Curtiss-Wright Corp ( (CW) ) has released its Q3 earnings. Here is a breakdown of the information Curtiss-Wright Corp presented to its investors.
Curtiss-Wright Corporation is a global integrated business specializing in highly engineered products, solutions, and services for Aerospace & Defense markets, as well as critical technologies in Commercial Power, Process, and Industrial markets.
Curtiss-Wright Corporation reported robust financial results for the third quarter of 2024, demonstrating strong performance across its key sectors. The company achieved a 10% increase in sales, reaching $799 million, and raised its full-year 2024 financial guidance, driven by solid demand in its Aerospace & Defense markets.
Key financial metrics for the quarter included a reported operating income of $145 million and an adjusted diluted earnings per share of $2.97, up 17% from the previous year. The company saw a 2% increase in new orders, reflecting a book-to-bill ratio of 1.1x, and a significant backlog increase of 16% year-to-date, totaling $3.3 billion. Curtiss-Wright also reported a remarkable free cash flow of $163 million, generating a 142% adjusted free cash flow conversion.
The company attributes its success to robust growth in the Aerospace & Defense markets, particularly strong performance in its Defense Electronics segment, and effective execution of its Pivot to Growth strategy. The management remains committed to its disciplined capital allocation strategy, having recently completed a $100 million expansion of its share repurchase program.
Looking ahead, Curtiss-Wright Corporation has raised its full-year 2024 guidance, anticipating continued sales growth in the range of 7% to 9%, along with increased operating income and diluted EPS. The company remains focused on leveraging its strong balance sheet to drive long-term shareholder value through strategic acquisitions and organic growth initiatives.
