Curtiss Wright Corp Stock Price, News & Analysis

Curtiss-Wright Corp. (NYSE: CW) reported strong second-quarter 2024 financial results with sales of $785 million, up 11% YoY. Operating income was $129 million, with a margin of 16.4%, while adjusted income reached $133 million. Adjusted EPS increased by 24% to $2.67. The company recorded new orders worth $995 million, reflecting an 18% increase and a book-to-bill ratio of 1.3x. The backlog rose 13% to $3.2 billion, and free cash flow was $100 million.

Full-year 2024 guidance has been raised: sales growth forecast of 6-8%, operating income growth of 6-9%, and EPS range of $10.40-$10.65. FCF is expected to be $425-$445 million. The effective tax rate was reduced by 100 bps to 22.5%.

Curtiss-Wright also announced a $200 million acquisition of Ultra Energy, which is anticipated to be accretive to adjusted EPS and generate FCF with over 100% conversion.

The company continues to implement its Pivot to Growth strategy, including restructuring actions expected to save $10 million annually by 2025.

Curtiss-Wright (NYSE: CW) and Saipem have achieved a significant milestone in the subsea applications industry with the completion of the qualification process for an all-electric seabed barrier fluid-less pump. This innovative technology, developed from proprietary solutions in the nuclear sector, enables subsea injection of treated sea water into reservoirs, extending the lifecycle of subsea fields.

The new pump design eliminates the need for barrier fluid, using sea water for cooling and lubrication, while the motor is protected by a canned casing. This approach reduces costs by replacing conventional hydraulic umbilicals with power/control cables. A 3 MW full-scale prototype has been successfully tested, confirming its performance, robustness, and reliability. The technology has achieved Technology Readiness Level 4 (TRL 4), as endorsed by Petrobras and TotalEnergies, paving the way for global commercialization.

Curtiss-Wright (NYSE: CW) will announce its second quarter 2024 financial results after the market closes on Wednesday, August 7, 2024. A webcast conference call discussing the results will be held the following day, August 8, 2024, at 10:00 am ET.

The call will be hosted by CEO Lynn M. Bamford and CFO K. Christopher Farkas. Interested parties can access the webcast and financial presentation via the Investor Relations section on Curtiss-Wright's website. The domestic dial-in number is (800) 225-9448, and international callers can use (203) 518-9708 with the conference ID code CWQ224. A replay will be available one hour after the live call on the company's website.

Curtiss-Wright (NYSE: CW) announced an agreement to acquire Ultra Nuclear and Weed Instrument Co., Inc. ('Ultra Energy') for $200 million in cash. Ultra Energy specializes in safety-critical systems for nuclear power generation and aerospace applications. The acquisition, expected to close in Q3 2024, aims to enhance Curtiss-Wright's global portfolio and is projected to be accretive to adjusted diluted EPS in its first full year. Ultra Energy, generating $65 million in sales in 2023, will operate within Curtiss-Wright's Naval & Power segment, potentially driving long-term profitable growth and strong free cash flow. Regulatory approval from the UK is pending.

Curtiss-Wright (NYSE: CW) has announced that its Chair and CEO, Lynn M. Bamford, alongside VP and CFO, K. Christopher Farkas, will participate in two upcoming investor conferences. These events include the Stifel 2024 Cross Sector Insight Conference on June 4, 2024, featuring a fireside chat and webcast at 1:50 p.m. ET, and the William Blair 44th Annual Growth Stock Conference on June 6, 2024, with a presentation, fireside chat, and webcast at 8:40 a.m. CT (9:40 a.m. ET). Webcasts and slide presentations will be accessible on Curtiss-Wright's investor relations webpage, with replays available for 90 days post-event.

Curtiss-Wright (NYSE: CW) hosted an Investor Day in New York City, reaffirming its full-year 2024 financial guidance and presenting a long-term outlook through 2026. The event featured presentations by senior executives, including Chair and CEO Lynn M. Bamford, and Vice President and CFO K. Christopher Farkas. Key financial targets include a minimum 5% organic revenue CAGR, minimum 10% EPS CAGR, and strong free cash flow generation. The company aims to expand operating margins and make strategic investments in R&D to accelerate growth. The event also included a panel of commercial nuclear energy experts from the Nuclear Energy Institute, Westinghouse Electric Company, and Energy Northwest, highlighting Curtiss-Wright's focus on leveraging growth opportunities in the commercial nuclear sector.

Curtiss-Wright (NYSE: CW) has secured a $16 million contract with Iron Bow, the prime contractor, to supply the U.S. Air Force with an integrated tactical networking solution aimed at improving deployable communications.

The contract includes providing PacStar® 400 series modules and Commercial Solutions for Classified (CSfC) integration, enabling global connectivity to Department of Defense Information Networks (DoDIN).

This solution incorporates software automation to enhance connectivity and security across various classification levels. The contract’s estimated lifetime value exceeds $60 million and will be executed by Curtiss-Wright's Defense Solutions division until the end of 2027.

Curtiss-Wright (NYSE: CW) announced that its Chair and CEO, Lynn M. Bamford, along with Vice President and CFO, K. Christopher Farkas, will participate in the Wolfe Research 17th Annual Global Transportation & Industrials Conference.

The event includes a fireside chat discussion and a simultaneous webcast on May 22, 2024, at 12:45pm ET. No formal presentations will be held. The webcast and latest slide presentation can be accessed via Curtiss-Wright's Investor Relations section on their website. A replay will be available for 90 days post-event.

Curtiss-Wright (NYSE: CW) announced contracts exceeding $130 million to supply critical components for U.S. Navy's Virginia-class and Columbia-class submarines, and Ford-class aircraft carriers.

The deals include propulsion valves, pumps, and advanced instrumentation. These contracts, awarded by Bechtel Plant Machinery, Inc. (BPMI), support ship construction, spare parts, and submarine back-fit procurements.

Engineering and manufacturing will occur in New York and Pennsylvania facilities and will continue until 2029. Curtiss-Wright's technologies enhance safety, efficiency, and reduce costs for naval operations.