Slide 1: Q4 2022 Earnings Conference Call
Q4 2022 EARNINGS CONFERENCE CALL Conference Call Dial-in numbers: FEBRUARY 22, 2023 (800) 274-8461 (domestic) (203) 518-9843 (international) Conference code: CWQ422 Q4 2022 Earnings Presentation
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
Slide 3: Curtiss-Wright Delivered a Solid Finish to 2022
CURTISS-WRIGHT DELIVERED A SOLID FINISH TO 2022 Fourth Quarter 2022 Highlights FY2022 Highlights ▪ Sales of $758 Million increased 16% overall ▪ Sales up 4%, Operating Income up 5% and double-digit growth – Defense markets up 20% reflecting strong conversion on backlog in Diluted EPS and contributio
Slide 4: Fourth Quarter 2022 Financial Review
FOURTH QUARTER 2022 FINANCIAL REVIEW Q4’22 Q4’21 Chg vs. ($ in millions) Adjusted Adjusted Q4’21 Key Drivers ▪ Double-digit growth in both Commercial Aerospace (OEM) and General Industrial (industrial vehicles Aerospace & Industrial $223 $208 8% and surface treatment services); Partially offset by t
Slide 5: 2023 End Market Sales Growth Guidance
2023 END MARKET SALES GROWTH GUIDANCE (As of February 21, 2023) 2023E Growth 2023E vs 2022 % Sales ▪ Solid organic growth in defense electronics revenues on various C5/ISR programs; Aerospace Defense 9% - 11% 20% Contribution from arresting systems acquisition Ground Defense 4% - 6% 9% ▪ Higher tact
Slide 6: 2023 Financial Guidance
2023 FINANCIAL GUIDANCE (As of February 21, 2023) % Change ($ in millions) 2023E Adjusted vs 2022 Aerospace & Industrial $845 - 860 1% - 3% ▪ Solid growth in Commercial Aerospace mainly offset by reduced Defense (timing of programs) and FX (1%) ▪ Strong Defense market growth driven by record backlog
Slide 7: 2023 Financial Guidance
2023 FINANCIAL GUIDANCE (As of February 21, 2023) 2022 2023E % Change ($ in millions, except EPS) Adjusted Adjusted vs 2022 Total Sales $2,557 $2,655 - 2,710 4% - 6% Growth in Operating Income exceeds Sales (aligns w/ Investor Day) Total Operating Income $443 $463 - 477 5% - 8% Other Income $17 $27
Slide 8: Continued Line of Sight to 3-Year Financial Targets (2021-2023)
CONTINUED LINE OF SIGHT TO 3-YEAR FINANCIAL TARGETS (2021-2023) TARGETS CHANGING DYNAMICS SINCE 2021 INVESTOR DAY INTRODUCED MAY 2021 Tailwinds: • Strong bipartisan support for U.S. Defense budget + FMS • Positive government legislation (Infrastructure, IRA) • Rising pro-nuclear sentiment and need f
Slide 9: Curtiss-Wright Remains Well Positioned for Long-Term Profitable Growth
CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE GROWTH ▪ Strong backlog exiting 2022 provides visibility and confidence in long-term outlook ▪ FY23 Sales growth of 4% - 6%, driven by strength in A&D markets – Expect to benefit from multi-year growth in Defense markets and continued r
Slide 10: Appendix
Appendix Q4 2022 Earnings Presentation 10
Slide 11: Non-GAAP Financial Information
NON-GAAP FINANCIAL INFORMATION The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved tran
Slide 12: Fourth Quarter 2022: End Market Sales Growth
FOURTH QUARTER 2022: END MARKET SALES GROWTH Q4’22 Q4’21 Chg vs. ($ in millions) Key Drivers Adjusted Adjusted Q4’21 Higher revenues of arresting systems equipment (acquisition) and higher embedded Aerospace Defense $173 $125 38% computing revenues on various C5ISR programs Ground Defense $81 $62 32
Slide 13: Full Year 2022: End Market Sales Growth
FULL YEAR 2022: END MARKET SALES GROWTH FY’22 FY’21 Chg vs. ($ in millions) Key Drivers Adjusted Adjusted FY’21 Higher revenues of arresting systems equipment (acquisition), partially offset by lower Aerospace Defense $480 $453 6% embedded computing and actuation equipment revenues on various progra
Slide 14: 2022 End Market Sales Waterfall
FY’22 Adjusted: 2022 END MARKET SALES WATERFALL Overall UP 4% A&D Markets UP 2% Total 2022 CW End Markets Comm’l Markets UP 8% $2.557B Aerospace & Defense Markets Commercial Markets 66% $1.67B 34% $0.89B Naval Commercial Aerospace Power & Process General Industrial 27% 11% 18% 16% Pumps / Valves / S
Slide 15: 2023E End Market Sales Waterfall
FY’23 Adjusted Guidance: 2023E END MARKET SALES WATERFALL (as of February 21, 2023) Overall UP 4 - 6% A&D Markets UP 6 - 8% Total 2023 CW End Markets Comm’l Markets UP 0 - 2% $2.655B - 2.710B Aerospace & Defense Markets Commercial Markets 67% $1.78B 33% $0.90B Naval Commercial Aerospace Power & Proc