UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington,
D.C. 20549
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FORM
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CURRENT
REPORT
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(State or Other
Jurisdiction of
Incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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(a) | Not applicable. |
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(b) | Not applicable. |
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(c) | Exhibits. |
99.1 Press Release dated February 23, 2022 | ||
99.2 Presentation shown during investor and securities analyst webcast on February 24, 2022 |
CURTISS-WRIGHT CORPORATION | |||
By:
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/s/ K. Christopher Farkas | ||
K. Christopher Farkas | |||
Vice-President and | |||
Chief Financial Officer
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Exhibit 99.1
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Company Achieves Record Full-Year Adjusted Operating Margin of 17.0% and Completes Record $350 Million in Annual Share Repurchases
DAVIDSON, N.C.--(BUSINESS WIRE)--February 23, 2022--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2021.
Fourth Quarter 2021 Highlights:
Full-Year 2021 Highlights:
“Curtiss-Wright delivered strong fourth quarter results with better-than-expected profitability, strong free cash flow and tremendous order growth,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “For the full year, we grew sales by 7% to nearly $2.5 billion, in line with our expectations, as we leveraged the strength and resilience of our combined portfolio to minimize the impact of the challenging supply chain environment. I’m proud of the team’s focus and continued strong execution of our operational excellence initiatives, which enabled us to generate 70 basis points in full-year operating margin expansion and meet our 17% operating margin objective one full year ahead of schedule.”
“We continue to utilize our strong and healthy balance sheet to implement a disciplined capital deployment strategy. Throughout the past year, we delivered on our commitment to drive returns to our shareholders by executing record annual share repurchases of $350 million. We also recently announced our pending acquisition of Safran’s aerospace arresting systems business for $240 million, which will increase the breadth of our global defense portfolio and is expected to yield significant opportunities for revenue growth”
“Over the past few weeks, we resolved two significant legacy matters. First, we have reached an agreement with Westinghouse to settle all outstanding legal matters covering both the U.S. and China AP1000 Reactor Coolant Pump (RCP) contracts dating back to 2007. As a result, we have secured Westinghouse’s commitment to Curtiss-Wright’s RCP technology in future AP1000 power plants globally, including their next multi-unit project in Eastern Europe. We now have a clear path moving forward and the potential to generate new RCP orders within the next three to five years. Second, we recently completed the divestiture of the German valves business which had been classified as held for sale since the fourth quarter of 2020. We are pleased to move past these matters with a well-defined focus on advancing our strategic priorities to generate long-term profitable growth.”
“Looking to 2022, we are projecting total sales growth of 3% to 5% driven by growth in all of our A&D and Commercial markets, continued operating margin expansion, and double-digit Adjusted diluted EPS growth of 10% to 12%. We remain on track to achieve our 3-year financial targets for 2023 that we communicated at last year’s investor day and successfully execute on our Pivot to Growth strategy to drive long-term shareholder value.”
Fourth Quarter 2021 Operating Results
(In millions) |
Q4-2021 |
Q4-2020 |
Change |
||||
Reported |
|
|
|
||||
Sales |
$ |
667 |
$ |
668 |
0% |
||
Operating income |
$ |
105 |
$ |
76 |
38% |
||
Operating margin |
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15.8% |
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11.4% |
440 bps |
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||||
Adjusted (1) |
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||||
Sales |
$ |
655 |
$ |
641 |
2% |
||
Operating income |
$ |
129 |
$ |
126 |
2% |
||
Operating margin |
|
19.7% |
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19.7% |
- |
(1) |
Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Fourth Quarter 2021 Segment Performance
Aerospace & Industrial
(In millions) |
Q4-2021 |
Q4-2020 |
Change |
||||
Reported |
|
|
|
||||
Sales |
$ |
210 |
$ |
213 |
(1%) |
||
Operating income |
$ |
40 |
$ |
34 |
17% |
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Operating margin |
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19.0% |
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16.0% |
300 bps |
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Adjusted (1) |
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||||
Sales |
$ |
208 |
$ |
192 |
8% |
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Operating income |
$ |
40 |
$ |
34 |
20% |
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Operating margin |
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19.5% |
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17.5% |
200 bps |
(1) |
Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Defense Electronics
(In millions) |
Q4-2021 |
Q4-2020 |
Change |
||||
Reported |
|
|
|
||||
Sales |
$ |
199 |
$ |
181 |
10% |
||
Operating income |
$ |
52 |
$ |
35 |
50% |
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Operating margin |
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26.3% |
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19.2% |
710 bps |
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Adjusted (1) |
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||||
Sales |
$ |
200 |
$ |
182 |
10% |
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Operating income |
$ |
53 |
$ |
45 |
17% |
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Operating margin |
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26.5% |
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24.9% |
160 bps |
(1) |
Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Naval & Power
(In millions) |
Q4-2021 |
Q4-2020 |
Change |
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Reported |
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||||
Sales |
$ |
258 |
$ |
274 |
(6%) |
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Operating income |
$ |
25 |
$ |
18 |
43% |
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Operating margin |
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9.7% |
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6.4% |
330 bps |
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Adjusted (1) |
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Sales |
$ |
248 |
$ |
267 |
(7%) |
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Operating income |
$ |
48 |
$ |
57 |
(16%) |
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Operating margin |
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19.3% |
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21.4% |
(210 bps) |
(1) |
Reconciliations of Reported to Adjusted operating results are available in the Appendix. |
Free Cash Flow
(In millions) |
Q4-2021 |
Q4-2020 |
Change |
||||
Net cash provided by operating activities |
$ |
232 |
$ |
257 |
(10%) |
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Capital expenditures |
(13) |
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(11) |
(19%) |
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Reported free cash flow |
$ |
219 |
$ |
246 |
(11%) |
||
Adjusted free cash flow (1) |
$ |
219 |
$ |
256 |
(15%) |
(1) |
A reconciliation of Reported to Adjusted free cash flow is available in the Appendix. |
New Orders and Backlog
Share Repurchase and Dividends
Other Items – Business Held for Sale
Other Items – Westinghouse Legal Settlement
Full-Year 2022 Guidance
The Company’s full-year 2022 Adjusted financial guidance(1) is as follows:
(In millions, except EPS) |
2022 Adjusted |
% Chg vs 2021 |
Total Sales |
$2,530 - $2,580 |
Up 3% - 5% |
Operating Income |
$432 - $446 |
Up 3% - 6% |
Operating Margin |
17.1% - 17.3% |
Up 10 - 30 bps |
Diluted EPS |
$8.05 - $8.25 |
Up 10% - 12% |
Free Cash Flow(2) |
$345 - $365 |
Up 0% - 5% |
(1) |
Reconciliations of Reported to Adjusted 2021 operating results and 2022 financial guidance are available in the Appendix. |
(2) |
2022 Adjusted Free Cash Flow includes $50 - $60 million in capital expenditures compared with $41 million in 2021. |
A more detailed breakdown of the Company’s 2022 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and full-year 2021 financial results and expectations for 2022 guidance at 10:00 a.m. ET on Thursday, February 24, 2022. A live webcast of the call and the accompanying financial presentation, as well as a replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) |
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($'s in thousands, except per share data) |
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Product sales |
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$ |
556,911 |
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$ |
583,314 |
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$ |
2,109,617 |
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$ |
2,041,086 |
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Service sales |
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109,847 |
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85,130 |
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396,314 |
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350,250 |
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Total net sales |
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666,758 |
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668,444 |
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2,505,931 |
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2,391,336 |
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Cost of product sales |
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340,432 |
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373,676 |
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1,330,191 |
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|
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1,319,562 |
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Cost of service sales |
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|
64,454 |
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|
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52,967 |
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|
|
242,384 |
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|
|
230,547 |
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Total cost of sales |
|
|
404,886 |
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|
|
426,643 |
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|
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1,572,575 |
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1,550,109 |
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Gross profit |
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261,872 |
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241,801 |
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|
933,356 |
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|
841,227 |
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Research and development expenses |
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21,814 |
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20,653 |
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88,489 |
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|
74,816 |
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Selling expenses |
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27,729 |
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27,887 |
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|
|
116,956 |
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|
|
109,537 |
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General and administrative expenses |
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|
96,532 |
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|
72,773 |
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|
|
326,140 |
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|
|
303,288 |
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Impairment of assets held for sale |
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10,432 |
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|
33,043 |
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|
|
19,088 |
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|
|
33,043 |
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Restructuring expenses |
|
|
— |
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|
|
10,965 |
|
|
|
— |
|
|
|
31,695 |
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|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
105,365 |
|
|
|
76,480 |
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|
|
382,683 |
|
|
|
288,848 |
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|
|
|
|
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|
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Interest expense |
|
|
10,146 |
|
|
|
10,486 |
|
|
|
40,240 |
|
|
|
35,545 |
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Other income, net |
|
|
3,157 |
|
|
|
2,904 |
|
|
|
12,067 |
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|
|
9,748 |
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|
|
|
|
|
|
|
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||||||||
Earnings before income taxes |
|
|
98,376 |
|
|
|
68,898 |
|
|
|
354,510 |
|
|
|
263,051 |
|
Provision for income taxes |
|
|
(21,797 |
) |
|
|
(14,905 |
) |
|
|
(87,351 |
) |
|
|
(61,659 |
) |
Net earnings |
|
$ |
76,579 |
|
|
$ |
53,993 |
|
|
$ |
267,159 |
|
|
$ |
201,392 |
|
|
|
|
|
|
|
|
|
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Net earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
$ |
1.95 |
|
|
$ |
1.31 |
|
|
$ |
6.61 |
|
|
$ |
4.83 |
|
Diluted earnings per share |
|
$ |
1.94 |
|
|
$ |
1.30 |
|
|
$ |
6.58 |
|
|
$ |
4.80 |
|
|
|
|
|
|
|
|
|
|
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Dividends per share |
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
$ |
0.71 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
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Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
39,309 |
|
|
|
41,209 |
|
|
|
40,417 |
|
|
|
41,738 |
|
Diluted |
|
|
39,524 |
|
|
|
41,459 |
|
|
|
40,602 |
|
|
|
41,999 |
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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($'s in thousands, except par value) |
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December 31, |
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December 31, |
||||
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|
2021 |
|
2020 |
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Assets |
|
|
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|
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Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
171,004 |
|
|
$ |
198,248 |
|
Receivables, net |
|
|
647,148 |
|
|
|
588,718 |
|
Inventories, net |
|
|
411,567 |
|
|
|
428,879 |
|
Assets held for sale |
|
|
10,988 |
|
|
|
27,584 |
|
Other current assets |
|
|
67,101 |
|
|
|
57,395 |
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Total current assets |
|
|
1,307,808 |
|
|
|
1,300,824 |
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Property, plant, and equipment, net |
|
|
360,031 |
|
|
|
378,200 |
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Goodwill |
|
|
1,463,026 |
|
|
|
1,455,137 |
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Other intangible assets, net |
|
|
538,077 |
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|
|
609,630 |
|
Operating lease right-of-use assets, net |
|
|
143,613 |
|
|
|
150,898 |
|
Prepaid pension asset |
|
|
256,422 |
|
|
|
92,531 |
|
Other assets |
|
|
34,568 |
|
|
|
34,114 |
|
Total assets |
|
$ |
4,103,545 |
|
|
$ |
4,021,334 |
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|
|
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|
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Liabilities |
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|
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|
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Current liabilities: |
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|
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|
||||
Current portion of long-term and short term debt |
|
$ |
— |
|
|
$ |
100,000 |
|
Accounts payable |
|
|
211,640 |
|
|
|
201,237 |
|
Accrued expenses |
|
|
144,466 |
|
|
|
140,200 |
|
Income taxes payable |
|
|
3,235 |
|
|
|
6,633 |
|
Deferred revenue |
|
|
260,157 |
|
|
|
253,411 |
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Liabilities held for sale |
|
|
12,655 |
|
|
|
10,141 |
|
Other current liabilities |
|
|
102,714 |
|
|
|
98,755 |
|
Total current liabilities |
|
|
734,867 |
|
|
|
810,377 |
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Long-term debt, net |
|
|
1,050,610 |
|
|
|
958,292 |
|
Deferred tax liabilities |
|
|
147,349 |
|
|
|
115,007 |
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Accrued pension and other postretirement benefit costs |
|
|
91,329 |
|
|
|
98,345 |
|
Long-term operating lease liability |
|
|
127,152 |
|
|
|
133,069 |
|
Long-term portion of environmental reserves |
|
|
13,656 |
|
|
|
15,422 |
|
Other liabilities |
|
|
112,092 |
|
|
|
103,248 |
|
Total liabilities |
|
|
2,277,055 |
|
|
|
2,233,760 |
|
|
|
|
|
|
||||
Stockholders' equity |
|
|
|
|
||||
Common stock, $1 par value |
|
$ |
49,187 |
|
|
$ |
49,187 |
|
Additional paid in capital |
|
|
127,104 |
|
|
|
122,535 |
|
Retained earnings |
|
|
2,908,827 |
|
|
|
2,670,328 |
|
Accumulated other comprehensive loss |
|
|
(190,465 |
) |
|
|
(310,856 |
) |
Less: cost of treasury stock |
|
|
(1,068,163 |
) |
|
|
(743,620 |
) |
Total stockholders' equity |
|
|
1,826,490 |
|
|
|
1,787,574 |
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
|
$ |
4,103,545 |
|
|
$ |
4,021,334 |
|
Use and Definitions 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 Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. 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. Reconciliations of “As Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) one-time transition and IT security costs associated with the relocation of a business in the prior year period; (iii) the non-cash impairment of capitalized development costs in the prior year period; (iv) significant restructuring costs in 2020 associated with its operations; (v) the sale or divestiture of a business or product line; (vi) pension settlement charges; and (vii) significant legal settlements and impairment costs.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
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RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
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($'s in thousands) |
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Three Months Ended |
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Three Months Ended |
|
|
|
|
||||||||||||||||||||
|
December 31, 2021 |
|
December 31, 2020 |
|
% Change |
||||||||||||||||||||||
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As Reported |
|
Adjustments |
|
Adjusted |
|
As Reported |
|
Adjustments |
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerospace & Industrial (1) |
$ |
209,994 |
|
|
$ |
(2,418 |
) |
|
$ |
207,576 |
|
|
$ |
212,766 |
|
|
$ |
(20,553 |
) |
|
$ |
192,213 |
|
|
(1)% |
|
8% |
Defense Electronics (2) |
|
199,259 |
|
|
|
360 |
|
|
|
199,619 |
|
|
|
181,239 |
|
|
|
935 |
|
|
|
182,174 |
|
|
10% |
|
10% |
Naval & Power (3) |
|
257,505 |
|
|
|
(9,401 |
) |
|
|
248,104 |
|
|
|
274,439 |
|
|
|
(7,360 |
) |
|
|
267,079 |
|
|
(6)% |
|
(7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total sales |
$ |
666,758 |
|
|
$ |
(11,459 |
) |
|
$ |
655,299 |
|
|
$ |
668,444 |
|
|
$ |
(26,978 |
) |
|
$ |
641,466 |
|
|
—% |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Aerospace & Industrial (1) |
$ |
39,943 |
|
|
$ |
493 |
|
|
$ |
40,436 |
|
|
$ |
34,079 |
|
|
$ |
(362 |
) |
|
$ |
33,717 |
|
|
17% |
|
20% |
Defense Electronics (2) |
|
52,433 |
|
|
|
442 |
|
|
|
52,875 |
|
|
|
34,846 |
|
|
|
10,492 |
|
|
|
45,338 |
|
|
50% |
|
17% |
Naval & Power (3) |
|
25,025 |
|
|
|
22,802 |
|
|
|
47,827 |
|
|
|
17,528 |
|
|
|
39,513 |
|
|
|
57,041 |
|
|
43% |
|
(16)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total segments |
$ |
117,401 |
|
|
$ |
23,737 |
|
|
$ |
141,138 |
|
|
$ |
86,453 |
|
|
$ |
49,643 |
|
|
$ |
136,096 |
|
|
36% |
|
4% |
Corporate and other |
|
(12,036 |
) |
|
|
(22 |
) |
|
|
(12,058 |
) |
|
|
(9,973 |
) |
|
|
65 |
|
|
|
(9,908 |
) |
|
(21)% |
|
(22)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total operating income |
$ |
105,365 |
|
|
$ |
23,715 |
|
|
$ |
129,080 |
|
|
$ |
76,480 |
|
|
$ |
49,708 |
|
|
$ |
126,188 |
|
|
38% |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margins: |
As Reported |
|
|
|
Adjusted |
|
As |
|
|
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||
Aerospace & Industrial |
|
19.0 |
% |
|
|
|
|
19.5 |
% |
|
|
16.0 |
% |
|
|
|
|
17.5 |
% |
|
300 bps |
|
200 bps |
||||
Defense Electronics |
|
26.3 |
% |
|
|
|
|
26.5 |
% |
|
|
19.2 |
% |
|
|
|
|
24.9 |
% |
|
710 bps |
|
160 bps |
||||
Naval & Power |
|
9.7 |
% |
|
|
|
|
19.3 |
% |
|
|
6.4 |
% |
|
|
|
|
21.4 |
% |
|
330 bps |
|
(210 bps) |
||||
Total Curtiss-Wright |
|
15.8 |
% |
|
|
|
|
19.7 |
% |
|
|
11.4 |
% |
|
|
|
|
19.7 |
% |
|
440 bps |
|
— bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment margins |
|
17.6 |
% |
|
|
|
|
21.5 |
% |
|
|
12.9 |
% |
|
|
|
|
21.2 |
% |
|
470 bps |
|
30 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program in both periods, and restructuring costs incurred in the prior period. |
|||||||||||||||||||||||||||
(2) Excludes first year purchase accounting adjustments in both periods and restructuring costs incurred in the prior period. |
|||||||||||||||||||||||||||
(3) Excludes the results of operations and related impairments from our German valves business in both periods, one-time legal settlement costs in the current period, first year purchase accounting adjustments in the prior period, and restructuring costs in the prior period. |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
|||||||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
|
||||||||||||||||||||
|
December 31, 2021 |
|
December 31, 2020 |
|
% Change |
||||||||||||||||||||||
|
As |
|
Adjustments |
|
Adjusted |
|
As |
|
Adjustments |
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerospace & Industrial (1) |
$ |
786,334 |
|
|
$ |
(11,182 |
) |
|
$ |
775,152 |
|
|
$ |
805,673 |
|
|
$ |
(67,482 |
) |
|
$ |
738,191 |
|
|
(2)% |
|
5% |
Defense Electronics (2) |
|
724,326 |
|
|
|
3,600 |
|
|
|
727,926 |
|
|
|
608,757 |
|
|
|
1,884 |
|
|
|
610,641 |
|
|
19% |
|
19% |
Naval & Power (3) |
|
995,271 |
|
|
|
(29,869 |
) |
|
|
965,402 |
|
|
|
976,906 |
|
|
|
(25,963 |
) |
|
|
950,943 |
|
|
2% |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total sales |
$ |
2,505,931 |
|
|
$ |
(37,451 |
) |
|
$ |
2,468,480 |
|
|
$ |
2,391,336 |
|
|
$ |
(91,562 |
) |
|
$ |
2,299,774 |
|
|
5% |
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Aerospace & Industrial (1) |
$ |
121,817 |
|
|
$ |
(1,586 |
) |
|
$ |
120,231 |
|
|
$ |
99,714 |
|
|
$ |
(1,879 |
) |
|
$ |
97,835 |
|
|
22% |
|
23% |
Defense Electronics (2) |
|
159,089 |
|
|
|
5,134 |
|
|
|
164,223 |
|
|
|
118,748 |
|
|
|
25,625 |
|
|
|
144,373 |
|
|
34% |
|
14% |
Naval & Power (3) |
|
141,660 |
|
|
|
34,139 |
|
|
|
175,799 |
|
|
|
108,151 |
|
|
|
62,715 |
|
|
|
170,866 |
|
|
31% |
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total segments |
$ |
422,566 |
|
|
$ |
37,687 |
|
|
$ |
460,253 |
|
|
$ |
326,613 |
|
|
$ |
86,461 |
|
|
$ |
413,074 |
|
|
29% |
|
11% |
Corporate and other |
|
(39,883 |
) |
|
|
53 |
|
|
|
(39,830 |
) |
|
|
(37,765 |
) |
|
|
186 |
|
|
|
(37,579 |
) |
|
(6)% |
|
(6)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total operating income |
$ |
382,683 |
|
|
$ |
37,740 |
|
|
$ |
420,423 |
|
|
$ |
288,848 |
|
|
$ |
86,647 |
|
|
$ |
375,495 |
|
|
32% |
|
12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margins: |
As |
|
|
|
Adjusted |
|
As |
|
|
|
Adjusted |
|
Reported |
|
Adjusted |
||||||||||||
Aerospace & Industrial |
|
15.5 |
% |
|
|
|
|
15.5 |
% |
|
|
12.4 |
% |
|
|
|
|
13.3 |
% |
|
310 bps |
|
220 bps |
||||
Defense Electronics |
|
22.0 |
% |
|
|
|
|
22.6 |
% |
|
|
19.5 |
% |
|
|
|
|
23.6 |
% |
|
250 bps |
|
(100 bps) |
||||
Naval & Power |
|
14.2 |
% |
|
|
|
|
18.2 |
% |
|
|
11.1 |
% |
|
|
|
|
18.0 |
% |
|
310 bps |
|
20 bps |
||||
Total Curtiss-Wright |
|
15.3 |
% |
|
|
|
|
17.0 |
% |
|
|
12.1 |
% |
|
|
|
|
16.3 |
% |
|
320 bps |
|
70 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment margins |
|
16.9 |
% |
|
|
|
|
18.6 |
% |
|
|
13.7 |
% |
|
|
|
|
18.0 |
% |
|
320 bps |
|
60 bps |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program in both periods and restructuring costs in the prior period. |
|||||||||||||||||||||||||||
(2) Excludes first year purchase accounting adjustments in both periods, a non-cash impairment of capitalized development costs related to a commercial aerospace program in the prior period, and restructuring costs in the prior period. |
|||||||||||||||||||||||||||
(3) Excludes the results of operations and related impairments from our German valves business in both periods, one-time legal settlement costs in the current period, one-time costs in the prior period associated with the relocation of our DRG business, first year purchase accounting adjustments in the prior period, and restructuring costs in the prior period. |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED) |
|||||||||||||||||||||||
($'s in thousands) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
|
|
||||||||||||||||
|
|
December 31, 2021 |
|
December 31, 2020 |
|
2021 vs. 2020 |
|||||||||||||||||
|
|
Reported |
|
Adjustments |
|
Adjusted |
|
Reported |
|
Adjustments |
|
Adjusted |
|
Change in |
Change in |
||||||||
Aerospace & Defense markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aerospace Defense (1) |
|
$ |
124,815 |
|
$ |
— |
|
|
$ |
124,815 |
|
$ |
130,570 |
|
$ |
215 |
|
|
$ |
130,785 |
|
(4%) |
(5%) |
Ground Defense (1) |
|
|
61,199 |
|
|
360 |
|
|
|
61,559 |
|
|
44,243 |
|
|
720 |
|
|
|
44,963 |
|
38% |
37% |
Naval Defense |
|
|
179,259 |
|
|
— |
|
|
|
179,259 |
|
|
195,995 |
|
|
— |
|
|
|
195,995 |
|
(9%) |
(9%) |
Commercial Aerospace (2) |
|
|
71,437 |
|
|
(2,418 |
) |
|
|
69,019 |
|
|
82,810 |
|
|
(20,553 |
) |
|
|
62,257 |
|
(14%) |
11% |
Total Aerospace & Defense |
|
$ |
436,710 |
|
$ |
(2,058 |
) |
|
$ |
434,652 |
|
$ |
453,618 |
|
$ |
(19,618 |
) |
|
$ |
434,000 |
|
(4%) |
0% |
|
|||||||||||||||||||||||
Commercial markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Power & Process (3) |
|
|
129,916 |
|
|
(9,401 |
) |
|
|
120,515 |
|
|
124,210 |
|
|
(7,360 |
) |
|
|
116,850 |
|
5% |
3% |
General Industrial |
|
|
100,132 |
|
|
— |
|
|
|
100,132 |
|
|
90,616 |
|
|
— |
|
|
|
90,616 |
|
11% |
11% |
Total Commercial |
|
|
230,048 |
|
|
(9,401 |
) |
|
|
220,647 |
|
|
214,826 |
|
|
(7,360 |
) |
|
|
207,466 |
|
7% |
6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Curtiss-Wright |
|
$ |
666,758 |
|
$ |
(11,459 |
) |
|
$ |
655,299 |
|
$ |
668,444 |
|
$ |
(26,978 |
) |
|
$ |
641,466 |
|
0% |
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
||||||||||||||||
|
|
December 31, 2021 |
|
December 31, 2020 |
|
2021 vs. 2020 |
|||||||||||||||||
|
|
Reported |
|
Adjustments |
|
Adjusted |
|
Reported |
|
Adjustments |
|
Adjusted |
|
Change in |
Change in |
||||||||
Aerospace & Defense markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aerospace Defense (1) |
|
$ |
452,661 |
|
$ |
— |
|
|
$ |
452,661 |
|
$ |
463,690 |
|
$ |
1,164 |
|
|
$ |
464,854 |
|
(2%) |
(3%) |
Ground Defense (1) |
|
|
220,290 |
|
|
3,600 |
|
|
|
223,890 |
|
|
107,448 |
|
|
720 |
|
|
|
108,168 |
|
105% |
107% |
Naval Defense |
|
|
710,688 |
|
|
— |
|
|
|
710,688 |
|
|
692,152 |
|
|
— |
|
|
|
692,152 |
|
3% |
3% |
Commercial Aerospace (2) |
|
|
267,722 |
|
|
(11,182 |
) |
|
|
256,540 |
|
|
325,518 |
|
|
(67,482 |
) |
|
|
258,036 |
|
(18%) |
(1%) |
Total Aerospace & Defense |
|
$ |
1,651,361 |
|
$ |
(7,582 |
) |
|
$ |
1,643,779 |
|
$ |
1,588,808 |
|
$ |
(65,598 |
) |
|
$ |
1,523,210 |
|
4% |
8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Power & Process (3) |
|
|
473,489 |
|
|
(29,869 |
) |
|
|
443,620 |
|
|
474,842 |
|
|
(25,964 |
) |
|
|
448,878 |
|
0% |
(1%) |
General Industrial |
|
|
381,081 |
|
|
— |
|
|
|
381,081 |
|
|
327,686 |
|
|
— |
|
|
|
327,686 |
|
16% |
16% |
Total Commercial |
|
$ |
854,570 |
|
$ |
(29,869 |
) |
|
$ |
824,701 |
|
$ |
802,528 |
|
$ |
(25,964 |
) |
|
$ |
776,564 |
|
6% |
6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Curtiss-Wright |
|
$ |
2,505,931 |
|
$ |
(37,451 |
) |
|
$ |
2,468,480 |
|
$ |
2,391,336 |
|
$ |
(91,562 |
) |
|
$ |
2,299,774 |
|
5% |
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Excludes first year purchase accounting adjustments. |
|||||||||||||||||||||||
(2) Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited in the fourth quarter of 2020. |
|||||||||||||||||||||||
(3) Excludes our German valves business which was classified as held for sale in the fourth quarter of 2020. |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Diluted earnings per share - As Reported |
|
$ |
1.94 |
|
$ |
1.30 |
|
|
$ |
6.58 |
|
|
$ |
4.80 |
|
|
First year purchase accounting adjustments |
|
|
0.02 |
|
|
0.21 |
|
|
|
0.11 |
|
|
|
0.69 |
|
|
Exit of build-to-print actuation product line |
|
|
0.01 |
|
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
(0.17 |
) |
|
German valves business held for sale |
|
|
0.11 |
|
|
0.59 |
|
|
|
0.30 |
|
|
|
0.61 |
|
|
Charges related to legal settlement |
|
|
0.32 |
|
|
— |
|
|
|
0.31 |
|
|
|
|||
Restructuring costs |
|
|
— |
|
|
0.21 |
|
|
|
— |
|
|
|
0.66 |
|
|
Pension settlement charges |
|
|
— |
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
|
Diluted earnings per share - Adjusted (1) |
|
$ |
2.40 |
|
$ |
2.27 |
|
|
$ |
7.34 |
|
|
$ |
6.59 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) All adjustments are presented net of income taxes. |
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income excluding the impact of restructuring costs, impairment of assets held for sale, foreign currency fluctuations and contributions from acquisitions made during the last twelve months.
|
Three Months Ended |
||||||||||||||
|
December 31, |
||||||||||||||
|
2021 vs. 2020 |
||||||||||||||
|
Aerospace & Industrial |
|
Defense Electronics |
|
Naval & Power |
|
Total Curtiss-Wright |
||||||||
|
Sales |
|
Operating |
|
Sales |
|
Operating |
|
Sales |
|
Operating |
|
Sales |
|
Operating |
As Reported |
(1)% |
|
17% |
|
10% |
|
50% |
|
(6)% |
|
43% |
|
0% |
|
38% |
Less: Acquisitions |
0% |
|
0% |
|
(6)% |
|
(3)% |
|
0% |
|
0% |
|
(2)% |
|
(1)% |
Impairment of assets held for sale |
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
(129)% |
|
0% |
|
(30)% |
Restructuring |
0% |
|
(16)% |
|
0% |
|
(1)% |
|
0% |
|
(40)% |
|
0% |
|
(16)% |
Foreign Currency |
0% |
|
2% |
|
0% |
|
3% |
|
0% |
|
(2)% |
|
0% |
|
1% |
Organic |
(1)% |
|
3% |
|
4% |
|
49% |
|
(6)% |
|
(128)% |
|
(2)% |
|
(8)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
||||||||||||||
|
December 31, |
||||||||||||||
|
2021 vs. 2020 |
||||||||||||||
|
Aerospace & Industrial |
|
Defense Electronics |
|
Naval & Power |
|
Total Curtiss-Wright |
||||||||
|
Sales |
|
Operating |
|
Sales |
|
Operating |
|
Sales |
|
Operating |
|
Sales |
|
Operating |
As Reported |
(2)% |
|
22% |
|
19% |
|
34% |
|
2% |
|
31% |
|
5% |
|
32% |
Less: Acquisitions |
0% |
|
0% |
|
(19)% |
|
(12)% |
|
0% |
|
0% |
|
(5)% |
|
(5)% |
Impairment of assets held for sale |
0% |
|
0% |
|
0% |
|
0% |
|
0% |
|
(13)% |
|
0% |
|
(5)% |
Restructuring |
0% |
|
(14)% |
|
0% |
|
(3)% |
|
0% |
|
(22)% |
|
0% |
|
(14)% |
Foreign Currency |
(2)% |
|
1% |
|
0% |
|
5% |
|
(1)% |
|
1% |
|
(1)% |
|
3% |
Organic |
(4)% |
|
9% |
|
0% |
|
24% |
|
1% |
|
(3)% |
|
(1)% |
|
11% |
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 net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2020 excludes: (i) a capital investment in the Naval & Power segment related to the new, state-of-the-art naval facility principally for DRG; (ii) a voluntary contribution to the Company’s corporate defined benefit pension plan made in the first quarter of 2020; and (iii) the cash impact from significant restructuring in 2020. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES |
||||||||||||||||
NON-GAAP FINANCIAL DATA (UNAUDITED) |
||||||||||||||||
($'s in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net cash provided by operating activities |
|
$ |
231,907 |
|
|
$ |
257,396 |
|
|
$ |
387,668 |
|
|
$ |
261,180 |
|
Capital expenditures |
|
|
(13,250 |
) |
|
|
(11,158 |
) |
|
|
(41,108 |
) |
|
|
(47,499 |
) |
Free cash flow |
|
$ |
218,657 |
|
|
$ |
246,238 |
|
|
$ |
346,560 |
|
|
$ |
213,681 |
|
Voluntary pension contribution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
150,000 |
|
Adjustment to capital expenditures (DRG facility investment) |
|
|
— |
|
|
|
139 |
|
|
|
— |
|
|
|
10,251 |
|
Restructuring |
|
|
— |
|
|
|
9,582 |
|
|
|
— |
|
|
|
20,258 |
|
Adjusted free cash flow |
|
$ |
218,657 |
|
|
$ |
255,959 |
|
|
$ |
346,560 |
|
|
$ |
394,190 |
|
Adjusted free cash flow conversion |
|
|
230 |
% |
|
|
272 |
% |
|
|
116 |
% |
|
|
142 |
% |
CURTISS-WRIGHT CORPORATION | |||||||||||||||||||||||||||||||||
2022 Guidance | |||||||||||||||||||||||||||||||||
As of February 23, 2022 | |||||||||||||||||||||||||||||||||
($'s in millions, except per share data) | |||||||||||||||||||||||||||||||||
2021 Reported (GAAP) |
2021 Adjustments (1) (Non-GAAP) |
2021 Adjusted (1) (Non-GAAP) |
2022 Reported Guidance (GAAP) |
2022 Adjustments (2,3) (Non-GAAP) |
2022 Adjusted Guidance (1,2,3) (Non-GAAP) |
||||||||||||||||||||||||||||
Low | High | Low | High | 2022 Chg vs 2021 Adjusted |
|||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||||||
Aerospace & Industrial |
$ |
786 |
|
$ |
(11 |
) |
$ |
775 |
|
$ |
805 |
|
$ |
825 |
|
|
- |
|
$ |
805 |
|
$ |
825 |
|
4 - 6% |
||||||||
Defense Electronics |
|
724 |
|
|
4 |
|
|
728 |
|
|
745 |
|
|
760 |
|
|
- |
|
|
745 |
|
|
760 |
|
2 - 4% |
||||||||
Naval & Power |
|
995 |
|
|
(30 |
) |
|
965 |
|
|
980 |
|
|
995 |
|
|
- |
|
|
980 |
|
|
995 |
|
2 - 3% |
||||||||
Total sales |
$ |
2,506 |
|
$ |
(37 |
) |
$ |
2,468 |
|
$ |
2,530 |
|
$ |
2,580 |
|
$ |
2,530 |
|
$ |
2,580 |
|
3 to 5% |
|||||||||||
|
|||||||||||||||||||||||||||||||||
Operating income: |
|
||||||||||||||||||||||||||||||||
Aerospace & Industrial |
$ |
122 |
|
$ |
(2 |
) |
$ |
120 |
|
$ |
131 |
|
$ |
135 |
|
|
- |
|
$ |
131 |
|
$ |
135 |
|
9 - 12% |
||||||||
Defense Electronics |
|
159 |
|
|
5 |
|
|
164 |
|
|
164 |
|
|
169 |
|
|
- |
|
|
164 |
|
|
169 |
|
0 - 3% |
||||||||
Naval & Power |
|
142 |
|
|
34 |
|
|
176 |
|
|
177 |
|
|
182 |
|
|
- |
|
|
177 |
|
|
182 |
|
1 - 4% |
||||||||
Total segments |
|
423 |
|
|
38 |
|
|
460 |
|
|
472 |
|
|
486 |
|
|
- |
|
|
472 |
|
|
486 |
|
|
||||||||
Corporate and other |
|
(40 |
) |
|
- |
|
|
(40 |
) |
|
(39 |
) |
|
(40 |
) |
|
- |
|
|
(39 |
) |
|
(40 |
) |
|
||||||||
Total operating income |
$ |
383 |
|
$ |
38 |
|
$ |
420 |
|
$ |
432 |
|
$ |
446 |
|
|
- |
|
$ |
432 |
|
$ |
446 |
|
3 to 6% |
||||||||
|
|||||||||||||||||||||||||||||||||
Interest expense |
$ |
(40 |
) |
$ |
- |
|
$ |
(40 |
) |
$ |
(39 |
) |
$ |
(40 |
) |
|
- |
|
$ |
(39 |
) |
$ |
(40 |
) |
|
||||||||
Other income, net |
|
12 |
|
|
3 |
|
|
15 |
|
|
8 |
|
|
9 |
|
$ |
9 |
|
|
17 |
|
|
18 |
|
|
||||||||
Earnings before income taxes |
|
355 |
|
|
41 |
|
|
396 |
|
|
401 |
|
|
415 |
|
|
9 |
|
|
410 |
|
|
424 |
|
|
||||||||
Provision for income taxes |
|
(87 |
) |
|
(10 |
) |
|
(97 |
) |
|
(96 |
) |
|
(100 |
) |
|
(2 |
) |
|
(98 |
) |
|
(102 |
) |
|
||||||||
Net earnings |
$ |
267 |
|
$ |
31 |
|
$ |
298 |
|
$ |
305 |
|
$ |
315 |
|
$ |
7 |
|
$ |
312 |
|
$ |
322 |
|
|
||||||||
|
|||||||||||||||||||||||||||||||||
Diluted earnings per share |
$ |
6.58 |
|
$ |
0.76 |
|
$ |
7.34 |
|
$ |
7.87 |
|
$ |
8.08 |
|
$ |
0.18 |
|
$ |
8.05 |
|
$ |
8.25 |
|
10 to 12% |
||||||||
Diluted shares outstanding |
|
40.6 |
|
|
40.6 |
|
|
38.8 |
|
|
39.0 |
|
|
38.8 |
|
|
39.0 |
|
|
||||||||||||||
Effective tax rate |
|
24.6 |
% |
|
24.6 |
% |
|
24.0 |
% |
|
24.0 |
% |
|
24.0 |
% |
|
24.0 |
% |
|
||||||||||||||
|
|||||||||||||||||||||||||||||||||
Operating margins: |
|
||||||||||||||||||||||||||||||||
Aerospace & Industrial |
|
15.5 |
% |
|
15.5 |
% |
|
16.2 |
% |
|
16.4 |
% |
|
16.2 |
% |
|
16.4 |
% |
70 to 90 bps |
||||||||||||||
Defense Electronics |
|
22.0 |
% |
|
22.6 |
% |
|
22.0 |
% |
|
22.2 |
% |
|
22.0 |
% |
|
22.2 |
% |
(40 to 60 bps) |
||||||||||||||
Naval & Power |
|
14.2 |
% |
|
18.2 |
% |
|
18.1 |
% |
|
18.3 |
% |
|
18.1 |
% |
|
18.3 |
% |
(10) to 10 bps |
||||||||||||||
Total operating margin |
|
15.3 |
% |
|
17.0 |
% |
|
17.1 |
% |
|
17.3 |
% |
|
17.1 |
% |
|
17.3 |
% |
10 to 30 bps |
||||||||||||||
Free cash flow |
$ |
347 |
|
$ |
347 |
|
$ |
308 |
|
$ |
328 |
|
$ |
37 |
|
$ |
345 |
|
$ |
365 |
|
||||||||||||
Notes: Full year amounts may not add due to rounding. | |||||||||||||||||||||||||||||||||
(1) 2021 Adjusted financials excludes the impact of first year purchase accounting adjustments; our build-to-print actuation product line supporting the Boeing 737 Max program; the results of operations and related impairments from our German valves business; one-time, pension settlement charges related to the retirement of two former executives (within non-operating income); and one-time legal settlement costs. | |||||||||||||||||||||||||||||||||
(2) 2022 Adjusted financials exclude one-time, pension settlement charges related to the retirement of two former executives (within non-operating income). | |||||||||||||||||||||||||||||||||
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow guidance excludes one-time, pension settlement payments of $22 million and a legal settlement payment of $15 million. |
CURTISS-WRIGHT CORPORATION | |||||
2022 Sales Growth Guidance by End Market | |||||
As of February 23, 2022 | |||||
Aerospace & Defense Markets | 2022 % Change vs 2021 Adjusted(1) |
% Total Sales |
|||
Aerospace Defense |
0 - 2% |
18% |
|||
Ground Defense |
2 - 4% |
9% |
|||
Naval Defense |
1 - 3% |
28% |
|||
Commercial Aerospace |
9 - 11% |
11% |
|||
Total Aerospace & Defense |
2 - 4% |
66% |
|||
|
|
||||
Commercial Markets |
|
|
|||
Power & Process |
1 - 3% |
18% |
|||
General Industrial |
6 - 8% |
16% |
|||
Total Commercial |
4 - 6% |
34% |
|||
|
|
||||
Total Curtiss-Wright Sales |
3 - 5% |
100% |
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of 7,800 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. 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, future cash flow from operations, and potential impacts of the COVID-19 pandemic are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act") and 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; the impact of a global pandemic or national epidemic, 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, 2020 and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com
|
Exhibit 99.2
|
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