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Sep 30, 2023
Curtiss-Wright Q3 2023 Earnings Report
Curtiss-Wright reported strong Q3 2023 results, exceeding expectations with adjusted diluted EPS of $2.54, driven by sales growth and operational performance. The company raised full-year 2023 guidance, reflecting confidence in its growth strategy and favorable secular trends.
Key Takeaways
Curtiss-Wright Corporation reported a 15% increase in sales, reaching $724 million, and an adjusted diluted EPS of $2.54 for Q3 2023. New orders increased by 3% to $846 million, resulting in a book-to-bill ratio of 1.2. The company raised its full-year 2023 adjusted financial guidance, with sales expected to grow by 8% to 10%.
Reported sales increased by 15% to $724 million.
Adjusted diluted EPS rose by 23% to $2.54.
New orders grew by 3% to $846 million, with a book-to-bill of 1.2.
Full-year 2023 sales, EPS, and free cash flow guidance were raised.
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
Curtiss-Wright raised its full-year 2023 adjusted financial guidance, projecting increased sales, operating income, diluted EPS, and free cash flow. The company expects growth in all Aerospace & Defense and Commercial end markets and maintains a strong alignment with favorable secular growth trends.
Positive Outlook
- Sales are expected to increase by 8% to 10%.
- Operating income is projected to grow by 8% to 11%.
- Diluted EPS is anticipated to rise by 11% to 13%, reaching $9.00 to $9.20.
- Free cash flow is projected to increase to a range of $380 to $400 million.
- The company continues to execute on its Pivot to Growth strategy.
Challenges Ahead
- Potential reduction in anticipated orders.
- Economic downturn affecting business.
- Changes in the competitive marketplace and customer requirements.
- Change in government spending.
- Inability to perform customer contracts at anticipated cost levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income