Curtiss-Wright Reaffirms 2016 Guidance and Offers Initial 2017 Outlook
Thursday, October 06, 2016 7:30:00 AM ET
Curtiss-Wright Corporation (CW ) today announced in conjunction
with its 2016 Investor Day event in Cheswick, PA, that it is reaffirming
full-year 2016 guidance and providing its initial 2017 outlook.
Company reaffirms full-year 2016 guidance for Sales, Operating Income,
Operating Margin, Diluted EPS and Free Cash Flow;
Operating margin to range from 14.2% to 14.4% in 2016, which is
expected to be in the top quartile compared to the peer group;
Maintaining full-year 2016 expectations for diluted earnings per share
(EPS) of $4.00 to $4.15;
Expecting modest, sequential improvement in third quarter diluted EPS
ranging from $0.95 to $1.00, followed by a strong fourth quarter;
Maintaining outlook for strong free cash flow generation of $300
million to $320 million in 2016; and
Expecting full-year 2017 sales to be in-line with 2016, with continued
operating margin expansion and solid free cash flow generation.
"Looking to the balance of 2016, we continue to anticipate sequential
margin improvement as we execute against our operational initiatives and
advance to top-quartile financial performance versus our peer group,"
said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "We
are maintaining our full-year operating margin guidance for a 90 to 110
basis point improvement compared with pro forma 2015 results. In
addition, we are maintaining our full-year free cash flow guidance and
expect to deliver strong, double-digit growth in 2016.
"For 2017, we expect our sales to be in-line with 2016, as solid organic
growth on the AP1000 program and within our defense businesses is
expected to be offset by ongoing headwinds in our industrial and nuclear
aftermarket businesses. We also expect moderate operating margin
improvement, with a goal to achieve top quartile status compared with
our peer group, as well as to generate solid free cash flow in 2017.
"Longer-term, we believe Curtiss-Wright is well positioned for future
organic growth, which will further drive our profitability and cash
flow. In addition, our strong balance sheet provides us with the
flexibility to augment our growth through acquisition and we continue to
actively evaluate potential opportunities that fit our stringent
strategic and financial criteria."
Investor Day 2016
Beginning at 8:30 am EDT this morning, Curtiss-Wright is hosting an
Investor Day and conducting a live webcast to provide a strategic update
and an overview of the commercial nuclear power business. A 15-min break
has been scheduled for approximately 9:30 am, and the live webcast will
conclude at approximately 11:00 am.
The event features presentations by David C. Adams, Chairman and Chief
Executive Officer, and Glenn E. Tynan, Vice President and Chief
Financial Officer. Presentations on the Companys nuclear end markets
will be conducted by the Senior VP/General Managers of the operating
divisions. The Company also will provide a tour of its facility in
Cheswick, PA showcasing the AP1000 Reactor Coolant Pump (RCP).
Access to the webcast and the accompanying slide presentations will be
posted under Events and Webcasts in the Investor Relations section of
Curtiss-Wrights website at www.curtisswright.com.
For those unable to participate in the live event, a webcast replay will
be available on the Companys website beginning approximately three
hours after the conclusion of the event.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (CW ) is a global innovative company that
delivers highly engineered, critical function products and services to
the commercial, industrial, defense and energy markets. Building on the
heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a
long tradition of providing reliable solutions through trusted customer
relationships. The company employs approximately 8,400 people worldwide.
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 Companys acquisitions, and future cash flow from operations, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements present managements
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; and other factors that generally affect the
business of aerospace, defense contracting, electronics, marine, and
industrial companies. Such factors are detailed in the Companys Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, and
subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
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SOURCE: Curtiss-Wright Corporation
Jim Ryan, 704-869-4621