UNITED STATES	
SECURITIES AND EXCHANGE COMMISSION	
Washington, D.C. 20549	
 	
FORM 8-K	
 	
CURRENT REPORT	

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 2, 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, August 2, 2023, the Company issued a press release announcing financial results for the second quarter ended June 30, 2023.  A conference call and webcast presentation will be held on Thursday, August 3, 2023 at 10:00 am ET for management to discuss the Company’s second 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 CWQ223. For those unable to join the live presentation, a webcast replay will be available within the Investor Relations section on the Company’s website beginning one hour after the call takes place.

The information contained in this Current Report, including Exhibits 99.1 and 99.2, are being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

         (a)  Not applicable.

         (b)  Not applicable.

(c)  Exhibits.

99.1 Press Release dated August 2, 2023

99.2 Presentation shown during investor and securities analyst webcast on August 3, 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:     August 3, 2023

Exhibit 99.1	

Curtiss-Wright Reports Second Quarter 2023 Financial Results and Raises Full-Year 2023 Guidance
DAVIDSON, N.C.--(BUSINESS WIRE)--August 2, 2023--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights:
·	Reported sales of $704 million, up 16%;
·	Reported operating income of $113 million, operating margin of 16.0%, and diluted earnings per share (EPS) of $2.10;
·	Adjusted operating income of $115 million, up 18%;
·	Adjusted operating margin of 16.4%, up 30 basis points;
·	Adjusted diluted EPS of $2.15, up 18%;
·	New orders of $842 million, up 8%, reflecting strong Aerospace & Defense (A&D) market demand, and book-to-bill of 1.2;
·	Backlog of $2.8 billion, up 9% year-to-date; and
·	Free cash flow (FCF) of $99 million, generating 119% Adjusted FCF conversion.
Raised Full-Year 2023 Adjusted Financial Guidance:
·	Sales increased to new range of 7% to 9% growth (previously 4% to 6%), now reflecting growth in all A&D and Commercial end markets;
·	Operating income increased to new range of 8% to 11% growth (previously 5% to 8%);
·	Maintained 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 $8.90 to $9.15, up 10% to 13% (previously $8.65 to $8.90); and
·	Free cash flow increased to new range of $370 to $400 million (previously $360 to $400 million) and continues to reflect greater than 110% FCF conversion.
"Curtiss-Wright delivered stronger-than-expected second quarter results, highlighted by top-line growth in all of our A&D and Commercial end markets and continued operating margin expansion, as we successfully execute on our Pivot to Growth strategy," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We also experienced solid order activity, yielding a book-to-bill of 1.2, and continued to grow our backlog driven by strong demand across all three segments."
"Based on the strong first half results and our expectations for continued easing in the defense electronics supply chain, we have increased our full-year sales, operating income, diluted EPS and free cash flow guidance. We now expect growth in all of our A&D and Commercial markets, as we maintain strong alignment with the favorable secular growth trends influencing our business. We remain committed to delivering on our investor day targets through a strong focus on operational excellence and continued investment in Curtiss-Wright's future growth to drive long-term shareholder value.”

Second Quarter 2023 Operating Results

(In millions)	Q2-2023	Q2-2022	Change	
Reported	 	 	 	
Sales	$	704	 	$	609	 	16%	
Operating income	$	113	 	$	98	 	15%	
Operating margin	 	16.0	%	 	16.1	%	(10 bps)	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	704	 	$	609	 	16%	
Operating income	$	115	 	$	98	 	18%	
Operating margin	 	16.4	%	 	16.1	%	30 bps	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $704 million increased 16% compared with the prior year;
·	Total A&D market sales increased 23%, while total Commercial market sales increased 4%;
·	In our A&D markets, our results reflected strong organic sales growth driven by the continued easing of defense electronics supply chain headwinds in our defense markets and higher sales in the commercial aerospace market, as well as the contribution from the acquisition of our engineered arresting systems business;
·	In our Commercial markets, we experienced solid 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 $115 million increased 18%, while Adjusted operating margin increased 30 basis points to 16.4%, principally driven by favorable overhead absorption on higher revenues in all three segments; Those increases were partially offset by unfavorable mix in the Aerospace & Industrial and Naval & Power segments.

Second Quarter 2023 Segment Performance
Aerospace & Industrial

(In millions)	Q2-2023	Q2-2022	Change	
Reported	 	 	 	
Sales	$	226	 	$	209	 	8%	
Operating income	$	36	 	$	32	 	10%	
Operating margin	 	15.8	%	 	15.6	%	20 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	226	 	$	209	 	8%	
Operating income	$	36	 	$	32	 	10%	
Operating margin	 	15.8	%	 	15.6	%	20 bps	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $226 million, up $18 million, or 8%;
·	Commercial aerospace market revenue increases reflected strong demand and higher OEM sales of sensors products and 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;
·	Higher revenue in the aerospace and naval defense markets reflected the timing of sales for our actuation equipment supporting various programs; and
·	Adjusted operating income was $36 million, up 10% from the prior year, while Adjusted operating margin increased 20 basis points to 15.8%, mainly due to solid absorption on higher sales, partially offset by unfavorable mix in actuation and sensors products.

Defense Electronics

(In millions)	Q2-2023	Q2-2022	Change	
Reported	 	 	 	
Sales	$	198	 	$	150	 	32%	
Operating income	$	43	 	$	24	 	77%	
Operating margin	 	21.8	%	 	16.4	%	540 bps	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	198	 	$	150	 	32%	
Operating income	$	43	 	$	24	 	77%	
Operating margin	 	21.8	%	 	16.4	%	540 bps	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $198 million, up $48 million, or 32%;
·	Higher revenue in the aerospace defense market was primarily driven by increased sales of our embedded computing and flight test instrumentation equipment on various fighter jet programs;
·	Strong revenue growth in the ground defense market reflected higher sales of tactical battlefield communications equipment;
·	Higher commercial aerospace market revenue reflected increased sales of avionics and flight test equipment on various domestic and international platforms; and
·	Adjusted operating income was $43 million, up 77% from the prior year, while adjusted operating margin increased 540 basis points to 21.8%, primarily due to favorable absorption on higher A&D revenues.

Naval & Power

(In millions)	Q2-2023	Q2-2022	Change	
Reported	 	 	 	
Sales	$	280	 	$	251	 	12%	
Operating income	$	47	 	$	50	 	(6%)	
Operating margin	 	16.7	%	 	19.9	%	(320 bps)	
 	 	 	 	
Adjusted (1)	 	 	 	
Sales	$	280	 	$	251	 	12%	
Operating income	$	49	 	$	50	 	(1%)	
Operating margin	 	17.6	%	 	19.9	%	(230 bps)	
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.	
·	Sales of $280 million, up $29 million, or 12%;
·	Higher aerospace defense market revenues reflected a solid contribution from the arresting systems acquisition and strong demand from 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 aircraft carrier programs;
·	Higher power & process market revenues reflected strong growth in industrial valve sales in the process market as well as solid growth in commercial nuclear aftermarket revenues supporting the maintenance of existing operating reactors; Those increases were partially offset by lower China Direct AP1000 program revenues; and
·	Adjusted operating income was $49 million, down 1% from the prior year, while adjusted operating margin decreased 230 basis points to 17.6%, as favorable absorption on higher organic revenues and the contribution from the arresting systems acquisition were offset by an unfavorable mix of products.

Free Cash Flow

(In millions)	Q2-2023	Q2-2022	Change	
Net cash provided by operating activities	$	111	 	$	31	 	257	%	
Capital expenditures	 	(12	)	 	(9	)	40	%	
Reported free cash flow	$	99	 	$	22	 	341	%	
Adjusted free cash flow (1)	$	99	 	$	22	 	341	%	
(1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.	
·	Reported free cash flow of $99 million increased $77 million year over year, primarily due to improvements in working capital;
·	Adjusted free cash flow of $99 million; and
·	Capital expenditures increased $3 million compared with the prior year.
New Orders and Backlog
·	New orders of $842 million increased 8% compared with the prior year and generated an overall book-to-bill of approximately 1.2x, principally driven by strong demand for defense electronics and naval defense products within our A&D markets, and for nuclear aftermarket products within our Commercial markets; and
·	Backlog of $2.8 billion, up 9% from December 31, 2022, reflects higher demand in both our A&D and Commercial markets.
Share Repurchase and Dividends
·	During the second quarter, the Company repurchased 72,703 shares of its common stock for approximately $12 million; and
·	The Company also declared a quarterly dividend of $0.20 a share, an increase of 5% from the previous quarter.

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	$2,655 - $2,710	$2,730 - $2,790	Up 7% - 9%	
Operating Income	$463 - $477	$476 - $490	Up 8% - 11%	
Operating Margin	17.4% - 17.6%	17.4% - 17.6%	Up 10 - 30 bps	
Diluted EPS	$8.65 - $8.90	$8.90 - $9.15	Up 10% - 13%	
Free Cash Flow	$360 - $400	$370 - $400	Up 25% - 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 second quarter 2023 financial results and updates to 2023 guidance at 10:00 a.m. ET on Thursday, August 3, 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	 	Six Months Ended	
 	June 30,	 	June 30,	
 	2023	 	2022	 	2023	 	2022	
Product sales	$	583,036	 	 	$	505,416	 	 	$	1,107,917	 	 	$	958,837	 	
Service sales	 	121,360	 	 	 	103,941	 	 	 	227,339	 	 	 	209,981	 	
Total net sales	 	704,396	 	 	 	609,357	 	 	 	1,335,256	 	 	 	1,168,818	 	
 	 	 	 	 	 	 	 	
Cost of product sales	 	369,549	 	 	 	316,389	 	 	 	713,306	 	 	 	610,916	 	
Cost of service sales	 	75,274	 	 	 	64,454	 	 	 	140,969	 	 	 	127,986	 	
Total cost of sales	 	444,823	 	 	 	380,843	 	 	 	854,275	 	 	 	738,902	 	
 	 	 	 	 	 	 	 	
Gross profit	 	259,573	 	 	 	228,514	 	 	 	480,981	 	 	 	429,916	 	
 	 	 	 	 	 	 	 	
Research and development expenses	 	20,210	 	 	 	23,868	 	 	 	42,234	 	 	 	44,417	 	
Selling expenses	 	34,273	 	 	 	30,407	 	 	 	66,698	 	 	 	58,499	 	
General and administrative expenses	 	92,315	 	 	 	76,134	 	 	 	180,659	 	 	 	163,734	 	
Loss on divestiture	 	—	 	 	 	—	 	 	 	—	 	 	 	4,651	 	
 	 	 	 	 	 	 	 	
Operating income	 	112,775	 	 	 	98,105	 	 	 	191,390	 	 	 	158,615	 	
 	 	 	 	 	 	 	 	
Interest expense	 	14,992	 	 	 	9,788	 	 	 	27,936	 	 	 	19,318	 	
Other income, net	 	7,954	 	 	 	4,555	 	 	 	15,721	 	 	 	7,552	 	
 	 	 	 	 	 	 	 	
Earnings before income taxes	 	105,737	 	 	 	92,872	 	 	 	179,175	 	 	 	146,849	 	
Provision for income taxes	 	(24,738	)	 	 	(22,000	)	 	 	(41,330	)	 	 	(35,292	)	
Net earnings	$	80,999	 	 	$	70,872	 	 	$	137,845	 	 	$	111,557	 	
 	 	 	 	 	 	 	 	
Net earnings per share:	 	 	 	 	 	 	 	
Basic earnings per share	$	2.11	 	 	$	1.84	 	 	$	3.60	 	 	$	2.90	 	
Diluted earnings per share	$	2.10	 	 	$	1.83	 	 	$	3.58	 	 	$	2.89	 	
 	 	 	 	 	 	 	 	
Dividends per share	$	0.20	 	 	$	0.19	 	 	$	0.39	 	 	$	0.37	 	
 	 	 	 	 	 	 	 	
Weighted-average shares outstanding:	 	 	 	 	 	 	 	
Basic	 	38,329	 	 	 	38,429	 	 	 	38,309	 	 	 	38,438	 	
Diluted	 	38,555	 	 	 	38,654	 	 	 	38,528	 	 	 	38,657	 	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)	
($'s in thousands, except par value)	
 	 	 	 	
 	June 30,	 	December 31,	
 	2023	 	2022	
Assets	 	 	 	
Current assets:	 	 	 	
Cash and cash equivalents	$	158,737	 	 	$	256,974	 	
Receivables, net	 	751,532	 	 	 	724,603	 	
Inventories, net	 	545,596	 	 	 	483,113	 	
Other current assets	 	67,693	 	 	 	52,623	 	
Total current assets	 	1,523,558	 	 	 	1,517,313	 	
Property, plant, and equipment, net	 	340,857	 	 	 	342,708	 	
Goodwill	 	1,555,908	 	 	 	1,544,635	 	
Other intangible assets, net	 	589,932	 	 	 	620,897	 	
Operating lease right-of-use assets, net	 	143,814	 	 	 	153,855	 	
Prepaid pension asset	 	232,557	 	 	 	222,627	 	
Other assets	 	54,472	 	 	 	47,567	 	
Total assets	$	4,441,098	 	 	$	4,449,602	 	
 	 	 	 	
Liabilities	 	 	 	
Current liabilities:	 	 	 	
Current portion of long-term debt	$	—	 	 	$	202,500	 	
Accounts payable	 	233,602	 	 	 	266,525	 	
Accrued expenses	 	144,073	 	 	 	177,536	 	
Deferred revenue	 	264,766	 	 	 	242,483	 	
Other current liabilities	 	78,486	 	 	 	82,395	 	
Total current liabilities	 	720,927	 	 	 	971,439	 	
Long-term debt	 	1,176,066	 	 	 	1,051,900	 	
Deferred tax liabilities, net	 	117,882	 	 	 	123,001	 	
Accrued pension and other postretirement benefit costs	 	58,267	 	 	 	58,348	 	
Long-term operating lease liability	 	122,939	 	 	 	132,275	 	
Long-term portion of environmental reserves	 	13,497	 	 	 	12,547	 	
Other liabilities	 	93,256	 	 	 	107,973	 	
Total liabilities	$	2,302,834	 	0	$	2,457,483	 	
 	 	 	 	
Stockholders' equity	 	 	 	
Common stock, $1 par value	$	49,187	 	 	$	49,187	 	
Additional paid in capital	 	130,846	 	 	 	134,553	 	
Retained earnings	 	3,297,281	 	 	 	3,174,396	 	
Accumulated other comprehensive loss	 	(225,375	)	 	 	(258,916	)	
Less: cost of treasury stock	 	(1,113,675	)	 	 	(1,107,101	)	
Total stockholders' equity	$	2,138,264	 	 	$	1,992,119	 	
 	 	 	 	
Total liabilities and stockholders' equity	$	4,441,098	 	 	$	4,449,602	 	

Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)	
($'s in thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended	 	Three Months Ended	 	 	 	 	
 	June 30, 2023	 	June 30, 2022	 	% Change	
 	As
Reported	 	Adjustments	 	Adjusted	 	As
Reported	 	Adjustments	 	Adjusted	 	As
Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	226,260	 	 	$	—	 	$	226,260	 	 	$	208,572	 	 	$	—	 	$	208,572	 	 	8	%	 	8	%	
Defense Electronics	 	197,722	 	 	 	—	 	 	197,722	 	 	 	149,549	 	 	 	—	 	 	149,549	 	 	32	%	 	32	%	
Naval & Power	 	280,414	 	 	 	—	 	 	280,414	 	 	 	251,236	 	 	 	—	 	 	251,236	 	 	12	%	 	12	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	704,396	 	 	$	—	 	$	704,396	 	 	$	609,357	 	 	$	—	 	$	609,357	 	 	16	%	 	16	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	35,665	 	 	$	—	 	$	35,665	 	 	$	32,464	 	 	$	—	 	$	32,464	 	 	10	%	 	10	%	
Defense Electronics	 	43,180	 	 	 	—	 	 	43,180	 	 	 	24,460	 	 	 	—	 	 	24,460	 	 	77	%	 	77	%	
Naval & Power(1)	 	46,782	 	 	 	2,659	 	 	49,441	 	 	 	50,001	 	 	 	—	 	 	50,001	 	 	(6	)%	 	(1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	125,627	 	 	$	2,659	 	$	128,286	 	 	$	106,925	 	 	$	—	 	$	106,925	 	 	17	%	 	20	%	
Corporate and other	 	(12,852	)	 	 	—	 	 	(12,852	)	 	 	(8,820	)	 	 	—	 	 	(8,820	)	 	(46	)%	 	(46	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	112,775	 	 	$	2,659	 	$	115,434	 	 	$	98,105	 	 	$	—	 	$	98,105	 	 	15	%	 	18	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As
Reported	 	 	 	Adjusted	 	As
Reported	 	 	 	Adjusted	 	As
Reported	 	Adjusted	
Aerospace & Industrial	 	15.8	%	 	 	 	 	15.8	%	 	 	15.6	%	 	 	 	 	15.6	%	 	20 bps	 	20 bps	
Defense Electronics	 	21.8	%	 	 	 	 	21.8	%	 	 	16.4	%	 	 	 	 	16.4	%	 	540 bps	 	540 bps	
Naval & Power	 	16.7	%	 	 	 	 	17.6	%	 	 	19.9	%	 	 	 	 	19.9	%	 	(320 bps)	 	(230 bps)	
Total Curtiss-Wright	 	16.0	%	 	 	 	 	16.4	%	 	 	16.1	%	 	 	 	 	16.1	%	 	(10 bps)	 	30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	17.8	%	 	 	 	 	18.2	%	 	 	17.5	%	 	 	 	 	17.5	%	 	30 bps	 	70 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes first year purchase accounting adjustments in the current period.	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)	
($'s in thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Six Months Ended	 	Six Months Ended	 	 	 	 	
 	June 30, 2023	 	June 30, 2022	 	% Change	
 	As
Reported	 	Adjustments	 	Adjusted	 	As
Reported	 	Adjustments	 	Adjusted	 	As
Reported	 	Adjusted	
Sales:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	428,707	 	 	$	—	 	$	428,707	 	 	$	399,684	 	 	$	—	 	$	399,684	 	 	7	%	 	7	%	
Defense Electronics	 	359,876	 	 	 	—	 	 	359,876	 	 	 	292,618	 	 	 	—	 	 	292,618	 	 	23	%	 	23	%	
Naval & Power	 	546,673	 	 	 	—	 	 	546,673	 	 	 	476,516	 	 	 	—	 	 	476,516	 	 	15	%	 	15	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total sales	$	1,335,256	 	 	$	—	 	$	1,335,256	 	 	$	1,168,818	 	 	$	—	 	$	1,168,818	 	 	14	%	 	14	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (expense):		 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	62,210	 	 	$	—	 	$	62,210	 	 	$	57,317	 	 	$	—	 	$	57,317	 	 	9	%	 	9	%	
Defense Electronics	 	66,548	 	 	 	—	 	 	66,548	 	 	 	47,750	 	 	 	—	 	 	47,750	 	 	39	%	 	39	%	
Naval & Power (1)(2)	 	84,719	 	 	 	5,335	 	 	90,054	 	 	 	77,289	 	 	 	5,427	 	 	82,716	 	 	10	%	 	9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total segments	$	213,477	 	 	$	5,335	 	$	218,812	 	 	$	182,356	 	 	$	5,427	 	$	187,783	 	 	17	%	 	17	%	
Corporate and other (3)	 	(22,087	)	 	 	—	 	 	(22,087	)	 	 	(23,741	)	 	 	4,876	 	 	(18,865	)	 	7	%	 	(17	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	$	191,390	 	 	$	5,335	 	$	196,725	 	 	$	158,615	 	 	$	10,303	 	$	168,918	 	 	21	%	 	16	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margins:	As
Reported	 	 	 	Adjusted	 	As
Reported	 	 	 	Adjusted	 	As
Reported	 	Adjusted	
Aerospace & Industrial	 	14.5	%	 	 	 	 	14.5	%	 	 	14.3	%	 	 	 	 	14.3	%	 	20 bps	 	20 bps	
Defense Electronics	 	18.5	%	 	 	 	 	18.5	%	 	 	16.3	%	 	 	 	 	16.3	%	 	220 bps	 	220 bps	
Naval & Power	 	15.5	%	 	 	 	 	16.5	%	 	 	16.2	%	 	 	 	 	17.4	%	 	(70 bps)	 	(90 bps)	
Total Curtiss-Wright	 	14.3	%	 	 	 	 	14.7	%	 	 	13.6	%	 	 	 	 	14.5	%	 	70 bps	 	20 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment margins	 	16.0	%	 	 	 	 	16.4	%	 	 	15.6	%	 	 	 	 	16.1	%	 	40 bps	 	30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes first year purchase accounting adjustments in the current 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	 	 	 	
 	 	June 30, 2023	 	June 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	 	$	132,192	 	$	—	 	$	132,192	 	$	94,545	 	$	—	 	$	94,545	 	40	%	40	%	
Ground Defense	 	 	70,875	 	 	—	 	 	70,875	 	 	44,393	 	 	—	 	 	44,393	 	60	%	60	%	
Naval Defense	 	 	180,956	 	 	—	 	 	180,956	 	 	172,786	 	 	—	 	 	172,786	 	5	%	5	%	
Commercial Aerospace	 	 	82,033	 	 	—	 	 	82,033	 	 	68,192	 	 	—	 	 	68,192	 	20	%	20	%	
Total Aerospace & Defense	 	$	466,056	 	$	—	 	$	466,056	 	$	379,916	 	$	—	 	$	379,916	 	23	%	23	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Power & Process	 	$	131,000	 	$	—	 	$	131,000	 	$	125,355	 	$	—	 	$	125,355	 	5	%	5	%	
General Industrial	 	 	107,340	 	 	—	 	 	107,340	 	 	104,086	 	 	—	 	 	104,086	 	3	%	3	%	
Total Commercial	 	$	238,340	 	$	—	 	$	238,340	 	$	229,441	 	$	—	 	$	229,441	 	4	%	4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	704,396	 	$	—	 	$	704,396	 	$	609,357	 	$	—	 	$	609,357	 	16	%	16	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Six Months Ended	 	Six Months Ended	 	 	 	
 	 	June 30, 2023	 	June 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	 	$	232,071	 	$	—	 	$	232,071	 	$	192,549	 	$	—	 	$	192,549	 	21	%	21	%	
Ground Defense	 	 	137,132	 	 	—	 	 	137,132	 	 	83,501	 	 	—	 	 	83,501	 	64	%	64	%	
Naval Defense	 	 	352,912	 	 	—	 	 	352,912	 	 	335,753	 	 	—	 	 	335,753	 	5	%	5	%	
Commercial Aerospace	 	 	152,523	 	 	—	 	 	152,523	 	 	129,084	 	 	—	 	 	129,084	 	18	%	18	%	
Total Aerospace & Defense	 	$	874,638	 	$	—	 	$	874,638	 	$	740,887	 	$	—	 	$	740,887	 	18	%	18	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial markets:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Power & Process	 	$	251,338	 	$	—	 	$	251,338	 	$	230,143	 	$	—	 	$	230,143	 	9	%	9	%	
General Industrial	 	 	209,280	 	 	—	 	 	209,280	 	 	197,788	 	 	—	 	 	197,788	 	6	%	6	%	
Total Commercial	 	$	460,618	 	$	—	 	$	460,618	 	$	427,931	 	$	—	 	$	427,931	 	8	%	8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Curtiss-Wright	 	$	1,335,256	 	$	—	 	$	1,335,256	 	$	1,168,818	 	$	—	 	$	1,168,818	 	14	%	14	%	

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES	
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)	
 	 	 	 	 	 	 	 	
 	Three Months Ended	 	Six Months Ended	
 	June 30,	 	June 30,	
 	2023	 	2022	 	2023	 	2022	
Diluted earnings per share - As Reported	$	2.10	 	$	1.83	 	$	3.58	 	$	2.89	
First year purchase accounting adjustments	 	0.05	 	 	—	 	 	0.10	 	 	—	
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)	$	2.15	 	$	1.83	 	$	3.68	 	$	3.14	
 	 	 	 	 	 	 	 	
(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	
 	June 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	8%	 	10%	 	32%	 	77%	 	12%	 	(6%)	 	16%	 	15%	
Less: Acquisitions	0%	 	0%	 	0%	 	0%	 	(9%)	 	0%	 	(4%)	 	0%	
Foreign Currency	1%	 	1%	 	0%	 	(8%)	 	0%	 	(1%)	 	0%	 	(2%)	
Organic	9%	 	11%	 	32%	 	69%	 	3%	 	(7%)	 	12%	 	13%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Six Months Ended	
 	June 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	7%	 	9%	 	23%	 	39%	 	15%	 	10%	 	14%	 	21%	
Less: Acquisitions	0%	 	0%	 	0%	 	0%	 	(8%)	 	0%	 	(3%)	 	0%	
Loss on divestiture	0%	 	0%	 	0%	 	0%	 	0%	 	(7%)	 	0%	 	(3%)	
Foreign Currency	1%	 	(1%)	 	0%	 	(7%)	 	0%	 	(1%)	 	0%	 	(4%)	
Organic	8%	 	8%	 	23%	 	32%	 	7%	 	2%	 	11%	 	14%	

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	 	Six Months Ended	
 	June 30,	 	June 30,	
 	2023	 	2022	 	2023	 	2022	
Net cash provided by (used for) operating activities	$	110,952	 	 	$	31,044	 	 	$	19,353	 	 	$	(93,271	)	
Capital expenditures	 	(12,003	)	 	 	(8,596	)	 	 	(22,664	)	 	 	(19,492	)	
Free cash flow	$	98,949	 	 	$	22,448	 	 	$	(3,311	)	 	$	(112,763	)	
Westinghouse legal settlement	 	—	 	 	 	—	 	 	 	10,000	 	 	 	15,000	 	
Pension payment to former executive	 	—	 	 	 	—	 	 	 	—	 	 	 	8,214	 	
Adjusted free cash flow	$	98,949	 	 	$	22,448	 	 	$	6,689	 	 	$	(89,549	)	
Adjusted free cash flow conversion	 	119	%	 	 	32	%	 	 	5	%	 	 	(74	%)	

CURTISS-WRIGHT CORPORATION	
2023 Guidance	
As of August 2, 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	 	 	$	865	 	$	885	 	 	$	—	 	 	$	865	 	$	885	 	 	4 - 6%	
Defense Electronics	$	690	 	 	$	—	 	 	$	690	 	 	$	755	 	$	775	 	 	$	—	 	 	$	755	 	$	775	 	 	9 - 12%	
Naval & Power	$	1,031	 	 	$	—	 	 	$	1,031	 	 	$	1,110	 	$	1,130	 	 	$	—	 	 	$	1,110	 	$	1,130	 	 	8 - 10%	
Total sales	$	2,557	 	 	$	—	 	 	$	2,557	 	 	$	2,730	 	$	2,790	 	 	$	—	 	 	$	2,730	 	$	2,790	 	 	7 - 9%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Aerospace & Industrial	$	137	 	 	$	1	 	 	$	138	 	 	$	145	 	$	150	 	 	$	—	 	 	$	145	 	$	150	 	 	5 - 9%	
Defense Electronics	$	155	 	 	$	—	 	 	$	155	 	 	$	174	 	$	180	 	 	$	—	 	 	$	174	 	$	180	 	 	13 - 17%	
Naval & Power	$	178	 	 	$	14	 	 	$	192	 	 	$	187	 	$	192	 	 	$	8	 	 	$	195	 	$	200	 	 	2 - 4%	
Total segments	$	469	 	 	$	15	 	 	$	484	 	 	$	506	 	$	521	 	 	$	8	 	 	$	514	 	$	529	 	 	 	
Corporate and other	 	(46	)	 	 	5	 	 	 	(41	)	 	 	(37	)	 	(40	)	 	 	—	 	 	 	(37	)	 	(40	)	 	 	
Total operating income	 	423	 	 	 	20	 	 	 	443	 	 	 	468	 	 	482	 	 	 	8	 	 	 	476	 	 	490	 	 	8 - 11%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	(47	)	 	 	—	 	 	 	(47	)	 	 	(52	)	 	(54	)	 	 	—	 	 	 	(52	)	 	(54	)	 	 	
Other income, net	 	13	 	 	 	4	 	 	 	17	 	 	 	27	 	 	28	 	 	 	—	 	 	 	27	 	 	28	 	 	 	
Earnings before income taxes	 	389	 	 	 	24	 	 	 	413	 	 	 	443	 	 	455	 	 	 	8	 	 	 	451	 	 	463	 	 	 	
Provision for income taxes	 	(95	)	 	 	(4	)	 	 	(99	)	 	 	(106	)	 	(109	)	 	 	(2	)	 	 	(108	)	 	(111	)	 	 	
Net earnings	 	294	 	 	 	20	 	 	 	314	 	 	 	337	 	 	346	 	 	 	6	 	 	 	343	 	 	352	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share	$	7.62	 	 	$	0.51	 	 	$	8.13	 	 	$	8.75	 	$	8.99	 	 	$	0.16	 	 	$	8.90	 	$	9.15	 	 	10 - 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	%	 	 	23.0	%	 	23.2	%	 	 	 	 	23.0	%	 	23.2	%	 	60 - 80 bps	
Naval & Power	 	17.2	%	 	 	 	 	18.6	%	 	 	16.8	%	 	16.9	%	 	 	 	 	17.5	%	 	17.7	%	 	(110) - (90) bps	
Total operating margin	 	16.6	%	 	 	 	 	17.3	%	 	 	17.2	%	 	17.3	%	 	 	 	 	17.4	%	 	17.6	%	 	10 - 30 bps	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	$	257	 	 	$	39	 	 	$	296	 	 	$	360	 	$	390	 	 	$	10	 	 	$	370	 	$	400	 	 	25 - 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 August 2, 2023	
 	 	 	 	
 	2023 % Change vs. 2022 Adjusted(1)	 	 	
 	 	 	 	 	 	
 	Prior	 	Current	 	% Total Sales	
Aerospace & Defense Markets	 	 	 	 	 	
Aerospace Defense	9 - 11%	 	9 - 11%	 	20%	
Ground Defense	4 - 6%	 	16 - 18%	 	9%	
Naval Defense	4 - 6%	 	6 - 8%	 	27%	
Commercial Aerospace	5 - 7%	 	9 - 11%	 	11%	
Total Aerospace & Defense	6 - 8%	 	9 - 11%	 	67%	
 	 	 	 	 	 	
Commercial Markets	 	 	 	 	 	
Power & Process	Flat	 	3 - 5%	 	18%	
General Industrial	2 - 4%	 	3 - 5%	 	16%	
Total Commercial	0 - 2%	 	3 - 5%	 	33%	
 	 	 	 	 	 	
Total Curtiss-Wright Sales	4 - 6%	 	7 - 9%	 	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 8,400 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	

 August 3, 2023  Q2 2023 EARNINGS CONFERENCE CALL  Conference Call Dial-in numbers:  (800) 274-8461 (domestic)  (203) 518-9843 (international)  Conference code: CWQ223 

 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 $704M, up 16% overall (12% organic growth)  A&D markets up 23%, reflected continued easing in defense electronics supply chain and strong growth in Commercial Aerospace  Operating Income of $115M, up 18%  Reflected strong operational performance in Defense Electronics segment  Diluted EPS of $2.15, up 18%  Free Cash Flow of $99M; FCF conversion 119%  New Orders of $842M, up 8%; Book-to-Bill 1.2x   Strong demand for defense electronics, naval defense, and commercial nuclear products  STRONG SECOND QUARTER PERFORMANCE DRIVING CONFIDENCE IN FY2023 OUTLOOK  Sales growth raised to 7% - 9% with increases in all end markets, driven by strong H1 and growing backlog  Continue to project solid Operating Margin expansion, up 10 - 30 basis points YOY  EPS growth range increased to 10% - 13% driven by improved profitability and supply chain management  FCF guidance range increased to $370 - $400M; FCF conversion >110%  3  Second Quarter 2023 Highlights  Note: Second quarter 2023 results and Full-year 2023 guidance, and comparisons to 2022, presented on an Adjusted (Non-GAAP) basis, unless noted  Raised Full-Year 2023 Adjusted Guidance 

 SECOND QUARTER 2023 FINANCIAL REVIEW  ($ in millions)  Q2’23 Adjusted  Q2’22 Adjusted  Change  Key Drivers  Aerospace & Industrial   $226  $209   8%  Strong Commercial Aerospace OEM growth; Solid growth in General Industrial (industrial automation and services) and in defense markets (actuation equipment)  Defense Electronics   $198  $150   32%  Strong growth in Ground Defense (tactical communications equipment) and Aerospace Defense (embedded computing and flight test equipment)  Naval & Power   $280  $251   12%  Contribution from arresting systems acquisition; Solid growth in Naval Defense (Columbia-class sub)  Strong growth in Process and Commercial Nuclear (up MSD excl CAP1000 program)  Total Sales  $704  $609   16%  Higher sales across all A&D and Commercial markets   Aerospace & Industrial   Margin   $36   15.8%   $32   15.6%  10%  20 bps  Favorable absorption on solid sales growth  Profitability partially offset by unfavorable mix in actuation and sensors products  Defense Electronics   Margin   $43   21.8%   $24 16.4%   77%  540 bps  Favorable absorption on strong A&D revenue growth  Naval & Power   Margin   $49   17.6%   $50   19.9%  (1%)  (230) bps  Favorable absorption on higher revenues  Profitability offset by unfavorable mix and the wind down on CAP1000 program  Corporate and Other  ($13)   ($9)  (46%)  Higher 401K expenses and FX  Total Op. Income  CW Margin  $115  16.4%  $98  16.1%  18%  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 August 2, 2023)  2023E Growth vs 2022   (Prior)  2023E Growth vs 2022 (Current)  2023E % Sales  Key Drivers  Aerospace Defense   9% - 11%   9% - 11%  20%  Solid growth in defense electronics revenues on various C5/ISR programs  Contribution from arresting systems acquisition  Ground Defense  4% - 6%  16% - 18%   9%  Strong growth in tactical communications equipment revenues  Naval Defense  4% - 6%  6% - 8%  27%  Higher revenue growth on Columbia-class and Virginia-class submarines  Commercial Aerospace  5% - 7%   9% - 11%  11%  Solid growth in OEM (narrowbody and widebody)  Total Aerospace & Defense  6% - 8%  9% - 11%  67%  Strong backlog fuels growth outlook in A&D markets  Power & Process  Flat   3% - 5%  18%  HSD growth in Commercial Nuclear (U.S./Canada aftermarket and Gen IV SMRs) excluding lower CAP1000 program revenues (~$20M wind down)   HSD growth in Process (valves and subsea pump development to oil & gas market)  General Industrial   2% - 4%  3% - 5%  16%  LSD-MSD growth in industrial vehicles and automation products, and surface treatment services  Total Commercial  0% - 2%  3% - 5%  33%  Continued solid demand, up 6% - 8% excl. CAP1000  Total Curtiss-Wright  4% - 6%  7% - 9%  100%  Organic sales of 5% - 8%  5  Note: Amounts shown for % of Total Sales may not add due to rounding. 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  $845 - 860  $865 - 885  4% - 6%  Strong demand in Commercial Aerospace and solid growth in General Industrial, partially offset by reduced Defense (timing of programs)  Defense Electronics  $725 - 750  $755 - 775   9% - 12%  Strong Defense market growth driven by record backlog and supply chain improvement  Higher Aerospace/Naval Defense (embedded computing) and Ground Defense (tactical communications)  Naval & Power  $1,085 - 1,100  $1,110 - 1,130   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; HSD in Process  MSD-HSD annualized growth contribution from arresting systems acquisition (completed mid-2022)  Total Sales  $2,655 - 2,710  $2,730 - 2,790  7% - 9%  Organic Sales of 5% - 8%, driven by strong growth in A&D markets  Aerospace & Industrial  Margin  $143 - 148   17.0% - 17.2%  $145 - 150   16.7% - 16.9%  5% - 9%   20 - 40 bps  Favorable absorption on Commercial Aerospace and General Industrial sales, partially offset by timing of Defense revenues  Benefit of ongoing commercial and operational excellence initiatives  Defense Electronics  Margin  $165 - 172   22.7% - 22.9%  $174 - 180   23.0% - 23.2%  13% - 17%   60 - 80 bps  Strong absorption on higher A&D revenues  Naval & Power  Margin  $190 - 194    17.5% - 17.7%  $195 - 200    17.5% - 17.7%  2% - 4%  (90 - 110) bps  Favorable absorption on higher organic sales (Defense, Commercial Nuclear and Process)  Solid contribution from acquisition (Expected to be in-line with overall CW operating margin)  Profitability offset by wind down on CAP1000 program and shift to development contracts (subsea pump)  Corporate and Other  ($35 - 38)  ($37 - 40)  3% - 9%  Principally due to lower YOY pension  Total Op. Income  CW Margin  $463 - 477  17.4% - 17.6%  $476 - 490  17.4% - 17.6%  8% - 11%   +10 - 30 bps  Delivering Operating Margin expansion while continuing to grow engineering spend   2023 FINANCIAL GUIDANCE (As of August 2, 2023)  6   Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.  Updated (in blue)  

 2023 FINANCIAL GUIDANCE (As of August 2, 2023)  ($ in millions, except EPS)  2023E   Adjusted (Prior)   2023E   Adjusted (Current)   Change vs 2022  Total Sales  $2,655 - 2,710  $2,730 - 2,790  7% - 9%  Operating Income Growth > Sales Growth (aligns w/ Investor Day)  Total Operating Income  $463 - 477  $476 - 490  8% - 11%   Growth in operating income exceeds sales (aligned w/ Investor Day)  Other Income  $27 - 28  $27 - 28  Higher YOY pension income  Interest Expense  ($52 - 54)  ($52 - 54)  YOY increase due to impact of higher interest rates  Diluted EPS  $8.65 - 8.90  $8.90 - 9.15  10% - 13%  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  $360 - 400  $370 - 400  25% - 36%  Strong FCF from Operations, incl. Supply Chain Management  FCF Conversion   >110% (at midpt)   >110% (at midpt)  Continued solid FCF conversion   Capital Expenditures  $50 - 60  $50 - 60  Expect return to more normalized levels  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 TO DELIVER LONG-TERM PROFITABLE GROWTH  8  FY23 Sales growth of 7% - 9% reflects strength of combined and well-integrated portfolio  Growing backlog and improving supply chain provides visibility in achieving long-term outlook  Maintaining outlook for solid Operating Margin expansion, up 10 - 30 bps to 17.4% - 17.6%  Targeting double digit EPS growth on strong operating income growth  Higher degree of confidence in Free Cash Flow guidance; FCF Conversion > 110%  Maintain line of sight to Investor Day financial targets for 2023  End market spotlight - Commercial Nuclear:  Curtiss-Wright’s established position provides unique exposure to invest in both current and future market expansion, including: AP1000s, Advanced Small Modular Reactors (SMRs)  Global secular trends, sentiment shift toward decarbonization and strengthening U.S. bipartisan support accelerating demand   Planning next Investor Day event for May 2024   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 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 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 

 SECOND QUARTER 2023: END MARKET SALES GROWTH  ($ in millions)  Q2’23 Adjusted  Q2’22 Adjusted  Change  Key Drivers  Aerospace Defense  $132  $95   40%  Higher revenues of arresting systems equipment (acquisition), as well as embedded computing and flight test instrumentation products  Ground Defense  $71  $44   60%  Higher tactical communications equipment revenues  Naval Defense  $181  $173   5%  Higher Columbia-class and Virginia-class submarine revenues, partially offset by timing of revenues on aircraft carrier programs  Commercial Aerospace  $82  $68   20%  Strong OEM demand for sensors and services on narrowbody and widebody platforms  Total A&D Markets  $466  $380   23%  Power & Process  $131  $125   5%  Strong growth in process market and higher revenues in commercial nuclear  General Industrial   $107  $104   3%  Higher sales of industrial automation products and surface treatment services  Total Commercial Markets  $238  $229   4%  Total Curtiss-Wright  $704  $609   16%  11  Note: Amounts may not add down due to rounding. 

 2023E END MARKET SALES WATERFALL (as of August 2, 2023)  FY’23 Guidance:  Overall UP 7 - 9%  A&D Markets UP 9 - 11%  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 and Gen IV