Curtiss-Wright(US:CW)2025-07-09 09:42Q1 2021 Performance - Adjusted net sales increased by 2% overall, with Aerospace & Defense markets up by 8%[4] - Adjusted operating income increased by 15%, leading to an adjusted operating margin increase of 160 bps to 150%[4] - Adjusted diluted EPS was $151, an increase of 18%[4] - New orders reached $571 million, up by 3%, driven by a strong 12x book-to-bill ratio in commercial markets[4] FY 2021 Adjusted Guidance - The company raised full-year guidance for sales, operating income, operating margin, and EPS[5] - Expect sales growth of 7% - 9%, with solid growth in both A&D and commercial end markets[5] - Solid operating income growth of 9% - 11% outpacing sales growth, and driving continued margin expansion of 30 - 40 bps to 166% - 167%[5] - Adjusted diluted EPS increased by $010 to a new range of $710 - $730, up 8% - 11%[5] - Maintained FCF guidance range of $330 - $360 million, with adjusted FCF conversion >110%[5] Segment Performance (Q1 2021) - Aerospace & Industrial sales decreased by 15% to $178 million, while operating margin decreased by 330 bps to 104%[6] - Defense Electronics sales increased by 31% to $182 million, with operating margin up 170 bps to 209%[6] - Naval & Power sales increased by 1% to $230 million, with operating margin up 300 bps to 177%[6] 2021E End Market Sales Growth (Guidance) - Total Aerospace & Defense markets are expected to grow by 7% - 9%, accounting for 66% of total sales[8] - Total Commercial Markets are expected to grow by 6% - 8%, accounting for 34% of total sales[8] - Total Curtiss-Wright sales are expected to grow by 7% - 9%, with organic growth up 2% - 4%[8] 2021E Financial Outlook (Guidance) - Total sales are projected to be between $2450 - $2500 million, representing a 7% - 9% increase[10] - Total operating income is projected to be between $408 - $418 million, representing a 9% - 11% increase[10] - Diluted EPS is projected to be between $710 - $730, representing an 8% - 11% increase[12] - Free cash flow is projected to be between $330 - $360 million, with a free cash flow conversion of ~116%[14]