Curtiss-wright Corporation · NYSE:CW
Curtiss-wright — Q1 2021 Earnings Presentation
15 slides from Curtiss-wright's earnings presentation, May 6, 2021
Slide 1: Q1 2021 Earnings Conference Call
Listen-Only dial-in numbers: (844) 220-4970 (domestic) (262) 558-6349 (international) Conference ID: 3289007 Q1 2021 Earnings Conference Call May 6, 2021 NYSE: CW 1 | May 6, 2021 | © 2021 Curtiss-Wright
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: Strong Start to 2021: First Quarter Performance and Full-Year Guidance Highlights
Strong Start to 2021: First Quarter Performance and Full-Year Guidance Highlights First Quarter 2021 Highlights ▪ Adjusted Net Sales increased 2% overall; Aerospace & Defense markets up 8% ▪ Adjusted Operating Income up 15%; Adjusted Operating Margin up 160 bps to 15.0% – Driven by strong defense ma
Slide 4: First Quarter 2021 Financial Review
First Quarter 2021 Financial Review Q1’21 Q1’20 Chg vs. ($ in millions) Adjusted Adjusted Q1’20 Key Drivers ▪ Reduced YOY demand in commercial aerospace (principally widebody jets) Aerospace & Industrial $178 $208 (15%) ▪ Partially offset by higher industrial vehicle sales ▪ Solid 4% organic growth,
Slide 5: 2021E End Market Sales Growth (Guidance as of May 5, 2021)
2021E End Market Sales Growth (Guidance as of May 5, 2021) Updated (in blue) 2021E Growth 2021E Growth vs 2020 vs 2020 2021E (Prior) (Current) % Sales 2021 Key Drivers Aero Defense 2% - 4% 2% - 4% 19% ▪ Favorable growth on C5ISR and helicopter programs Ground Defense 100% - 105% 100% - 105% 9% ▪ Con
Slide 6: 2021E Financial Outlook (Guidance as of May 5, 2021)
2021E Financial Outlook (Guidance as of May 5, 2021) Updated (in blue) 2021E Adjusted (1) 2021E Adjusted (1) 2021E Change vs ($ in millions) (Prior) (Current) 2020 Adjusted (1,2) Aerospace & Industrial $745 - 760 $745 - 760 1% - 3% ▪ Strong rebound in general industrial markets; partially offset by
Slide 7: 2021E Financial Outlook (Guidance as of May 5, 2021)
2021E Financial Outlook (Guidance as of May 5, 2021) Updated (in blue) 2021E Adjusted (1) 2021E Adjusted (1) ($ in millions, except EPS) (Prior) (Current) Total Operating Income(2) $404 - 414 $408 - 418 Solid growth, up 9-11%, despite increased R&D ($10M) Other Income/(Expense) $15 - 17 $15 - 17 Int
Slide 8: Curtiss-Wright Remains Well-Positioned for Long-Term Profitable Growth
Curtiss-Wright Remains Well-Positioned for Long-Term Profitable Growth ▪ Strong revenue growth of 7% - 9% led by solid improvement across A&D and Commercial markets – Solid organic growth (up 2% - 4%) plus PacStar acquisition providing strong boost to top-line ▪ Steady adjusted operating margin expa
Slide 9: Appendix
Appendix Non-GAAP Financial Results The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "Adjusted" amounts, which are Non-GAAP financial measures described below. We utilize a
Slide 10: First Quarter 2021 End Market Sales Growth
First Quarter 2021 End Market Sales Growth Q1’21 % of Total Key Drivers Change Sales Aerospace & Defense Markets: Aero Defense 9% 19% ▪ Aerospace Defense: Higher defense electronics revenues on helicopter and UAV programs Ground Defense 151% 10% ▪ Ground Defense: Higher tactical battlefield communic
Slide 11: 2021E End Market Sales Waterfall (as of May 5, 2021)
FY’21 Guidance: 2021E End Market Sales Waterfall (as of May 5, 2021) Overall UP 7 - 9% A&D Markets UP 7 - 9% Total 2021 CW End Markets Comm’l Markets UP 6 - 8% $2.450B - 2.500B Aerospace & Defense Markets Commercial Markets 66% $1.65B 34% $0.8B Naval Commercial Aerospace Power & Process General Indu
Slide 12: Non-GAAP Reconciliation – 2020 vs 2021 (Adjusted)
Non-GAAP Reconciliation – 2020 vs 2021 (Adjusted) CURTISS-WRIGHT CORPORATION 2021 Segment Reorganization As of May 5, 2021 ($'s in millions, except per share data) Exiting 2021 2020 Adjusted Division Non-Core 2020 Adjusted (2,3) Adjusted Guidance (2,4) (Non-GAAP) Realignment Operations (Non-GAAP) (N
Slide 13: Non-GAAP Reconciliation – 2020 vs 2021 (Adjusted)
Non-GAAP Reconciliation – 2020 vs 2021 (Adjusted) CURTISS-WRIGHT CORPORATION 2021 Guidance (New Segment Structure) As of May 5, 2021 ($'s in millions, except per share data) 2020 2021 2021 2021 (1,3) (2) (2) Adjusted Reported Guidance Exiting Non- Adjustments Adjusted Guidance (Non-GAAP) (GAAP) Core
Slide 14: Non-GAAP Reconciliations – Q1 2021 Results
Non-GAAP Reconciliations – Q1 2021 Results (In millions, except EPS) Q1-2021 Q1-2020 Change Net sales $ 597.1 $ 601.2 (1%) Adjustments (1) (7.1) (25.6) Adjusted net sales $ 590.0 $ 575.7 2% Reported operating income (GAAP) $ 85.1 $ 72.4 17% Adjustments (1) 3.7 4.5 Adjusted operating income (Non-GAAP
Slide 15: Non-GAAP Reconciliation – Organic Results
Non-GAAP Reconciliation – Organic Results Three Months Ended March 31, 2021 vs. 2020 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Operating Operating Operating Operating Sales income Sales income Sales income Sales income Organic (22%) (41%) 4% 43% (1%) 38% (8%) 15%