Loading...
•
Jun 30, 2022
Curtiss-Wright Q2 2022 Earnings Report
Curtiss-Wright reported solid second quarter results with sales in line with expectations and operating margin expansion of 50 basis points. Adjusted diluted EPS exceeded expectations, and strong order activity led to a book-to-bill of 1.27.
Key Takeaways
Curtiss-Wright's Q2 2022 results showed sales of $609 million, an operating income of $98 million, and EPS of $1.83. The company experienced strong order activity, with new orders up 13% year over year, resulting in a book-to-bill ratio of 1.27.
Reported sales of $609 million, operating income of $98 million, operating margin of 16.1%, and diluted earnings per share (EPS) of $1.83.
Adjusted operating margin of 16.1%, up 50 basis points.
New orders of $776 million, up 13%, reflecting strong Aerospace & Defense (A&D) market demand, and book-to-bill of 1.27.
Share repurchases of approximately $12 million.
Revenue by Segment
Forward Guidance
The company raised its full-year 2022 guidance for total sales growth to a new range of 4% to 6% to reflect the contribution of the recently completed SAA acquisition, and we continue to anticipate solid organic growth of 3% to 5% in our A&D and Commercial markets. We also expect continued operating margin expansion and double-digit Adjusted diluted EPS growth of 10% to 13%, as we successfully execute on our Pivot to Growth strategy to drive long-term shareholder value.
Positive Outlook
- Updated full-year 2022 guidance to include the acquisition of the Safran aerospace arresting systems business (SAA).
- Sales increased to new range of 4% to 6% growth (previously 3% to 5%).
- Adjusted operating income increased to new range of 5% to 7% growth (previously 3% to 6%) to reflect organic improvements and the contribution from SAA.
- Maintained Adjusted operating margin range of 17.1% to 17.3%, up 10 to 30 basis points compared with the prior year.
- Adjusted diluted EPS increased by $0.05 to new range of $8.10 to $8.30, up 10% to 13%.
Challenges Ahead
- Near-term headwinds from ongoing supply chain disruption continue to impact the timing of revenue within our defense markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...