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Sep 30, 2022
Curtiss-Wright Q3 2022 Earnings Report
Reported solid third quarter results driven by combined portfolio strength and operational excellence, resulting in stronger profitability and double-digit EPS growth.
Key Takeaways
Curtiss-Wright reported Q3 2022 sales of $631 million, a 2% increase year-over-year. Operating income was $108 million, up 10%, with an operating margin of 17.1%. Diluted EPS was $1.91, while adjusted diluted EPS reached $2.07, a 10% increase. New orders increased by 32% to $818 million, resulting in a book-to-bill ratio of 1.30.
Reported sales of $631 million, operating income of $108 million, and diluted EPS of $1.91.
Adjusted operating income increased by 6% to $114 million; adjusted operating margin increased 70 basis points to 18.2%.
New orders increased 32% to $818 million, with a book-to-bill of 1.30.
Company is revising full-year 2022 guidance to reflect the ongoing global supply chain disruption.
Curtiss-Wright
Curtiss-Wright
Curtiss-Wright Revenue by Segment
Revenue by Segment
Aerospace & Industrial Revenue
CapyFin.comDefense Electronics Revenue
CapyFin.comNaval & Power Revenue
CapyFin.com Forward Guidance
The Company is updating its full-year 2022 Adjusted financial guidance to Total Sales Up 2% - 4%, Operating Income Up 3% - 6%, Operating Margin 17.1% - 17.3%, Diluted EPS Up 10% - 12%, and Free Cash Flow Down 9% - 21%.
Positive Outlook
- Total Sales Up 2% - 4%
- Operating Income Up 3% - 6%
- Operating Margin 17.1% - 17.3%
- Diluted EPS Up 10% - 12%
- Sales include the contribution from the arresting systems acquisition to the Company's second half 2022 performance.
Challenges Ahead
- Free Cash Flow Down 9% - 21%
- Ongoing global supply chain disruption continues to impact the timing of production, deliveries and free cash flow within our Defense Electronics segment.
- Conditions are not easing as quickly as anticipated.
- Challenges are delaying the recognition of our strong order book.
- Revised Adjusted free cash flow reflects the timing of defense revenues, as well as the expected delay in receipt of a significant cash payment upon the final delivery of our CAP1000 reactor coolant pumps to China, which has likely pushed to 2023, to align with our customer’s project schedule.
Revenue & Expenses
Visualization of income flow from segment revenue to net income