Curtiss-Wright Corporation (NYSE:CW) Q2 2021 Earnings Conference Call August 4, 2021 10:00 AM ET Company Participants Jim Ryan – Senior Director of Investor Relations Lynn Bamford – President and Chief Executive Officer Chris Farkas – Vice President and Chief Financial Officer Conference Call Participants Nathan Jones – Stifel Myles Walton – UBS Michael Ciarmoli – Truist Securities Peter Arment – Baird Operator Thank you for standing by, and welcome to the Curtiss-Wright Second Quarter 2021 Financial Result ...

Curtiss-Wright Corporation (NYSE:CW) Q1 2021 Earnings Conference Call May 6, 2021 10:00 AM ET Company Participants Jim Ryan - Senior Director, IR Lynn Bamford - CEO, President Chris Farkas - CFO, VP Conference Call Participants Mike Ciarmoli - Truist Peter Arment - Baird Myles Walton - UBS Operator Good day, and thank you for standing by. Welcome to the Curtiss-Wright First Quarter 2021 Financial Results Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker to ...

PART I [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q1 2021 financial statements report increased net earnings and operating income, with total assets of **$3.98 billion** and significantly improved operating cash flow Financial Metric | Financial Metric | Q1 2021 (In thousands) | Q1 2020 (In thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Sales | $597,059 | $601,231 | -0.7% | | Gross Profit | $209,757 | $200,579 | +4.6% | | Operating Income | $85,066 | $72,446 | +17.4% | | Net Earnings | $59,469 | $51,761 | +14.9% | | Diluted EPS | $1.45 | $1.21 | +19.8% | Balance Sheet Item | Balance Sheet Item | March 31, 2021 (In thousands) | December 31, 2020 (In thousands) | | :--- | :--- | :--- | | Total Current Assets | $1,286,739 | $1,300,824 | | Total Assets | $3,981,050 | $4,021,334 | | Total Current Liabilities | $734,802 | $810,377 | | Total Liabilities | $2,142,886 | $2,233,760 | | Total Stockholders' Equity | $1,838,164 | $1,787,574 | Cash Flow Activity | Cash Flow Activity | Q1 2021 (In thousands) | Q1 2020 (In thousands) | | :--- | :--- | :--- | | Net cash used for operating activities | $(26,603) | $(192,576) | | Net cash used for investing activities | $(12,855) | $(67,674) | | Net cash (used for) provided by financing activities | $(7,107) | $39,268 | | Net decrease in cash | $(51,179) | $(233,276) | - Effective January 1, 2021, the Corporation reorganized its reportable segments into three new categories: Aerospace & Industrial, Defense Electronics, and Naval & Power to better align product sales with its end market structure; previously reported amounts were recast, but this did not impact consolidated financial statements[31](index=31&type=chunk) - Total backlog as of March 31, 2021, was approximately **$2.1 billion**, with the company expecting to recognize about **88%** of this backlog as net sales over the next 36 months[37](index=37&type=chunk) [Management's Discussion and Analysis (MD&A)](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details Q1 2021 performance, showing a 1% sales decrease to **$597 million**, a 17% operating income rise to **$85 million**, and improved operating margin and liquidity [Results of Operations](index=23&type=section&id=RESULTS%20OF%20OPERATIONS) Q1 2021 results show total sales decreased 1% to **$597 million**, operating income increased 17% to **$85 million**, and operating margin expanded to **14.2%** Performance Component | Performance Component | Sales Change | Operating Income Change | | :--- | :--- | :--- | | Organic | (8%) | 15% | | Acquisitions | 6% | 5% | | Foreign currency | 1% | (3%) | | **Total** | **(1%)** | **17%** | - Operating income growth was driven by favorable overhead absorption and mix in Defense Electronics, and restructuring savings and favorable mix in Naval & Power, partially offset by unfavorable absorption on lower sales in the Aerospace & Industrial segment[114](index=114&type=chunk) - Interest expense increased by **33%** to **$10 million**, primarily due to the issuance of **$300 million** in Senior Notes in August 2020[115](index=115&type=chunk) [Results by Business Segment](index=25&type=section&id=RESULTS%20BY%20BUSINESS%20SEGMENT) Q1 2021 segment performance shows Aerospace & Industrial sales down **20%**, Defense Electronics sales up **30%**, and Naval & Power sales remaining flat Segment Performance | Segment | Q1 2021 Sales (Millions) | YoY Change | Q1 2021 Op. Income (Millions) | YoY Change | Q1 2021 Op. Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Aerospace & Industrial | $180.3 | (20%) | $19.0 | (41%) | 10.6% | | Defense Electronics | $181.2 | 30% | $36.6 | 52% | 20.2% | | Naval & Power | $235.5 | 0% | $38.1 | 35% | 16.2% | - The Aerospace & Industrial segment's **$46 million** sales decline was primarily due to the ongoing impact of the COVID-19 pandemic on the commercial aerospace market, leading to lower sales of actuation, sensors, and surface treatment services[123](index=123&type=chunk) - The Defense Electronics segment's **$42 million** sales growth was driven by the incremental impact of the PacStar acquisition and higher demand for embedded computing equipment on helicopter and UAV platforms[130](index=130&type=chunk) - The Naval & Power segment's flat sales resulted from an **$18 million** increase in naval defense (Virginia-class submarine and CVN-81 aircraft carrier programs) being offset by a **$17 million** decrease in the power & process market[134](index=134&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Liquidity remains strong, with net cash used in operating activities significantly decreasing to **$26.6 million** due to a prior-year pension contribution, and **$480 million** available under its credit facility - Net cash used for operating activities improved by **$166 million** from the prior year, primarily because Q1 2020 included a **$150 million** voluntary pension contribution[147](index=147&type=chunk) - Net cash used in investing activities decreased by **$55 million**, mainly due to a **$60 million** acquisition in the prior-year period and lower capital expenditures in the current period (**$9 million** vs. **$19 million**)[148](index=148&type=chunk) - The company repurchased approximately **0.1 million** shares for **$12 million** in Q1 2021, a significant reduction from the **1.1 million** shares repurchased for **$112 million** in Q1 2020[151](index=151&type=chunk) - As of March 31, 2021, the company had no outstanding borrowings under its credit facility, with **$480 million** of unused credit available[150](index=150&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes in market risk were reported during Q1 2021, with detailed disclosures referenced in the 2020 Annual Report on Form 10-K - The company reported no material changes in its market risk during the three months ended March 31, 2021[161](index=161&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2021, the CEO and CFO concluded that the company's disclosure controls and procedures are effective[162](index=162&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[163](index=163&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company faces various legal proceedings, including asbestos-related lawsuits, but anticipates no material adverse effect due to adequate insurance and indemnification - The company is named in asbestos-related lawsuits but has not paid any material sums and believes it is unlikely to face material liability due to minimal asbestos use in its past operations and adequate insurance coverage[167](index=167&type=chunk)[88](index=88&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported during Q1 2021, with detailed discussion available in the 2020 Annual Report on Form 10-K - There have been no material changes in the company's Risk Factors during the three months ended March 31, 2021[168](index=168&type=chunk) [Share Repurchases and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Q1 2021 saw the company repurchase **102,135** shares for **$11.8 million** at **$115.53** per share, with **$188.3 million** remaining authorized for future repurchases Share Repurchase Activity | Period | Total Shares Purchased | Average Price Paid per Share | Remaining Authorization (in millions) | | :--- | :--- | :--- | :--- | | Jan 2021 | 29,471 | $115.36 | $196.7 | | Feb 2021 | 33,590 | $113.13 | $192.9 | | Mar 2021 | 39,074 | $117.71 | $188.3 | | **Q1 Total** | **102,135** | **$115.53** | **$188.3** | - In October 2020, the Board of Directors authorized an additional **$200 million** for share repurchases, with plans to repurchase at least **$50 million** of its common stock during the 2021 calendar year[170](index=170&type=chunk) [Other Information (Items 3, 4, 5, 6)](index=30&type=section&id=Other%20Items) This section confirms no defaults on senior securities, notes mine safety disclosures are not applicable, no material changes to director nomination procedures, and lists the report's exhibits - The company reported no defaults upon senior securities for the period[171](index=171&type=chunk) - The report lists required certifications from the CEO and CFO, as well as XBRL data files, as exhibits[175](index=175&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk)

Curtiss-Wright Corporation (NYSE:CW) Q4 2020 Earnings Conference Call February 25, 2021 10:00 AM ET Company Participants Jim Ryan - Senior Director of Investor Relations Dave Adams - Executive Chairman Lynn Bamford - President and Chief Executive Officer Chris Farkas - Vice President and Chief Financial Officer Conference Call Participants Michael Ciarmoli - Truist Securities Nathan Jones - Stifel Peter Arment - Baird Myles Walton - UBS Operator Ladies and gentlemen, thank you for standing by, and welcome t ...

Listen-Only dial-in numbers: (844) 220-4970 (domestic) (262) 558-6349 (international) Conference ID: 6585187 Q4 and FY 2020 Earnings Conference Call February 25, 2021 NYSE: CW 1 | February 25, 2021 | © 2021 Curtiss-Wright 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 1-134 CURTISS-WRIGHT CORPORATION (Exact name of Registrant as specified in its charter) Delaware 13-0612970 (State or other jurisdic ...

Curtiss-Wright Corporation (NYSE:CW) Q3 2020 Results Earnings Conference Call October 29, 2020 10:00 AM ET Company Participants Jim Ryan - Senior Director, Investor Relations Dave Adams - Chairman and CEO Chris Farkas - Vice President and CFO Conference Call Participants Peter Arment - Baird Myles Walton - UBS Matt Mooney - Stifel Michael Ciarmoli - Truist Operator Ladies and gentlemen, thank you for standing-by. And welcome to the Curtiss-Wright Third Quarter 2020 Financial Results Conference Call. At this ...

Listen-Only dial-in numbers: (844) 220-4970 (domestic) (262) 558-6349 (international) Conference ID: 8071759 Q3 2020 Earnings Conference Call October 29, 2020 NYSE: CW 1 | October 29, 2020 | © 2020 Curtiss-Wright RIGHT 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 re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _______ Commission File Number 1-134 CURTISS-WRIGHT CORPORATION (Exact name of Registrant as specified in its charter) Delaware 13-0612970 (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _______ Commission File Number 1-134 CURTISS-WRIGHT CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorp ...