAL REVIEW  ($ in millions)  Q3’22 Adjusted  Q3’21 Adjusted  Chg vs. Q3’21  Key Drivers  Aerospace & Industrial   $213  $196   9%  Strong demand in Commercial Aerospace (narrow/widebody OEM)  Double-digit growth in General Industrial (industrial vehicles and surface treatment services)   Defense Electronics   $161  $183   (12%)  Timing of revenue in Aerospace Defense (embedded computing and flight test equipment on various programs) and Ground Defense (tactical communications equipment)  Naval & Power   $256  $235   9%  Contribution from arresting systems acquisition   Strong growth in Nuclear aftermarket and Process (valves)  Total Sales  $631  $614   3%  Aerospace & Industrial   Margin   $39   18.3%   $31   15.7%  27%  260 bps  Favorable absorption on strong sales growth  Benefit of operational excellence and pricing initiatives  Defense Electronics   Margin   $37   22.7%   $42 23.2%   (14%)  (50 bps)  Unfavorable absorption and mix on lower A&D revenues  Naval & Power   Margin   $48   18.9%   $44   18.6%  11%  30 bps  Favorable absorption on higher revenues offset by unfavorable mix (wind down on CAP1000 program)  Benefit of operational excellence initiatives  Corporate and Other  ($10)   ($9)  (2%)  Total Op. Income  CW Margin  $114  18.2%  $108  17.5%  6%  70 bps  Company-wide operational excellence initiatives driving solid operating margin expansion  4  Notes: Amounts may not add due to rounding. 

 2022 END MARKET SALES GROWTH GUIDANCE (As of November 2, 2022)  2022E Growth vs 2021   (Prior)  2022E Growth vs 2021 (Current)  2022E % Sales  Aerospace Defense   9% - 11%   3% - 5%  19%  Contribution from arresting systems acquisition; Timing of defense electronics revenues  Ground Defense   (1% - 3%)   (7% - 9%)   8%  Timing of tactical communications equipment revenues  Naval Defense   1% - 3%  Flat  28%  Solid revenue growth on CVN-81 aircraft carrier and Columbia-class submarine offset by lower CVN-80 A/C and Virginia-class submarine revenues  Commercial Aero   9% - 11%   9% - 11%  11%  Strong recovery in OEM (mainly narrowbody) and Aftermarket  Total Aerospace & Defense  4% - 6%  1% - 3%  66%  Defense markets impacted by supply chain and delayed signing of FY22 budget  Power & Process  4% - 6%  5% - 7%  18%  Strong U.S. nuclear aftermarket and Gen IV SMR 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  5% - 7%  6% - 8%  34%  Continued strong demand in Comm’l markets, up ~10% ex. CAP1000  Total Curtiss-Wright  4% - 6%  2% - 4%  100%  Organic sales of 2% - 4%  5   Note: FY 2022 guidance includes partial year sales contribution from engineered arresting systems acquisition.   Updated (in blue)  

 ($ in millions)  2022E Adjusted (Prior)  2022E Adjusted (Current)  % Change vs 2021  Aerospace & Industrial  $820 - 840  $820 - 840   6% - 8%  Strong growth in Commercial Aerospace and General Industrial markets  Defense Electronics  $720 - 735  $675 - 690   (7%) - (5%)  A&D sales growth impacted by timing; Expecting supply chain improvement in 2023   Lower Aerospace Defense (embedded computing) and Ground Defense (tactical communications)  Naval & Power  $1,030 - 1,045  $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 acquisition ($40M)  Total Sales  $2,570 - 2,620  $2,525 - 2,575  2% - 4%  Aerospace & Industrial  Margin  $133 - 137   16.2% - 16.4%  $135 - 139   16.4% - 16.6%  12% - 16%   90 - 110 bps  Strong absorption on higher sales  Benefit of ongoing operational excellence and pricing initiatives  Defense Electronics  Margin  $160 - 165   22.2% - 22.4%  $150 - 155   22.2% - 22.4%  (9%) - (6%)   (20 - 40) bps  Unfavorable absorption on lower A&D revenues  Naval & Power  Margin  $186 - 190    18.0% - 18.2%  $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)  ($38 - 39)  2% - 5%  Total Op. Income  CW Margin  $439 - 452  17.1% - 17.3%  $433 - 444  17.1% - 17.3%  3% - 6%   +10 - 30 bps  Continued Margin Expansion despite reduced top-line outlook and CAP1000 wind down  2022 FINANCIAL GUIDANCE (As of November 2, 2022)  6  Updated (in blue)    Note: FY 2022 guidance includes partial year sales contribution from engineered arresting systems acquisition.  

 2022 FINANCIAL GUIDANCE (As of November 2, 2022)  ($ in millions, except EPS)  2022E Adjusted (Prior)  2022E Adjusted (Current)  % Change vs 2021  Total Sales  $2,570 - 2,620  $2,525 - 2,575  2% - 4%  Total Operating Income  $439 - 452  $433 - 444  3% - 6%  Growth in operating income exceeds sales  Other Income  $17 - 18  $17 - 18  Interest Expense  ($44 - 45)  ($46 - 47)  Reflects use of revolver and new financing  Diluted EPS  $8.10 - 8.30  $8.05 - 8.20  10% - 12%  Maintain double-digit long-term growth rate  Diluted Shares Outstanding  38.6 - 38.8  38.6  Min. $50M share repurchase in ’22  Free Cash Flow  $345 - 365  $275 - 315  Timing of Defense revenues  Delayed receipt of significant payment expected upon final delivery of CAP1000 reactor coolant pumps to China to align with customer’s project schedule  Free Cash Flow Conversion   >110%   90% - 100%  >100% excluding CAP1000 payment push out  Capital Expenditures  $50 - 60  $40 - 45  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 engineered arresting systems acquisition.  

 CURTISS-WRIGHT’S LONG-TERM OPPORTUNITY TO SUPPORT GEN IV ADVANCED NUCLEAR REACTORS  Strong public and bi-partisan government support (e.g., ARDP, Infrastructure Bill, Inflation Reduction Act, CHIPS Act)  NEI Survey(2) forecasts 300 SMRs in U.S. by 2050  NEI survey of its 19 utility members; NEI represents only half of the electricity producers in the U.S.   Large addressable market serving both electricity and industrial / process heat usage  CW expects to develop similar relationships with numerous Generation IV SMR designers (including TerraPower, GE-Hitachi, Rolls Royce)  CW to play a critical role in helping to de-carbonize the existing energy infrastructure through the creation of clean, reliable, and affordable energy  Sept’22: Signed agreement to advance the deployment of the Xe-100 Generation IV Small Modular Reactor (SMR)  Curtiss-Wright selected as a preferred supplier to provide three critical systems for the Nuclear Steam Supply System (NSSS):  Helium Circulator System, Fuel Handling System, and Reactivity Control and Safe Shutdown System  CW’s estimated content in excess of $100M in revenue per four-unit (320 MW) plant   Through ARDP(1), X-energy expected to build one four-unit high-temperature gas reactor plant in WA with commercial operation by 2028  8  X-ENERGY PREFERRED STRATEGIC SUPPLIER AGREEMENT  NUCLEAR HAS STRONG U.S. GOVERNMENT SUPPORT  Advanced Reactor Demonstration Program (ARDP)   NEI Study, July 2022: https://www.nei.org/news/2022/studies-and-models-show-demand-for-adv-nuclear  

 CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE GROWTH  9  Growing order book and strong backlog provide visibility and confidence in long-term outlook  FY23 U.S. and NATO defense budget outlooks provide optimism for multi-year growth in defense  Commercial markets continue to benefit from long-term secular trends (Nuclear “green” technology, electrification)  Maintain guidance for Operating Margin expansion despite near-term supply chain and inflationary pressures (17.1% - 17.3%, up 10 - 30 bps)  Solid growth in Adjusted Diluted EPS, up 10% - 12%  Strong balance sheet and long-term FCF outlook promote balanced capital allocation strategy  Remain on track to deliver on Investor Day financial targets for 2023   Note: FY 2022 guidance includes partial year sales contribution from engineered arresting systems acquisition.  

 Appendix  10 

 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.   11 

 THIRD QUARTER 2022: END MARKET SALES GROWTH  ($ in millions)  Q3’22 Adjusted  Q3’21 Adjusted  Chg vs. Q3’21  Key Drivers  Aerospace Defense  $114  $117   (2%)  Higher revenues of arresting systems equipment (acquisition); more than offset by lower embedded computing and flight test equipment revenues on various programs  Ground Defense  $55  $56   (2%)  Timing of sales on tactical communications equipment  Naval Defense  $175  $176   (1%)  Higher Columbia-class submarine, CVN-81 aircraft carrier and fleet services revenues offset by lower CVN-80 aircraft carrier and timing on Virginia-class submarine  Commercial Aero  $70  $67   5%  Solid OEM demand for sensors and services on narrowbody and widebody platforms  Total A&D Markets  $414  $416   ~Flat  Power & Process  $111  $105   5%  Strong growth in nuclear aftermarket and process markets, partially offset by lower CAP1000 revenues (wind down)  General Industrial   $106  $93   14%  Continued strong demand for industrial vehicles products and higher sales of surface treatment services  Total Commercial Markets  $216  $198   9%  Total Curtiss-Wright  $630  $614   3%  12 

 2022E END MARKET SALES WATERFALL (as of November 2, 2022)  FY’22 Adjusted Guidance:  Overall UP 2 - 4%  A&D Markets UP 1 - 3%  Comm’l Markets UP 6 - 8%  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  13