CurtissWright Corporation Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Curtiss-Wright Corporation Reports Second Quarter 2024 Financial Results
Curtiss-Wright Corporation (NYSE: CW) has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Wall Street Consensus (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $785 million | +11% | ||
| Operating Income | $129 million | |||
| Adjusted Operating Income | $133 million | +16% | ||
| Operating Margin (%) | 16.4% | |||
| Adjusted Operating Margin (%) | 17.0% | +60 bps | ||
| Diluted EPS | $2.58 | |||
| Adjusted Diluted EPS | $2.67 | +24% | ||
| Free Cash Flow (FCF) | $100 million |
Interpretation: Curtiss-Wright Corporation showcased robust growth with an 11% increase in total revenue coupled with a significant 24% increase in adjusted diluted EPS year-over-year. The firm's adjusted operating income grew by 16%, highlighting strong operational performance. Notably, a book-to-bill ratio of 1.3x indicates continued strong demand, particularly within its Aerospace & Defense (A&D) markets.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | YoY Change | Comments |
|---|---|---|---|
| Aerospace & Industrial | $233 million | +3% | Growth driven by demand for aerospace sensors and actuation products, partially offset by decline in industrial vehicles revenue. |
| Defense Electronics | $228 million | +16% | Boosted by higher sales of embedded computing and tactical battlefield communications equipment. |
| Naval & Power | $323 million | +15% | Growth driven by strong demand in naval defense and power & process markets, though offset by lower operating margins. |
Interpretation: Each segment displayed positive revenue growth, particularly the Defense Electronics and Naval & Power segments which saw significant advances due to increased demand. The Aerospace & Industrial segment showed modest growth, confined by a decline in industrial vehicle revenue.
Comments from Company Officers
Lynn M. Bamford, Chair and CEO: "Curtiss-Wright delivered strong second-quarter results, highlighted by mid-teens revenue growth in our A&D end markets, continued operating margin expansion, and 24% growth in Adjusted diluted EPS. Based on the strong first half results and our outlook for the remainder of 2024, we have increased our full-year Adjusted guidance for sales, operating income, diluted EPS, and free cash flow."
Share Repurchase and Dividends
- Share Repurchase: The company repurchased 47,174 shares for approximately $13 million during the second quarter.
- Dividends: A quarterly dividend of $0.21 per share was declared, marking a 5% increase from the previous quarter.
Full-Year 2024 Guidance Updates
- Sales Growth Projection: Adjusted to 6% to 8% (previously 5% to 7%).
- Operating Income Growth: Revised to 6% to 9% (previously 5% to 8%).
- Diluted EPS Range: Increased to $10.40 to $10.65.
- Free Cash Flow: Adjusted to $425 to $445 million.
Summary: Curtiss-Wright Corporation reported robust second-quarter growth, markedly in its Aerospace & Defense markets. The company's financial outlook for the full year has been positively revised, underscoring strong demand and operational efficiency. The announcement of increased dividends and share repurchase programs also signals confidence in ongoing financial health and shareholder value.
For additional information, including detailed financials and reconciliations, visit the Curtiss-Wright Corporation website.
