Core Viewpoint - Curtiss-Wright Corporation reported mixed financial results for the fourth quarter of 2024, with adjusted EPS beating estimates but a decline in GAAP earnings, leading to a 5.5% drop in share price on February 14, 2024 [1][2]. Financial Performance - Adjusted EPS for Q4 2024 was $3.27, exceeding the Zacks Consensus Estimate of $3.08 by 6.2% and improving 3.5% from $3.16 in the same quarter last year [1][2]. - GAAP EPS was reported at $3.09, down 0.6% from $3.11 in the prior year [2]. - Total net sales for Q4 2024 reached $824.3 million, a 4.9% increase year over year, surpassing the Zacks Consensus Estimate of $785 million [3]. - For the full year 2024, revenues were $3.12 billion, up from $2.85 billion in 2023 [3]. Operational Metrics - Adjusted operating income for Q4 was $163 million, consistent with the prior year, but the adjusted operating margin contracted by 100 basis points to 19.8% due to increased R&D investments [4]. - Total backlog at the end of Q4 was $3.4 billion, a 20% increase from the end of 2023, driven by demand in aerospace and defense markets [5]. Segment Performance - Aerospace & Industrial segment sales increased by 5% year over year to $250.9 million, supported by strong demand in commercial aerospace and defense markets [6]. - Adjusted operating income for this segment rose 22% to $54 million, with an adjusted operating margin expanding by 280 basis points to 21.3% [7]. - Defense Electronics segment sales declined by 5% to $227.5 million, primarily due to decreased sales in the Ground defense market [8]. - Adjusted operating income for Defense Electronics fell 20% to $55 million, with a margin contraction of 450 basis points to 24.3% [9]. - Naval & Power segment sales increased by 12% to $345.9 million, driven by demand for submarine programs and commercial nuclear aftermarket sales [10]. - Adjusted operating income for this segment rose 11% to $66 million, although the margin contracted by 20 basis points to 19.1% [11]. Financial Position - Cash and cash equivalents as of December 31, 2024, were $385 million, down from $406.9 million a year earlier [12]. - Long-term debt decreased to $0.96 billion from $1.05 billion as of December 31, 2023 [12]. - Net cash flow from operating activities was $544.3 million in 2024, compared to $448.1 million in the previous year [12]. - Adjusted free cash flow at the end of 2024 was $483.3 million, up from $413.4 million in the prior year [13]. 2025 Guidance - For 2025, Curtiss-Wright expects adjusted EPS in the range of $12.10-$12.40, with the Zacks Consensus Estimate at $11.92 [14]. - The company anticipates sales between $3.34 billion and $3.39 billion, with the consensus estimate at $3.35 billion [15]. - Expected free cash flow for 2025 is projected to be between $485 million and $505 million [15].

Q4 2024 EARNINGS CONFERENCE CALL February 13, 2025 ▪ Sales of $824M, up 5% ▪ Operating Income of $163M; Strong Operating Margin of 19.8% ▪ Diluted EPS of $3.27, up 3% ▪ Strong FCF of $278M; 223% conversion ▪ New Orders of $939M, up 37% – ~1.1x Book-to-Bill 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, ...

Financial Data and Key Metrics Changes - Sales increased by 5% year-over-year in Q4 2024, driven by strong performance in Defense Electronics and Naval & Power segments [10] - Operating income was flat, with an operating margin of 19.8% [11] - Diluted earnings per share rose by 3% year-over-year, reaching $10.90, a 16% increase for the full year [11][14] - Free cash flow was strong at $278 million, reflecting a 223% conversion rate [12] - The order book grew by 37% year-over-year, with a book-to-bill ratio of 1.1 times [12] Business Line Data and Key Metrics Changes - Aerospace & Industrial segment sales increased by 5%, with a record operating margin of 21.3% [24][26] - Defense Electronics segment saw a slight decline in revenue but maintained a solid operating margin of 24.3% [28] - Naval & Power segment sales grew by 12%, driven by higher revenues from key naval defense platforms [29] Market Data and Key Metrics Changes - The total backlog increased by 20% year-over-year, reaching over $3.4 billion [15] - Demand in the Naval & Power segment was particularly strong, benefiting from U.S. Navy contracts [15][29] Company Strategy and Development Direction - The company is focused on operational excellence and plans to continue investing in R&D to drive organic growth [22][53] - The acquisition of Ultra Energy is expected to enhance the company's position in the commercial nuclear market and support growth in small modular reactors [17][58] - The company aims for mid-single-digit organic sales growth in 2025, with total growth projected at 7% to 8% including acquisitions [20][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high single-digit total sales growth in 2025, despite ongoing political and macroeconomic uncertainties [51] - The company anticipates reaching an 18% operating margin at the midpoint of its guidance for 2025 [52] - Management remains optimistic about the growth potential in the commercial nuclear sector, projecting significant increases in revenue over the next decade [58] Other Important Information - The company repurchased $250 million in stock in 2024 and increased its dividend for the eighth consecutive year [19] - The 2025 diluted EPS is expected to range from $12.10 to $12.40, reflecting strong profitable growth [47] Q&A Session Summary Question: Can you provide more details on the Ultra Energy acquisition and its strategic value? - Management highlighted the acquisition's potential to enhance relationships with European suppliers and expand product offerings in the nuclear market [68][72] Question: What improvements are expected in foreign military sales with increased European defense spending? - Management noted strong demand in Ground Defense and partnerships with leading manufacturers, anticipating continued growth in foreign military sales [80][82] Question: What are the expectations for revenue dynamics in 2025? - Management indicated a solid backlog and ongoing capacity management, expecting growth in various defense markets despite some challenges [90][91] Question: How is the company preparing for potential tariff impacts? - Management emphasized their agility in managing past disruptions and ongoing efforts to mitigate potential tariff impacts [96][98] Question: What is the timeline for reactor coolant pump orders? - Management expects initial orders by the end of 2026, with ongoing monitoring of the market pipeline [101][102]

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, 2024 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 ...

Financial Performance - Fourth quarter 2024 reported sales were $824 million, up 5% year-over-year, with operating income of $155 million and diluted EPS of $3.09[6] - Full-year 2024 sales reached $3.1 billion, a 10% increase, with operating income of $529 million and diluted EPS of $10.55, reflecting double-digit growth in both sales and EPS[6] - Total net sales for the three months ended December 31, 2024, increased to $824.3 million, a 5% increase from $785.8 million in the same period of 2023[21] - Gross profit for the year ended December 31, 2024, was $1,153.5 million, compared to $1,067.2 million in 2023, reflecting a year-over-year increase of 8.1%[21] - Net earnings for the year ended December 31, 2024, were $405.0 million, compared to $354.5 million in 2023, representing a 14.2% increase[21] - Basic earnings per share for the year ended December 31, 2024, increased to $10.61, up from $9.26 in 2023, a growth of 14.5%[21] - Operating income for the three months ended December 31, 2024, was $154.8 million, a decrease of 3.4% from $160.7 million in 2023[21] - Operating income for the same period was $528,597, reflecting a 9% increase compared to $484,602 in 2023[29] - Adjusted diluted earnings per share for the year ended December 31, 2024, was $10.90, up from $9.38 in 2023, marking a 16% increase[31] Cash Flow and Capital Management - Free cash flow for Q4 2024 was $278 million, representing a 3% increase, with an adjusted free cash flow conversion rate of 223%[6] - The company repurchased approximately 311,000 shares for $112 million in Q4 2024 and a total of 766,000 shares for $250 million in the full year[14] - Net cash provided by operating activities for Q4 2024 was $301.3 million, up from $282.4 million in Q4 2023, representing a growth of 6.5%[36] - Free cash flow for the year ended 2024 was $483.3 million, an increase of 19.8% compared to $403.4 million in 2023[36] - Adjusted free cash flow conversion for 2024 was 116%, compared to 114% in 2023, indicating improved efficiency in cash generation[36] Orders and Backlog - New orders in Q4 2024 totaled $939 million, a 37% increase, contributing to a full-year total of $3.7 billion in new orders, up 20%[14] - The backlog at the end of 2024 was $3.4 billion, reflecting a 20% increase from the previous year[14] Future Guidance - For 2025, the company anticipates total sales growth of 7% to 8%, with operating margin expansion of 40 to 60 basis points and double-digit EPS growth[7] - The 2025 guidance includes projected total sales of $3,335 - $3,385 million and diluted EPS of $12.10 - $12.40, indicating an 11% to 14% increase compared to 2024[15] - The company anticipates a diluted earnings per share (EPS) of $11.80 to $12.10 for 2025, which is an increase of 11% to 14% from the previous year[38] - Sales in the Aerospace & Defense markets are expected to grow by 5% to 7% in 2025, contributing to 69% of total sales[41] - The Naval & Power segment is projected to see a sales increase of 10% to 11% in 2025, with expected sales of $1.400 billion to $1.420 billion[38] Market Performance - The company experienced strong demand in its Aerospace & Defense markets, particularly in naval defense and commercial aerospace, driving significant revenue growth[9] - Organic sales growth for the Aerospace & Industrial segment was 5%, while Defense Electronics saw a 12% increase, and Naval & Power experienced a 12% growth[33] - The Naval Defense market showed a significant sales increase of 16% year-over-year, reaching $216,894[30] - Total commercial sales increased by 3% to $253,015, driven by growth in the Power & Process market[30] Expenses and Investments - Research and development expenses rose to $25.8 million for the three months ended December 31, 2024, up from $20.1 million in 2023, indicating a 28% increase[21] - The company plans to increase capital expenditures by $14 million to $24 million year-over-year to support growth and efficiency initiatives[39] Balance Sheet - Total assets as of December 31, 2024, reached $4,985.7 million, an increase from $4,620.9 million in 2023, reflecting a growth of 7.9%[23] - Total liabilities increased to $2,535.9 million as of December 31, 2024, compared to $2,292.6 million in 2023, marking an increase of 10.6%[23] - The company reported a total current asset increase to $1,849.6 million as of December 31, 2024, from $1,717.1 million in 2023, a growth of 7.7%[23] Dividends - The company declared dividends per share of $0.21 for the three months ended December 31, 2024, compared to $0.20 in 2023, a 5% increase[21]

Curtiss-Wright (CW) reported $824.31 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 4.9%. EPS of $3.27 for the same period compares to $3.16 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $785.49 million, representing a surprise of +4.94%. The company delivered an EPS surprise of +6.17%, with the consensus EPS estimate being $3.08.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wa ...

Curtiss-Wright (CW) came out with quarterly earnings of $3.27 per share, beating the Zacks Consensus Estimate of $3.08 per share. This compares to earnings of $3.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.17%. A quarter ago, it was expected that this engineering firm would post earnings of $2.70 per share when it actually produced earnings of $2.97, delivering a surprise of 10%.Over the last four quarters, the compan ...

Core Insights - Analysts project that Curtiss-Wright (CW) will report quarterly earnings of $3.08 per share, reflecting a year-over-year decline of 2.5% [1] - Revenue is expected to be $785.49 million, indicating no change compared to the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised 0.1% lower in the last 30 days, indicating a reevaluation by analysts [2] - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock [3] Key Metrics Projections - Analysts forecast 'Adjusted Sales- Aerospace & Industrial' to reach $250.84 million, a year-over-year increase of 5.3% [4] - 'Adjusted Sales- Naval & Power' is estimated at $312.84 million, reflecting a year-over-year change of 1.6% [5] - 'Adjusted Sales- Defense Electronics' is projected at $221.20 million, indicating a decline of 7.7% from the prior-year quarter [5] Operating Income Estimates - 'Reported Operating Income- Aerospace & Industrial' is expected to be $46.39 million, up from $44.05 million year-over-year [6] - 'Reported Operating Income- Naval & Power' is projected at $61.15 million, compared to $56.85 million in the same quarter last year [6] - 'Reported Operating Income- Defense Electronics' is estimated at $58.82 million, down from $69.02 million in the same quarter last year [7] Stock Performance - Shares of Curtiss-Wright have shown a return of -0.5% over the past month, while the Zacks S&P 500 composite increased by 1.9% [8] - Curtiss-Wright holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [8]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Curtiss-Wright due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Curtiss-Wright is expected to report quarterly earnings of $3.08 per share, reflecting a year-over-year decrease of 2.5% [3]. - Revenue projections stand at $785.49 million, indicating no change from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 0.14% over the last 30 days, indicating a reassessment by analysts [4]. - A positive Earnings ESP of +1.24% suggests analysts have recently become more optimistic about Curtiss-Wright's earnings prospects [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [8]. - Curtiss-Wright currently holds a Zacks Rank of 3, which, along with the positive Earnings ESP, suggests a likelihood of beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, Curtiss-Wright exceeded the expected earnings of $2.70 per share by delivering $2.97, resulting in a surprise of +10% [12]. - The company has successfully beaten consensus EPS estimates in each of the last four quarters [13]. Market Dynamics - An earnings beat or miss may not solely dictate stock movement, as other factors can influence investor sentiment [14]. - Despite the potential for an earnings beat, it is essential to consider additional factors before making investment decisions regarding Curtiss-Wright [16].

If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our in-house developed data analytics platform.I covered Curtiss-Wright Corporation (NYSE: CW ) in May 2024 marking the stock a buy. Since then the stock price has increased by 31.3% compared to a 13% return for the S&P 500. Since I upgraded the stock from hold toDhierin runs the investing grou ...