Curtiss-wright Corporation · NYSE:CW

Curtiss-wright — Q4 2023 Earnings Presentation

15 slides from Curtiss-wright's earnings presentation, Feb 15, 2024

  1. Slide 1: Q4 2023 Earnings Conference Call

    Q4 2023 EARNINGS CONFERENCE CALL Conference Call Dial-in numbers: February 15, 2024 (800) 225-9448 (domestic) (203) 518-9708 (international) Conference code: CWQ423 Q4 2023 Earnings Presentation

  2. Slide 2: Safe Harbor Statement

    SAFE HARBOR STATEMENT Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect n

  3. Slide 3: Delivered Strong Q4 Results and Record FY2023 Performance

    CURTISS-WRIGHT DELIVERED STRONG Q4 RESULTS AND RECORD FY2023 PERFORMANCE Fourth Quarter 2023 Highlights Full-Year 2023 Highlights ▪ Sales of $786 Million, up 4% overall ▪ Sales of $2.8B, up 11%, with Operating Income up 11% – A&D markets up 5%, exceeding expectations ▪ Achieved Operating Margin of 1

  4. Slide 4: Fourth Quarter 2023 Financial Review

    FOURTH QUARTER 2023 FINANCIAL REVIEW Q4’23 Q4’22 ($ in millions) Adjusted Adjusted Change Key Drivers ▪ Strong 20% growth in Commercial Aerospace OEM; Partially offset by timing in Defense and General Aerospace & Industrial $238 $223 7% Industrial markets ▪ Solid growth in Ground Defense (tactical c

  5. Slide 5: 2024 End Market Sales Growth Guidance

    2024 END MARKET SALES GROWTH GUIDANCE (As of February 14, 2024) ($ in Millions) 2024E Growth 2024E 2023 Sales vs 2023 % Sales Key Drivers ▪ Strong defense electronics revenue growth on various C5/ISR programs; Higher flight test Aerospace Defense $552 5% - 7% 20% instrumentation equipment on F-35 pr

  6. Slide 6: 2024 Financial Guidance

    2024 FINANCIAL GUIDANCE (As of February 14, 2024) Change vs Key Drivers ($ in millions) 2024E 2023 Adjusted Aerospace & Industrial $915 - 930 3% - 5% ▪ Strong LDD growth in Commercial Aerospace and LSD growth in Industrial markets ▪ Strong Defense market growth driven by record backlog and continued

  7. Slide 7: 2024 Financial Guidance

    2024 FINANCIAL GUIDANCE (As of February 14, 2024) Change 2023 vs 2023 Key Drivers ($ in millions, except EPS) Adjusted 2024E Adjusted Total Sales $2,845 $2,960 - 3,010 4% - 6% Continued focus on generating profitable growth Total Operating Income $494 $514 - 528 4% - 7% Other Income $30 $33 - 35 ▪ H

  8. Slide 8: Delivered Successful Performance Against 3-Year Financial Targets (2021-2023)

    DELIVERED SUCCESSFUL PERFORMANCE AGAINST 3-YEAR FINANCIAL TARGETS (2021-2023) KEY MESSAGES | 2021 INVESTOR DAY 1 Pivot to Growth, both organic and inorganic; reinvesting back into the business to fuel the innovation engine; disciplined and strategic approach to M&A while maintaining top-quartile per

  9. Slide 9: Curtiss-Wright Remains Well Positioned for Long-Term Profitable Growth

    CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE GROWTH ▪ Primed to deliver strong FY24 performance – Organic sales growth of 4% - 6% with increases in all A&D and Commercial markets – Continued Operating Margin expansion, Expect 0 - 20 bps increase to 17.4% - 17.6% • Solid underlying

  10. Slide 10: Appendix

    Appendix Q4 2023 Earnings Presentation 10

  11. Slide 11: Non-GAAP Financial Information

    NON-GAAP FINANCIAL INFORMATION The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved tran

  12. Slide 12: Fourth Quarter 2023: End Market Sales Growth

    FOURTH QUARTER 2023: END MARKET SALES GROWTH Q4’22 ($ in millions) Key Drivers Q4’23 Adjusted Change Higher revenues of arresting systems and flight test instrumentation equipment more Aerospace Defense $172 $173 (1%) than offset by timing of C5/ISR programs and sharp Q4’22 recovery in supply chain

  13. Slide 13: Full Year 2023: End Market Sales Growth

    FULL YEAR 2023: END MARKET SALES GROWTH FY’22 ($ in millions) Key Drivers FY’23 Adjusted Change Higher revenues of embedded computing and flight test instrumentation products, and Aerospace Defense $552 $480 15% strong demand for arresting systems equipment Ground Defense $308 $220 40% Higher tactic

  14. Slide 14: 2023 End Market Sales Waterfall

    FY’23: 2023 END MARKET SALES WATERFALL Overall UP 11% (UP 10% Org) A&D Markets UP 14% Total 2023 CW End Markets Comm’l Markets UP 6% $2.845B Aerospace & Defense Markets Commercial Markets 67% $1.90B 33% $0.94B Naval Commercial Aerospace Power & Process General Industrial 25% 11% 18% 15% Pumps / Valv

  15. Slide 15: 2024E End Market Sales Waterfall

    FY’24 Guidance: 2024E END MARKET SALES WATERFALL (as of February 14, 2024) Overall UP 4 - 6% A&D Markets UP 5 - 7% Total 2024 CW End Markets Comm’l Markets UP 2 - 4% $2.960B - 3.010B Aerospace & Defense Markets Commercial Markets 67% $2.02B 33% $0.97B Naval Commercial Aerospace Power & Process Gener

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