Exhibit 99.2
November 2, 2023 Q3 2023 EARNINGS CONFERENCE CALL Conference Call Dial-in
numbers: (800) 274-8461 (domestic) (203) 518-9843 (international) Conference code: CWQ323
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 reflect new information
that may become available after the original presentation posting. The presentation contains 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. Such forward-looking statements only speak as of the date of this report and Curtiss-Wright Corporation assumes no
obligation to update the information included in this report. Such forward-looking statements include, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives, our
management’s ability to integrate our acquisition, and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are
subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations, including the impact of a global pandemic or national epidemic. This presentation also
includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release and this presentation that are posted to our website and furnished with the SEC. We undertake no duty to
update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at
the SEC's website at www.sec.gov. 2
Sales of $724M, up 15% overall (14% organic growth) A&D markets up 18%;
Strong demand for defense electronics and arresting systems equipment; Mid-teens Comm’l Aerospace growth Commercial markets up 8%, Solid growth in commercial nuclear, process and industrial markets Operating Income of $134M, up 17%; 30 bps
in YOY margin expansion Exceeded expectations due to strong operational performance in Defense Electronics segment Diluted EPS of $2.54, up 23% Free Cash Flow of $137M, up 59%; FCF conversion 140% New Orders of $846M, up 3%; Book-to-Bill
1.2x Record quarter for Defense Electronics segment and continued strong demand for commercial nuclear products CURTISS-WRIGHT DELIVERED STRONG Q3 RESULTS AND INCREASED FY2023 OUTLOOK Sales growth increased to 8% - 10%; Strong YTD
performance and growing backlog driving growth in all end markets Continue to project solid Operating Margin expansion, up 10 - 30 basis points YOY Diluted EPS growth range increased to 11% - 13% FCF guidance range increased to $380M -
$400M; FCF conversion >110% 3 Third Quarter 2023 Highlights Note: Third quarter 2023 results and Full-year 2023 guidance, and comparisons to 2022, presented on an Adjusted (Non-GAAP) basis, unless noted Updated Full-Year 2023 Adjusted
Guidance
THIRD QUARTER 2023 FINANCIAL REVIEW ($ in millions) Q3’23 Adjusted Q3’22
Adjusted Change Key Drivers Aerospace & Industrial $220 $213 3% Strong Commercial Aerospace OEM growth; Solid growth in General Industrial (industrial automation and services); Lower YOY sales in defense markets Defense
Electronics $216 $161 34% Strong growth in Ground Defense (tactical communications equipment) and Aerospace Defense (embedded computing and flight test equipment) Naval & Power $288 $256 12% A&D revenue growth reflected
strong demand for arresting systems equipment and solid growth in Naval Defense (Virginia-class and Columbia-class subs) Strong growth in Power & Process (mid-teens growth excluding CAP1000 program revenues) Total Sales $724 $631
15% Higher sales across all A&D and Commercial markets Aerospace & Industrial Margin $39 17.7% $39 18.3% 0% (60 bps) Favorable absorption on solid sales growth Profitability offset by unfavorable mix in actuation
products Defense Electronics Margin $56 26.0% $37 22.7% 54% 330 bps Favorable absorption on strong A&D revenue growth Naval & Power Margin $49 17.0% $48 18.9% 1% (190 bps) Favorable absorption on higher
revenues Profitability offset by unfavorable naval contract adjustments and wind down on CAP1000 program Corporate and Other ($10) ($10) (7%) Total Op. Income CW Margin $134 18.5% $114 18.2% 17% 30 bps Operating Income Growth
> Sales Growth 4 Notes: Amounts may not add due to rounding. 2022 results included partial year sales contribution from engineered arresting systems acquisition.
2023 END MARKET SALES GROWTH GUIDANCE (As of November 1, 2023) 2023E Growth vs
2022 (Prior) 2023E Growth vs 2022 (Current) 2023E % Sales Key Drivers Aerospace Defense 9% - 11% 11% - 13% 19% Strong contribution from prior year arresting systems acquisition (completed mid-2022) Solid growth in defense
electronics revenues on various C5/ISR programs Ground Defense 16% - 18% 23% - 25% 10% Strong growth in tactical communications equipment revenues Naval Defense 6% - 8% 5% - 7% 27% Higher revenue growth on Columbia-class and
Virginia-class submarines; Partially offset by timing of aircraft carrier revenues Commercial Aerospace 9% - 11% 14% - 16% 11% Strong OEM growth driven by ramp-up in production (narrowbody and widebody) Total Aerospace &
Defense 9% - 11% 10% - 12% 67% Strong demand and growing backlog fuels outlook in A&D markets Power & Process 3% - 5% 4% - 6% 18% HSD growth in Commercial Nuclear (Aftermarket and advanced SMRs) excluding lower CAP1000
program revenues (~$20M wind down) LDD growth in Process (MRO valves and subsea pump development for oil & gas market) General Industrial 3% - 5% 3% - 5% 15% Solid growth in industrial vehicles, automation products and surface
treatment services Total Commercial 3% - 5% 3% - 5% 33% Continued solid demand, up 6% - 8% excl. CAP1000 Total Curtiss-Wright 7% - 9% 8% - 10% 100% Organic sales of 7% - 9% 5 Note: 2022 results included partial year sales
contribution from engineered arresting systems acquisition. Updated (in blue)
($ in millions) 2023E Adjusted (Prior) 2023E Adjusted (Current) Change vs
2022 Adjusted Key Drivers Aerospace & Industrial $865 - 885 $873 - 888 4% - 6% Strong demand in Commercial Aerospace and solid growth in General Industrial, partially offset by reduced Defense (timing of programs) Defense
Electronics $755 - 775 $775 - 790 12% - 14% Strong Defense market growth driven by record backlog and supply chain improvement Higher Ground Defense (tactical communications) and Aerospace/Naval Defense (embedded computing) Naval &
Power $1,110 - 1,130 $1,117 - 1,137 8% - 10% MSD Naval Defense growth driven by Columbia-class and Virginia-class submarine programs HSD growth in Commercial Nuclear excluding wind down on CAP1000 program; LDD in Process Strong
contribution from arresting systems acquisition Total Sales $2,730 - 2,790 $2,765 - 2,815 8% - 10% Organic Sales of 7% - 9%, driven by growth in all end markets Aerospace & Industrial Margin $145 - 150 16.7% - 16.9% $146 -
150 16.7% - 16.9% 6% - 9% 20 - 40 bps Favorable absorption on Comm’l Aerospace and General Industrial sales, part. offset by timing in Defense Benefit of ongoing commercial and operational excellence initiatives Defense
Electronics Margin $174 - 180 23.0% - 23.2% $182 - 188 23.5% - 23.7% 18% - 21% 110 - 130 bps Strong absorption on higher A&D revenues Naval & Power Margin $195 - 200 17.5% - 17.7% $192 - 197 17.1% - 17.3% 0% -
3% (130 - 150 bps) Favorable absorption on higher organic sales (Defense, Commercial Nuclear and Process) Solid contribution from arresting systems acquisition; Expected to be in-line with overall CW operating margin Profitability offset
by wind down on CAP1000 program, naval contract adjustments and shift to development contracts (subsea pump) Corporate and Other ($37 - 40) ($41) ~Flat Lower YOY pension offset by higher FX Total Op. Income CW Margin $476 - 490 17.4%
- 17.6% $480 - 494 17.4% - 17.6% 8% - 11% 10 - 30 bps Delivering Operating Margin expansion while continuing to grow engineering spend 2023 FINANCIAL GUIDANCE (As of November 1, 2023) 6 Note: 2022 results included partial year
sales contribution from engineered arresting systems acquisition. Updated (in blue)
2023 FINANCIAL GUIDANCE (As of November 1, 2023) ($ in millions, except
EPS) 2023E Adjusted (Prior) 2023E Adjusted (Current) Change vs 2022 Adjusted Total Sales $2,730 - 2,790 $2,765 - 2,815 8% - 10% Operating Income Growth > Sales Growth (aligns w/ Investor Day) Total Operating Income $476 -
490 $480 - 494 8% - 11% Growth in operating income exceeds sales (aligned w/ Investor Day) Other Income $27 - 28 ~$28 Higher YOY pension income Interest Expense ($52 - 54) ($52 - 54) YOY increase due to impact of higher interest
rates Diluted EPS $8.90 - 9.15 $9.00 - 9.20 11% - 13% Remain on track to achieve 3-year target of double-digit growth Diluted Shares Outstanding ~38.5 ~38.5 Min. $50M share repurchase in ’23 Free Cash Flow $370 - 400 $380 -
400 29% - 36% Strong FCF from Operations; Improved working capital mgmt FCF Conversion >110% (at midpt) >110% (at midpt) Continued solid FCF conversion Capital Expenditures $50 - 60 $45 - 55 Average ~2% of Sales (over
time) Depreciation & Amortization $110 - 115 $110 - 115 7 Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition. Updated (in blue)
CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE
GROWTH 8 Remain on track to deliver strong FY23 performance Sales growth of 8% - 10% (up 7% - 9% organic) with increases in all A&D and Commercial markets Maintaining outlook for Operating Margin expansion (17.4% - 17.6%, up 10 - 30
bps) Continued focus on R&D investments to drive future growth Targeting double-digit EPS growth on strong operating income growth Strong YTD performance driving higher confidence in FCF guidance and FCF Conversion >
110% Confidence in long-term outlook driven by growing order book, strong backlog, improving supply chain and alignment to secular growth trends Commercial Nuclear opportunity continues to expand as Bulgaria approves construction of first
of potentially 2 new Westinghouse AP1000 reactors Announcement follows Poland’s 2022 selection of AP1000 for construction of at least 3 of potentially 6 reactors Provides CW opportunity to secure new Reactor Coolant Pump (RCP) orders within
the next 2-4 years Maintain line of sight to deliver on Investor Day financial targets for 2023 Note: Full-year 2023 guidance, and comparisons to 2022, presented on an Adjusted (Non-GAAP) basis, unless noted
Appendix 9
NON-GAAP FINANCIAL INFORMATION 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 “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within the Company’s earnings press release. The following definitions are provided: Adjusted Sales, Operating Income, Operating Margin, Net
Earnings and Diluted Earnings per Share (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 in the prior year, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) the sale or divestiture of a business or product
line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable. 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 contributions from acquisitions made during the last twelve months, loss on divestiture of the German valves business, and foreign currency fluctuations. Free Cash Flow (FCF) 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 excludes: (i) payments associated with the Westinghouse legal
settlement in both the current and prior year periods and (ii) executive pension payments in the prior year period. 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. 10
THIRD QUARTER 2023: END MARKET SALES GROWTH ($ in millions) Q3’23
Adjusted Q3’22 Adjusted Change Key Drivers Aerospace Defense $148 $114 29% Higher revenues of embedded computing and flight test instrumentation products, and strong demand for arresting systems equipment Ground
Defense $83 $55 51% Higher tactical communications equipment revenues Naval Defense $180 $175 3% Higher Columbia-class and Virginia-class submarine revenues, partially offset by timing of revenues on aircraft carrier
programs Commercial Aerospace $80 $70 13% Strong OEM demand on narrowbody and widebody platforms Total A&D Markets $491 $414 18% Power & Process $122 $111 10% Strong growth in process market and higher revenues in
commercial nuclear; Mid-teens growth excluding CAP1000 program revenues General Industrial $111 $106 6% Higher sales of industrial automation products and surface treatment services Total Commercial Markets $233 $216 8% Total
Curtiss-Wright $724 $631 15% Strong 14% Organic Growth 11 Note: Amounts may not add down due to rounding.
2023E END MARKET SALES WATERFALL (as of November 1, 2023) FY’23
Guidance: Overall UP 8 - 10% (7 - 9% Org) A&D Markets UP 10 - 12% Comm’l Markets UP 3 - 5% Note: Amounts shown for % of Total Sales may not add due to rounding. Power & Process market sales concentrated in Naval & Power
segment General Industrial sales concentrated in Aerospace & Industrial segment 12 Commercial Nuclear 90% Domestic & Int’l Aftermarket 10% New Build Gen III / Gen IV (Advanced SMRs)