DAVIDSON, N.C.--(BUSINESS WIRE)--
Curtiss-Wright Corporation (NYSE: CW) reports financial results for the
second quarter ended June 30, 2018.
Beginning this quarter, coinciding with the initial reporting of the
recent acquisition of Dresser-Rand’s government business (“DRG”), the
Company has elected to change the presentation of its financials and
guidance to include an Adjusted (non-GAAP) view that excludes first year
purchase accounting costs associated with its acquisitions. We believe
this change will provide improved transparency to the investment
community in order to better measure Curtiss-Wright’s core operating and
financial performance and improve comparisons of our key financial
metrics to our peers. Reconciliations of “Reported” GAAP amounts to
“Adjusted” non-GAAP amounts are furnished within this release.
Second Quarter
2018 Highlights
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Reported (GAAP) diluted earnings per share (EPS) of $1.68, with
Adjusted (non-GAAP) diluted EPS of $1.80, up 49% compared with the
prior year, excluding first year acquisition-related purchase
accounting costs;
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Net sales of $620 million, up 9%, including 4% organic growth (defined
below);
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Reported (GAAP) operating income of $102 million, with Adjusted
(non-GAAP) operating income of $109 million, up 28%;
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Reported (GAAP) operating margin of 16.5%, with Adjusted (non-GAAP)
operating margin of 17.6%, up 260 basis points;
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Free cash flow of $87 million, up 19%;
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New orders of $700 million, up 28%; and
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Share repurchases of approximately $34 million.
Full-Year
2018 Business Outlook
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Increased Reported (GAAP) full-year 2018 diluted EPS guidance by $0.28
reflecting strong operational performance in core business;
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Introduced Adjusted (non-GAAP) full-year 2018 diluted EPS guidance,
which reflects a $0.25 adjustment for first year acquisition-related
purchase accounting costs associated with the acquisition of DRG;
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Combining these items, introduced Adjusted (non-GAAP) full-year 2018
diluted EPS guidance range of $6.00 to $6.15, up $0.53 compared to the
prior Reported guidance range of $5.47 to $5.62 (see table below);
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Full-year 2018 Adjusted guidance reflects higher sales (up 8-9%),
operating income (up 11-14%), operating margin of 15.2% to 15.4% (up
50-70 bps) and diluted EPS (up 21-24%), compared with Adjusted 2017
financial results; and
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Increased Reported free cash flow by $10 million to new range of $250
to $270 million and Adjusted free cash flow range of $300 to $320
million, which excludes a $50 million voluntary pension contribution
made in the first quarter of 2018.
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Full-Year 2018 Adjusted EPS Guidance:
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Prior
Reported
Guidance
(GAAP)
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Updated
Reported
Guidance
(GAAP)
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Adjustments
(Non-GAAP)
(1)
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Current
Adjusted
Guidance
(Non-GAAP)
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Forecasted reported diluted EPS (GAAP)
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$5.47 - $5.62
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-
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Increase from Operational Performance
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$0.28
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$5.75 - $5.90
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Adjustments (1) |
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$0.33
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Tax impact on Adjustments (1) |
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($0.08)
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Forecasted Adjusted diluted EPS (Non-GAAP)
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-
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$6.00 - $6.15
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(1) Includes one-time Inventory Step-up, Backlog Amortization
and Transaction costs for current and prior year acquisitions.
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“We generated strong second quarter results which exceeded our
expectations, as we delivered solid 9% top-line growth led by strong
defense and industrial sales, and improved profitability driven by the
benefits of our ongoing margin improvement initiatives, to produce
Adjusted diluted EPS of $1.80,” said David C. Adams, Chairman and CEO of
Curtiss-Wright Corporation.
“As a result of the strong first half results and our outlook for
continued momentum through the remainder of this year, we have increased
our full-year revenue, EPS and free cash flow guidance. We are
projecting another solid operational performance including higher sales
in all end markets, double-digit growth in operating income driving
strong margin expansion and solid free cash flow generation.”
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Second Quarter 2018 Operating Results
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(In millions)
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2Q-2018
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2Q-2017
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Change
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Sales
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$ 620.3
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$ 567.7
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9%
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Reported operating income (GAAP)
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$ 102.1
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$ 79.7
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28%
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Adjustments (1) |
7.0
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5.2
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Adjusted operating income (Non-GAAP)
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$ 109.1
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$ 85.0
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28%
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Adjusted operating margin (Non-GAAP)
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17.6%
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15.0%
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260 bps
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(1) Includes one-time Inventory Step-up, Backlog Amortization
and Transaction costs for current and prior year acquisitions,
including DRG in 2018 (Power segment) and TTC in 2017 (Defense
segment).
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Sales of $620 million up $53 million, or 9%, compared with the prior
year (4% organic, 4% acquisitions, 1% favorable foreign currency
translation);
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Higher organic revenues were principally driven by strong defense and
industrial sales, partially offset by lower power generation revenues;
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From an end market perspective, total sales to the defense markets
increased 19%, 9% of which was organic, while total sales to the
commercial markets increased 3%, 1% of which was organic, compared
with the prior year. Please refer to the accompanying tables for a
breakdown of sales by end market;
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Reported operating income was $102 million, with Reported operating
margin of 16.5%;
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Adjusted operating income of $109 million, up $24 million, or 28%,
compared with the prior year, reflects higher defense and industrial
sales, increased profitability on defense electronics products in the
Defense segment, and the benefits of our ongoing margin improvement
initiatives, most notably in the Commercial/Industrial segment;
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Adjusted operating margin of 17.6%, up 260 basis points compared with
the prior year, reflects higher revenues and favorable overhead
absorption, as well as the benefits of our ongoing margin improvement
initiatives; and
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Non-segment expenses of $8 million decreased by $1 million compared
with the prior year, primarily due to lower corporate expenses.
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Net Earnings and Diluted EPS
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(In millions, except EPS)
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2Q-2018
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2Q-2017
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Change
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Reported net earnings (GAAP)
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$ 74.8
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$ 50.7
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48%
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Adjustments (1) |
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7.0
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5.2
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-
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Tax impact on Adjustments (1) |
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(1.6)
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(1.6)
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Adjusted net earnings (Non-GAAP)
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$ 80.2
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$ 54.3
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48%
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Reported diluted EPS (GAAP)
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$1.68
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$1.13
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48%
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Adjustments (1) |
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$0.16
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$0.12
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-
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Tax impact on Adjustments (1) |
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($0.04)
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($0.04)
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Adjusted diluted EPS (Non-GAAP)
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$1.80
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$1.21
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49%
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(1) Includes one-time Inventory Step-up, Backlog Amortization
and Transaction costs for current and prior year acquisitions.
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Reported net earnings of $75 million and reported diluted EPS of $1.68;
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Adjusted net earnings of $80 million, up $26 million, or 48%, compared
with the prior year, reflecting higher operating income, lower
interest expense and a lower tax rate;
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Adjusted diluted earnings per share of $1.80, up $0.59, or 49%,
compared with the prior year, reflecting higher operating income,
lower interest expense and a lower tax rate, as well as a slightly
lower share count; and
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The effective tax rate (ETR) for the second quarter was 22.5%, a
decrease from 30.3% in the prior year quarter, primarily driven by the
current period reduction of the U.S. corporate income tax rate from
35% to 21% associated with the 2017 Tax Cuts and Jobs Act (TCJA).
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Free Cash Flow
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(In millions)
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2Q-2018
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2Q-2017
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Change
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Net cash provided by operating activities
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$ 97.9
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$ 85.9
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14%
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Capital expenditures
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(10.9)
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(12.9)
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16%
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Free cash flow
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$ 87.1
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$ 73.0
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19%
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Adjusted free cash flow
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$ 87.1
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$ 73.0
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19%
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Free cash flow of $87 million, defined as cash flow from operations
less capital expenditures, up approximately $14 million compared with
the prior year, primarily due to higher earnings partially offset by
the timing of collections; and
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Capital expenditures decreased by $2 million to $11 million compared
with the prior year period, due to higher capital investments in the
prior year period.
New Orders and Backlog
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New orders of $700 million, up 28% compared with the prior year,
primarily due to strong growth in naval defense orders and the
contribution from the DRG acquisition within the Power segment; and
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Backlog of $2.2 billion up 9% from December 31, 2017.
Other Items – Share Repurchase
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During the second quarter, the Company repurchased 267,833 shares of
its common stock for approximately $34 million. Year-to-date, the
Company repurchased 361,271 shares for approximately $47 million.
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Second Quarter 2018 Segment Performance
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Commercial/Industrial
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(In millions)
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2Q-2018
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2Q-2017
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Change
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Sales
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$
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312.5
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$
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291.6
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7%
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Reported operating income (GAAP)
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$
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51.7
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$
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43.6
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19%
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Reported operating margin (GAAP)
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16.6%
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15.0%
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160 bps
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Sales of $312 million, up $21 million, or 7%, compared with the prior
year (5% organic, 2% favorable foreign currency translation);
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Strong sales growth in the aerospace and naval defense markets, led by
higher sales of actuation systems on various fighter jet programs and
higher sales on the CVN-79 Ford class aircraft carrier program,
respectively;
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Commercial aerospace market sales were nearly flat, as higher sales of
sensors and controls products and surface treatment services
(including core OEM sales which increased more than 10%) were largely
offset by lower revenues resulting from FAA directives, which are
winding down;
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General industrial market sales growth was driven by widespread, solid
demand for industrial valves, controls and vehicle products, and
surface treatment services;
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Reported operating income of $52 million, up $8 million, or 19%,
compared with the prior year (including 3% favorable foreign currency
translation); and
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Reported operating margin increased 160 basis points to 16.6%,
reflecting higher sales and favorable overhead absorption in each of
the aforementioned end markets as well as the benefits of our ongoing
margin improvement initiatives.
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Defense
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(In millions)
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2Q-2018
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2Q-2017
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Change
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Sales
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$
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146.2
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$
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126.4
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16%
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Reported operating income (GAAP)
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$
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38.6
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$
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21.1
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83%
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Adjustments (1) |
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5.2
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Adjusted operating income (Non-GAAP)
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$
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38.6
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$
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26.3
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47%
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Adjusted operating margin (Non-GAAP)
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26.4%
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20.8%
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560 bps
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(1) Includes one-time Inventory Step-up, Backlog Amortization
and Transaction costs for current and prior year acquisitions.
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Sales of $146 million, up $20 million, or 16%, compared with the prior
year (15% organic, 1% favorable foreign currency translation);
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Strong organic sales growth primarily reflects higher sales of flight
test equipment serving the aerospace defense market, higher aircraft
carrier revenues in the naval defense market and increased sales of
avionics equipment in the commercial aerospace market;
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Reported operating income was $39 million, with Reported operating
margin of 26.4%; and
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Adjusted operating income of $39 million, up $12 million, or 47%,
compared with the prior year, while Adjusted operating margin
increased 560 basis points to 26.4%, reflecting higher sales and
favorable overhead absorption, favorable contract adjustments within
our naval defense business and the benefits of our ongoing margin
improvement initiatives.
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Power
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(In millions)
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2Q-2018
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2Q-2017
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Change
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Sales
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$
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161.7
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$
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149.7
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8%
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Reported operating income (GAAP)
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$
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19.2
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$
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23.9
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(20%)
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Adjustments (1) |
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7.0
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Adjusted operating income (Non-GAAP)
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$
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26.2
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$
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23.9
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10%
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Adjusted operating margin (Non-GAAP)
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16.2%
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15.9%
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30 bps
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(1) Includes one-time Inventory Step-up, Backlog Amortization
and Transaction costs for current and prior year acquisitions.
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Sales of $162 million, up $12 million, or 8%, compared with the prior
year (15% acquisition, (7%) organic);
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Strong naval defense market sales were driven by higher CVN-80
aircraft carrier revenues and solid DRG service center revenues;
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Lower power generation market sales reflect lower revenues on the
domestic AP1000 program, which was substantially completed last year,
as well as reduced domestic aftermarket sales supporting currently
operating nuclear reactors following a seasonally strong spring outage
season in the prior year period;
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Revenues on the China Direct AP1000 program were flat year-over-year;
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Reported operating income was $19 million, with Reported operating
margin of 11.9%; and
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Adjusted operating income of $26 million, up $2 million, or 10%,
compared with the prior year, while Adjusted operating margin
increased 30 basis points to 16.2%, reflecting higher naval defense
market sales and improved profitability on the China Direct AP1000
program, partially offset by reduced sales and profitability in the
nuclear aftermarket business and lower revenues on the domestic AP1000
program.
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Full-Year 2018 Guidance
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The Company is updating its full-year 2018 financial guidance as
follows:
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(In millions, except EPS)
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Prior
Reported
Guidance
(GAAP)
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Increase from
Operational
Performance
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Updated
Reported
Guidance
(GAAP)
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Adjustments
(Non-GAAP)
(1)
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Current
Adjusted
Guidance
(Non-GAAP)
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Total Sales
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$2,415 - $2,455
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$30
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$2,445 - $2,485
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$2,445 - $2,485
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Operating Income
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$343 - $353
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$13
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$357 - $367
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$14
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$371 - $382
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Operating Margin
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14.2% - 14.4%
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40 bps
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14.6% - 14.8%
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60 bps
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15.2% - 15.4%
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Interest Expense
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($36 - $37)
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$1
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($35 - $36)
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($35 - $36)
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Effective Tax Rate
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24%
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24%
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24%
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Diluted EPS
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$5.47 - $5.62
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$0.28
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$5.75 - $5.90
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$0.25
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$6.00 - $6.15
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Diluted Shares Outstanding
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44.7
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(0.1)
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44.6
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44.6
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Free Cash Flow
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$240 - $260
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$10
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$250 - $270
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$50
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$300 - $320
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(1)
Includes one-time Inventory Step-up, Backlog
Amortization and Transaction costs for current and prior year
acquisitions.
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Notes:
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Full-year 2018 Adjusted guidance reflects higher sales (up 8-9%),
operating income (up 11-14%), operating margin of 15.2% to 15.4% (up
50-70 bps) and diluted EPS (up 21-24%), compared with Adjusted 2017
financial results;
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Increased Reported (GAAP) full-year 2018 diluted EPS guidance by
$0.28, led by the benefit of strong operational performance and solid
outlook in the Commercial/Industrial segment, which added $20 million
to sales and $6 million to operating income, and in the Defense
segment, which added $10 million to sales and $3 million to operating
income, as well as increased profitability in the Power segment;
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Introduced Adjusted (non-GAAP) full-year 2018 diluted EPS guidance,
which reflects a $0.25 adjustment for first year acquisition-related
purchase accounting costs associated with the acquisition of DRG;
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Combining these items, introduced Adjusted (non-GAAP) full-year 2018
diluted EPS guidance range of $6.00 to $6.15, up $0.53 compared to the
prior guidance range of $5.47 to $5.62;
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A more detailed breakdown of the Company’s 2018 guidance by segment
and by market can be found in the accompanying schedules.
Non-GAAP Financial Results
The company reports its financial performance in accordance with
accounting principles generally accepted in the United States of America
("GAAP"). This press release refers to "Adjusted" amounts, which are
Non-GAAP financial measures described below.
We utilize a number of different financial measures in analyzing and
assessing the overall performance of our business, and in making
operating decisions, forecasting and planning for future periods. We
consider the use of the non-GAAP measures to be helpful in assessing the
performance of the ongoing operation of our business. We believe that
disclosing non-GAAP financial measures provides useful supplemental data
that, while not a substitute for financial measures prepared in
accordance with GAAP, allows for greater transparency in the review of
our financial and operational performance.
Beginning with the second quarter of 2018 coinciding with the initial
reporting of the DRG acquisition, the Company has elected to also
present its financials and guidance on an Adjusted, non-GAAP basis for
operating income, operating margin, net earnings and diluted earnings
per share to exclude first year purchase accounting costs associated
with its acquisitions, specifically one-time inventory step-up, backlog
amortization and transaction costs for current and prior year
acquisitions.
Management believes that this approach will provide improved
transparency to the investment community in order to measure
Curtiss-Wright’s core operating and financial performance, provide
quarter-over-quarter comparisons excluding one-time items and show
better comparisons among company peers.
Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP
amounts are furnished within this release. All per share amounts are
reported on a diluted basis.
Conference Call & Webcast Information
The Company will host a conference call to discuss second quarter 2018
financial results at 9:00 a.m. EDT on Thursday, July 26, 2018. A live
webcast of the call and the accompanying financial presentation, as well
as a replay of the call, will be made available on the internet by
visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
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($'s in thousands, except per share data)
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Three Months Ended
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Six Months Ended
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June 30,
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Change
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June 30,
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Change
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2018
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2017
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$
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%
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2018
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2017
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$
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%
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Product sales
|
|
|
$
|
511,676
|
|
|
|
$
|
459,774
|
|
|
|
$
|
51,902
|
|
|
|
11
|
%
|
|
|
$
|
956,363
|
|
|
|
$
|
883,003
|
|
|
|
$
|
73,360
|
|
|
|
8
|
%
|
Service sales
|
|
|
108,622
|
|
|
|
107,879
|
|
|
|
743
|
|
|
|
1
|
%
|
|
|
211,457
|
|
|
|
208,241
|
|
|
|
3,216
|
|
|
|
2
|
%
|
Total net sales
|
|
|
620,298
|
|
|
|
567,653
|
|
|
|
52,645
|
|
|
|
9
|
%
|
|
|
1,167,820
|
|
|
|
1,091,244
|
|
|
|
76,576
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales
|
|
|
324,184
|
|
|
|
302,794
|
|
|
|
21,390
|
|
|
|
7
|
%
|
|
|
623,495
|
|
|
|
592,404
|
|
|
|
31,091
|
|
|
|
5
|
%
|
Cost of service sales
|
|
|
69,614
|
|
|
|
69,849
|
|
|
|
(235
|
)
|
|
|
0
|
%
|
|
|
136,634
|
|
|
|
136,895
|
|
|
|
(261
|
)
|
|
|
0
|
%
|
Total cost of sales
|
|
|
393,798
|
|
|
|
372,643
|
|
|
|
21,155
|
|
|
|
6
|
%
|
|
|
760,129
|
|
|
|
729,299
|
|
|
|
30,830
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
226,500
|
|
|
|
195,010
|
|
|
|
31,490
|
|
|
|
16
|
%
|
|
|
407,691
|
|
|
|
361,945
|
|
|
|
45,746
|
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
15,054
|
|
|
|
15,788
|
|
|
|
(734
|
)
|
|
|
(5
|
%)
|
|
|
30,995
|
|
|
|
31,379
|
|
|
|
(384
|
)
|
|
|
(1
|
%)
|
Selling expenses
|
|
|
32,665
|
|
|
|
29,055
|
|
|
|
3,610
|
|
|
|
12
|
%
|
|
|
64,185
|
|
|
|
58,513
|
|
|
|
5,672
|
|
|
|
10
|
%
|
General and administrative expenses
|
|
|
76,705
|
|
|
|
70,435
|
|
|
|
6,270
|
|
|
|
9
|
%
|
|
|
145,937
|
|
|
|
144,629
|
|
|
|
1,308
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
102,076
|
|
|
|
79,732
|
|
|
|
22,344
|
|
|
|
28
|
%
|
|
|
166,574
|
|
|
|
127,424
|
|
|
|
39,150
|
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
9,566
|
|
|
|
10,750
|
|
|
|
(1,184
|
)
|
|
|
(11
|
%)
|
|
|
17,770
|
|
|
|
21,127
|
|
|
|
(3,357
|
)
|
|
|
(16
|
%)
|
Other income, net
|
|
|
3,971
|
|
|
|
3,729
|
|
|
|
242
|
|
|
|
6%
|
|
|
8,654
|
|
|
|
7,576
|
|
|
|
1,078
|
|
|
|
14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
96,481
|
|
|
|
72,711
|
|
|
|
23,770
|
|
|
|
33
|
%
|
|
|
157,458
|
|
|
|
113,873
|
|
|
|
43,585
|
|
|
|
38
|
%
|
Provision for income taxes
|
|
|
(21,693
|
)
|
|
|
(22,061
|
)
|
|
|
368
|
|
|
|
(2
|
%)
|
|
|
(39,027
|
)
|
|
|
(30,676
|
)
|
|
|
(8,351
|
)
|
|
|
27
|
%
|
Net earnings
|
|
|
$
|
74,788
|
|
|
|
$
|
50,650
|
|
|
|
$
|
24,138
|
|
|
|
48
|
%
|
|
|
$
|
118,431
|
|
|
|
$
|
83,197
|
|
|
|
$
|
35,234
|
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$
|
1.69
|
|
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
|
$
|
2.68
|
|
|
|
$
|
1.88
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
1.68
|
|
|
|
$
|
1.13
|
|
|
|
|
|
|
|
|
|
$
|
2.66
|
|
|
|
$
|
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
|
$
|
0.15
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
$
|
0.30
|
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
44,124
|
|
|
|
44,213
|
|
|
|
|
|
|
|
|
|
44,144
|
|
|
|
44,221
|
|
|
|
|
|
|
|
Diluted
|
|
|
44,553
|
|
|
|
44,807
|
|
|
|
|
|
|
|
|
|
44,604
|
|
|
|
44,825
|
|
|
|
|
|
|
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
($'s in thousands, except par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
Change
|
|
|
|
|
2018
|
|
|
2017
|
|
|
%
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
218,898
|
|
|
|
$
|
475,120
|
|
|
|
(54
|
%)
|
|
Receivables, net
|
|
|
575,142
|
|
|
|
494,923
|
|
|
|
16
|
%
|
|
Inventories, net
|
|
|
436,250
|
|
|
|
378,866
|
|
|
|
15
|
%
|
|
Other current assets
|
|
|
53,953
|
|
|
|
52,951
|
|
|
|
2
|
%
|
|
Total current assets
|
|
|
1,284,243
|
|
|
|
1,401,860
|
|
|
|
(8
|
%)
|
Property, plant, and equipment, net
|
|
|
374,995
|
|
|
|
390,235
|
|
|
|
(4
|
%)
|
Goodwill
|
|
|
1,103,562
|
|
|
|
1,096,329
|
|
|
|
1
|
%
|
Other intangible assets, net
|
|
|
449,096
|
|
|
|
329,668
|
|
|
|
36
|
%
|
Other assets
|
|
|
18,292
|
|
|
|
18,229
|
|
|
|
0
|
%
|
|
Total assets
|
|
|
$
|
3,230,188
|
|
|
|
$
|
3,236,321
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term and short-term debt
|
|
|
$
|
959
|
|
|
|
$
|
150
|
|
|
|
539
|
%
|
|
Accounts payable
|
|
|
179,566
|
|
|
|
185,176
|
|
|
|
(3
|
%)
|
|
Accrued expenses
|
|
|
131,263
|
|
|
|
150,406
|
|
|
|
(13
|
%)
|
|
Income taxes payable
|
|
|
4,957
|
|
|
|
4,564
|
|
|
|
9
|
%
|
|
Deferred revenue
|
|
|
231,187
|
|
|
|
214,891
|
|
|
|
8
|
%
|
|
Other current liabilities
|
|
|
47,752
|
|
|
|
35,810
|
|
|
|
33
|
%
|
|
Total current liabilities
|
|
|
595,684
|
|
|
|
590,997
|
|
|
|
1
|
%
|
Long-term debt
|
|
|
813,150
|
|
|
|
813,989
|
|
|
|
0
|
%
|
Deferred tax liabilities, net
|
|
|
56,143
|
|
|
|
49,360
|
|
|
|
14
|
%
|
Accrued pension and other postretirement benefit costs
|
|
|
65,698
|
|
|
|
121,043
|
|
|
|
(46
|
%)
|
Long-term portion of environmental reserves
|
|
|
14,757
|
|
|
|
14,546
|
|
|
|
1
|
%
|
Other liabilities
|
|
|
108,660
|
|
|
|
118,586
|
|
|
|
(8
|
%)
|
|
Total liabilities
|
|
|
1,654,092
|
|
|
|
1,708,521
|
|
|
|
(3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
Common stock, $1 par value
|
|
|
49,187
|
|
|
|
49,187
|
|
|
|
0
|
%
|
Additional paid in capital
|
|
|
119,025
|
|
|
|
120,609
|
|
|
|
(1
|
%)
|
Retained earnings
|
|
|
2,047,250
|
|
|
|
1,944,324
|
|
|
|
5
|
%
|
Accumulated other comprehensive loss
|
|
|
(239,516
|
)
|
|
|
(216,840
|
)
|
|
|
(10
|
%)
|
Less: cost of treasury stock
|
|
|
(399,850
|
)
|
|
|
(369,480
|
)
|
|
|
(8
|
%)
|
|
Total stockholders' equity
|
|
|
1,576,096
|
|
|
|
1,527,800
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
3,230,188
|
|
|
|
$
|
3,236,321
|
|
|
|
0
|
%
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
SEGMENT INFORMATION (UNAUDITED)
|
($'s in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
2018
|
|
|
2017
|
|
|
%
|
|
|
2018
|
|
|
2017
|
|
|
%
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
$
|
312,463
|
|
|
|
$
|
291,599
|
|
|
|
7
|
%
|
|
|
$
|
609,104
|
|
|
|
$
|
570,421
|
|
|
|
7
|
%
|
Defense
|
|
|
146,177
|
|
|
|
126,361
|
|
|
|
16
|
%
|
|
|
265,078
|
|
|
|
241,023
|
|
|
|
10
|
%
|
Power
|
|
|
161,658
|
|
|
|
149,693
|
|
|
|
8
|
%
|
|
|
293,638
|
|
|
|
279,800
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
|
$
|
620,298
|
|
|
|
$
|
567,653
|
|
|
|
9
|
%
|
|
|
$
|
1,167,820
|
|
|
|
$
|
1,091,244
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
$
|
51,736
|
|
|
|
$
|
43,620
|
|
|
|
19
|
%
|
|
|
$
|
90,961
|
|
|
|
$
|
74,172
|
|
|
|
23
|
%
|
Defense
|
|
|
38,641
|
|
|
|
21,128
|
|
|
|
83
|
%
|
|
|
58,369
|
|
|
|
32,225
|
|
|
|
81
|
%
|
Power
|
|
|
19,201
|
|
|
|
23,875
|
|
|
|
(20
|
%)
|
|
|
34,543
|
|
|
|
39,420
|
|
|
|
(12
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segments
|
|
|
$
|
109,578
|
|
|
|
$
|
88,623
|
|
|
|
24
|
%
|
|
|
$
|
183,873
|
|
|
|
$
|
145,817
|
|
|
|
26
|
%
|
Corporate and other
|
|
|
(7,502
|
)
|
|
|
(8,891
|
)
|
|
|
16
|
%
|
|
|
(17,299
|
)
|
|
|
(18,393
|
)
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income
|
|
|
$
|
102,076
|
|
|
|
$
|
79,732
|
|
|
|
28
|
%
|
|
|
$
|
166,574
|
|
|
|
$
|
127,424
|
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
16.6
|
%
|
|
|
15.0
|
%
|
|
|
160
|
bps
|
|
|
14.9
|
%
|
|
|
13.0
|
%
|
|
|
190
|
bps
|
Defense
|
|
|
26.4
|
%
|
|
|
16.7
|
%
|
|
|
970
|
bps
|
|
|
22.0
|
%
|
|
|
13.4
|
%
|
|
|
860
|
bps
|
Power
|
|
|
11.9
|
%
|
|
|
15.9
|
%
|
|
|
(400
|
bps)
|
|
|
11.8
|
%
|
|
|
14.1
|
%
|
|
|
(230
|
bps)
|
Total Curtiss-Wright
|
|
|
16.5
|
%
|
|
|
14.0
|
%
|
|
|
250
|
bps
|
|
|
14.3
|
%
|
|
|
11.7
|
%
|
|
|
260
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment margins
|
|
|
17.7
|
%
|
|
|
15.6
|
%
|
|
|
210
|
bps
|
|
|
15.7
|
%
|
|
|
13.4
|
%
|
|
|
230
|
bps
|
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
SALES BY END MARKET (UNAUDITED)
|
($'s in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
2018
|
|
|
2017
|
|
|
%
|
|
|
2018
|
|
|
2017
|
|
|
%
|
Defense markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
$
|
98,268
|
|
|
|
$
|
89,367
|
|
|
|
10
|
%
|
|
|
$
|
174,209
|
|
|
|
$
|
154,661
|
|
|
|
13
|
%
|
Ground
|
|
|
20,272
|
|
|
|
17,515
|
|
|
|
16
|
%
|
|
|
42,282
|
|
|
|
37,251
|
|
|
|
14
|
%
|
Naval
|
|
|
132,005
|
|
|
|
100,048
|
|
|
|
32
|
%
|
|
|
234,786
|
|
|
|
191,018
|
|
|
|
23
|
%
|
Other
|
|
|
3,422
|
|
|
|
5,964
|
|
|
|
(43
|
%)
|
|
|
8,004
|
|
|
|
13,006
|
|
|
|
(38
|
%)
|
Total Defense
|
|
|
$
|
253,967
|
|
|
|
$
|
212,894
|
|
|
|
19
|
%
|
|
|
$
|
459,281
|
|
|
|
$
|
395,936
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial markets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
$
|
104,617
|
|
|
|
$
|
100,353
|
|
|
|
4
|
%
|
|
|
$
|
204,021
|
|
|
|
$
|
198,966
|
|
|
|
3
|
%
|
Power Generation
|
|
|
102,075
|
|
|
|
114,773
|
|
|
|
(11
|
%)
|
|
|
201,087
|
|
|
|
220,324
|
|
|
|
(9
|
%)
|
General Industrial
|
|
|
159,639
|
|
|
|
139,633
|
|
|
|
14
|
%
|
|
|
303,431
|
|
|
|
276,018
|
|
|
|
10
|
%
|
Total Commercial
|
|
|
$
|
366,331
|
|
|
|
$
|
354,759
|
|
|
|
3
|
%
|
|
|
$
|
708,539
|
|
|
|
$
|
695,308
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Curtiss-Wright
|
|
|
$
|
620,298
|
|
|
|
$
|
567,653
|
|
|
|
9
|
%
|
|
|
$
|
1,167,820
|
|
|
|
$
|
1,091,244
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under
U.S. generally accepted accounting principles (GAAP) with certain
non-GAAP financial information. Curtiss-Wright believes that these
non-GAAP measures provide investors with additional insight into the
Company’s ongoing business performance. These non-GAAP measures should
not be considered in isolation or as a substitute for the related GAAP
measures, and other companies may define such measures differently.
Curtiss-Wright encourages investors to review its financial statements
and publicly-filed reports in their entirety and not to rely on any
single financial measure.
Beginning with the second quarter of 2018, coinciding with the initial
reporting of the DRG acquisition, the Company has elected to also
present its financials and guidance on an Adjusted, non-GAAP basis for
operating income, operating margin, net earnings and diluted earnings
per share to exclude first year purchase accounting costs associated
with its acquisitions, specifically one-time inventory step-up, backlog
amortization and transaction costs for current and prior year
acquisitions that are included under GAAP.
Management believes that this approach will provide improved
transparency to the investment community in order to measure
Curtiss-Wright’s core operating and financial performance, provide
quarter-over-quarter comparisons excluding one-time items and show
better comparisons among company peers. Additional details and tables
reconciling the GAAP to non-GAAP financial measures are included in this
release.
The following definitions are provided:
Adjusted Operating Income, Operating Margin, Net
Income and Diluted EPS
These Adjusted financials are defined as Reported Operating Income,
Operating Margin, Net Income and Diluted EPS under GAAP excluding the
impact of first year purchase accounting costs associated with
acquisitions for current and prior year periods, specifically one-time
inventory step-up, backlog amortization and transaction costs.
Organic Revenue and Organic Operating Income
The Corporation discloses organic revenue and organic operating income
because the Corporation believes it provides investors with insight as
to the Company’s ongoing business performance. Organic revenue and
organic operating income are defined as revenue and operating income
excluding the impact of foreign currency fluctuations and contributions
from acquisitions made during the last twelve months.
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
June 30,
|
|
|
|
2018 vs. 2017
|
|
|
|
Commercial/Industrial
|
|
|
Defense
|
|
|
Power
|
|
|
Total Curtiss-Wright
|
|
|
|
Sales
|
|
|
Operating income
|
|
|
Sales
|
|
|
Operating income
|
|
|
Sales
|
|
|
Operating income
|
|
|
Sales
|
|
|
Operating income
|
Organic
|
|
|
5
|
%
|
|
|
16
|
%
|
|
|
15
|
%
|
|
|
86
|
%
|
|
|
(7
|
%)
|
|
|
(3
|
%)
|
|
|
4
|
%
|
|
|
32
|
%
|
Acquisitions
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
15
|
%
|
|
|
(17
|
%)
|
|
|
4
|
%
|
|
|
(5
|
%)
|
Foreign Currency
|
|
|
2
|
%
|
|
|
3
|
%
|
|
|
1
|
%
|
|
|
(3
|
%)
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
1
|
%
|
|
|
1
|
%
|
Total
|
|
|
7
|
%
|
|
|
19
|
%
|
|
|
16
|
%
|
|
|
83
|
%
|
|
|
8
|
%
|
|
|
(20
|
%)
|
|
|
9
|
%
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
|
2018 vs. 2017
|
|
|
|
Commercial/Industrial
|
|
|
Defense
|
|
|
Power
|
|
|
Total Curtiss-Wright
|
|
|
|
Sales
|
|
|
Operating income
|
|
|
Sales
|
|
|
Operating income
|
|
|
Sales
|
|
|
Operating income
|
|
|
Sales
|
|
|
Operating income
|
Organic
|
|
|
5
|
%
|
|
|
21
|
%
|
|
|
9
|
%
|
|
|
86
|
%
|
|
|
(3
|
%)
|
|
|
(2
|
%)
|
|
|
4
|
%
|
|
|
34
|
%
|
Acquisitions
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
8
|
%
|
|
|
(10
|
%)
|
|
|
2
|
%
|
|
|
(3
|
%)
|
Foreign Currency
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
1
|
%
|
|
|
(5
|
%)
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
1
|
%
|
|
|
0
|
%
|
Total
|
|
|
7
|
%
|
|
|
23
|
%
|
|
|
10
|
%
|
|
|
81
|
%
|
|
|
5
|
%
|
|
|
(12
|
%)
|
|
|
7
|
%
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow
available for investing and financing activities. Free cash flow
represents cash available to repay outstanding debt, invest in the
business, acquire businesses, return capital to shareholders and make
other strategic investments. Free cash flow is defined as cash flow
provided by operating activities less capital expenditures. The
Corporation discloses free cash flow conversion because it measures the
proportion of net earnings converted into free cash flow and is defined
as free cash flow divided by net earnings from continuing operations.
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
|
NON-GAAP FINANCIAL DATA (UNAUDITED)
|
($'s in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
97,947
|
|
|
|
$
|
85,873
|
|
|
|
$
|
26,685
|
|
|
|
$
|
60,932
|
|
Capital expenditures
|
|
(10,881
|
)
|
|
|
(12,914
|
)
|
|
|
(19,852
|
)
|
|
|
(23,288
|
)
|
Free cash flow
|
|
$
|
87,066
|
|
|
|
$
|
72,959
|
|
|
|
$
|
6,833
|
|
|
|
$
|
37,644
|
|
Pension payment
|
|
—
|
|
|
|
—
|
|
|
|
50,000
|
|
|
|
—
|
|
Adjusted free cash flow
|
|
$
|
87,066
|
|
|
|
$
|
72,959
|
|
|
|
$
|
56,833
|
|
|
|
$
|
37,644
|
|
Free Cash Flow Conversion
|
|
116
|
%
|
|
|
144
|
%
|
|
|
48
|
%
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURTISS-WRIGHT CORPORATION
|
2018 Guidance
(1) (2)
|
As of July 25, 2018
|
($'s in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
(Non-GAAP)
|
|
|
2018 Prior Reported Guidance
(GAAP)
|
|
|
|
|
|
2018 Reported Guidance
(GAAP)
|
|
|
|
2018 Current Adjusted Guidance
(Non-GAAP)
|
|
|
|
|
2017
|
|
|
|
|
Low
|
|
|
High
|
|
|
2018 Chg vs
2017 Reported
|
|
|
|
Increase from
Operational
Performance
|
|
|
Low
|
|
|
High
|
|
|
2018 Chg vs
2017 Adjusted
|
|
|
|
Adjustments (Non-GAAP)
(3)
|
|
|
|
Low
|
|
|
High
|
|
|
2018 Chg vs
2017
Adjusted
(3)
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
$
|
1,163
|
|
|
|
|
$
|
1,193
|
|
|
|
$
|
1,213
|
|
|
|
|
|
|
|
$
|
20
|
|
|
|
$
|
1,213
|
|
|
|
$
|
1,233
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
1,213
|
|
|
|
$
|
1,233
|
|
|
|
|
Defense
|
|
|
|
555
|
|
|
|
|
|
565
|
|
|
|
|
575
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
575
|
|
|
|
|
585
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
575
|
|
|
|
|
585
|
|
|
|
|
Power
|
|
|
|
553
|
|
|
|
|
|
657
|
|
|
|
|
667
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
657
|
|
|
|
|
667
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
657
|
|
|
|
|
667
|
|
|
|
|
Total sales
|
|
|
$
|
2,271
|
|
|
|
|
$
|
2,415
|
|
|
|
$
|
2,455
|
|
|
|
6 to 8%
|
|
|
|
$
|
30
|
|
|
|
$
|
2,445
|
|
|
|
$
|
2,485
|
|
|
|
8 to 9%
|
|
|
|
$
|
-
|
|
|
|
|
$
|
2,445
|
|
|
|
$
|
2,485
|
|
|
|
8 to 9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
$
|
168
|
|
|
|
|
$
|
177
|
|
|
|
$
|
182
|
|
|
|
|
|
|
|
$
|
6
|
|
|
|
$
|
183
|
|
|
|
$
|
188
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
183
|
|
|
|
$
|
188
|
|
|
|
|
Defense
|
|
|
|
119
|
|
|
|
|
|
121
|
|
|
|
|
124
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
124
|
|
|
|
|
127
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
124
|
|
|
|
|
127
|
|
|
|
|
Power
|
|
|
|
81
|
|
|
|
|
|
80
|
|
|
|
|
83
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
85
|
|
|
|
|
87
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
99
|
|
|
|
|
102
|
|
|
|
|
Total segments
|
|
|
|
368
|
|
|
|
|
|
378
|
|
|
|
|
389
|
|
|
|
|
|
|
|
|
13
|
|
|
|
|
391
|
|
-
|
|
|
402
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
405
|
|
#
|
|
|
416
|
|
|
|
|
Corporate and other
|
|
|
|
(34
|
)
|
|
|
|
|
(34
|
)
|
|
|
|
(35
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(34
|
)
|
|
|
|
(35
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(34
|
)
|
|
|
|
(35
|
)
|
|
|
|
Total operating income
|
|
|
$
|
335
|
|
|
|
|
$
|
343
|
|
|
|
$
|
353
|
|
|
|
6 to 9%
|
|
|
|
$
|
13
|
|
|
|
$
|
357
|
|
|
|
$
|
367
|
|
|
|
7 to 10%
|
|
|
|
$
|
14
|
|
|
|
|
$
|
371
|
|
|
|
$
|
382
|
|
|
|
11 to 14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
$
|
(41
|
)
|
|
|
|
$
|
(36
|
)
|
|
|
$
|
(37
|
)
|
|
|
|
|
|
|
$
|
1
|
|
|
|
$
|
(35
|
)
|
|
|
$
|
(36
|
)
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
$
|
(35
|
)
|
|
|
$
|
(36
|
)
|
|
|
|
Other income, net
|
|
|
|
16
|
|
|
|
|
|
14
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
15
|
|
|
|
|
15
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
15
|
|
|
|
|
15
|
|
|
|
|
Earnings before income taxes
|
|
|
|
309
|
|
|
|
|
|
322
|
|
|
|
|
331
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
337
|
|
|
|
|
347
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
352
|
|
|
|
|
361
|
|
|
|
|
Provision for income taxes
|
|
|
|
(88
|
)
|
|
|
|
|
(77
|
)
|
|
|
|
(79
|
)
|
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
(81
|
)
|
|
|
|
(83
|
)
|
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
(84
|
)
|
|
|
|
(87
|
)
|
|
|
|
Net earnings
|
|
|
$
|
222
|
|
|
|
|
$
|
245
|
|
|
|
$
|
251
|
|
|
|
|
|
|
|
$
|
12
|
|
|
|
$
|
256
|
|
|
|
$
|
263
|
|
|
|
|
|
|
|
$
|
11
|
|
|
|
|
$
|
267
|
|
|
|
$
|
274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
4.96
|
|
|
|
|
$
|
5.47
|
|
|
|
$
|
5.62
|
|
|
|
14 to 17%
|
|
|
|
$
|
0.28
|
|
|
|
$
|
5.75
|
|
|
|
$
|
5.90
|
|
|
|
16 to 19%
|
|
|
|
$
|
0.25
|
|
|
|
|
$
|
6.00
|
|
|
|
$
|
6.15
|
|
|
|
21 to 24%
|
Diluted shares outstanding
|
|
|
|
44.8
|
|
|
|
|
|
44.7
|
|
|
|
|
44.7
|
|
|
|
|
|
|
|
|
44.6
|
|
|
|
|
44.6
|
|
|
|
|
44.6
|
|
|
|
|
|
|
|
|
|
|
|
|
44.6
|
|
|
|
|
44.6
|
|
|
|
|
Effective tax rate
|
|
|
|
28.3
|
%
|
|
|
|
|
24.0
|
%
|
|
|
|
24.0
|
%
|
|
|
|
|
|
|
|
|
|
|
24.0
|
%
|
|
|
|
24.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
24.0
|
%
|
|
|
|
24.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
|
14.5
|
%
|
|
|
|
|
14.8
|
%
|
|
|
|
15.0
|
%
|
|
|
|
|
|
|
+30 bps
|
|
|
|
15.1
|
%
|
|
|
|
15.2
|
%
|
|
|
60 to 70 bps
|
|
|
|
|
-
|
|
|
|
|
|
15.1
|
%
|
|
|
|
15.2
|
%
|
|
|
60 to 70 bps
|
Defense
|
|
|
|
21.4
|
%
|
|
|
|
|
21.3
|
%
|
|
|
|
21.5
|
%
|
|
|
|
|
|
|
+20 bps
|
|
|
|
21.5
|
%
|
|
|
|
21.7
|
%
|
|
|
10 to 30 bps
|
|
|
|
|
-
|
|
|
|
|
|
21.5
|
%
|
|
|
|
21.7
|
%
|
|
|
10 to 30 bps
|
Power
|
|
|
|
14.7
|
%
|
|
|
|
|
12.2
|
%
|
|
|
|
12.4
|
%
|
|
|
|
|
|
|
+70 bps
|
|
|
|
12.9
|
%
|
|
|
|
13.1
|
%
|
|
|
(160 to 180 bps)
|
|
|
|
+220 bps
|
|
|
|
|
15.1
|
%
|
|
|
|
15.3
|
%
|
|
|
40 to 60 bps
|
Total operating margin
|
|
|
|
14.7
|
%
|
|
|
|
|
14.2
|
%
|
|
|
|
14.4
|
%
|
|
|
|
|
|
|
+40 bps
|
|
|
|
14.6
|
%
|
|
|
|
14.8
|
%
|
|
|
(10) to 10 bps
|
|
|
|
+60 bps
|
|
|
|
|
15.2
|
%
|
|
|
|
15.4
|
%
|
|
|
50 to 70 bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full year amounts may not add due to rounding
|
(1) Full-year 2017 and 2018 effective tax rate guidance includes
the impacts of the Tax Cuts and Jobs Act.
|
(2) Reconciliations of 2017 Reported (GAAP) results to Adjusted
(non-GAAP) results are furnished within this release.
|
(3) Adjustments include one-time inventory step-up, backlog
amortization and transaction costs for current and prior year
acquisitions.
|
|
|
|
|
|
|
|
CURTISS-WRIGHT CORPORATION
|
2018 Sales Growth Guidance by End Market
|
As of July 25, 2018
|
|
|
|
|
|
|
|
|
|
|
2018 % Change vs 2017
|
|
|
2018 % Change vs 2017
|
|
|
|
|
|
|
|
|
|
|
(Prior)
|
|
|
(Current)
|
Defense Markets
|
|
|
|
|
|
|
Aerospace
|
|
|
8 - 10%
|
|
|
11 - 13%
|
Ground
|
|
|
0 - 2%
|
|
|
0 - 2%
|
Navy
|
|
|
16 - 18%
|
|
|
20 - 22%
|
|
|
|
|
|
|
|
Total Defense (Including Other Defense)
|
|
|
9 - 11%
|
|
|
13 - 15%
|
|
|
|
|
|
|
|
Commercial Markets
|
|
|
|
|
|
|
Commercial Aerospace
|
|
|
0 - 2%
|
|
|
0 - 2%
|
Power Generation
|
|
|
6 - 8%
|
|
|
2 - 4%
|
General Industrial
|
|
|
4 - 6%
|
|
|
8 - 10%
|
Total Commercial
|
|
|
3 - 5%
|
|
|
3 - 5%
|
|
|
|
|
|
|
|
Total Curtiss-Wright Sales
|
|
|
6 - 8%
|
|
|
8 - 9%
|
|
|
|
|
|
|
|
Note: Full year amounts may not add due to rounding
|
CURTISS-WRIGHT CORPORATION
|
2017 Reconciliation Reported (GAAP)
(1)
to Adjusted (Non-GAAP)
(2)
|
($'s in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
1Q 2017
|
|
Adjustments
(Non-GAAP)
|
|
Adjusted
1Q 2017
|
|
Reported
2Q 2017
|
|
Adjustments
(Non-GAAP)
|
|
Adjusted
2Q 2017
|
|
Reported
3Q 2017
|
|
|
|
Reported
4Q 2017
|
|
|
|
Reported
FY 2017
|
|
Adjustments
(Non-GAAP)
|
|
Adjusted
FY 2017
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
$
|
279
|
|
|
$
|
-
|
|
|
$
|
279
|
|
|
|
|
$
|
292
|
|
|
$
|
-
|
|
|
$
|
292
|
|
|
|
|
$
|
294
|
|
|
|
|
$
|
298
|
|
|
|
|
$
|
1,163
|
|
|
$
|
-
|
|
|
$
|
1,163
|
|
|
Defense
|
|
|
115
|
|
|
|
-
|
|
|
|
115
|
|
|
|
|
|
126
|
|
|
|
-
|
|
|
|
126
|
|
|
|
|
|
142
|
|
|
|
|
|
173
|
|
|
|
|
|
555
|
|
|
|
-
|
|
|
|
555
|
|
|
Power
|
|
|
130
|
|
|
|
-
|
|
|
|
130
|
|
|
|
|
|
150
|
|
|
|
-
|
|
|
|
150
|
|
|
|
|
|
132
|
|
|
|
|
|
141
|
|
|
|
|
|
553
|
|
|
|
-
|
|
|
|
553
|
|
|
Total sales
|
|
$
|
524
|
|
|
|
-
|
|
|
$
|
524
|
|
|
|
|
$
|
568
|
|
|
|
-
|
|
|
$
|
568
|
|
|
|
|
$
|
568
|
|
|
|
|
$
|
612
|
|
|
|
|
$
|
2,271
|
|
|
|
-
|
|
|
$
|
2,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
$
|
31
|
|
|
$
|
-
|
|
|
$
|
31
|
|
|
|
|
$
|
44
|
|
|
$
|
-
|
|
|
$
|
44
|
|
|
|
|
$
|
47
|
|
|
|
|
$
|
47
|
|
|
|
|
$
|
168
|
|
|
$
|
-
|
|
|
$
|
168
|
|
|
Defense
|
|
|
11
|
|
|
|
5
|
|
|
|
16
|
|
|
|
|
|
21
|
|
|
|
5
|
|
|
|
26
|
|
|
|
|
|
34
|
|
|
|
|
|
44
|
|
|
|
|
|
109
|
|
|
|
10
|
|
|
|
119
|
|
|
Power
|
|
|
16
|
|
|
|
-
|
|
|
|
16
|
|
|
|
|
|
24
|
|
|
|
-
|
|
|
|
24
|
|
|
|
|
|
18
|
|
|
|
|
|
24
|
|
|
|
|
|
81
|
|
|
|
-
|
|
|
|
81
|
|
|
Total segments
|
|
|
57
|
|
|
|
5
|
|
|
|
62
|
|
|
|
|
|
89
|
|
|
|
5
|
|
|
|
94
|
|
|
|
|
|
98
|
|
|
|
|
|
115
|
|
|
|
|
|
359
|
|
|
|
10
|
|
|
|
368
|
|
|
Corporate and other
|
|
|
(10
|
)
|
|
|
-
|
|
|
|
(10
|
)
|
|
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
(9
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(9
|
)
|
|
|
|
|
(34
|
)
|
|
|
-
|
|
|
|
(34
|
)
|
|
Total operating income
|
|
$
|
48
|
|
|
$
|
5
|
|
|
$
|
52
|
|
|
|
|
$
|
80
|
|
|
$
|
5
|
|
|
$
|
85
|
|
|
|
|
$
|
92
|
|
|
|
|
$
|
105
|
|
|
|
|
$
|
325
|
|
|
$
|
10
|
|
|
$
|
335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
$
|
(10
|
)
|
|
$
|
-
|
|
|
$
|
(10
|
)
|
|
|
|
$
|
(11
|
)
|
|
$
|
-
|
|
|
$
|
(11
|
)
|
|
|
|
$
|
(10
|
)
|
|
|
|
$
|
(10
|
)
|
|
|
|
$
|
(41
|
)
|
|
$
|
-
|
|
|
$
|
(41
|
)
|
|
Other income, net
|
|
|
4
|
|
|
|
-
|
|
|
|
4
|
|
|
|
|
|
4
|
|
|
|
-
|
|
|
|
4
|
|
|
|
|
|
4
|
|
|
|
|
|
4
|
|
|
|
|
|
16
|
|
|
|
-
|
|
|
|
16
|
|
|
Earnings before income taxes
|
|
|
41
|
|
|
|
5
|
|
|
|
46
|
|
|
|
|
|
73
|
|
|
|
5
|
|
|
|
78
|
|
|
|
|
|
86
|
|
|
|
|
|
99
|
|
|
|
|
|
300
|
|
|
|
10
|
|
|
|
309
|
|
|
Provision for income taxes
|
|
|
(9
|
)
|
|
|
(1
|
)
|
|
|
(10
|
)
|
|
|
|
|
(22
|
)
|
|
|
(2
|
)
|
|
|
(24
|
)
|
|
|
|
|
(22
|
)
|
|
|
|
|
(32
|
)
|
|
|
|
|
(85
|
)
|
|
|
(3
|
)
|
|
|
(88
|
)
|
|
Net earnings
|
|
$
|
33
|
|
|
$
|
4
|
|
|
$
|
36
|
|
|
|
|
$
|
51
|
|
|
$
|
4
|
|
|
$
|
54
|
|
|
|
|
$
|
64
|
|
|
|
|
$
|
68
|
|
|
|
|
$
|
215
|
|
|
$
|
7
|
|
|
$
|
222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.73
|
|
|
$
|
0.08
|
|
|
$
|
0.81
|
|
|
|
|
$
|
1.13
|
|
|
$
|
0.08
|
|
|
$
|
1.21
|
|
|
|
|
$
|
1.43
|
|
|
|
|
$
|
1.52
|
|
|
|
|
$
|
4.80
|
|
|
$
|
0.16
|
|
|
$
|
4.96
|
|
|
Diluted shares outstanding
|
|
|
44.9
|
|
|
|
|
|
44.9
|
|
|
|
|
|
44.8
|
|
|
|
|
|
44.8
|
|
|
|
|
|
44.7
|
|
|
|
|
|
44.7
|
|
|
|
|
|
44.8
|
|
|
|
|
|
44.8
|
|
|
Effective tax rate
|
|
|
20.9
|
%
|
|
|
|
|
20.9
|
%
|
|
|
|
|
30.3
|
%
|
|
|
|
|
30.3
|
%
|
|
|
|
|
26.0
|
%
|
|
|
|
|
31.8
|
%
|
|
|
|
|
28.3
|
%
|
|
|
|
|
28.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial/Industrial
|
|
|
11.0
|
%
|
|
|
|
|
11.0
|
%
|
|
|
|
|
15.0
|
%
|
|
|
|
|
15.0
|
%
|
|
|
|
|
15.9
|
%
|
|
|
|
|
15.8
|
%
|
|
|
|
|
14.5
|
%
|
|
|
|
|
14.5
|
%
|
|
Defense
|
|
|
9.7
|
%
|
|
+395 bps
|
|
|
13.6
|
%
|
|
|
|
|
16.7
|
%
|
|
+410 bps
|
|
|
20.8
|
%
|
|
|
|
|
23.7
|
%
|
|
|
|
|
25.2
|
%
|
|
|
|
|
19.7
|
%
|
|
+170 bps
|
|
|
21.4
|
%
|
|
Power
|
|
|
11.9
|
%
|
|
|
|
|
11.9
|
%
|
|
|
|
|
15.9
|
%
|
|
|
|
|
15.9
|
%
|
|
|
|
|
13.5
|
%
|
|
|
|
|
17.0
|
%
|
|
|
|
|
14.7
|
%
|
|
|
|
|
14.7
|
%
|
|
Total operating margin
|
|
|
9.1
|
%
|
|
+90 bps
|
|
|
10.0
|
%
|
|
|
|
|
14.0
|
%
|
|
+100 bps
|
|
|
15.0
|
%
|
|
|
|
|
16.3
|
%
|
|
|
|
|
17.2
|
%
|
|
|
|
|
14.3
|
%
|
|
+40 bps
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full year amounts may not add due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reported 2017 results reflect the retrospective impact from
the adoption of ASU 2017-07 “Improving the Presentation of Net
Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,”
which results in reclassification of the non-service components of
Pension expense from Operating Income to Other Income/Expense
effective for fiscal years beginning after December 15, 2017. This
accounting change lowers operating income by $14.6 million and
lowers operating margin by 70 basis points for the full-year 2017
period. This change is neutral to earnings per share.
|
|
|
|
(2) Adjusted operating income, operating margin and diluted EPS
exclude first year purchase accounting costs, specifically one-time
inventory step-up, backlog amortization and transaction costs,
associated with the acquisition of TTC in 2017 (Defense segment).
First year purchase accounting costs in the third and fourth
quarters of 2017 are not material.
|
|
|
|
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global innovative company
that delivers highly engineered, critical function products and services
to the commercial, industrial, defense and energy markets. Building on
the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright
has a long tradition of providing reliable solutions through trusted
customer relationships. The company employs approximately 8,600 people
worldwide. For more information, visit www.curtisswright.com.
Certain statements made in this press release, including statements
about future revenue, financial performance guidance, quarterly and
annual revenue, net income, operating income growth, future business
opportunities, cost saving initiatives, the successful integration of
the Company’s acquisitions, and future cash flow from operations, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements present management's
expectations, beliefs, plans and objectives regarding future financial
performance, and assumptions or judgments concerning such performance.
Any discussions contained in this press release, except to the extent
that they contain historical facts, are forward-looking and accordingly
involve estimates, assumptions, judgments and uncertainties. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. Such risks and uncertainties include, but are not limited
to: a reduction in anticipated orders; an economic downturn; changes in
the competitive marketplace and/or customer requirements; a change in
government spending; an inability to perform customer contracts at
anticipated cost levels; and other factors that generally affect the
business of aerospace, defense contracting, electronics, marine, and
industrial companies. Such factors are detailed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2017, and
subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at
www.curtisswright.com
.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180725005902/en/
Curtiss-Wright Corporation
Jim Ryan, 704-869-4621
Jim.Ryan@curtisswright.com
Source: Curtiss-Wright Corporation