News
Curtiss-Wright hosts 2024 Investor Day and provides new long-term financial guidance
Introduces 3-year financial targets including minimum 5% organic revenue CAGR, minimum 10% EPS CAGR and strong free cash flow generation as well as commercial core advantage option
Highlights Highly Efficient and Disciplined Capital Allocation Structure
DAVIDSON, North Carolina, May 21, 2024–(BUSINESS WIRE)–Curtiss-Wright Corporation (NYSE: CW) announced that it is holding an Investor Day in New York City today, beginning at 8:30 a.m. EDT, reaffirming full-year 2024 financial guidance and providing its initial long-term outlook until 2026.
Lynn M. Bamford, President and Chief Executive Officer, K. Christopher Farkas, Vice President and Chief Financial Officer, and other members of the executive management team, will provide an in-depth analysis of the Company’s Pivot to Growth strategy for continued profitable growth and introduce new long-term financial goals. Additionally, the Company is pleased to welcome a panel of commercial nuclear energy experts, including senior leadership from the Nuclear Energy Institute, a nuclear technologies industry policy organization based in Washington, DC; Westinghouse Electric Company, designer of the AP1000 and AP300 pressurized water reactors; and Energy Northwest, a public energy company and leading provider of carbon-free electricity.
“This is an exciting time for Curtiss-Wright as we build on our strong track record of operational excellence and financial discipline and continue to build momentum in our Pivot to Growth strategy,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “Our technologies and portfolio of solutions are incredibly well aligned with customer and industry needs and growth trends across all of our key end markets. We expect to deliver incremental operating margin expansion and strong free cash flow generation while where we make strategic investments in research and development to accelerate our long-term organic growth Overall, we are confident in our ability to achieve our new 3-year financial goals and deliver significant long-term value to all of our stakeholders. “
Presenting 3-year financial goals (2024 – 2026):
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Total Organic Revenue CAGR above 5%;
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Growth in Operating Result > Growth in Revenue, implying continuous expansion of the operating margin;
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Top quartile margin performance (relative to CW proxy peer group);
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EPS CAGR above 10%;
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Free Cash Flow Conversion above 105%, based on more normalized investments; It is
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Targets reflect the 2023 base year and do not include an AP1000 request in this period.
Event webcast details:
A live webcast of the event, including a question and answer session with Curtiss-Wright senior leadership at the conclusion of prepared remarks, will begin at 8:30 a.m. EDT and end at approximately 12:15 p.m. EDT. The presentations and webcast can be accessed on the Company’s Investor Relations page. Registration for the webcast is required and can be done on the website Investor Day 2024 Registration Site. An archived replay of the webcast and slides shown during the presentations will be available after the conclusion of the event for one year.
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About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is an integrated global company providing highly engineered products, solutions and services primarily to the aerospace and defense markets, as well as critical technologies in the demanding commercial power, process and industrial markets. We leverage a workforce of approximately 8,600 highly skilled employees who develop, design and build what we believe are the best engineering solutions for the markets we serve. Building on the heritage of Glenn Curtiss and the Wright Brothers, Davidson, North Carolina-based Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information visit www.curtisswright.com.
Certain statements made in this press release, including statements regarding future revenues, financial performance guidance, quarterly and annual revenues, net income, operating income growth, future business opportunities, cost reduction initiatives, the successful integration of acquisitions of the Company and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements set forth management’s expectations, beliefs, plans and objectives regarding future financial performance , and assumptions or judgments regarding such performance. Any discussions contained in this press release, except to the extent they contain historical facts, are forward-looking and therefore involve estimates, assumptions, judgments and uncertainties. These 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 advance orders; an economic recession; changes in the competitive market and/or customer needs; a change in government spending; an inability to execute customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine and industrial companies. These factors are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent reports filed with the Securities and Exchange Commission.
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Contacts
Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com