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Jun 30, 2023
Curtiss-Wright Q2 2023 Earnings Report
Curtiss-Wright's Q2 2023 performance was marked by revenue growth, operating income increase and earnings per share increase.
Key Takeaways
Curtiss-Wright Corporation reported strong second quarter results with sales of $704 million, up 16% year-over-year. Operating income was $113 million, and diluted EPS was $2.10. The company also raised its full-year 2023 adjusted financial guidance.
Reported sales of $704 million, up 16% year-over-year.
Operating income of $113 million and diluted EPS of $2.10 were reported.
New orders totaled $842 million, reflecting strong Aerospace & Defense market demand.
Free cash flow was $99 million, generating 119% adjusted FCF conversion.
Curtiss-Wright
Curtiss-Wright
Curtiss-Wright Revenue by Segment
Forward Guidance
Curtiss-Wright raised its full-year 2023 adjusted financial guidance, expecting growth in all A&D and Commercial end markets.
Positive Outlook
- Sales increased to new range of 7% to 9% growth (previously 4% to 6%), now reflecting growth in all A&D and Commercial end markets
- Operating income increased to new range of 8% to 11% growth (previously 5% to 8%)
- Maintained operating margin range of 17.4% to 17.6%, up 10 to 30 basis points compared with the prior year
- Diluted EPS increased to new range of $8.90 to $9.15, up 10% to 13% (previously $8.65 to $8.90)
- Free cash flow increased to new range of $370 to $400 million (previously $360 to $400 million) and continues to reflect greater than 110% FCF conversion
Revenue & Expenses
Visualization of income flow from segment revenue to net income