Curtiss-Wright Corporation (NYSE: CW) reported financial results
for the second quarter and six months ended June 30, 2016.
Second Quarter 2016 Highlights
- Earnings per diluted share of $0.88,
exceeding expectations;
- Free cash flow increased 49% to $79
million, resulting in free cash flow conversion of 199%, as defined
in table below;
- Net sales of $533 million;
- Operating income of $68 million;
- Operating margin of 12.8%, up 80 basis
points;
- Backlog of $2.0 billion increased 6%
from December 31, 2015; and
- Share repurchase of approximately $25
million.
Business Outlook
- Increasing full-year 2016 operating
margin guidance by 20 basis points to new range of 14.2% to 14.4%,
despite lowering sales guidance;
- Increasing free cash flow guidance by
$10 million to new range of $300 million to $320 million; and
- Maintaining full-year 2016 expectations
for diluted earnings per share (EPS) of $4.00 to $4.15.
“Our second quarter results were ahead of our expectations, as
we continue to focus on ongoing margin improvement initiatives and
generate significant value for our shareholders despite challenging
market conditions,” said David C. Adams, Chairman and CEO of
Curtiss-Wright Corporation. “Our performance was led by the Power
segment, where we produced strong profitability aided by higher
AP1000 program revenues, as we continue to support new nuclear
power plant construction in the U.S. and China.”
“Looking to the balance of 2016, we continue to anticipate
steady, sequential margin improvement as we advance our drive to
top-quartile financial performance. We are maintaining our
full-year diluted EPS guidance of $4.00 to $4.15, despite having
modified our sales outlook based on slowing conditions affecting
several of our businesses, particularly those with exposure to the
energy markets. In addition, as a result of our on-going cost
control actions aimed at mitigating the challenging end market
conditions, we are increasing our full-year operating margin
guidance by another 20 basis points to a new range of 14.2% to
14.4%, a 90 to 110 basis point improvement compared to pro forma
2015 results. In addition, as a result of strong first half free
cash flow and efficient working capital management, we are raising
our full-year guidance by $10 million to a new range of $300 to
$320 million.”
“We remain committed to increasing shareholder value by
improving profitability, generating strong free cash flow and
maintaining a balanced capital allocation strategy. Thus far in
2016, we have returned more than $50 million to our shareholders
through consistent share repurchases and dividend distributions. We
continue to actively repurchase shares under our buyback program
and expect to repurchase at least $100 million this year.”
Second Quarter 2016 Operating Results
from Continuing Operations
(In thousands)
2Q-2016 2Q-2015
% Change Sales $ 532,766 $ 545,194 (2%)
Operating income 68,089 65,442 4% Operating margin 12.8% 12.0% 80
bps
Sales
Sales of $533 million in the second quarter decreased $12
million, or 2%, compared to the prior year, primarily reflecting a
$10 million decrease in organic sales as well as $2 million, or
less than 1%, in unfavorable foreign currency translation. Second
quarter 2016 sales primarily reflect continued lower demand in the
energy sector within the Commercial/Industrial segment, as well as
lower international ground defense sales in the Defense segment.
Those decreases were partially offset by higher AP1000 program and
naval defense revenues in the Power segment.
From an end market perspective, sales to the defense markets
increased 1%, while sales to the commercial markets decreased 4%,
compared to the prior year.
Please refer to the accompanying tables for a breakdown of sales
by end market.
Operating Income
Operating income in the second quarter was $68 million, an
increase of $3 million, or 4%, compared to the prior year. In the
Power segment, our results reflect a solid improvement in operating
income resulting from higher AP1000 program revenues and prior year
AP1000 testing and design costs that did not recur in 2016. This
improvement was partially offset by lower international ground
defense sales in the Defense segment, as well as lower operating
income in the Commercial/Industrial segment resulting from lower
sales volumes.
Operating margin was 12.8%, an increase of 80 basis points over
the prior year, primarily reflecting higher overall segment
operating income, led by the strong performance in the Power
segment, as well as the benefits of our ongoing margin improvement
initiatives, despite lower sales.
Non-segment Expense
Non-segment expenses were essentially flat compared with the
prior year, as lower pension expenses were offset by higher
corporate expenses.
Net Earnings
Second quarter net earnings were essentially flat compared to
the prior year, as higher operating income was partially offset by
higher interest expense, which increased by $1 million compared to
the prior year. In addition, the effective tax rate for the current
quarter was 31.0%, an increase from 28.9% in the prior year,
principally driven by increased foreign research and development
tax benefits and favorable adjustments to certain valuation
allowances in the prior year that did not recur.
Free Cash Flow
(In thousands)
2Q-2016
2Q-2015 Net cash generated from operating activities $
86,371 $ 59,821 Capital expenditures (6,908 ) (6,593
) Free cash flow $ 79,463 $ 53,228
Free cash flow, defined as cash flow from operations less
capital expenditures, was $79 million for the second quarter of
2016, an increase of $26 million compared to $53 million in the
prior year. Net cash generated from operating activities increased
$27 million to $86 million, primarily driven by higher advanced
payments related to the new China AP1000 order. Capital
expenditures of $7 million were essentially flat with the prior
year.
New Orders and Backlog
New orders of $524 million in the second quarter were
essentially flat compared to the prior year, primarily due to lower
orders within the Defense segment where a significant international
ground defense contract was received in the prior year, partially
offset by higher orders within the Commercial/Industrial and Power
segments. Backlog of $2.0 billion increased 6% from December 31,
2015, led by growth in our naval defense businesses.
Other Items – Share Repurchase
During the second quarter, the Company repurchased 315,500
shares of its common stock for approximately $25 million.
Full-Year 2016 Guidance
The Company is updating its full-year 2016 financial guidance as
follows:
Prior Guidance Current
Guidance Chg vs. 2015
Total sales $2.17 - $2.22 billion $2.12 - $2.17 billion Down 1 - 3%
Operating income $304 - $315 million $301 - $313 million Up 4 - 8%
Operating margin 14.0% - 14.2% 14.2% - 14.4% Up 90 - 110 bps
Interest expense $38 - $39 million $40 - $41 million Diluted
earnings per share $4.00 - $4.15 No change Up 7 - 11% Diluted
shares outstanding 46.0 million 45.2 million Free cash flow $290 -
$310 million $300 - $320 million Up 10 - 18%
Notes:
Full-year 2016 growth rates reflect comparisons to 2015 Pro
Forma results, which exclude the one-time China AP1000 fee of $20
million recognized in the fourth quarter of 2015.
Additionally, 2016 growth in free cash flow is comparable to
adjusted free cash flow for 2015, which excludes the contribution
to the Company’s corporate defined benefit pension plan of $145
million in 2015.
A more detailed breakdown of the Company’s 2016 guidance by
segment and by market can be found in the attached accompanying
schedules.
Second Quarter 2016 Segment
Performance
Commercial/Industrial
(In thousands)
2Q-2016 2Q-2015
% Change Sales $ 290,046 $ 304,465 (5%)
Operating income 38,957 45,253 (14%) Operating margin 13.4% 14.9%
(150 bps)
Sales for the second quarter were $290 million, a decrease of
$14 million, or 5%, over the prior year. Organic sales decreased 4%
over the prior year, excluding $2 million in unfavorable foreign
currency translation. In the general industrial market, our results
primarily reflect the expected reduction in sales of severe-service
valves serving the oil and gas markets, as well as lower sales for
industrial vehicle products. Within the commercial aerospace
market, higher sales to Boeing for actuation systems and sensors
and controls products were partially offset by lower sales of
surface technology services to Airbus.
Operating income in the second quarter was $39 million, down 14%
from the prior year, while operating margin decreased 150 basis
points to 13.4%. These results primarily reflect decreased
profitability for industrial valves due to lower sales volumes,
more than offsetting the benefit of higher sales of sensors and
controls products. We also achieved higher operating margin for
industrial vehicle products and surface treatment services, despite
lower sales volumes, due to ongoing margin improvement initiatives.
In addition, favorable foreign currency translation added $1
million to current quarter results.
Defense
(In thousands)
2Q-2016 2Q-2015
% Change Sales $ 113,961 $ 119,651 (5%)
Operating income 18,609 24,391 (24%) Operating margin 16.3% 20.4%
(410 bps)
Sales for the second quarter were $114 million, a decrease of $6
million, or 5%, from the prior year. Organic sales decreased 4%
from the prior year, excluding $1 million in unfavorable foreign
currency translation. In the aerospace defense market, we
experienced higher sales of embedded computing products on various
fighter jet, helicopter and UAV programs, including the Global
Hawk, Apache and P-8 programs, which were principally offset by
lower foreign military sales. In the ground defense market, second
quarter 2016 results primarily reflect lower turret drive
stabilization systems sales. We also experienced lower revenues
related to avionics and electronics equipment within the commercial
aerospace market.
Operating income in the second quarter was $19 million, a
decrease of $6 million, or 24%, compared to the prior year, while
operating margin declined 410 basis points to 16.3%. The decrease
was primarily driven by the transition from a development to a
production contract for our turret drive stabilization systems,
which provided a net one-time benefit of $4 million in the prior
year. These results also reflect lower sales volumes in our
commercial avionics and electronics business. Favorable foreign
currency translation added $2 million to current quarter
results.
Power
(In thousands)
2Q-2016 2Q-2015
% Change Sales $ 128,759 $ 121,078 6%
Operating income 16,114 1,454 1,008% Operating margin 12.5% 1.2%
1,130 bps
Sales for the second quarter were $129 million, an increase of
$8 million, or 6%, over the prior year. Within the power generation
market, our results reflect higher production revenues from the
U.S. and China AP1000 programs, which were partially offset by
lower aftermarket sales primarily supporting domestic nuclear
operating reactors. In the naval defense market, we experienced
higher development sales of pumps and generators supporting the
ramp-up on the new Ohio-class replacement submarine program,
partially offset by lower sales of pumps and valves on the CVN-79
aircraft carrier program as production is nearing completion.
Operating income in the second quarter was $16 million, an
increase of $15 million, or 1,008%, compared to the prior year,
while operating margin increased 1,130 basis points to 12.5%. These
results reflect higher AP1000 production revenues in the current
year and approximately $11 million in AP1000 testing and design
costs incurred in the prior year to complete engineering and
endurance testing that did not recur. These improvements were
partially offset by reduced profitability in our aftermarket power
generation business due to lower sales volumes.
Conference Call
Information
The Company will host a conference call to discuss second
quarter 2016 financial results at 9:00 a.m. EDT on Thursday, July
28, 2016. A live webcast of the call and the accompanying financial
presentation will be made available on the internet by visiting the
Investor Relations section of the Company’s website at www.curtisswright.com.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) ($'s in
thousands, except per share data)
Three Months Ended
Six Months Ended June 30, Change June
30, Change 2016 2015 $
% 2016 2015 $ % Product
sales $ 427,324 $ 439,871 $ (12,547 ) (3 %) $ 830,242 $ 885,558 $
(55,316 ) (6 %) Service sales 105,442 105,323
119 0 % 206,031 205,835
196 0 % Total net sales 532,766 545,194
(12,428 ) (2 %) 1,036,273 1,091,393 (55,120 ) (5 %) Cost of
product sales 279,869 287,685 (7,816 ) (3 %) 544,604 580,694
(36,090 ) (6 %) Cost of service sales 67,518
75,158 (7,640 ) (10 %) 134,387
137,252 (2,865 ) (2 %) Total cost of sales 347,387
362,843 (15,456 ) (4 %) 678,991 717,946 (38,955 ) (5 %)
Gross profit 185,379 182,351 3,028 2 % 357,282 373,447 (16,165 ) (4
%) Research and development expenses 15,236 15,321 (85 ) (1
%) 30,396 30,583 (187 ) (1 %) Selling expenses 29,126 29,105 21 0 %
58,752 60,193 (1,441 ) (2 %) General and administrative expenses
72,928 72,483 445 1 %
142,782 144,394 (1,612 ) (1 %)
Operating income 68,089 65,442 2,647 4 % 125,352 138,277
(12,925 ) (9 %) Interest expense (10,273 ) (8,985 ) (1,288 )
14 % (20,206 ) (17,981 ) (2,225 ) 12 % Other income, net 101
(37 ) 138 NM 335
444 (109 ) NM Earnings before income taxes
57,917 56,420 1,497 3 % 105,481 120,740 (15,259 ) (13 %) Provision
for income taxes (17,954 ) (16,299 ) (1,655 )
10 % (32,699 ) (37,396 ) 4,697 (13 %)
Earnings from continuing operations $ 39,963 $ 40,121
$ (158 ) (0 %) $ 72,782 $ 83,344 $ (10,562 ) (13 %)
Loss from discontinued operations, net of tax - (14,384 )
14,384 NM - (41,616 ) 41,616 NM
Net earnings $ 39,963 $ 25,737 $ 14,226
55 % $ 72,782 $ 41,728 $ 31,054 74 %
Basic earnings per share Earnings from continuing operations $ 0.90
$ 0.85 $ 1.63 $ 1.76 Earnings from discontinued operations -
(0.31 ) - (0.88 ) Total $ 0.90
$ 0.54 $ 1.63 $ 0.88 Diluted
earnings per share Earnings from continuing operations $ 0.88 $
0.83 $ 1.61 $ 1.72 Earnings from discontinued operations -
(0.30 ) - (0.86 ) Total $ 0.88
$ 0.53 $ 1.61 $ 0.86
Dividends per share $ 0.13 $ 0.13 $ 0.26 $
0.26 Weighted average shares outstanding: Basic
44,487 47,224 44,526 47,466 Diluted 45,164 48,258 45,195 48,487
NM- not meaningful CURTISS-WRIGHT
CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED) ($'s in thousands, except par value)
June 30, December
31, Change 2016 2015 %
Assets Current assets: Cash and cash equivalents $ 383,151 $
288,697 33 % Receivables, net 477,018 566,289 (16 %) Inventories
397,562 379,591 5 % Other current assets 52,561
40,306 30 % Total current assets 1,310,292
1,274,883 3 % Property, plant, and equipment,
net 393,909 413,644 (5 %) Goodwill 967,850 972,606 (0 %) Other
intangible assets, net 292,498 310,763 (6 %) Other assets
14,631 17,715 (17 %)
Total assets
$ 2,979,180 $ 2,989,611
(0 %) Liabilities Current liabilities:
Current portion of long-term and short term debt $ 1,113 $ 1,259
(12 %) Accounts payable 133,483 163,286 (18 %) Accrued expenses
108,796 131,863 (17 %) Income taxes payable 6,601 7,956 (17 %)
Deferred revenue 190,825 181,671 5 % Other current liabilities
41,500 37,190 12 % Total current
liabilities 482,318 523,225 (8 %)
Long-term debt, net 966,451 951,946 2 % Deferred tax liabilities,
net 58,870 54,447 8 % Accrued pension and other postretirement
benefit costs 101,720 103,723 (2 %) Long-term portion of
environmental reserves 14,512 14,017 4 % Other liabilities
81,038 86,830 (7 %) Total liabilities
1,704,909 1,734,188 (2 %)
Stockholders' equity Common stock, $1 par value 49,187
49,190 (0 %) Additional paid in capital 132,374 144,923 (9 %)
Retained earnings 1,651,851 1,590,645 4 % Accumulated other
comprehensive loss (237,337 ) (225,928 ) 5 % Less: cost of treasury
stock (321,804 ) (303,407 ) 6 % Total stockholders'
equity 1,274,271 1,255,423 2 %
Total liabilities and stockholders' equity $
2,979,180 $ 2,989,611 (0
%) CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED) ($'s in thousands)
Three Months
Ended Six Months Ended June 30, June 30,
Change Change 2016 2015 %
2016 2015 %
Sales:
Commercial/Industrial $ 290,046 $ 304,465 (5 %) $ 564,773 $ 602,352
(6 %) Defense 113,961 119,651 (5 %) 219,352 233,151 (6 %) Power
128,759 121,078 6 % 252,148
255,890 (1 %)
Total sales
$ 532,766 $ 545,194 (2 %)
$ 1,036,273 $ 1,091,393 (5
%) Operating income (expense):
Commercial/Industrial $ 38,957 $ 45,253 (14 %) $ 69,009 $ 88,542
(22 %) Defense 18,609 24,391 (24 %) 35,454 42,418 (16 %) Power
16,114 1,454 1008 % 30,742
20,966 47 %
Total segments
$ 73,680 $ 71,098 4 %
$
135,205 $ 151,926 (11 %) Corporate and other
(5,591 ) (5,656 ) 1 % (9,853 ) (13,649
) 28 %
Total operating income $ 68,089
$ 65,442 4 % $
125,352 $ 138,277 (9
%)
Operating
margins:
Commercial/Industrial 13.4 % 14.9 % 12.2 % 14.7 % Defense 16.3 %
20.4 % 16.2 % 18.2 % Power 12.5 % 1.2 % 12.2 % 8.2 %
Total
Curtiss-Wright 12.8 % 12.0 %
12.1 % 12.7 % Segment margins
13.8 % 13.0 % 13.0 % 13.9 %
CURTISS-WRIGHT CORPORATION
and SUBSIDIARIES SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended Six Months Ended June 30,
June 30, Change
Change
2016 2015 % 2016 2015
%
Defense markets: Aerospace $ 76,167 $ 75,766 1 % $ 137,715 $
147,107
(6
%)
Ground 19,886 24,233 (18 %) 39,062 42,893
(9
%)
Naval 104,509 100,117 4 % 197,460 189,884
4
%
Other 2,415 1,529 58 % 3,669 3,550
3
%
Total Defense $ 202,977 $
201,645 1 % $ 377,906 $
383,434
(1
%)
Commercial markets: Commercial Aerospace $ 104,062 $
98,889 5 % $ 206,249 $ 200,078
3
%
Power Generation 95,768 94,242 2 % 195,618 207,478
(6
%)
General Industrial 129,959 150,418 (14 %)
256,500 300,403
(15
%)
Total Commercial $ 329,789 $
343,549 (4 %) $ 658,367 $
707,959
(7
%)
Total Curtiss-Wright $
532,766 $ 545,194 (2 %) $
1,036,273 $ 1,091,393
(5
%)
Use of 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 non-GAAP measures provide investors with additional
insight into the Company’s ongoing business performance. These
non-GAAP measures should not be considered in isolation or as a
substitute for the related GAAP measures, and other companies may
define such measures differently. Curtiss-Wright encourages
investors to review its financial statements and publicly-filed
reports in their entirety and not to rely on any single financial
measure. The following definitions are provided:
Organic Revenue and Organic Operating
Income
The Corporation discloses organic revenue and organic operating
income because the Corporation believes it provides investors with
insight as to the Company’s ongoing business performance. Organic
revenue and organic operating income are defined as revenue and
operating income excluding the impact of foreign currency
fluctuations and contributions from acquisitions made during the
last twelve months.
Three Months Ended June 30, 2016 vs 2015
Commercial/Industrial Defense
Power Total Curtiss-Wright Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Organic (4 %) (16 %) (4 %) (30 %) 6 % 1011 % (2 %) 0 % Acquisitions
0 % 0 % 0 % 0 % 0 % 0 % 0 % 0 % Foreign Currency (1 %) 2 % (1 %) 6
% (0 %) (3 %) (0 %) 4 % Total (5 %) (14 %) (5 %) (24 %) 6 % 1008 %
(2 %) 4 %
Six Months Ended June 30, 2016 vs
2015 Commercial/Industrial Defense Power
Total Curtiss-Wright Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Sales
Operatingincome
Organic (6 %) (24 %) (5 %) (25 %) (1 %) 47 % (5 %) (13 %)
Acquisitions 1 % 1 % 0 % 0 % 0 % 0 % 1 % 0 % Foreign Currency (1 %)
1 % (1 %) 9 % (0 %) 0 % (1 %) 4 % Total (6 %) (22 %) (6 %) (16 %)
(1 %) 47 % (5 %) (9 %)
Free Cash Flow and Free Cash Flow
Conversion
The Corporation discloses free cash flow because it measures
cash flow available for investing and financing activities. Free
cash flow represents cash available to repay outstanding debt,
invest in the business, acquire businesses, return capital to
shareholders and make other strategic investments. Free cash flow
is defined as cash flow provided by operating activities less
capital expenditures. The Corporation discloses free cash flow
conversion because it measures the proportion of net earnings
converted into free cash flow and is defined as free cash flow
divided by net earnings from continuing operations.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP
FINANCIAL DATA (UNAUDITED) ($'s in thousands)
Three Months Ended Six Months
Ended June 30, June 30, 2016 2015
2016 2015 Net cash provided by operating
activities $ 86,371 $ 59,821 $ 156,631 $ (111,270 ) Capital
expenditures (6,908 ) (6,593 ) (15,733 )
(15,689 ) Free cash flow $ 79,463 $ 53,228 $
140,898 $ (126,959 ) Pension Payment - - - 145,000
Adjusted free cash flow $ 79,463
$ 53,228 $ 140,898 $ 18,041 Free Cash
Flow Conversion 199 % 133 % 194 % 22 %
CURTISS-WRIGHT CORPORATION 2016 Guidance (from
Continuing Operations) As of July 27, 2016 ($'s in
millions, except per share data)
2015
Reported
2015 Pro
Forma*
2016 Guidance (Current) Low High
Sales:
Commercial/Industrial $ 1,185 $ 1,185 $ 1,130 $ 1,155 Defense 477
477 475 485 Power 543 523 515
530
Total sales $ 2,206
$ 2,186 $ 2,120 $ 2,170
Operating
income:
Commercial/Industrial $ 172 $ 172 $ 165 $ 170 Defense 99 99 92 96
Power 75 55 68 71
Total segments 345 325 325
337 Corporate and other (35 ) (35 ) (24
) (25 )
Total operating income $ 311
$ 291 $ 301
$ 313 Interest expense $ (36 ) $ (36 )
$ (40 ) $ (41 )
Earnings before income taxes 275
255 262 272 Provision for income taxes
(83 ) (77 ) (81 ) (84 )
Net earnings
$ 192 $ 178 $
181 $ 188 Reported
diluted earnings per share $ 4.04 $
3.74 $ 4.00 $ 4.15 Diluted
shares outstanding 47.6 47.6 45.2 45.2 Effective tax rate 30.1 %
30.1 % 31.0 % 31.0 %
Operating
margins:
Commercial/Industrial 14.5 % 14.5 % 14.6 % 14.8 % Defense 20.7 %
20.7 % 19.5 % 19.7 % Power 13.8 % 10.5 % 13.2 % 13.4 %
Total
operating margin 14.1 % 13.3 %
14.2 % 14.4 %
Note: Full year amounts may not add due to rounding
* Excludes the one-time China AP1000 fee of $20 million
recognized as revenue and operating income in the fourth quarter of
2015. This affects the Power segment and Total
Curtiss-Wright.
CURTISS-WRIGHT CORPORATION 2016 Sales Growth Guidance by
End Market (from Continuing Operations) As of July 27,
2016 (Prior) (Current) 2016 %
Change vs 2015 2016 % Change vs 2015
Defense
Markets
Aerospace 1 - 3% Flat Ground 4 - 6% (2 - 4%) Navy 0 - 2% 0 - 2%
Total Defense
(Including Other Defense)
2 - 4% Flat
Commercial
Markets
Commercial Aerospace (2 - 4%) Flat Power Generation 4 - 6% 0 - 2%
General Industrial (2 - 6%) (5 - 9%)
Total Commercial (1
- 3%) (2 - 4%) Total Curtiss-Wright Sales
Down 1% to Up 1% Down 1% to 3%
Note: Full year amounts may not add due to rounding
* The Company’s full-year 2016 guidance reflects sales growth
rates compared to 2015 Pro Forma results, which exclude the
one-time China AP1000 fee of $20 million recognized as revenue in
the fourth quarter of 2015. This affects 2016 growth rates
for Power Generation, Total Commercial and Total Curtiss-Wright
sales.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global innovative
company that delivers highly engineered, critical function products
and services to the commercial, industrial, defense and energy
markets. Building on the heritage of Glenn Curtiss and the Wright
brothers, Curtiss-Wright has a long tradition of providing reliable
solutions through trusted customer relationships. The company
employs approximately 8,400 people worldwide. For more information,
visit www.curtisswright.com.
Certain statements made in this press release, including
statements about future revenue, financial performance guidance,
quarterly and annual revenue, net income, operating income growth,
future business opportunities, cost saving initiatives, the
successful integration of the Company’s acquisitions, and future
cash flow from operations, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements present management's expectations, beliefs,
plans and objectives regarding future financial performance, and
assumptions or judgments concerning such performance. Any
discussions contained in this press release, except to the extent
that they contain historical facts, are forward-looking and
accordingly involve estimates, assumptions, judgments and
uncertainties. Such 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
anticipated orders; an economic downturn; changes in the
competitive marketplace and/or customer requirements; a change in
government spending; an inability to perform customer contracts at
anticipated cost levels; and other factors that generally affect
the business of aerospace, defense contracting, electronics,
marine, and industrial companies. Such factors are detailed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, and subsequent reports filed with the Securities
and Exchange Commission.
This press release and additional information are available at
www.curtisswright.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160727006592/en/
Curtiss-Wright CorporationJim Ryan,
704-869-4621Jim.Ryan@curtisswright.com
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