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CURTISS WRIGHT CORP 8-K Report, Financial Results (Feb 13, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 13, 2025
Period End
February 12, 2025
Security
CW
In the record · 2016–202610-K1110-Q338-K95

CW filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 95 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · May ’20May ’20
  2. Material agreement8-K · May ’22May ’22
  3. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed February 13, 2025. Cited figures are marked; the original filing is the authoritative source.

Curtiss-Wright (NYSE: CW) reported record full-year 2024 results, with reported sales of $3.12 billiona (up 10%), reported operating income of $529 million (16.9% margin), and reported diluted EPS of $10.55.

On an adjusted basis (excluding first-year acquisition accounting, restructuring costs, and divestiture effects), operating income reached $546 millionb (up 11%), operating margin expanded 10 basis points to 17.5%, and adjusted diluted EPS rose 16% to $10.90. Free cash flow was a record $483 million (116% adjusted FCF conversion). New orders reached a record $3.7 billion (up 20%), with a book-to-bill of about 1.2x and backlog of $3.4 billion (up 20%).

Fourth-quarter results were solid but mixed beneath the headline. Sales rose 5% to $824 millionc and adjusted EPS grew 3% to a record quarterly $3.27. However, adjusted operating margin fell 100 basis points to 19.8%, pressured by higher R&D spending and unfavorable mix in Defense Electronics, which saw sales decline 5% and adjusted operating income fall 20%.

Naval & Power (sales up 12%) and Aerospace & Industrial (adjusted operating income up 22%) were the bright spots. Q4 new orders surged 37% to $939 milliond, and the company completed its $100 million accelerated share repurchase in December and closed the Ultra Energy acquisition on December 31, 2024. For 2025, management guided to total sales of $3.335-$3.385 billion (7-8% growth), operating income of $598-$613 million (10-12% growth), operating margin of 17.9%-18.1% (40-60 bps expansion), diluted EPS of $12.10-$12.40 (11-14% growth), and free cash flow of $485-$505 million (0-4% growth, weighed by higher capex and the timing of prior-year customer advances).

Management reiterated its three-year targets from its 2024 Investor Day. Note that the 2025 guidance excludes first-year purchase accounting costs and restructuring costs, and the press release and presentation are furnished under Item 2.02 rather than filed.

02—Key points

Key Highlights

  1. Record FY2024 results: reported sales of $3.12B (+10%), adjusted operating income of $546M (+11%), and adjusted diluted EPS of $10.90 (+16%).
  2. Record free cash flow of $483M in FY2024, with 116% adjusted FCF conversion.
  3. Record new orders of $3.7B (+20%) and backlog of $3.4B (+20%), with a book-to-bill of approximately 1.2x, driven by A&D demand.
  4. Q4 adjusted operating margin declined 100 bps to 19.8% due to higher R&D investment and unfavorable mix, particularly in Defense Electronics (sales -5%, adjusted operating income -20%).
  5. 2025 guidance calls for sales of $3.335-$3.385B (+7-8%), adjusted EPS of $12.10-$12.40 (+11-14%), and operating margin expansion of 40-60 bps to 17.9%-18.1%.
  6. 2025 FCF guidance of $485-$505M is roughly flat to modestly up, reflecting $75-85M of capex and the timing of prior-year customer advances.
  7. Ultra Energy acquisition closed December 31, 2024, expanding the commercial nuclear and UK defense footprint; Naval & Power 2025 sales guided up 10-11%.

03—Questions

Frequently Asked Questions

  1. How did Curtiss-Wright perform in fiscal 2024 compared with 2023?

    Reported sales rose 10% to $3.12 billion, and reported operating income rose 9% to $529 million. Adjusted operating income grew 11% to $546 million, and adjusted diluted EPS increased 16% to $10.90. Reported diluted EPS was $10.55, up from $9.20. Free cash flow reached a record $483 million.

  2. Why did fourth-quarter operating margin decline despite higher sales?

    Adjusted Q4 operating margin fell 100 bps to 19.8%, even as sales grew 5%. Management attributed this to higher R&D investment across all three segments and unfavorable product mix in Defense Electronics and Naval & Power. Defense Electronics was hit hardest, with its adjusted margin down 450 bps to 24.3% on lower defense revenue and unfavorable absorption.

  3. What is the 2025 outlook for Curtiss-Wright?

    The company guided to 2025 sales of $3.335-$3.385 billion (7-8% growth, with mid-single-digit organic growth), adjusted operating income of $598-$613 million (10-12% growth), operating margin of 17.9%-18.1%, adjusted diluted EPS of $12.10-$12.40, and free cash flow of $485-$505 million. Management reaffirmed its 2024 Investor Day targets.

  4. Why is 2025 free cash flow guided to grow only 0-4%?

    Management cited higher capital expenditures of $75-85 million, a $14-24 million increase versus 2024, to support growth and efficiency, along with the timing of record customer advances received in 2024. Management still expects FCF conversion above 105% of adjusted earnings.

  5. What drove the strong order growth and what is the backlog position?

    Full-year 2024 new orders of $3.7 billion rose 20%, led by strong demand across Aerospace & Defense markets, along with solid commercial nuclear demand. Q4 orders surged 37% to $939 million. Backlog grew 20% to $3.4 billion, supporting visibility into 2025 revenue growth.

04—Continue

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