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Mar 31, 2023
Curtiss-Wright Q1 2023 Earnings Report
Curtiss-Wright reported strong Q1 2023 results with double-digit growth in new orders, sales, operating income, and diluted EPS.
Key Takeaways
Curtiss-Wright delivered strong first quarter 2023 results, highlighted by double-digit growth in new orders, sales, operating income and diluted EPS. The company reaffirmed its full-year 2023 guidance, anticipating steady, sequential improvement in sales, operating margin, diluted EPS and free cash flow as the year progresses.
Reported and Adjusted sales of $631 million, up 13% year-over-year.
Reported operating income of $79 million, operating margin of 12.5%, and diluted earnings per share (EPS) of $1.48.
Adjusted operating income of $81 million, up 15%; Adjusted operating margin of 12.9%, up 20 basis points; Adjusted diluted EPS of $1.53, up 17%.
New orders of $718 million, up 13%, reflected strong demand within Aerospace & Defense (A&D) and Commercial markets, and a book-to-bill that exceeded 1.1x.
Curtiss-Wright
Curtiss-Wright
Curtiss-Wright Revenue by Segment
Revenue by Segment
Aerospace & Industrial Revenue
CapyFin.comDefense Electronics Revenue
CapyFin.comNaval & Power Revenue
CapyFin.comProduct Revenue
CapyFin.comService Revenue
CapyFin.com Forward Guidance
The Company is maintaining its full-year 2023 Adjusted financial guidance.
Positive Outlook
- Total Sales: $2,655 - $2,710 million, Up 4% - 6%
- Operating Income: $463 - $477 million, Up 5% - 8%
- Operating Margin: 17.4% - 17.6%, Up 10 - 30 bps
- Diluted EPS: $8.65 - $8.90, Up 6% - 10%
- Free Cash Flow: $360 - $400 million, Up 22% - 36%
Revenue & Expenses
Visualization of income flow from segment revenue to net income