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 1, 2023
 
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 1, 2023, the Company issued a press release announcing financial results for the third quarter ended September 30, 2023.  A conference call and webcast presentation will be held on Thursday, November 2, 2023 at 10:00 am ET for management to discuss the Company’s third quarter 2023 financial performance as well as expectations for 2023 financial performance. 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) 274-8461, while international callers can dial (203) 518-9843. The PIN code for all participants is CWQ323. 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 1, 2023

99.2 Presentation shown during investor and securities analyst webcast on November 2, 2023

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, 2023

EXHIBIT INDEX

Exhibit
 Number	Description	 	
 	 	 	
99.1	Press Release dated November 1, 2023	 	
99.2	Presentation shown during investor and securities analyst webcast on November 2, 2023	 	

Exhibit 99.1

Curtiss-Wright Reports Third Quarter 2023 Financial Results and Raises Full-Year 2023 Guidance
DAVIDSON, N.C.--(BUSINESS WIRE)--November 1, 2023--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter ended September 30, 2023.
Third Quarter 2023 Highlights:
·	Reported sales of $724 million, up 15%;
·	Reported operating income of $133 million, operating margin of 18.3%, and diluted earnings per share (EPS) of $2.51;
·	Adjusted operating income of $134 million, up 17%;
·	Adjusted operating margin of 18.5%, up 30 basis points;
·	Adjusted diluted EPS of $2.54, up 23%;
·	New orders of $846 million, up 3%, reflecting solid Aerospace & Defense (A&D) and Commercial market demand, and book-to-bill of 1.2;
·	Backlog of $2.9 billion, up 12% year-to-date; and
·	Free cash flow (FCF) of $137 million, generating 140% Adjusted FCF conversion.
Raised Full-Year 2023 Adjusted Financial Guidance:
·	Sales increased to new range of 8% to 10% growth (previously 7% to 9%), reflecting growth in all A&D and Commercial end markets;
·	Maintained operating income range of 8% to 11% growth, and operating margin range of 17.4% to 17.6%, up 10 to 30 basis points compared with the prior year;
·	Diluted EPS increased to new range of $9.00 to $9.20, up 11% to 13% (previously $8.90 to $9.15); and
·	Free cash flow increased to new range of $380 to $400 million (previously $370 to $400 million) and continues to reflect greater than 110% FCF conversion.
"Curtiss-Wright delivered strong third quarter results, as Adjusted diluted EPS of $2.54 exceeded our expectations driven by sales growth in all of our A&D and Commercial end markets and a better-than-expected operational performance in our Defense Electronics segment," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We also demonstrated solid order activity and grew our already strong backlog, yielding a book-to-bill of 1.2x in the quarter, highlighted by record quarterly orders within our Defense Electronics segment and continued solid demand for commercial nuclear products."
"Based on the strong year-to-date performance, we have increased our full-year sales, operating income, diluted EPS and free cash flow guidance as we continue to successfully execute on our Pivot to Growth strategy and maintain strong alignment with the near- and long-term favorable secular growth trends driving our business."

Third Quarter 2023 Operating Results

(In millions)	Q3-2023	Q3-2022	Change	
Reported	 	 	 	
Sales	$	724	 	$	631	 	15	%	
Operating income	$	133	 	$	108	 	23	%	
Operating margin	 	18.3	%	 	17.1	%	120 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	724	 	$	631	 	15	%	
Operating income	$	134	 	$	114	 	17	%	
Operating margin	 	18.5	%	 	18.2	%	30 bps	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $724 million increased 15% compared with the prior year;
·	Total A&D market sales increased 18%, while total Commercial market sales increased 8%;
·	In our A&D markets, we experienced higher sales in the defense markets driven by continued strong demand for our defense electronics products and higher sales of arresting systems equipment, as well as strong growth in OEM sales in the commercial aerospace market, and
·	In our Commercial markets, we experienced strong growth in the power & process markets, despite the wind down on the China Direct AP1000 program, and higher sales in the general industrial market; and
·	Adjusted operating income of $134 million increased 17%, while Adjusted operating margin increased 30 basis points to 18.5%, principally driven by favorable overhead absorption on higher revenues in the Defense Electronics segment.

Third Quarter 2023 Segment Performance
Aerospace & Industrial

(In millions)	Q3-2023	Q3-2022	Change	
Reported	 	 	 	
Sales	$	220	 	$	213	 	3	%	
Operating income	$	39	 	$	39	 	0	%	
Operating margin	 	17.7	%	 	18.3	%	(60 bps)	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	220	 	$	213	 	3	%	
Operating income	$	39	 	$	39	 	0	%	
Operating margin	 	17.7	%	 	18.3	%	(60 bps)	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $220 million, up $7 million, or 3%;
·	Commercial aerospace market revenue increases reflected higher OEM sales of actuation and sensors products, as well as surface treatment services, on narrowbody and widebody platforms;
·	Higher general industrial market revenue was principally driven by increased sales of industrial automation products and surface treatment services;
·	Lower revenue in the aerospace and ground defense markets reflected the timing of sales for our actuation equipment supporting various programs; and
·	Adjusted operating income was $39 million, flat compared with the prior year, while Adjusted operating margin decreased 60 basis points to 17.7%, as favorable absorption on higher sales was offset by unfavorable mix in actuation products.

Defense Electronics

(In millions)	Q3-2023	Q3-2022	Change	
Reported	 	 	 	
Sales	$	216	 	$	161	 	34	%	
Operating income	$	56	 	$	37	 	54	%	
Operating margin	 	26.0	%	 	22.7	%	330 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	216	 	$	161	 	34	%	
Operating income	$	56	 	$	37	 	54	%	
Operating margin	 	26.0	%	 	22.7	%	330 bps	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $216 million, up $55 million, or 34%;
·	Higher revenue in the aerospace defense market was primarily driven by increased sales of our embedded computing and flight test instrumentation equipment on various domestic and international platforms;
·	Strong revenue growth in the ground defense market principally reflected the robust demand and timing of sales of tactical battlefield communications equipment;
·	Higher commercial aerospace market revenue reflected increased OEM sales of avionics and flight test instrumentation equipment on various domestic and international platforms; and
·	Adjusted operating income was $56 million, up 54% from the prior year, while adjusted operating margin increased 330 basis points to 26.0%, primarily due to favorable absorption on higher A&D revenues.

Naval & Power

(In millions)	Q3-2023	Q3-2022	Change	
Reported	 	 	 	
Sales	$	288	 	$	256	 	12	%	
Operating income	$	48	 	$	42	 	15	%	
Operating margin	 	16.6	%	 	16.2	%	40 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	288	 	$	256	 	12	%	
Operating income	$	49	 	$	48	 	1	%	
Operating margin	 	17.0	%	 	18.9	%	(190 bps)	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $288 million, up $31 million, or 12%;
·	Higher revenue in the aerospace defense market was primarily driven by increased sales of our arresting systems equipment supporting various domestic and international customers;
·	Naval defense market revenue increases principally reflected higher revenues on Columbia-class and Virginia-class submarines, partially offset by the timing of revenues on the CVN-81 aircraft carrier program;
·	Higher power & process market revenues reflected strong growth in industrial valve sales in the process market, and solid growth in the commercial nuclear market supporting both increased maintenance of existing operating reactors as well as increased development on advanced small modular reactors; Those increases were partially offset by lower China Direct AP1000 program revenues; and
·	Adjusted operating income was $49 million, up 1% from the prior year, while adjusted operating margin decreased 190 basis points to 17.0%, as favorable absorption on higher revenues was offset by unfavorable naval contract adjustments as well as unfavorable mix of products.

Free Cash Flow

(In millions)	Q3-2023	Q3-2022	Change	
Net cash provided by operating activities	$	146	 	$	96	 	53	%	
Capital expenditures	 	(9	)	 	(9	)	1	%	
Reported free cash flow	$	137	 	$	86	 	59	%	
Adjusted free cash flow (1)	$	137	 	$	86	 	59	%	
(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.	
·	Reported free cash flow of $137 million increased $51 million year over year, primarily driven by higher cash earnings due to the timing of defense revenues;
·	Adjusted free cash flow of $137 million; and
·	Capital expenditures were nearly flat compared with the prior year.
New Orders and Backlog
·	New orders of $846 million increased 3% compared with the prior year and generated an overall book-to-bill of approximately 1.2x, principally driven by strong demand for defense electronics products within our A&D markets, and for nuclear products within our Commercial markets; and
·	Backlog of $2.9 billion, up 12% from December 31, 2022, reflects higher demand in both our A&D and Commercial markets.
Share Repurchase and Dividends
·	During the third quarter, the Company repurchased 63,614 shares of its common stock for approximately $13 million; and
·	The Company also declared a quarterly dividend of $0.20 a share.

Full-Year 2023 Guidance
The Company is updating its full-year 2023 Adjusted financial guidance(1) as follows:

($ in millions, except EPS)	2023 Adjusted Non-GAAP Guidance (Prior)	2023 Adjusted Non-GAAP Guidance (Current)	Change vs 2022 Adjusted (Current)	
Total Sales	$2,730 - $2,790	$2,765 - $2,815	Up 8% - 10%	
Operating Income	$476 - $490	$480 - $494	Up 8% - 11%	
Operating Margin	17.4% - 17.6%	17.4% - 17.6%	Up 10 - 30 bps	
Diluted EPS	$8.90 - $9.15	$9.00 - $9.20	Up 11% - 13%	
Free Cash Flow	$370 - $400	$380 - $400	Up 29% - 36%	
(1) Reconciliations of Reported to Adjusted 2022 operating results and 2023 financial guidance are available in the Appendix, and exclude first year purchase accounting costs in both periods associated with acquisitions.	
**********
A more detailed breakdown of the Company’s 2023 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 its third quarter 2023 financial results and updates to 2023 guidance at 10:00 a.m. ET on Thursday, November 2, 2023. 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,	
 	 	2023	 	 	 	2022	 	 	 	2023	 	 	 	2022	 	
Product sales	$	613,915	 	 	$	530,782	 	 	$	1,721,832	 	 	$	1,489,619	 	
Service sales	 	110,411	 	 	 	99,760	 	 	 	337,750	 	 	 	309,741	 	
Total net sales	 	724,326	 	 	 	630,542	 	 	 	2,059,582	 	 	 	1,799,360	 	
 	 	 	 	 	 	 	 	
Cost of product sales	 	380,163	 	 	 	338,264	 	 	 	1,093,469	 	 	 	949,180	 	
Cost of service sales	 	62,695	 	 	 	60,069	 	 	 	203,664	 	 	 	188,055	 	
Total cost of sales	 	442,858	 	 	 	398,333	 	 	 	1,297,133	 	 	 	1,137,235	 	
 	 	 	 	 	 	 	 	
Gross profit	 	281,468	 	 	 	232,209	 	 	 	762,449	 	 	 	662,125	 	
 	 	 	 	 	 	 	 	
Research and development expenses	 	23,464	 	 	 	17,387	 	 	 	65,698	 	 	 	61,804	 	
Selling expenses	 	34,084	 	 	 	31,888	 	 	 	100,782	 	 	 	90,387	 	
General and administrative expenses	 	91,401	 	 	 	75,351	 	 	 	272,060	 	 	 	239,085	 	
Loss on divestiture	 	—	 	 	 	—	 	 	 	—	 	 	 	4,651	 	
 	 	 	 	 	 	 	 	
Operating income	 	132,519	 	 	 	107,583	 	 	 	323,909	 	 	 	266,198	 	
 	 	 	 	 	 	 	 	
Interest expense	 	12,496	 	 	 	13,997	 	 	 	40,432	 	 	 	33,315	 	
Other income, net	 	7,023	 	 	 	3,746	 	 	 	22,744	 	 	 	11,298	 	
 	 	 	 	 	 	 	 	
Earnings before income taxes	 	127,046	 	 	 	97,332	 	 	 	306,221	 	 	 	244,181	 	
Provision for income taxes	 	(30,268	)	 	 	(23,564	)	 	 	(71,598	)	 	 	(58,856	)	
Net earnings	$	96,778	 	 	$	73,768	 	 	$	234,623	 	 	$	185,325	 	
 	 	 	 	 	 	 	 	
Net earnings per share:	 	 	 	 	 	 	 	
Basic earnings per share	$	2.53	 	 	$	1.92	 	 	$	6.13	 	 	$	4.82	 	
Diluted earnings per share	$	2.51	 	 	$	1.91	 	 	$	6.09	 	 	$	4.79	 	
 	 	 	 	 	 	 	 	
Dividends per share	$	0.20	 	 	$	0.19	 	 	$	0.59	 	 	$	0.56	 	
 	 	 	 	 	 	 	 	
Weighted-average shares outstanding:	 	 	 	 	 	 	 	
Basic	 	38,285	 	 	 	38,368	 	 	 	38,301	 	 	 	38,416	 	
Diluted	 	38,558	 	 	 	38,647	 	 	 	38,538	 	 	 	38,655	 	

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	
($'s in thousands, except par value)	
 	 	 	 	
 	September 30,	 	December 31,	
 	 	2023	 	 	 	2022	 	
Assets	 	 	 	
Current assets:	 	 	 	
Cash and cash equivalents	$	148,809	 	 	$	256,974	 	
Receivables, net	 	790,334	 	 	 	723,304	 	
Inventories, net	 	540,180	 	 	 	483,113	 	
Other current assets	 	65,794	 	 	 	52,623	 	
Total current assets	 	1,545,117	 	 	 	1,516,014	 	
Property, plant, and equipment, net	 	334,864	 	 	 	342,708	 	
Goodwill	 	1,546,669	 	 	 	1,544,635	 	
Other intangible assets, net	 	572,348	 	 	 	620,897	 	
Operating lease right-of-use assets, net	 	138,809	 	 	 	153,855	 	
Prepaid pension asset	 	236,089	 	 	 	222,627	 	
Other assets	 	40,059	 	 	 	47,567	 	
Total assets	$	4,413,955	 	 	$	4,448,303	 	
 	 	 	 	
Liabilities	 	 	 	
Current liabilities:	 	 	 	
Current portion of long-term debt	$	—	 	 	$	202,500	 	
Accounts payable	 	213,662	 	 	 	266,525	 	
Accrued expenses	 	188,504	 	 	 	174,440	 	
Deferred revenue	 	292,514	 	 	 	254,801	 	
Other current liabilities	 	80,699	 	 	 	82,779	 	
Total current liabilities	 	775,379	 	 	 	981,045	 	
Long-term debt	 	1,050,713	 	 	 	1,051,900	 	
Deferred tax liabilities, net	 	117,113	 	 	 	123,001	 	
Accrued pension and other postretirement benefit costs	 	57,808	 	 	 	58,348	 	
Long-term operating lease liability	 	117,320	 	 	 	132,275	 	
Long-term portion of environmental reserves	 	14,031	 	 	 	12,547	 	
Other liabilities	 	96,436	 	 	 	107,973	 	
Total liabilities	$	2,228,800	 		$	2,467,089	 	
 	 	 	 	
Stockholders' equity	 	 	 	
Common stock, $1 par value	$	49,187	 	 	$	49,187	 	
Additional paid in capital	 	136,610	 	 	 	134,553	 	
Retained earnings	 	3,375,502	 	 	 	3,163,491	 	
Accumulated other comprehensive loss	 	(253,416	)	 	 	(258,916	)	
Less: cost of treasury stock	 	(1,122,728	)	 	 	(1,107,101	)	
Total stockholders' equity	$	2,185,155	 	 	$	1,981,214	 	
 	 	 	 	
Total liabilities and stockholders' equity	$	4,413,955	 	 	$	4,448,303	 	

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, 2023	 	September 30, 2022	 	% Change	
 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	220,297	 	 	$	—		 	$	220,297	 	 	$	213,093	 	 	$	—		 	$	213,093	 	 	3	%	 	3	%	
Defense Electronics	 	216,285	 	 	 	—	 	 	 	216,285	 	 	 	161,188	 	 	 	—	 	 	 	161,188	 	 	34	%	 	34	%	
Naval & Power	 	287,744	 	 	 	—	 	 	 	287,744	 	 	 	256,261	 	 	 	—	 	 	 	256,261	 	 	12	%	 	12	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	724,326	 	 	$	—	 	 	$	724,326	 	 	$	630,542	 	 	$	—	 	 	$	630,542	 	 	15	%	 	15	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	39,014	 	 	$	—	 	 	$	39,014	 	 	$	39,080	 	 	$	—	 	 	$	39,080	 	 	—	%	 	—	%	
Defense Electronics	 	56,212	 	 	 	—	 	 	 	56,212	 	 	 	36,588	 	 	 	—	 	 	 	36,588	 	 	54	%	 	54	%	
Naval & Power(1)	 	47,663	 	 	 	1,333	 	 	 	48,996	 	 	 	41,576	 	 	 	6,905	 	 	 	48,481	 	 	15	%	 	1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	142,889	 	 	$	1,333	 	 	$	144,222	 	 	$	117,244	 	 	$	6,905	 	 	$	124,149	 	 	22	%	 	16	%	
Corporate and other	 	(10,370	)	 	 	—	 	 	 	(10,370	)	 	 	(9,661	)	 	 	—	 	 	 	(9,661	)	 	(7	)%	 	(7	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	132,519	 	 	$	1,333	 	 	$	133,852	 	 	$	107,583	 	 	$	6,905	 	 	$	114,488	 	 	23	%	 	17	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As Reported	 	 	 	Adjusted	 	As Reported	 	 	 	Adjusted	 	As Reported	 	Adjusted	
Aerospace & Industrial	 	17.7	%	 	 	 	 	17.7	%	 	 	18.3	%	 	 	 	 	18.3	%	 	(60 bps)	 	(60 bps)	
Defense Electronics	 	26.0	%	 	 	 	 	26.0	%	 	 	22.7	%	 	 	 	 	22.7	%	 	330 bps	 	330 bps	
Naval & Power	 	16.6	%	 	 	 	 	17.0	%	 	 	16.2	%	 	 	 	 	18.9	%	 	40 bps	 	(190 bps)	
Total Curtiss-Wright	 	18.3	%	 	 	 	 	18.5	%	 	 	17.1	%	 	 	 	 	18.2	%	 	120 bps	 	30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	19.7	%	 	 	 	 	19.9	%	 	 	18.6	%	 	 	 	 	19.7	%	 	110 bps	 	20 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes first year purchase accounting adjustments in the current period and prior year period.	

 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)	
($'s in thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended	 	Nine Months Ended	 	 	 	 	
 	September 30, 2023	 	September 30, 2022	 	% Change	
 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjustments	 	Adjusted	 	As Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	649,004	 	 	$	—		 	$	649,004	 	 	$	612,777	 	 	$	—		 	$	612,777	 	 	6	%	 	6	%	
Defense Electronics	 	576,161	 	 	 	—	 	 	 	576,161	 	 	 	453,806	 	 	 	—	 	 	 	453,806	 	 	27	%	 	27	%	
Naval & Power	 	834,417	 	 	 	—	 	 	 	834,417	 	 	 	732,777	 	 	 	—	 	 	 	732,777	 	 	14	%	 	14	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	2,059,582	 	 	$	—	 	 	$	2,059,582	 	 	$	1,799,360	 	 	$	—	 	 	$	1,799,360	 	 	14	%	 	14	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	101,224	 	 	$	—	 	 	$	101,224	 	 	$	96,397	 	 	$	—	 	 	$	96,397	 	 	5	%	 	5	%	
Defense Electronics	 	122,760	 	 	 	—	 	 	 	122,760	 	 	 	84,338	 	 	 	—	 	 	 	84,338	 	 	46	%	 	46	%	
Naval & Power (1)(2)	 	132,382	 	 	 	6,669	 	 	 	139,051	 	 	 	118,865	 	 	 	12,332	 	 	 	131,197	 	 	11	%	 	6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	356,366	 	 	$	6,669	 	 	$	363,035	 	 	$	299,600	 	 	$	12,332	 	 	$	311,932	 	 	19	%	 	16	%	
Corporate and other (3)	 	(32,457	)	 	 	—	 	 	 	(32,457	)	 	 	(33,402	)	 	 	4,876	 	 	 	(28,526	)	 	3	%	 	(14	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	323,909	 	 	$	6,669	 	 	$	330,578	 	 	$	266,198	 	 	$	17,208	 	 	$	283,406	 	 	22	%	 	17	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As Reported	 	 	 	Adjusted	 	As Reported	 	 	 	Adjusted	 	As Reported	 	Adjusted	
Aerospace & Industrial	 	15.6	%	 	 	 	 	15.6	%	 	 	15.7	%	 	 	 	 	15.7	%	 	(10 bps)	 	(10 bps)	
Defense Electronics	 	21.3	%	 	 	 	 	21.3	%	 	 	18.6	%	 	 	 	 	18.6	%	 	270 bps	 	270 bps	
Naval & Power	 	15.9	%	 	 	 	 	16.7	%	 	 	16.2	%	 	 	 	 	17.9	%	 	(30 bps)	 	(120 bps)	
Total Curtiss-Wright	 	15.7	%	 	 	 	 	16.1	%	 	 	14.8	%	 	 	 	 	15.8	%	 	90 bps	 	30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	17.3	%	 	 	 	 	17.6	%	 	 	16.7	%	 	 	 	 	17.3	%	 	60 bps	 	30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes first year purchase accounting adjustments in the current period and prior year period.	
(2) Excludes the results of operations from our German valves business, which was sold in January 2022, and the loss on divestiture in the prior year period.	
(3) Excludes costs associated with shareholder activism in the prior year 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, 2023	 	September 30, 2022	 	% 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	 	$	148,023		 	$	—		 	$	148,023		 	$	114,431		 	$	—		 	$	114,431		 	29	%	29	%	
Ground Defense	 	 	83,185	 	 	 	—	 	 	 	83,185	 	 	 	54,890	 	 	 	—	 	 	 	54,890	 	 	52	%	52	%	
Naval Defense	 	 	179,862	 	 	 	—	 	 	 	179,862	 	 	 	174,844	 	 	 	—	 	 	 	174,844	 	 	3	%	3	%	
Commercial Aerospace	 	 	79,703	 	 	 	—	 	 	 	79,703	 	 	 	70,257	 	 	 	—	 	 	 	70,257	 	 	13	%	13	%	
Total Aerospace & Defense	 	$	490,773	 	 	$	—	 	 	$	490,773	 	 	$	414,422	 	 	$	—	 	 	$	414,422	 	 	18	%	18	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Power & Process	 	$	122,118	 	 	$	—	 	 	$	122,118	 	 	$	110,559	 	 	$	—	 	 	$	110,559	 	 	10	%	10	%	
General Industrial	 	 	111,435	 	 	 	—	 	 	 	111,435	 	 	 	105,561	 	 	 	—	 	 	 	105,561	 	 	6	%	6	%	
Total Commercial	 	$	233,553	 	 	$	—	 	 	$	233,553	 	 	$	216,120	 	 	$	—	 	 	$	216,120	 	 	8	%	8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	724,326	 	 	$	—	 	 	$	724,326	 	 	$	630,542	 	 	$	—	 	 	$	630,542	 	 	15	%	15	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Nine Months Ended	 	Nine Months Ended	 	 	 	
 	 	September 30, 2023	 	September 30, 2022	 	% 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	 	$	380,095	 	 	$	—	 	 	$	380,095	 	 	$	306,980	 	 	$	—	 	 	$	306,980	 	 	24	%	24	%	
Ground Defense	 	 	220,317	 	 	 	—	 	 	 	220,317	 	 	 	138,391	 	 	 	—	 	 	 	138,391	 	 	59	%	59	%	
Naval Defense	 	 	532,773	 	 	 	—	 	 	 	532,773	 	 	 	510,597	 	 	 	—	 	 	 	510,597	 	 	4	%	4	%	
Commercial Aerospace	 	 	232,226	 	 	 	—	 	 	 	232,226	 	 	 	199,341	 	 	 	—	 	 	 	199,341	 	 	16	%	16	%	
Total Aerospace & Defense	 	$	1,365,411	 	 	$	—	 	 	$	1,365,411	 	 	$	1,155,309	 	 	$	—	 	 	$	1,155,309	 	 	18	%	18	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Power & Process	 	$	373,457	 	 	$	—	 	 	$	373,457	 	 	$	340,702	 	 	$	—	 	 	$	340,702	 	 	10	%	10	%	
General Industrial	 	 	320,714	 	 	 	—	 	 	 	320,714	 	 	 	303,349	 	 	 	—	 	 	 	303,349	 	 	6	%	6	%	
Total Commercial	 	$	694,170	 	 	$	—	 	 	$	694,170	 	 	$	644,051	 	 	$	—	 	 	$	644,051	 	 	8	%	8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	2,059,581	 	 	$	—	 	 	$	2,059,581	 	 	$	1,799,360	 	 	$	—	 	 	$	1,799,360	 	 	14	%	14	%	

 
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,	
 	 	2023	 	 	 	2022	 	 	 	2023	 	 	 	2022	 	
Diluted earnings per share - As Reported	$	2.51		 	$	1.91		 	$	6.09		 	$	4.79		
First year purchase accounting adjustments	 	0.03	 	 	 	0.16	 	 	 	0.13	 	 	 	0.17	 	
Divested German valves business	 	—	 	 	 	—	 	 	 	—	 	 	 	0.11	 	
Costs associated with shareholder activism	 	—	 	 	 	—	 	 	 	—	 	 	 	0.10	 	
Former executive pension settlement expense	 	—	 	 	 	—	 	 	 	—	 	 	 	0.04	 	
Diluted earnings per share - Adjusted (1)	$	2.54	 	 	$	2.07	 	 	$	6.22	 	 	$	5.21	 	
 	 	 	 	 	 	 	 	
(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 and results of operations from divested businesses or product lines during the last twelve months, loss from sale of our industrial valves business in Germany, and foreign currency fluctuations.

 	Three Months Ended	
 	September 30,	
 	2023 vs. 2022	
 	Aerospace & Industrial	 	Defense Electronics	 	Naval & Power	 	Total Curtiss-Wright	
 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	
As Reported	3%	 	0%	 	34%	 	54%	 	12%	 	15%	 	15%	 	23%	
Less: Acquisitions	0%	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	 	0%	
Foreign Currency	(1%)	 	0%	 	(1%)	 	(2%)	 	0%	 	1%	 	(1%)	 	0%	
Organic	2%	 	0%	 	33%	 	52%	 	12%	 	16%	 	14%	 	23%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended	
 	September 30,	
 	2023 vs. 2022	
 	Aerospace & Industrial	 	Defense Electronics	 	Naval & Power	 	Total Curtiss-Wright	
 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	 	Sales	 	Operating income	
As Reported	6%	 	5%	 	27%	 	46%	 	14%	 	11%	 	14%	 	22%	
Less: Acquisitions	0%	 	0%	 	0%	 	0%	 	(5%)	 	0%	 	(2%)	 	0%	
Loss on divestiture	0%	 	0%	 	0%	 	0%	 	0%	 	(4%)	 	0%	 	(2%)	
Foreign Currency	0%	 	0%	 	(1%)	 	(6%)	 	0%	 	0%	 	0%	 	(2%)	
Organic	6%	 	5%	 	26%	 	40%	 	9%	 	7%	 	12%	 	18%	

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 excludes: (i) payments associated with the Westinghouse legal settlement in both the current and prior year periods and (ii) executive pension payments in the prior year period. 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,	
 	 	2023	 	 	 	2022	 	 	 	2023	 	 	 	2022	 	
Net cash provided by operating activities	$	146,364	 	 	$	95,658	 	 	$	165,717	 	 	$	2,387	 	
Capital expenditures	 	(9,373	)	 	 	(9,297	)	 	 	(32,037	)	 	 	(28,789	)	
Free cash flow	$	136,991	 	 	$	86,361	 	 	$	133,680	 	 	$	(26,402	)	
Westinghouse legal settlement	 	—	 	 	 	—	 	 	 	10,000	 	 	 	15,000	 	
Pension payment to former executive	 	—	 	 	 	—	 	 	 	—	 	 	 	8,214	 	
Adjusted free cash flow	$	136,991	 	 	$	86,361	 	 	$	143,680	 	 	$	(3,188	)	
Adjusted free cash flow conversion	 	140	%	 	 	108	%	 	 	60	%	 	 	(2	%)	

 
CURTISS-WRIGHT CORPORATION	
2023 Guidance	
As of November 1, 2023	
($'s in millions, except per share data)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	2022
Reported
(GAAP)	 	2022
Adjustments
(Non-GAAP)(1,3)	 	2022
Adjusted
(Non-GAAP)(1,3)	 	2023
Reported Guidance
(GAAP)	 	2023
Adjustments
(Non-GAAP)(2,3)	 	2023
Adjusted Guidance
(Non-GAAP)(2,3)	
 	 	 	 	 	 	 	Low	High	 	 	 	Low	High	 	2023 Chg
vs 2022
Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	836	 	 	$	—	 	 	$	836	 	 	$	873	 	$	888	 	 	$	—	 	 	$	873	 	$	888	 	 	4 - 6%	
Defense Electronics	$	690	 	 	$	—	 	 	$	690	 	 	$	775	 	$	790	 	 	$	—	 	 	$	775	 	$	790	 	 	12 - 14%	
Naval & Power	$	1,031	 	 	$	—	 	 	$	1,031	 	 	$	1,117	 	$	1,137	 	 	$	—	 	 	$	1,117	 	$	1,137	 	 	8 - 10%	
Total sales	$	2,557	 	 	$	—	 	 	$	2,557	 	 	$	2,765	 	$	2,815	 	 	$	—	 	 	$	2,765	 	$	2,815	 	 	8 - 10%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	137	 	 	$	1	 	 	$	138	 	 	$	146	 	$	150	 	 	$	—	 	 	$	146	 	$	150	 	 	6 - 9%	
Defense Electronics	$	155	 	 	$	—	 	 	$	155	 	 	$	182	 	$	188	 	 	$	—	 	 	$	182	 	$	188	 	 	18 - 21%	
Naval & Power	$	178	 	 	$	14	 	 	$	192	 	 	$	184	 	$	189	 	 	$	8	 	 	$	192	 	$	197	 	 	0 - 3%	
Total segments	$	469	 	 	$	15	 	 	$	484	 	 	$	512	 	$	527	 	 	$	8	 	 	$	520	 	$	535	 	 	 	
Corporate and other	 	(46	)	 	 	5	 	 	 	(41	)	 	 	(41	)	 	(41	)	 	 	—	 	 	 	(41	)	 	(41	)	 	 	
Total operating income	 	423	 	 	 	20	 	 	 	443	 	 	 	472	 	 	486	 	 	 	8	 	 	 	480	 	 	494	 	 	8 - 11%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	(47	)	 	 	—	 	 	 	(47	)	 	 	(52	)	 	(54	)	 	 	—	 	 	 	(52	)	 	(54	)	 	 	
Other income, net	 	13	 	 	 	4	 	 	 	17	 	 	 	28	 	 	28	 	 	 	—	 	 	 	28	 	 	28	 	 	 	
Earnings before income taxes	 	389	 	 	 	24	 	 	 	413	 	 	 	448	 	 	459	 	 	 	8	 	 	 	456	 	 	467	 	 	 	
Provision for income taxes	 	(95	)	 	 	(4	)	 	 	(99	)	 	 	(107	)	 	(110	)	 	 	(2	)	 	 	(109	)	 	(112	)	 	 	
Net earnings	 	294	 	 	 	20	 	 	 	314	 	 	 	340	 	 	349	 	 	 	6	 	 	 	346	 	 	355	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	$	7.62	 	 	$	0.51	 	 	$	8.13	 	 	$	8.84	 	$	9.05	 	 	$	0.16	 	 	$	9.00	 	$	9.20	 	 	11 - 13%	
Diluted shares outstanding	 	38.6	 	 	 	 	 	38.6	 	 	 	38.5	 	 	38.5	 	 	 	 	 	38.5	 	 	38.5	 	 	 	
Effective tax rate	 	24.4	%	 	 	 	 	24.0	%	 	 	24.0	%	 	24.0	%	 	 	 	 	24.0	%	 	24.0	%	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	 	16.4	%	 	 	 	 	16.5	%	 	 	16.7	%	 	16.9	%	 	 	 	 	16.7	%	 	16.9	%	 	20 - 40 bps	
Defense Electronics	 	22.4	%	 	 	 	 	22.4	%	 	 	23.5	%	 	23.7	%	 	 	 	 	23.5	%	 	23.7	%	 	110 - 130 bps	
Naval & Power	 	17.2	%	 	 	 	 	18.6	%	 	 	16.4	%	 	16.6	%	 	 	 	 	17.1	%	 	17.3	%	 	(150) - (130) bps	
Total operating margin	 	16.6	%	 	 	 	 	17.3	%	 	 	17.1	%	 	17.3	%	 	 	 	 	17.4	%	 	17.6	%	 	10 - 30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	$	257	 	 	$	39	 	 	$	296	 	 	$	370	 	$	390	 	 	$	10	 	 	$	380	 	$	400	 	 	29 - 36%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Notes: Full year amounts may not add due to rounding.	
(1) 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.	
(2) 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments.	
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow excluded one-time pension settlement payments of $24 million and a legal settlement payment of $15 million. 2023 Adjusted Free Cash Flow guidance excludes a legal settlement payment of $10 million.	

CURTISS-WRIGHT CORPORATION	
2023 Sales Growth Guidance by End Market	
As of November 1, 2023	

 	 	 	 	
 	2023 % Change vs. 2022 Adjusted(1)	 	 	
 	 	 	 	 	 	
 	Prior	 	Current	 	% Total Sales	
Aerospace & Defense Markets	 	 	 	 	 	
Aerospace Defense	9 - 11%	 	11 - 13%	 	19%	
Ground Defense	16 - 18%	 	23 - 25%	 	10%	
Naval Defense	6 - 8%	 	5 - 7%	 	27%	
Commercial Aerospace	9 - 11%	 	14 - 16%	 	11%	
Total Aerospace & Defense	9 - 11%	 	10 - 12%	 	67%	
 	 	 	 	 	 	
Commercial Markets	 	 	 	 	 	
Power & Process	3 - 5%	 	4 - 6%	 	18%	
General Industrial	3 - 5%	 	3 - 5%	 	15%	
Total Commercial	3 - 5%	 	3 - 5%	 	33%	
 	 	 	 	 	 	
Total Curtiss-Wright Sales	7 - 9%	 	8 - 10%	 	100%	
 	 	 	 	 	 	
Note: Sales percentages may not add due to rounding.	 	 	 	 	
(1) 2023 and 2022 Sales include the contribution from the engineered arresting systems business, acquired on June 30, 2022, to the Aerospace Defense market.	

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 8,500 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, 2022, 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 2, 2023  Q3 2023 EARNINGS CONFERENCE CALL  Conference Call Dial-in numbers:  (800) 274-8461 (domestic)  (203) 518-9843 (international)  Conference code: CWQ323 

 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 

 Sales of $724M, up 15% overall (14% organic growth)  A&D markets up 18%; Strong demand for defense electronics and arresting systems equipment; Mid-teens Comm’l Aerospace growth  Commercial markets up 8%, Solid growth in commercial nuclear, process and industrial markets  Operating Income of $134M, up 17%; 30 bps in YOY margin expansion  Exceeded expectations due to strong operational performance in Defense Electronics segment  Diluted EPS of $2.54, up 23%  Free Cash Flow of $137M, up 59%; FCF conversion 140%  New Orders of $846M, up 3%; Book-to-Bill 1.2x   Record quarter for Defense Electronics segment and continued strong demand for commercial nuclear products  CURTISS-WRIGHT DELIVERED STRONG Q3 RESULTS AND INCREASED FY2023 OUTLOOK  Sales growth increased to 8% - 10%; Strong YTD performance and growing backlog driving growth in all end markets  Continue to project solid Operating Margin expansion, up 10 - 30 basis points YOY  Diluted EPS growth range increased to 11% - 13%  FCF guidance range increased to $380M - $400M; FCF conversion >110%  3  Third Quarter 2023 Highlights  Note: Third quarter 2023 results and Full-year 2023 guidance, and comparisons to 2022, presented on an Adjusted (Non-GAAP) basis, unless noted  Updated Full-Year 2023 Adjusted Guidance 

 THIRD QUARTER 2023 FINANCIAL REVIEW  ($ in millions)  Q3’23 Adjusted  Q3’22 Adjusted  Change  Key Drivers  Aerospace & Industrial   $220  $213   3%  Strong Commercial Aerospace OEM growth; Solid growth in General Industrial (industrial automation and services); Lower YOY sales in defense markets  Defense Electronics   $216  $161   34%  Strong growth in Ground Defense (tactical communications equipment) and Aerospace Defense (embedded computing and flight test equipment)  Naval & Power   $288  $256   12%  A&D revenue growth reflected strong demand for arresting systems equipment and solid growth in Naval Defense (Virginia-class and Columbia-class subs)  Strong growth in Power & Process (mid-teens growth excluding CAP1000 program revenues)  Total Sales  $724  $631   15%  Higher sales across all A&D and Commercial markets   Aerospace & Industrial   Margin   $39   17.7%   $39   18.3%  0%  (60 bps)  Favorable absorption on solid sales growth  Profitability offset by unfavorable mix in actuation products  Defense Electronics   Margin   $56   26.0%   $37 22.7%   54%  330 bps  Favorable absorption on strong A&D revenue growth  Naval & Power   Margin   $49   17.0%   $48   18.9%  1%  (190 bps)  Favorable absorption on higher revenues  Profitability offset by unfavorable naval contract adjustments and wind down on CAP1000 program  Corporate and Other  ($10)   ($10)  (7%)  Total Op. Income  CW Margin  $134  18.5%  $114  18.2%  17%  30 bps  Operating Income Growth > Sales Growth  4  Notes: Amounts may not add due to rounding. 2022 results included partial year sales contribution from engineered arresting systems acquisition. 

 2023 END MARKET SALES GROWTH GUIDANCE (As of November 1, 2023)  2023E Growth vs 2022   (Prior)  2023E Growth vs 2022 (Current)  2023E % Sales  Key Drivers  Aerospace Defense   9% - 11%  11% - 13%  19%  Strong contribution from prior year arresting systems acquisition (completed mid-2022)  Solid growth in defense electronics revenues on various C5/ISR programs  Ground Defense  16% - 18%  23% - 25%  10%  Strong growth in tactical communications equipment revenues  Naval Defense  6% - 8%  5% - 7%  27%  Higher revenue growth on Columbia-class and Virginia-class submarines; Partially offset by timing of aircraft carrier revenues  Commercial Aerospace   9% - 11%   14% - 16%  11%  Strong OEM growth driven by ramp-up in production (narrowbody and widebody)  Total Aerospace & Defense  9% - 11%  10% - 12%  67%  Strong demand and growing backlog fuels outlook in A&D markets  Power & Process  3% - 5%  4% - 6%  18%  HSD growth in Commercial Nuclear (Aftermarket and advanced SMRs) excluding lower CAP1000 program revenues (~$20M wind down)   LDD growth in Process (MRO valves and subsea pump development for oil & gas market)  General Industrial   3% - 5%  3% - 5%  15%  Solid growth in industrial vehicles, automation products and surface treatment services  Total Commercial  3% - 5%  3% - 5%  33%  Continued solid demand, up 6% - 8% excl. CAP1000  Total Curtiss-Wright  7% - 9%   8% - 10%  100%  Organic sales of 7% - 9%  5  Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.  Updated (in blue)  

 ($ in millions)  2023E Adjusted (Prior)  2023E Adjusted (Current)  Change vs 2022 Adjusted  Key Drivers  Aerospace & Industrial  $865 - 885  $873 - 888  4% - 6%  Strong demand in Commercial Aerospace and solid growth in General Industrial, partially offset by reduced Defense (timing of programs)  Defense Electronics  $755 - 775  $775 - 790   12% - 14%  Strong Defense market growth driven by record backlog and supply chain improvement  Higher Ground Defense (tactical communications) and Aerospace/Naval Defense (embedded computing)  Naval & Power  $1,110 - 1,130  $1,117 - 1,137   8% - 10%  MSD Naval Defense growth driven by Columbia-class and Virginia-class submarine programs  HSD growth in Commercial Nuclear excluding wind down on CAP1000 program; LDD in Process  Strong contribution from arresting systems acquisition  Total Sales  $2,730 - 2,790  $2,765 - 2,815  8% - 10%  Organic Sales of 7% - 9%, driven by growth in all end markets  Aerospace & Industrial  Margin  $145 - 150   16.7% - 16.9%  $146 - 150   16.7% - 16.9%  6% - 9%   20 - 40 bps  Favorable absorption on Comm’l Aerospace and General Industrial sales, part. offset by timing in Defense  Benefit of ongoing commercial and operational excellence initiatives  Defense Electronics  Margin  $174 - 180   23.0% - 23.2%  $182 - 188   23.5% - 23.7%  18% - 21%   110 - 130 bps  Strong absorption on higher A&D revenues  Naval & Power  Margin  $195 - 200    17.5% - 17.7%  $192 - 197    17.1% - 17.3%  0% - 3%  (130 - 150 bps)  Favorable absorption on higher organic sales (Defense, Commercial Nuclear and Process)  Solid contribution from arresting systems acquisition; Expected to be in-line with overall CW operating margin  Profitability offset by wind down on CAP1000 program, naval contract adjustments and shift to development contracts (subsea pump)  Corporate and Other  ($37 - 40)  ($41)  ~Flat  Lower YOY pension offset by higher FX  Total Op. Income  CW Margin  $476 - 490  17.4% - 17.6%  $480 - 494  17.4% - 17.6%  8% - 11%   10 - 30 bps  Delivering Operating Margin expansion while continuing to grow engineering spend   2023 FINANCIAL GUIDANCE (As of November 1, 2023)  6   Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.  Updated (in blue)  

 2023 FINANCIAL GUIDANCE (As of November 1, 2023)  ($ in millions, except EPS)  2023E   Adjusted (Prior)   2023E   Adjusted (Current)   Change vs 2022 Adjusted  Total Sales  $2,730 - 2,790  $2,765 - 2,815  8% - 10%  Operating Income Growth > Sales Growth (aligns w/ Investor Day)  Total Operating Income  $476 - 490  $480 - 494  8% - 11%  Growth in operating income exceeds sales (aligned w/ Investor Day)  Other Income  $27 - 28  ~$28  Higher YOY pension income  Interest Expense  ($52 - 54)  ($52 - 54)  YOY increase due to impact of higher interest rates  Diluted EPS  $8.90 - 9.15  $9.00 - 9.20  11% - 13%  Remain on track to achieve 3-year target of double-digit growth  Diluted Shares Outstanding  ~38.5  ~38.5  Min. $50M share repurchase in ’23  Free Cash Flow  $370 - 400  $380 - 400  29% - 36%  Strong FCF from Operations; Improved working capital mgmt  FCF Conversion   >110% (at midpt)   >110% (at midpt)  Continued solid FCF conversion   Capital Expenditures  $50 - 60  $45 - 55  Average ~2% of Sales (over time)  Depreciation & Amortization  $110 - 115  $110 - 115  7   Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.   Updated (in blue)  

 CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE GROWTH  8  Remain on track to deliver strong FY23 performance   Sales growth of 8% - 10% (up 7% - 9% organic) with increases in all A&D and Commercial markets  Maintaining outlook for Operating Margin expansion (17.4% - 17.6%, up 10 - 30 bps)  Continued focus on R&D investments to drive future growth  Targeting double-digit EPS growth on strong operating income growth  Strong YTD performance driving higher confidence in FCF guidance and FCF Conversion > 110%  Confidence in long-term outlook driven by growing order book, strong backlog, improving supply chain and alignment to secular growth trends  Commercial Nuclear opportunity continues to expand as Bulgaria approves construction of first of potentially 2 new Westinghouse AP1000 reactors  Announcement follows Poland’s 2022 selection of AP1000 for construction of at least 3 of potentially 6 reactors  Provides CW opportunity to secure new Reactor Coolant Pump (RCP) orders within the next 2-4 years  Maintain line of sight to deliver on Investor Day financial targets for 2023  Note: Full-year 2023 guidance, and comparisons to 2022, presented on an Adjusted (Non-GAAP) basis, unless noted 

 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 Earnings per Share (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 (FCF) 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 excludes: (i) payments associated with the Westinghouse legal settlement in both the current and prior year periods and (ii) executive pension payments in the prior year period. 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.   10 

 THIRD QUARTER 2023: END MARKET SALES GROWTH  ($ in millions)  Q3’23 Adjusted  Q3’22 Adjusted  Change  Key Drivers  Aerospace Defense  $148  $114   29%  Higher revenues of embedded computing and flight test instrumentation products, and   strong demand for arresting systems equipment   Ground Defense  $83  $55   51%  Higher tactical communications equipment revenues  Naval Defense  $180  $175   3%  Higher Columbia-class and Virginia-class submarine revenues, partially offset by timing of revenues on aircraft carrier programs  Commercial Aerospace  $80  $70   13%  Strong OEM demand on narrowbody and widebody platforms  Total A&D Markets  $491  $414   18%  Power & Process  $122  $111   10%  Strong growth in process market and higher revenues in commercial nuclear; Mid-teens growth excluding CAP1000 program revenues  General Industrial   $111  $106   6%  Higher sales of industrial automation products and surface treatment services  Total Commercial Markets  $233  $216   8%  Total Curtiss-Wright  $724  $631   15%  Strong 14% Organic Growth  11  Note: Amounts may not add down due to rounding. 

 2023E END MARKET SALES WATERFALL (as of November 1, 2023)  FY’23 Guidance:  Overall UP 8 - 10% (7 - 9% Org)  A&D Markets UP 10 - 12%  Comm’l Markets UP 3 - 5%  Note: Amounts shown for % of Total Sales may not add due to rounding.  Power & Process market sales concentrated in Naval & Power segment  General Industrial sales concentrated in Aerospace & Industrial segment  12  Commercial Nuclear  90% Domestic & Int’l Aftermarket  10% New Build Gen III / Gen IV (Advanced SMRs)