StockSelector.com
  Research, Select, & Monitor Wednesday, October 23, 2019 12:57:46 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Curtiss-Wright Corp.$125.58($.16)(.13%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Curtiss-Wright Reports Fourth Quarter and Full-Year 2017 Financial Results and Issues 2018 Guidance
   Wednesday, February 21, 2018 4:52:05 PM ET

Curtiss-Wright Corporation (CW ) reports financial results for the fourth quarter and full-year ended December 31, 2017.

Fourth Quarter 2017 Highlights

-- Diluted earnings per share (EPS) of $1.52;

-- Free cash flow of $209 million and free cash flow conversion of 308%, as defined in table below;

-- Net sales of $612 million, up 8%, including 3% organic growth;

-- Operating income of $109 million, up 2%;

-- Operating margin of 17.8%, down 100 basis points;

-- Effective tax rate of 31.8%, including the impact of the Tax Cuts and Jobs Act (TCJA); and

-- New orders of $580 million, up 17%.



Full-Year 2017 Highlights

-- Diluted earnings per share (EPS) of $4.80, came in ahead of expectations and up 14% compared with the prior year;

-- Free cash flow of $336 million and free cash flow conversion of 156%, driven by a solid reduction in working capital;

-- Net sales of $2.3 billion, up 8%, including 5% organic growth, driven by higher sales in all end markets;

-- Operating income of $340 million, up 10%;

-- Operating margin of 15.0%, up 40 basis points;

-- Effective tax rate of 28.3%, including the impact of the Tax Cuts and Jobs Act;

-- Backlog of $2.0 billion increased 3% from December 31, 2016; and

-- Share repurchase of approximately $51 million or 0.5 million shares.

Full-Year 2018 Business Outlook

-- Expect higher sales (+3-5%), operating income (+9-12%), operating margin (+90-110 basis points) and diluted earnings per share (+18-21%);

-- Anticipate higher sales in all end markets;

-- Adjusted free cash flow (which excludes a $50 million voluntary pension contribution) to range from $280 to 300 million; and

-- Announced acquisition of Dresser-Rand government business expected to provide solid increase to sales and would be accretive to EPS, excluding purchase accounting.

"We were pleased with our fourth quarter results, as we generated a solid operational performance and delivered stronger than anticipated diluted EPS of $1.52," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "We reported an 8% increase in sales, led by a solid contribution from the Teletronics Technology Corporation (TTC) acquisition in the Defense segment. Further, we generated over $200 million in free cash flow driven by a significant reduction in working capital, while new orders increased 17% driven by strong demand in both our defense and commercial businesses."

"Full-year 2017 results reflect a strong operational performance which exceeded our expectations driven by solid 8% top-line growth, 5% of which was organic, improved profitability that generated a 15.0% operating margin and stronger than anticipated EPS of $4.80. In addition, we significantly exceeded expectations by generating nearly $340 million in free cash flow in 2017, as we efficiently reduced working capital to 18.8% of sales and achieved our goal to reach the top quartile of our peer group. We are delivering on our long-term strategy and continue to drive solid operating margin expansion and free cash flow generation."

"For 2018, we are projecting another solid operational performance, as we expect higher sales in all end markets, double-digit growth in operating income and EPS, and 80 to 100 basis point improvement in unadjusted operating margin to a range of 15.8% to 16.0%. We are excited about the recently announced acquisition of the Dresser-Rand government business, which will significantly expand our naval defense business and supports our objective for long-term profitable growth. We remain extremely focused on driving increased operational efficiencies, continuing to invest in our future growth, and maintaining top-quartile financial performance for all of our key metrics to generate significant value for our shareholders."

                                                      
Fourth Quarter 2017 Operating Results
from Continuing Operations
-------------------------------------------------------------------------------------------------------------------------
                                                                                                                 
(In thousands)                             4Q-2017                              4Q-2016                                Change
                                      ----------------                     ----------------                     ---------------------
Sales                                   $ 611,881                            $ 565,566                                   8 %
Operating income                          108,695                              106,173                                   2 %
Operating margin                             17.8 %                               18.8 %                                   (100 bps)
                                                                                                                 

Sales

Sales of $612 million in the fourth quarter increased $46 million, or 8%, compared with the prior year, reflecting a $25 million, or 4%, contribution from our acquisition of TTC, a $15 million, or 3%, increase in organic sales, and a $6 million, or 1%, benefit from favorable foreign currency translation.

Higher organic sales were driven by improved industrial demand in the Commercial/Industrial segment and higher aerospace and naval defense sales in the Defense segment, partially offset by lower power generation revenues in the Power segment.

From an end market perspective, sales to the defense markets increased 18%, 7% of which was organic, while sales to the commercial markets increased 2%, compared with the prior year. Please refer to the accompanying tables for a breakdown of sales by end market.

Operating Income

Operating income in the fourth quarter was $109 million, an increase of $3 million, or 2%, compared with the prior year. These results primarily reflect strong profitability associated with the TTC acquisition in the Defense segment, partially offset by lower sales and reduced profitability in the nuclear aftermarket business in the Power segment, and higher incentive compensation expense across all three segments.

Operating margin was 17.8%, a decrease of 100 basis points over the prior year, primarily reflecting lower sales and operating income in the Power segment, unfavorable sales mix in the Commercial/Industrial segment, and higher incentive compensation expense.

Non-segment Expense

Non-segment expenses decreased by approximately $2 million compared with the prior year, primarily due to lower corporate expenses and lower foreign currency transactional losses.

Net Earnings

Fourth quarter net earnings decreased 4% compared with the prior year, as higher operating income was more than offset by a higher tax rate.

The effective tax rate (ETR) for the fourth quarter was 31.8%, an increase from 26.3% in the prior year quarter, primarily driven by a net charge of approximately $10 million, or $0.23 per share, related to the 2017 TCJA, reflecting:

-- a $22 million charge for the mandatory deemed repatriation of foreign earnings ("transition tax"), which is payable over 8 years beginning in 2018, partially offset by:

-- a $12 million benefit relative to re-measurement of U.S. deferred tax balances to reflect the new lower U.S. corporate income tax rate.

                                                                                                    
These amounts represent provisional estimates, subject to
finalization over the course of 2018.
                                                                                                                                                               
 (In thousands)                                                               4Q-2017                                              ETR                                 EPS
                                                        --------------------------------------------------                     ----------                     ---------------------
Base Provision for Income Taxes                                            $  23,793                                           24.0 %
Impact of share based compensation                                         $  (2,435 )                                         (2.5 %)                             $   0.05
Net Impact of TCJA:
     Transition Tax                                                        $  21,983
     Deferred Tax Revaluation                             (11,759 )
                                                        -------------------- ------- --------------------
                                                                           $  10,224                        10.3 %                              $  (0.23 )
                                                        -------------------- ------- --------------------                      ---- ----                      ------ ------ ------
                                                                                                                                                               
Final Provision for Income Taxes                                           $  31,582                                           31.8 %                              $  (0.18 )
                                                                                                                                                               
                                                                               
Free Cash Flow
                                                                                                                                          
(In thousands)                                                                                   4Q-2017                                                       4Q-2016
                                                                                    --------------------------------                     --------------------------------------------------
Net cash provided by operating activities                                                              $ 226,405                                            $ 155,985
Capital expenditures                                                                  (17,831 )                         (20,649 )
                                                                                    -------------------- ------- --                      -------------------- ------- --------------------
Free cash flow                                                                                         $ 208,574                                            $ 135,336
                                                                                                                                                                       

Free cash flow, defined as cash flow from operations less capital expenditures, was $209 million for the fourth quarter of 2017, an increase of $73 million compared with the prior year. Net cash provided by operating activities increased $70 million to $226 million, due to higher cash earnings and improved working capital, specifically lower receivables and higher deferred revenue, including a $25 million advanced cash payment on the AP1000 China Direct program that was originally expected in 2018. Capital expenditures decreased by $3 million to $18 million, as the prior year period included increased investment in a facility expansion in the Commercial/Industrial segment.

New Orders and Backlog

New orders of $580 million in the fourth quarter increased 17% compared with the prior year, due to higher demand for commercial aerospace and industrial vehicle products within the Commercial/Industrial segment, as well as higher demand for embedded computing and flight test instrumentation products within the Defense segment. Backlog of $2.0 billion increased 3% from December 31, 2016.

Other Items - Share Repurchase

During the fourth quarter, the Company repurchased 112,881 shares of its common stock for approximately $13 million. For full-year 2017, the Company repurchased 516,313 shares of its common stock for approximately $51 million.

Other Items - Pension

The adoption of Accounting Standards Update (ASU) 2017-07 "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" results in the reclassification of the non-service components of Pension expense from Operating Income to Other Income/Expense effective for fiscal years beginning after December 15, 2017. The adoption of the new standard is not expected to impact our sales, net earnings, cash flows or liabilities. For comparison purposes, as shown in the guidance table below and in the financial tables that follow, we have provided restated financial information for 2017 results and 2018 guidance incorporating the adoption of this new accounting standard.

                                                                                    
Full-Year 2018 Guidance
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
The Company is issuing its full-year 2018 financial guidance as
follows (does not include the potential acquisition of the
Dresser-Rand government business):
                                                                                                                                                                                                        
                                                                                      2017                                                                                                                       2018 Guidance
                                                                     (Adjusted for Pension                                                     2018 Guidance                                             (Adjusted for Pension
                                                                         Reclassification)                                                      (Unadjusted)                                                 Reclassification)
                                                                     --------------------                                            -----------------------                                           -----------------------
Total sales                                                                 $2.271 billion                                           $2.335 - $2.375 billion                                           $2.335 - $2.375 billion
Operating income                                                              $325 million                                               $369 - $379 million                                               $355 - $365 million
Operating margin                                                                     14.3%                                                     15.8% - 16.0%                                                     15.2% - 15.4%
Interest expense                                                               $41 million                                                 $37 - $38 million                                                 $37 - $38 million
Effective tax rate                                                                   28.3%                                                             24.0%                                                             24.0%
Diluted earnings per share                                                           $4.80                                                     $5.65 - $5.80                                                     $5.65 - $5.80
Diluted shares outstanding                                                    44.8 million                                                      44.7 million                                                      44.7 million
Free cash flow                                                                $336 million                                               $230 - $250 million                                               $230 - $250 million
Adjusted free cash flow                                                       $336 million                                               $280 - $300 million                                               $280 - $300 million
                                                                                                                                                                                                        

Notes:

-- Full-year 2017 and 2018 effective tax rate guidance includes the impacts of the Tax Cuts and Jobs Act.

-- Full-year 2017 adjusted results and 2018 guidance include the impacts from the aforementioned pension reclassification. This accounting change lowers operating income by $14.6 million and $14.0 million, respectively, and lowers operating margin by 70 and 60 basis points, respectively, in full-year 2017 and projected full-year 2018 periods. This change is neutral to earnings per share in both periods.

-- In February 2018, the Company elected to make a $50 million voluntary contribution to its corporate defined benefit pension plan.

-- Adjusted free cash flow for full-year 2018 excludes the aforementioned pension contribution of $50 million.

-- In January 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASC 606). The impact to 2018 is projected to be immaterial.

-- The Company will update its guidance to reflect the financial impact of the Dresser-Rand government business following the closing of the transaction, currently expected in the second quarter of 2018.

-- A more detailed breakdown of the Company’s 2018 guidance by segment and by market can be found in the accompanying schedules.

                                                      
Fourth Quarter 2017 Segment Performance
-------------------------------------------------------------------------------------------------------------------------
 
Commercial/Industrial
(In thousands)                                4Q-2017                              4Q-2016                                    Change
                                      ----------------                     ----------------                     ---------------------
Sales                                   $ 298,329                            $ 278,346                                   7 %
Operating income                           47,240                               48,474                                  (3 %)
Operating margin                             15.8 %                               17.4 %                                   (160 bps)
                                                                                                                 

Sales for the fourth quarter were $298 million, an increase of $20 million, or 7%, over the prior year. Organic sales increased $16 million, or 6%, while favorable foreign currency translation added $4 million, or 1%. Our results primarily reflect higher sales in the general industrial market, due to continued solid demand for industrial vehicle products. We also experienced higher sales in the commercial aerospace market, primarily due to higher sales of sensors and actuation systems on narrow body aircraft. In the naval defense market, our results reflect lower revenues on the Virginia-class submarine program, based on the timing of production.

Operating income in the fourth quarter was $47 million, a decrease of $1 million, or 3%, compared with the prior year, while operating margin decreased 160 basis points to 15.8%. The decrease in operating income and margin primarily reflects lower sales and profitability for naval valves, unfavorable mix in industrial vehicle products, and higher incentive compensation expense. Those results were partially offset by higher sales and improved profitability for sensors and controls products and surface treatment services.

                                                  
Defense
                                                                                                             
(In thousands)                            4Q-2017                            4Q-2016                               Change
                                      --------------                     --------------                     ---------------------
Sales                                  $ 172,511                          $ 133,353                                 29 %
Operating income                          43,377                             34,015                                 28 %
Operating margin                            25.1 %                             25.5 %                                   (40 bps)
                                                                                                             

Sales for the fourth quarter were $173 million, an increase of $39 million, or 29%, from the prior year. These results primarily reflect a $25 million, or 18%, contribution from our acquisition of TTC, a $12 million, or 9%, increase in organic sales, and a $2 million, or 2%, benefit from favorable foreign currency translation. In the aerospace defense market, our results reflect higher sales of data acquisition and flight test equipment from TTC, most notably on the F-35 Joint Strike Fighter program, as well as higher sales of embedded computing products supporting various Intelligence, Surveillance and Reconnaissance (ISR) programs. We also experienced higher sales in the naval defense market, most notably for our defense electronics products on the Virginia-class submarine program. In the ground defense market, our results reflect higher sales of our embedded computing products supporting upgrades to the Abrams main battle tank program.

Operating income in the fourth quarter was $43 million, an increase of $9 million, or 28%, compared with the prior year, while operating margin decreased 40 basis points to 25.1%. Excluding a $9 million, or 27%, benefit from the TTC acquisition, organic operating income increased 4%, while operating margin decreased 120 basis points to 24.3% compared with the prior year, driven primarily by an unfavorable shift in mix for our defense electronics products, and higher incentive compensation expense. Meanwhile, unfavorable foreign currency translation reduced current quarter operating income by approximately $1 million, or 3%.

                                                  
Power
                                                                                                             
(In thousands)                            4Q-2017                            4Q-2016                               Change
                                      --------------                     --------------                     ---------------------
Sales                                  $ 141,041                          $ 153,867                                 (8 %)
Operating income                          24,364                             31,600                                (23 %)
Operating margin                            17.3 %                             20.5 %                                  (320 bps)
                                                                                                             

Sales for the fourth quarter were $141 million, a decrease of $13 million, or 8%, from the prior year. Our results primarily reflect decreased sales in the power generation market, as lower aftermarket sales supporting currently operating nuclear reactors and lower revenues on the domestic AP1000 program were only partially offset by higher revenues on the AP1000 China Direct program. In the naval defense market, our results reflect higher revenues on the Virginia-class submarine and CVN-80 aircraft carrier programs, based on the timing of production, as well as the new Columbia class submarine program, supporting the ramp-up in development.

Operating income in the fourth quarter was $24 million, a decrease of $7 million, or 23%, compared with the prior year, while operating margin decreased 320 basis points to 17.3%. This performance reflects reduced sales and profitability in the nuclear aftermarket business, lower revenues on the domestic AP1000 program, and higher incentive compensation expense, partially offset by higher production and profitability on the AP1000 China Direct program.

Conference Call & Webcast Information

The Company will host a conference call to discuss fourth quarter and full-year 2017 financial results and expectations for 2018 guidance at 9:00 a.m. EST on Thursday, February 22, 2018. 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
                                                                                                                                                                                                                                     CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
                                                                                                                                                                                                                                     ($’s in thousands, except per share data)
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                            Three Months Ended                                                                                                                                                                                                                                                                 Year Ended
                                                                                                                                           December 31,                                                                                                                          Change                                                                                                                           December 31,                                                                                                                                    Change
                                                                                                        2017                                                                           2016                                                                           $                                         %                                                             2017                                                                             2016                                                                             $                                                %
                                                                                        -------------------------------------                                          ------------------------------------                                          -----------------------------------                     ------                                          ---------------------------------------                                          --------------------------------------                                          ------------------------------------                     ---------------------
Product sales                                                                                 $ 503,140                                                                     $ 470,211                                                                     $ 32,929                                            7 %                                                  $ 1,854,216                                                                     $ 1,714,358                                                                     $ 139,858                                                    8 %
Service sales                                                                                   108,741                                                     95,355                                                    13,386                        14 %                                                      416,810                                                      394,573                                                     22,237                                 6 %
                                                                                        ------------------------------------                                           -----------------------------------                                           ----------------------------------                                                                      --------------------------------------                                           -------------------------------------                                           -----------------------------------
Total net sales                                                                                 611,881                                                                       565,566                                                                       46,315                                            8 %                                                    2,271,026                                                                       2,108,931                                                                       162,095                                                    8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Cost of product sales                                                                           305,912                                                                       294,195                                                                       11,717                                            4 %                                                    1,184,358                                                                       1,100,287                                                                        84,071                                                    8 %
Cost of service sales                                                                            67,702                                                     62,646                                                     5,056                         8 %                                                      268,073                                                      258,161                                                      9,912                                 4 %
                                                                                        ------------------------------------                                           -----------------------------------                                           ----------------------------------                                                                      --------------------------------------                                           -------------------------------------                                           -----------------------------------
Total cost of sales                                                                             373,614                                                                       356,841                                                                       16,773                                            5 %                                                    1,452,431                                                                       1,358,448                                                                        93,983                                                    7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
   Gross profit                                                                                 238,267                                                                       208,725                                                                       29,542                                           14 %                                                      818,595                                                                         750,483                                                                        68,112                                                    9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Research and development expenses                                                                14,934                                                                        14,125                                                                          809                                            6 %                                                       60,308                                                                          58,592                                                                         1,716                                                    3 %
Selling expenses                                                                                 33,671                                                                        26,203                                                                        7,468                                           29 %                                                      120,002                                                                         111,228                                                                         8,774                                                    8 %
General and administrative expenses                                                              80,967                                                     62,224                                                    18,743                        30 %                                                      298,542                                                      272,565                                                     25,977                                10 %
                                                                                        ------------------------------------                                           -----------------------------------                                           ----------------------------------                                                                      --------------------------------------                                           -------------------------------------                                           -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
   Operating income                                                                             108,695                                                                       106,173                                                                        2,522                                            2 %                                                      339,743                                                                         308,098                                                                        31,645                                                   10 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Interest expense                                                                                  9,887                                                                        10,554                                                                         (667 )                                         (6 %)                                                      41,471                                                                          41,248                                                                           223                                                    1 %
Other income, net                                                                                   524                                                        293                                                       231                        79 %                                                        1,347                                                        1,111                                                        236                                21 %
                                                                                        ------------------------------------                                           -----------------------------------                                           ----------------------------------                                                                      --------------------------------------                                           -------------------------------------                                           -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Earnings before income taxes                                                                     99,332                                                                        95,912                                                                        3,420                                            4 %                                                      299,619                                                                         267,961                                                                        31,658                                                   12 %
Provision for income taxes                                                                      (31,582 )                                                                     (25,244 )                                                                     (6,338 )                                         25 %                                                      (84,728 )                                                                       (78,579 )                                                                      (6,149 )                                                  8 %
                                                                                        ------------------------------------                                           -----------------------------------                                           ----------------------------------                                                                      --------------------------------------                                           -------------------------------------                                           -----------------------------------
Earnings from continuing operations                                                           $  67,750                                                  $  70,668                                                  $ (2,918 )                                         (4 %)                                                 $   214,891                                                  $   189,382                                                  $  25,509                                13 %
                                                                                        ======= ======= ====================                                           ====== ======= ====================                                           ====== ====== ====================                                                                      ======= ========= ====================                                           ====== ========= ====================                                           ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Loss from discontinued operations, net of tax                                            --                                                                        (2,053 )                                                                      2,053                                             NM                                               --                                                                          (2,053 )                                                                       2,053                                                    NM
                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                        -------------------------------------                                          ------------------------------------                                          -----------------------------------                                                                     ---------------------------------------                                          --------------------------------------                                          ------------------------------------
Net earnings                                                                                  $  67,750                                                  $  68,615                                                  $   (865 )                                         (1 %)                                                 $   214,891                                                  $   187,329                                                  $  27,562                                15 %
                                                                                        ======= ======= ====================                                           ====== ======= ====================                                           ====== ====== ====================                                                                      ======= ========= ====================                                           ====== ========= ====================                                           ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Basic earnings per share
   Earnings from continuing operations                                                        $    1.54                                                                     $    1.60                                                                                                                                                                              $      4.86                                                                     $      4.27
   Earnings from discontinued operations                                                 --                                                      (0.05 )                                                                                                                                                                         --                                                        (0.05 )
                                                                                        ------------------------------------                                           -----------------------------------                                                                                                                                                   --------------------------------------                                           -------------------------------------
Total                                                                                         $    1.54                                                  $    1.55                                                                                                                                                           $      4.86                                                  $      4.22  
                                                                                        ======= ======= ====================                                           ====== ======= ====================                                                                                                                                                   ======= ========= ====================                                           ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Diluted earnings per share
   Earnings from continuing operations                                                        $    1.52                                                                     $    1.58                                                                                                                                                                              $      4.80                                                                     $      4.20
   Earnings from discontinued operations                                                 --                                                      (0.05 )                                                                                                                                                                         --                                                        (0.05 )
                                                                                        ------------------------------------                                           -----------------------------------                                                                                                                                                   --------------------------------------                                           -------------------------------------
Total                                                                                         $    1.52                                                  $    1.53                                                                                                                                                           $      4.80                                                  $      4.15  
                                                                                        ======= ======= ====================                                           ====== ======= ====================                                                                                                                                                   ======= ========= ====================                                           ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Dividends per share                                                                           $    0.15                                                  $    0.13                                                                                                                                                           $      0.56                                                  $      0.52  
                                                                                        ======= ======= ====================                                           ====== ======= ====================                                                                                                                                                   ======= ========= ====================                                           ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Weighted average shares outstanding:
    Basic                                                                                        44,132                                                                        44,173                                                                                                                                                                                   44,182                                                                          44,389
    Diluted                                                                                      44,692                                                                        44,789                                                                                                                                                                                   44,761                                                                          45,045
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
NM- not meaningful
 
                                                                                                                       CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                                                                                                                    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                                                                                                          ($’s in thousands, except par value)
                                                                                                                                                 
                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                     
                                                                                                                 December 31,                                                                    December 31,                                                              Change
                                                                                                                     2017                                                                            2016                                                                     %
                                                                                                    --------------------------------------                                          --------------------------------------                                          ---------------------
Assets
   Current assets:
      Cash and cash equivalents                                                                          $   475,120                                                                     $   553,848                                                                       (14 %)
      Receivables, net                                                                                       494,923                                                                         463,062                                                                         7 %
      Inventories, net                                                                                       378,866                                                                         366,974                                                                         3 %
      Other current assets                                                                                    52,951                                                       30,927                                                     71 %
                                                                                                    -------------------------------------                                           -------------------------------------
         Total current assets                                                                              1,401,860                                                    1,414,811                                                     (1 %)
                                                                                                    -------------------------------------                                           -------------------------------------
   Property, plant, and equipment, net                                                                       390,235                                                                         388,903                                                                         0 %
   Goodwill                                                                                                1,096,329                                                                         951,057                                                                        15 %
   Other intangible assets, net                                                                              329,668                                                                         271,461                                                                        21 %
   Other assets                                                                                               18,229                                                       11,549                                                     58 %
                                                                                                    -------------------------------------                                           -------------------------------------
         Total assets                                                                                    $ 3,236,321                                                  $ 3,037,781                                                      7 %
                                                                                                    ====== ========= ====================                                           ====== ========= ====================
                                                                                                                                                                                                                                                                     
Liabilities
   Current liabilities:
      Current portion of long-term and short term debt                                                   $       150                                                                     $   150,668                                                                         NM
      Accounts payable                                                                                       185,176                                                                         177,911                                                                         4 %
      Accrued expenses                                                                                       150,406                                                                         130,239                                                                        15 %
      Income taxes payable                                                                                     4,564                                                                          18,274                                                                       (75 %)
      Deferred revenue                                                                                       214,891                                                                         170,143                                                                        26 %
      Other current liabilities                                                                               35,810                                                       28,027                                                     28 %
                                                                                                    -------------------------------------                                           -------------------------------------
         Total current liabilities                                                                           590,997                                                      675,262                                                    (12 %)
                                                                                                    -------------------------------------                                           -------------------------------------
   Long-term debt, net                                                                                       813,989                                                                         815,630                                                                         0 %
   Deferred tax liabilities, net                                                                              49,360                                                                          49,722                                                                        (1 %)
   Accrued pension and other postretirement benefit costs                                                    121,043                                                                         107,151                                                                        13 %
   Long-term portion of environmental reserves                                                                14,546                                                                          14,024                                                                         4 %
   Other liabilities                                                                                         118,586                                                       84,801                                                     40 %
                                                                                                    -------------------------------------                                           -------------------------------------
         Total liabilities                                                                                 1,708,521                                                    1,746,590                                                     (2 %)
                                                                                                    -------------------------------------                                           -------------------------------------
                                                                                                                                                                                                                                                                     
Stockholders’ equity
   Common stock, $1 par value                                                                            $    49,187                                                                     $    49,187                                                                         0 %
   Additional paid in capital                                                                                120,609                                                                         129,483                                                                        (7 %)
   Retained earnings                                                                                       1,944,324                                                                       1,754,907                                                                        11 %
   Accumulated other comprehensive loss                                                                     (216,840 )                                                                      (291,756 )                                                                     (26 %)
   Less: cost of treasury stock                                                                             (369,480 )                                                                      (350,630 )                                                                       5 %
                                                                                                    -------------------------------------                                           -------------------------------------
      Total stockholders’ equity                                                                           1,527,800                                                    1,291,191                                                     18 %
                                                                                                    -------------------------------------                                           -------------------------------------
                                                                                                                                                                  
                                                                                                    --------------------------------------                                          --------------------------------------
      Total liabilities and stockholders’ equity                                                         $ 3,236,321                                                  $ 3,037,781                                                      7 %
                                                                                                    ====== ========= ====================                                           ====== ========= ====================
                                                                                                                                                                                                                                                                     
NM- not meaningful
 
                                                                                                                                                    CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                                                                                                                                                          SEGMENT INFORMATION (UNAUDITED)
                                                                                                                                                                ($’s in thousands)
                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                              
                                                                                                                   Three Months Ended                                                                                                                                      Year Ended
                                                                                                                      December 31,                                                                                                                                        December 31,
                                                                 -----------------------------------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                Change                                                                                                                                               Change
                                                                                2017                                                  2016                                         %                                        2017                                                    2016                                                %
                                                                 ----------------------------------                     ---------------------------------                     ----------                     -----------------------------------                     -----------------------------------                     ----------------------
Sales:
----------------------
Commercial/Industrial                                               $ 298,329                                             $ 278,346                                              7 %                           $ 1,162,689                                             $ 1,118,768                                                    4 %
Defense                                                               172,511                                               133,353                                             29 %                               555,479                                                 466,654                                                   19 %
Power                                                                 141,041                            153,867                          (8 %)                              552,858           523,509                                 6 %
                                                                 ---------------------------------                      --------------------------------                                                     ---------------------------------- -------------------- ----------------------------------
                                                                                                                                                                                                                                                                                                                              
Total sales                                                         $ 611,881                                             $ 565,566                                              8 %                           $ 2,271,026                                             $ 2,108,931                                                    8 %
                                                                                                                                                                                                                                                                                                                              
Operating income (expense):
---------------------------------------------------------------------------------------------
Commercial/Industrial                                               $  47,240                                             $  48,474                                             (3 %)                          $   168,328                                             $   156,550                                                    8 %
Defense                                                                43,377                                                34,015                                             28 %                               109,355                                                  98,291                                                   11 %
Power                                                                  24,364                             31,600                         (23 %)                               85,260                               76,472                                11 %
                                                                 ---------------------------------                      --------------------------------                                                     ----------------------------------                      ----------------------------------
                                                                                                                                                                                                                                                                                                                              
Total segments                                                      $ 114,981                                             $ 114,089                                              1 %                           $   362,943                                             $   331,313                                                   10 %
Corporate and other                                                    (6,286 )                                              (7,916 )                                           21 %                               (23,200 )                                               (23,215 )                                                  0 %
                                                                 ---------------------------------                      --------------------------------                                                     ----------------------------------                      ----------------------------------
                                                                                                                                                                                                                                                                                                                              
Total operating income                                              $ 108,695                          $ 106,173                           2 %                           $   339,743                          $   308,098                                10 %
                                                                 ==== ======= ====================                      === ======= ====================                                                     === ========= ====================                      === ========= ====================
                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                              
Operating margins:
----------------------
Commercial/Industrial                                                    15.8                    %                             17.4                    %                      (160 bps)                               14.5                    %                               14.0                    %                              50 bps
Defense                                                                  25.1                    %                             25.5                    %                       (40 bps)                               19.7                    %                               21.1                    %                            (140 bps)
Power                                                                    17.3                    %                             20.5                    %                      (320 bps)                               15.4                    %                               14.6                    %                              80 bps
Total Curtiss-Wright                                                     17.8                    %                             18.8                    %                      (100 bps)                               15.0                    %                               14.6                    %                              40 bps
                                                                                                                                                                                                                                                                                                                              
Segment margins                                                          18.8                    %                             20.2                    %                      (140 bps)                               16.0                    %                               15.7                    %                              30 bps
 
                                                                                                                                                             CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                                                                                                                                                                   SALES BY END MARKET (UNAUDITED)
                                                                                                                                                                         ($’s in thousands)
                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                     
                                                                                                                   Three Months Ended                                                                                                                                               Year Ended
                                                                                                                      December 31,                                                                                                                                                 December 31,
                                                               --------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                  Change                                                                                                                                                         Change
                                                                               2017                                                     2016                                         %                                         2017                                                       2016                                                      %
                                                               ------------------------------------                     ------------------------------------                     --------                     --------------------------------------                     --------------------------------------                     --------------------------------
Defense markets:
Aerospace                                                           $ 109,294                                                $  80,891                                            35 %                             $   355,483                                                $   296,314                                                   20 %
Ground                                                                 29,160                                                   25,626                                            14 %                                  94,216                                                     84,288                                                   12 %
Naval                                                                 112,201                                                  104,610                                             7 %                                 405,836                                                    401,281                                                    1 %
Other                                                                   3,244                                 3,699                        (12 %)                                 21,321                                  11,721                                82 %
                                                               -----------------------------------                      -----------------------------------                                                   -------------------------------------                      -------------------------------------
Total Defense                                                       $ 253,899                                                $ 214,826                                            18 %                             $   876,856                                                $   793,604                                                   10 %
                                                                                                                                                                                                                                                                                                                                     
Commercial markets:
Aerospace                                                           $ 106,230                                                $  97,225                                             9 %                             $   412,369                                                $   397,327                                                    4 %
Power Generation                                                      109,783                                                  123,365                                           (11 %)                                423,981                                                    408,509                                                    4 %
General Industrial                                                    141,969                               130,150                          9 %                                 557,820                                 509,491                                 9 %
                                                               -----------------------------------                      -----------------------------------                                                   -------------------------------------                      -------------------------------------
Total Commercial                                                    $ 357,982                                                $ 350,740                                             2 %                             $ 1,394,170                                                $ 1,315,327                                                    6 %
                                                                                                                                                                                                                 
                                                               ------------------------------------                     ------------------------------------                                                  --------------------------------------                     --------------------------------------
Total Curtiss-Wright                                                $ 611,881                             $ 565,566                          8 %                             $ 2,271,026                             $ 2,108,931                                 8 %
                                                               ====== ======= ====================                      ====== ======= ====================                                                   ====== ========= ====================                      ====== ========= ====================
                                                                                                                                                                                                                                                                                                                                                
 
                                                                                                                                     CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                                                                                                                                       PROVISION FOR INCOME TAXES (UNAUDITED)
                                                                                                                                                 ($’s in thousands)
                                                                                                                                               
                                                                                                                   Three Months Ended                                                                                                                Year Ended
                                                                                                                      December 31,                                                                                                                  December 31,
                                                                             ----------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------
                                                                                            2017                                        ETR                          EPS                                       2017                                        ETR                                      EPS
                                                                             -----------------------------------                     --------                     ---------                     -----------------------------------                     --------                     --------------------------------
                                                                                                                                                                                                                                                                                      
Base Provision for Income Taxes                                                   $ 23,793                                           24.0 %                                                          $ 82,311                                           27.5 %
                                                                                                                                                                                                                                                                                      
Impact of share based compensation                                                $ (2,435 )                                         (2.5 )%                       0.05                              $ (7,807 )                                         (2.6 )%                            0.17
                                                                                                                                                                                                                                                                                      
Net Impact of TCJA:
     Transition Tax                                                               $ 21,983                                                                                                           $ 21,983
     Deferred Tax Revaluation                                                      (11,759 )                                                                                                          (11,759 )
                                                                             ----------------------------------                                                                                 ----------------------------------
                                                                                  $ 10,224                        10.3 %                       (0.23 )                            $ 10,224                         3.4 %                            (0.23 )
                                                                             ------ ------ --------------------                                                                                 ------ ------ --------------------
                                                                                                                                                                              
                                                                             -----------------------------------                                                                                -----------------------------------
Final Provision for Income Taxes                                                  $ 31,582                        31.8 %                       (0.18 )                            $ 84,728                        28.3 %                            (0.06 )
                                                                             ------ ------ --------------------                      ---- --                      ----- --                      ------ ------ --------------------                      ---- --                      ---------- --------------------
                                                                                                                                                                                                                                                                                                 

Use 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 non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. 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. The following definitions are provided:

Organic Revenue and Organic Operating Income

The Corporation discloses organic revenue and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic revenue and organic operating income are defined as revenue and operating income excluding the impact of foreign currency fluctuations and contributions from acquisitions made during the last twelve months.

                    
                                                                                                                                                                Three Months Ended
                                                                                                                                                                   December 31,
                                                                                                                                                                   2017 vs. 2016
                                                           -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Commercial/Industrial                           Defense                                 Power                                      Total Curtiss-Wright
                                                           -----------------------------------------                     -------------------------------------                     ------------------------------------- ---------------------------------------------------------------
                                                              Sales     Operating                      Sales   Operating                      Sales   Operating    Sales                Operating
                                                                                            income                                                    income                                                    income                                               income
                                                           --------                       --------                       ----                       --------                       ----                       --------   --------                       ------------------------------
Organic                                                       6 %                           (3 %)                         9 %                          4 %                         (8 %)                       (23 %)       3 %                                 (6 %)
Acquisitions                                                  0 %                            0 %                         18 %                         27 %                          0 %                          0 %        4 %                                  9 %
Foreign Currency                                              1 %                            0 %                          2 %                         (3 %)                         0 %                          0 %        1 %                                 (1 %)
                                                           ---- ----                      ---- ----                      -- --                      ---- ----                      -- --                      ---- ----  ---- ----                      ---------- --------------------
Total                                                         7 %                           (3 %)                        29 %                         28 %                         (8 %)                       (23 %)       8 %                                  2 %
                                                                                                                                                                                                                                                         
                                                                                                                                                                    Year Ended
                                                                                                                                                                   December 31,
                                                                                                                                                                   2017 vs. 2016
                                                           -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Commercial/Industrial                                              Defense                                                    Power                                      Total Curtiss-Wright
                                                           -----------------------------------------                     -------------------------------------                     ------------------------------------- ---------------------------------------------------------------
                                                              Sales                        Operating                      Sales                      Operating                      Sales                      Operating    Sales                                   Operating
                                                                                            income                                                    income                                                    income                                               income
                                                           --------                       --------                       ----                       --------                       ----                       --------   --------                       ------------------------------
Organic                                                       4 %                            7 %                          5 %                          4 %                          6 %                         11 %        5 %                                  7 %
Acquisitions                                                  0 %                            0 %                         14 %                          8 %                          0 %                          0 %        3 %                                  3 %
Foreign Currency                                              0 %                            1 %                          0 %                         (1 %)                         0 %                          0 %        0 %                                  0 %
                                                           ---- ----                      ---- ----                      -- --                      ---- ----                      -- --                      ---- ----  ---- ----                      ---------- --------------------
Total                                                         4 %                            8 %                         19 %                         11 %                          6 %                         11 %        8 %                                 10 %
                                                                                                                                                                                                                                                                    

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 cash flow provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by net earnings from continuing operations.

 
                                                                                                                        CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
                                                                                                                            NON-GAAP FINANCIAL DATA (UNAUDITED)
                                                                                                                                    ($’s in thousands)
                                                                                                                                                      
                                                                                                                                                                                                                                                       
                                                                                                                      Three Months Ended                                                                                                Year Ended
                                                                                                                         December 31,                                                                                                  December 31,
                                                                                                  2017                                                  2016                                                  2017                                                    2016
                                                                                    ---------------------------------                     ---------------------------------                     ---------------------------------                     ------------------------------------
                                                                                                                                                                                                                                                       
Net cash provided by operating activities                                             $ 226,405                                             $ 155,985                                             $ 388,712                                                $ 423,197
Capital expenditures                                                                    (17,831 )                                             (20,649 )                                             (52,705 )                                                (46,776 )
                                                                                    --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
Free cash flow                                                                        $ 208,574                          $ 135,336                          $ 336,007                             $ 376,421  
                                                                                    --- ------- --------------------                      --- ------- --------------------                      --- ------- --------------------                      ------ ------- --------------------
                                                                                                                                                                                                                                                       
Free Cash Flow Conversion                                                                   308 %                                                 192 %                                                 156 %                                                    199 %
                                                                                    --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
                                                                                                                                                                                                                                                                      
 
                                                                                                                                                                                                                                     CURTISS-WRIGHT CORPORATION
                                                                                                                                                                                                                                     2018 Guidance (1) (2) (3)
                                                                                                                                                                                                                                     As of February 21, 2018
                                                                                                                                                                                                                                     ($’s in millions, except per share data)
                                                                                                                                                                                                                                                                                                   
                                                                                                                    2017                                                                                                                                        2018 Guidance (Unadjusted)                                                                                                                                                   2018 Adjusted for Pension
                                                                                                                                                                                                                                                                                                                                                                                                                                                 Reclassification
                                                                              --------------------------------------------------------------------------                                                 --------------------------------------------------------------------------------------------------------------------------------                                                   ------------------------------------------------------------------------------------------------------------------
                                                                                         Reported                                           Adj. for                                                                      Low                                   High                                             2018 %                                                                Low                                               High                                         2018 %
                                                                                                                                             Pension                                                                                                                                                                               Change vs                                                                                                                                                            Change vs
                                                                                                                                                                                                                                                                                                                                     2017                                                                                                                                                                 2017
                                                                                                                                                                                                                                                                                                                                   Reported                                                                                                                                                             Adjusted
                                                                              ---------------------------                        ---------------------------                                             ----------------------------------                        ----------------------------------                        --------------------                                           ---------------------------                        ---------------------------                        --------------------
Sales:
-----------------------------------
Commercial/Industrial                                                          $ 1,163                                            $ 1,163                                                                      $   1,183                                                 $   1,203                                                                                                           $ 1,183                                            $ 1,203
Defense                                                                            555                                                555                                                                            565                                                       575                                                                                                               565                                                575
Power                                                                              553                             553                                                         587                                    597                                                                         587                             597                         
                                                                              -----------------------------                      -----------------------------                                           ------------------------------------                      ------------------------------------                      --------------------                                           -----------------------------                      -----------------------------                      --------------------
Total sales                                                                    $ 2,271                                            $ 2,271                                                                      $   2,335                                                 $   2,375                                                        3 to 5%                                            $ 2,335                                            $ 2,375                                                        3 to 5%
                                                                                                                                                                                                                                                                                                                             --------------------                                                                                                                                                 --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Operating income:
-----------------------------------
Commercial/Industrial                                                          $   168                                            $   168                                                                      $     175                                                 $     180                                                                                                           $   174                                            $   179
Defense                                                                            109                                                109                                                                            121                                                       124                                                                                                               121                                                124
Power                                                                               85                              81                                                          96                                     99                                                                                             94                              97  
                                                                              -----------------------------                      -----------------------------                                           ------------------------------------                      ------------------------------------                                                                                     -----------------------------                      -----------------------------
Total segments                                                                     363                                                359                                                                            392                                                       403                                                                                                               389                                                400
Corporate and other                                                                (23 )                                              (34 )                                                                          (23 )                                                     (24 )                                                                                          (34 )                                              (35 )                                          
                                                                              -----------------------------                      -----------------------------                                           ------------------------------------                      ------------------------------------                      --------------------                                           -----------------------------                      -----------------------------                      --------------------
Total operating income                                                         $   340                         $   325                                                   $     369                              $     379                                    9 to 12%                                            $   355                         $   365                                    9 to 12%
                                                                              == ===== ====================                      == ===== ====================                                           ======= ======= ====================                      ======= ======= ====================                      --------------------                                           == ===== ====================                      == ===== ====================                      --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Interest expense                                                               $   (41 )                                          $   (41 )                                                                    $     (37 )                                               $     (38 )                                                                                                         $   (37 )                                          $   (38 )
Other income, net                                                                    1                                                 16                                                                 --                                            --                                                                                                                14                                                 14
Earnings before income taxes                                                       300                                                300                                                                            332                                                       341                                                                                                               332                                                341
Provision for income taxes                                                         (85 )                                              (85 )                                                                          (80 )                                                     (82 )                                                                                                             (80 )                                              (82 )
                                                                              -----------------------------                      -----------------------------                                           ------------------------------------                      ------------------------------------                                                                                     -----------------------------                      -----------------------------
Net earnings                                                                   $   215                         $   215                                                   $     253                              $     259                                                                                        $   253                         $   259  
                                                                              == ===== ====================                      == ===== ====================                                           ======= ======= ====================                      ======= ======= ====================                                                                                     == ===== ====================                      == ===== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                             --------------------                                                                                                                                                 --------------------
Reported diluted earnings per share                                            $  4.80                                            $  4.80                                                                      $    5.65                                                 $    5.80                                                      18 to 21%                                            $  5.65                                            $  5.80                                                      18 to 21%
                                                                                                                                                                                                                                                                                                                             --------------------                                                                                                                                                 --------------------
Diluted shares outstanding                                                        44.8                                               44.8                                                                           44.7                                                      44.7                                                                                                              44.7                                               44.7
Effective tax rate                                                                28.3 %                                             28.3 %                                                                         24.0 %                                                    24.0 %                                                                                                            24.0 %                                             24.0 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Operating margins:
-----------------------------------
Commercial/Industrial                                                             14.5 %                                             14.5 %                                                                         14.8 %                                                    15.0 %                                                 30 to 50 bps                                               14.7 %                                             14.9 %                                                 20 to 40 bps
Defense                                                                           19.7 %                                             19.7 %                                                                         21.4 %                                                    21.6 %                                               170 to 190 bps                                               21.3 %                                             21.5 %                                               160 to 180 bps
Power                                                                             15.4 %                                             14.7 %                                                                         16.4 %                                                    16.6 %                                               100 to 120 bps                                               16.0 %                                             16.2 %                                               130 to 150 bps
                                                                                                                                                                                                                                                                                                                             --------------------                                                                                                                                                 --------------------
Total operating margin                                                            15.0 %                                             14.3 %                                                                         15.8 %                                                    16.0 %                                                80 to 100 bps                                               15.2 %                                             15.4 %                                                90 to 110 bps
                                                                                                                                                                                                                                                                                                                             --------------------                                                                                                                                                 --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Note: Full year amounts may not add due to rounding
(1) Full-year 2017 and 2018 effective tax rate guidance includes
the impacts of the Tax Cuts and Jobs Act.
(2) Full-year 2017 adjusted results and expectations for 2018
guidance include the impacts from the adoption of ASU 2017-07
"Improving the Presentation of Net Periodic Pension Cost and Net
Periodic Postretirement Benefit Cost," which results in
reclassification of the non-service components of Pension expense
from Operating Income to Other Income/Expense effective for fiscal
years beginning after December 15, 2017. This accounting change
lowers operating income by $14.6 million and $14.0 million,
respectively, and lowers operating margin by 70 and 60 basis
points, respectively, in full-year 2017 and projected full-year
2018 periods. This change is neutral to earnings per share in both
periods.
(3) The Company will update its guidance to reflect the financial
impact of the Dresser-Rand business following the closing of the
transaction, currently expected in the second quarter of 2018.
 
 
                     CURTISS-WRIGHT CORPORATION
            2018 Sales Growth Guidance by End Market (1)
                       As of February 21, 2018
                                   
                                         2018 % Change vs 2017
                                  ---------------------------------
                                   
Defense Markets
---------------------------------
Aerospace                                       8 - 10%
Ground                                          0 - 2%
Navy                                            0 - 2%
Total Defense                                   3 - 5%
(Including Other Defense)
                                   
Commercial Markets
---------------------------------
Commercial Aerospace                            0 - 2%
Power Generation                                6 - 8%
General Industrial                              3 - 5%
Total Commercial                                3 - 5%
                                   
Total Curtiss-Wright Sales                      3 - 5%
                                   
Notes: Full year amounts may not add due to rounding.
(1) The Company will update its guidance to reflect the
financial impact of the Dresser-Rand government business following
the closing of the transaction, currently expected in the second
quarter of 2018.
 

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 8,600 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 Company’s 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 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; 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, 2016, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180221006468r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180221006468/en/

SOURCE: Curtiss-Wright Corporation

Curtiss-Wright Corporation 
Jim Ryan, 704-869-4621 
Jim.Ryan@curtisswright.com


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2019 StockSelector.com. All rights reserved.