大 摩 指 出 ， 航 空 航 天 板 块 的 估 值 略 高 于 其 历 史 水 平 ， 基 于 未 来 12 个 月 企 业 价 值 倍 数 (NTM EV/EBITDA)，目前交易价格相对于标普500指数的中位数溢价约为15%(相比之下，2022年以来的平均 溢价约为10%)。 航空航天板块今年以来表现稳健，NTM EV/EBITDA从年初的约16倍攀升至目前的约18倍，这得益于强 劲的空中交通(例如，感恩节后的周日是美国机场有史以来最繁忙的一天，美国运输安全管理局筛查了 310万名旅客)。尽管在四月初所谓"解放日"关税措施出台时，由于对供应链挑战和关税对飞机交付影响 的担忧，航空航天板块与大盘一起出现了一些回调，但随着这些负面影响并未成为显示，该板块的估值 迅速回升。 在大摩所覆盖的航空航天板块相关公司中，该行给予"增持"评级的美股包括：雷神技术(RTX.US)、 Howmet Aerospace(HWM.US) 、 TransDigm(TDG.US) 、 Curtiss-Wright(CW.US) 、 FTAI Aviation(FTAI.US)、RBC Bearings(RBC.US)、巴西航空工 ...

Core Insights - Curtiss-Wright (CW) is positioned as a strong investment option in the Aerospace sector due to its robust presence, solid liquidity, and low debt levels [1] Financial Performance - The Zacks Consensus Estimate for CW's 2025 earnings per share is $13.09, reflecting a year-over-year growth of 20.1% [2] - The consensus estimate for 2025 sales is $3.44 billion, indicating a year-over-year growth of 10.2% [2] - CW's long-term earnings growth rate is projected at 14.5% over the next three to five years [2] - The company has delivered an average earnings surprise of 7.75% in the last four quarters [2][8] Debt and Liquidity - CW's total debt-to-capital ratio stands at 27.7%, significantly better than the industry average of 49.4% [3] - The times interest earned (TIE) ratio is 14.92, indicating strong capability to meet interest obligations [3] - The current ratio is 1.75, demonstrating the company's ability to meet short-term liabilities [4] Market Opportunities - CW is poised to benefit from the global shift towards cleaner energy, particularly in nuclear power, as countries aim to reduce emissions and meet electricity demands [5] - The company is involved in major new-build projects with its reactor coolant pumps and AP1000-related technologies, with potential orders in Europe and new opportunities in the U.S. [5] - Strong demand in defense and aerospace sectors is enhancing CW's long-term outlook, driven by increased U.S. funding for submarine programs and rising global defense budgets [6] - Improving air traffic and production needs are also boosting demand for CW's components in the commercial aerospace market [6] Stock Performance - CW shares have increased by 9.8% over the past three months, outperforming the industry's growth of 3% [7]

Core Insights - Curtiss-Wright Corporation has approved an additional $416 million for share repurchases, increasing total buyback authorization to $550 million [1] - The company has returned over $1.1 billion to shareholders through repurchases since early 2021 and plans to repurchase $60 million in shares starting January 2026 [2] - The focus on enhancing shareholder value is supported by a disciplined capital allocation strategy and effective capital deployment [3] Financial Performance - Curtiss-Wright expects total sales to grow by 10-11% and earnings to increase by 19-21% in 2025, with projected free cash flow between $520 million and $535 million [5] - In the first nine months of 2025, the company generated $290.7 million in cash flow from operating activities, supporting its share repurchase strategy [6] - The company held $225.4 million in cash and reported an 11.1% sales growth, aiding ongoing shareholder returns [10] Share Repurchase Strategy - The company has completed two separate $200 million expansions of its 2025 share repurchase program and expects to repurchase at least $66 million in shares this year [1] - In the first nine months of 2025, Curtiss-Wright repurchased shares worth $325.1 million [4] - The company is positioned for a record $466 million in annual share buybacks in 2025 [1] Market Position - Shares of Curtiss-Wright have risen by 27.5% over the past six months, outperforming the industry's average return of 7.2% [12] - The company remains committed to expanding its business through strategic acquisitions, driven by improving end-market conditions and rising demand for its products [4]

Core Points - Curtiss-Wright Corporation has authorized an additional $416 million for future share repurchases, raising the total authorization to $550 million [1] - The company declared a quarterly dividend of $0.24 per share, payable on December 12, 2025, to stockholders of record as of November 28, 2025 [1] - Since August, the company has executed two separate $200 million expansions of its 2025 share repurchase program [1]

Group 1 - Curtiss-Wright is represented by Lynn Bamford, Chair and CEO, and Chris Farkas, Vice President and CFO, at the conference [2] - The conference format includes a Q&A session without an opening statement [2] Group 2 - Peter Arment serves as the Senior Aerospace Defense Analyst at Baird [1]

Summary of Curtiss-Wright Conference Call Company Overview - **Company**: Curtiss-Wright - **Industry**: Aerospace and Defense - **Key Executives**: Lynn Bamford (Chair and CEO), Chris Farkas (CFO) [4][5] Key Points Aerospace and Defense Growth - Aerospace defense constitutes about two-thirds of Curtiss-Wright's portfolio, with projected revenue growth of 10%-11% for 2025 [3][6] - Commercial aerospace is expected to grow at a rate of 13%-15%, driven by strong positions in major Airbus and Boeing platforms [6][7] - The company has launched a "pivot-to-growth" strategy focused on organic growth and operational excellence, resulting in mid-teens earnings compounding over time [5][6] Defense Electronics - The defense electronics segment is valued at approximately $1 billion and is the highest margin business within the portfolio, achieving 29% operating margins in Q3 [12][18] - The company plans to introduce over 20 products aligned with the MOSA/SOSA CMOS mandate, enhancing its market capabilities [14] - Partnerships with companies like NVIDIA and Microsoft Azure are expected to open new market opportunities [15][19] NATO and International Markets - Curtiss-Wright is well-positioned to benefit from increased NATO spending, with a focus on ground vehicles and naval shipbuilding [10][20] - The company has a strong presence in international markets, selling products to NATO and allied countries, including embedded computing for European fighter jets and ground defense systems [21][22] Nuclear Business - The nuclear segment accounts for about 12% of revenues, primarily from aftermarket services, with significant growth potential from new AP-1000 reactor orders [26][27] - The company has an exclusive relationship with Westinghouse for reactor coolant pumps, with potential content per reactor increasing from $10-$20 million to $150 million [29][30] - The U.S. nuclear market is expected to see substantial growth due to recent executive orders and funding initiatives [27][33] Capacity and Capital Expenditure - Curtiss-Wright is increasing capital expenditures by 40% this year, with a focus on supporting growth in nuclear and defense sectors [40][41] - The company has the capacity to produce 12-16 reactor coolant pumps (RCPs) annually, with plans to expand this capacity [43][44] Shareholder Returns and Acquisitions - The company prioritizes acquisitions as a key capital use, while also engaging in significant share repurchase activities, with a record year expected for buybacks [49][51] - The dividend has increased for nine consecutive years, with a 14% increase last year [52] Additional Insights - The company is actively involved in capacity planning to meet future demands, including potential greenfield sites by the mid-2030s [38][41] - The strong free cash flow generation is a critical factor in supporting growth initiatives and capital investments [40][41] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Curtiss-Wright's growth prospects in the aerospace, defense, and nuclear sectors.

Group 1 - Curtiss-Wright Corporation will participate in the Baird 2025 Global Industrial Conference with a fireside chat scheduled for November 12, 2025, at 4:05 pm CT [1] - A webcast of the discussion will be available on the company's Investor Relations website, with a replay accessible for 90 days post-event [2] - Curtiss-Wright is a global integrated business focused on providing engineered products and services primarily to Aerospace & Defense markets, employing approximately 9,000 skilled workers [3] Group 2 - Curtiss-Wright reported strong financial results for the third quarter of 2025, showing growth in revenues and operating income across all three segments, and raised its full-year 2025 guidance [5] - The company has been selected by American Rheinmetall to provide Turret Drive Stabilization Systems for the U.S. Army's XM30 Combat Vehicle prototypes, which have advanced to the Engineering and Manufacturing Development phase [6] - Curtiss-Wright has also been selected by Bell Textron to supply encrypted flight data recorder technology for the MV-75 Long Range Assault Aircraft Program, part of the Future Vertical Lift initiative [7]

Sales Performance - Total sales for Q3 2025 increased by $70 million, or 9%, to $869 million compared to Q3 2024, with segment increases of $19 million in Aerospace & Industrial, $10 million in Defense Electronics, and $41 million in Naval & Power [100]. - For the nine months ended September 30, 2025, total sales rose by $255 million, or 11%, to $2,551 million, driven by increases of $33 million in Aerospace & Industrial, $68 million in Defense Electronics, and $154 million in Naval & Power [101]. - Sales for the three months ended September 30, 2025, increased by $19 million, or 8%, to $248 million compared to the prior year period [115]. - Sales in the Defense Electronics segment for the three months ended September 30, 2025, increased by $10 million, or 4%, to $253 million [124]. - Sales in the Naval & Power segment for the three months ended September 30, 2025, increased by $41 million, or 12%, to $368 million [133]. - Sales in the commercial aerospace market increased by $12 million in the third quarter, primarily due to higher demand for actuation equipment and sensors [115]. - Sales for the nine months ended September 30, 2025, increased by $191 million, or 12%, to $1,789 million, driven by higher sales across all markets [144]. - The aerospace defense market saw increased sales due to higher demand for embedded computing equipment and actuation equipment, contributing to overall growth [144]. - Sales in the commercial aerospace market benefited from higher OEM demand for sensors and surface treatment services, along with increased sales of flight data recorder technology [144]. Operating Income - Operating income for Q3 2025 increased by $21 million, or 15%, to $166 million, with an operating margin of 19.1%, up 100 basis points from the prior year [103]. - Operating income for the nine months ended September 30, 2025 rose by $78 million, or 21%, to $452 million, with an operating margin of 17.7%, an increase of 140 basis points compared to the same period in 2024 [104]. - Operating income for the third quarter rose by $8 million, or 21%, to $45 million, with an operating margin of 18.3%, an increase of 190 basis points [119]. - Operating income in the Defense Electronics segment for the third quarter increased by $10 million, or 16%, to $74 million, with an operating margin of 29.2% [128]. - Operating income during the nine months ended September 30, 2025, increased by $14 million, or 14%, to $114 million, with an operating margin of 16.0% [120]. New Orders - New orders in Q3 2025 increased by $67 million, primarily due to naval defense orders and an increase in commercial nuclear product orders in the Naval & Power segment [111]. - New orders for the nine months ended September 30, 2025 increased by $187 million, driven by naval defense orders and an increase in orders for sensors and surface treatment services in the Aerospace & Industrial segment [112]. - New orders in the Naval & Power segment for the third quarter increased by $88 million, primarily due to the timing of naval defense orders [138]. - New orders in the third quarter increased by $29 million, primarily driven by higher demand for sensors and actuation products [121]. Financial Expenses and Income - Interest expense decreased by $1 million, or 8%, to $10 million in Q3 2025, and by $2 million, or 6%, to $31 million for the nine months ended September 30, 2025, due to lower borrowings [106]. - Other income, net, decreased by $5 million, or 47%, to $5 million in Q3 2025, and by $6 million, or 21%, to $22 million for the nine months ended September 30, 2025, primarily due to lower interest income [107]. - The effective tax rate for Q3 2025 was 22.5%, slightly down from 22.6% in the prior year, while the nine-month effective tax rate decreased to 21.6% from 22.2% [108]. - Comprehensive income for Q3 2025 was $107 million, down from $141 million in the prior year, while for the nine months it increased to $405 million from $297 million [109]. Cash Flow and Investments - Operating cash inflow for the nine months ended September 30, 2025, was $290,658 thousand, an increase of $48 million from the prior year, primarily due to higher cash earnings [148]. - Net cash used for investing activities decreased by $17 million from the prior year, primarily due to the acquisition of WSC in the previous period [150]. - The corporation repurchased approximately 684,000 shares of common stock for $325 million during the nine months ended September 30, 2025, compared to 455,000 shares for $138 million in the prior year [154]. - Dividend payments increased to $17 million for the nine months ended September 30, 2025, up from $16 million in the prior year, with a quarterly dividend increase to $0.24 per share starting in Q2 2025 [156]. Debt and Compliance - As of September 30, 2025, the corporation had approximately $10 million of outstanding borrowings under the Credit Agreement and $714 million of unused credit available [153]. - The corporation's average debt outstanding was $982 million for the three months ended September 30, 2025, down from $1.0 billion in the prior year [152]. - The corporation was in compliance with all debt agreements and had the ability to borrow an additional $2.7 billion without violating its debt to capitalization covenant [157][158].

Group 1 - The article does not provide any specific information or data regarding companies or industries [1]

Financial Data and Key Metrics Changes - The company reported revenue of $869 million, representing a 9% year-over-year increase, with 6% organic growth [5][6] - Operating income increased by 14% year-over-year, leading to a 90 basis points expansion in overall operating margin to 19.6% [6][14] - Diluted earnings per share (EPS) rose by 14% year-over-year, slightly exceeding expectations [6][9] - Free Cash Flow was $176 million, up 8% year-over-year, reflecting nearly 140% conversion due to higher cash earnings and lower tax payments [6][9] Business Line Data and Key Metrics Changes - In the aerospace and industrial segment, sales increased by 8%, driven by strong demand in commercial aerospace and ground defense markets [10] - The defense electronics segment saw a 4% sales growth, primarily due to tactical communications equipment revenues [11] - The naval and power segment experienced a 12% increase in sales, driven by production acceleration on submarine programs [12][13] Market Data and Key Metrics Changes - The order book increased by 8%, resulting in a Book-to-Bill ratio of 1.1 times, indicating continued confidence in future top-line growth [6][8] - The backlog reached a record of over $3.9 billion, up 14% year-to-date [8][46] - Strong demand was noted in commercial aerospace and nuclear markets, with significant new contracts supporting growth [7][8] Company Strategy and Development Direction - The company is focused on a "pivot to growth" strategy, emphasizing operational excellence and targeted investments [4][24] - There is a strong alignment with U.S. defense priorities, particularly in shipbuilding and defense electronics, which are expected to benefit from increased government funding [25][26] - The company is committed to maintaining a robust R&D investment to support future growth opportunities [20][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in A&D and commercial markets, projecting continued strong performance into 2026 [4][8] - The company anticipates a 10%-11% increase in sales for the full year 2025, supported by a strong backlog and market demand [8][20] - Management acknowledged potential impacts from government shutdowns but remained confident in the resilience of their order pipeline [41][47] Other Important Information - The company has increased its share repurchase program, anticipating over $450 million in buybacks for the year [33][34] - Capital expenditures are expected to rise by approximately 40% year-over-year to support growth initiatives [22][35] Q&A Session Summary Question: Can you provide details on the AP1000 reactor content? - Management confirmed that the content per reactor coolant pump (RCP) is around $28 million, with additional content expected to increase significantly [40][49] Question: How are bookings performing across segments? - Overall bookings were strong with a Book-to-Bill ratio of 1.1 times, though some delays were noted in the defense electronics segment due to government funding issues [41][46] Question: What is the outlook for the nuclear market? - Management indicated that the first orders are expected from Poland and Bulgaria, with U.S. orders anticipated to follow [60][61] Question: What is the state of the M&A pipeline? - The company is actively pursuing strategic acquisitions and remains focused on finding properties that align with its growth strategy [79][80] Question: Are there signs of improvement in the industrial vehicle market? - Management noted a stabilization in the industrial vehicle market, with slight improvements in orders during the quarter [83]