10/31/2024 | Press release | Distributed by Public on 10/31/2024 05:31
(In millions) | Q3-2024 | Q3-2023 | Change | |||
Reported | ||||||
Sales | $ | 799 | $ | 724 | 10 | % |
Operating income | $ | 145 | $ | 133 | 9 | % |
Operating margin | 18.1 | % | 18.3 | % | (20 bps) | |
Adjusted (1)
|
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Sales | $ | 799 | $ | 724 | 10 | % |
Operating income | $ | 149 | $ | 134 | 11 | % |
Operating margin | 18.7 | % | 18.5 | % | 20 bps |
(In millions) | Q3-2024 | Q3-2023 | Change | |||
Reported | ||||||
Sales | $ | 229 | $ | 220 | 4 | % |
Operating income | $ | 37 | $ | 39 | (4 | %) |
Operating margin | 16.4 | % | 17.7 | % | (130 bps) | |
Adjusted (1)
|
||||||
Sales | $ | 229 | $ | 220 | 4 | % |
Operating income | $ | 39 | $ | 39 | 1 | % |
Operating margin | 17.2 | % | 17.7 | % | (50 bps) |
(In millions) | Q3-2024 | Q3-2023 | Change | |||
Reported | ||||||
Sales | $ | 243 | $ | 216 | 12 | % |
Operating income | $ | 64 | $ | 56 | 13 | % |
Operating margin | 26.2 | % | 26.0 | % | 20 bps | |
Adjusted (1)
|
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Sales | $ | 243 | $ | 216 | 12 | % |
Operating income | $ | 64 | $ | 56 | 15 | % |
Operating margin | 26.5 | % | 26.0 | % | 50 bps |
(In millions) | Q3-2024 | Q3-2023 | Change | |||
Reported | ||||||
Sales | $ | 327 | $ | 288 | 14 | % |
Operating income | $ | 53 | $ | 48 | 11 | % |
Operating margin | 16.2 | % | 16.6 | % | (40 bps) | |
Adjusted (1)
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Sales | $ | 327 | $ | 288 | 14 | % |
Operating income | $ | 54 | $ | 49 | 10 | % |
Operating margin | 16.4 | % | 17.0 | % | (60 bps) |
(In millions) | Q3-2024 | Q3-2023 | Change | |||
Net cash provided by operating activities | $ | 177 | $ | 146 | 21 | % |
Capital expenditures | (15) | (9) | 56 | % | ||
Reported free cash flow | $ | 163 | $ | 137 | 19 | % |
Adjusted free cash flow (1)
|
$ | 163 | $ | 137 | 19 | % |
($ in millions, except EPS) |
2024 Adjusted Non-GAAP Guidance (Prior)
|
2024 Adjusted Non-GAAP Guidance (Current)
|
Change vs 2023 Adjusted (Current)
|
Total Sales | $3,010 - $3,060 | $3,050 - $3,095 | Up 7% - 9% |
Operating Income | $525 - $539 | $531 - $545 | Up 7% - 10% |
Operating Margin | 17.4% - 17.6% | 17.4% - 17.6% | Up 0 - 20 bps |
Diluted EPS |
$10.40 - $10.65
|
$10.55 - $10.75 | Up 12% - 15% |
Free Cash Flow | $425 - $445 | $430 - $450 | Up 4% - 9% |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) | ||||||||
($'s in thousands, except per share data) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Product sales | $ | 684,216 | $ | 613,915 | $ | 1,941,327 | $ | 1,721,832 |
Service sales | 114,702 | 110,411 | 355,549 | 337,750 | ||||
Total net sales | 798,918 | 724,326 | 2,296,876 | 2,059,582 | ||||
Cost of product sales | 434,370 | 380,163 | 1,252,773 | 1,093,469 | ||||
Cost of service sales | 66,285 | 62,695 | 207,984 | 203,664 | ||||
Total cost of sales | 500,655 | 442,858 | 1,460,757 | 1,297,133 | ||||
Gross profit | 298,263 | 281,468 | 836,119 | 762,449 | ||||
Research and development expenses | 20,734 | 23,464 | 65,866 | 65,698 | ||||
Selling expenses | 37,311 | 34,084 | 109,202 | 100,782 | ||||
General and administrative expenses | 92,035 | 91,401 | 281,092 | 272,060 | ||||
Restructuring expenses | 3,280 | - | 6,198 | - | ||||
Operating income | 144,903 | 132,519 | 373,761 | 323,909 | ||||
Interest expense | 11,408 | 12,496 | 33,194 | 40,432 | ||||
Other income, net | 10,126 | 7,023 | 28,294 | 22,744 | ||||
Earnings before income taxes | 143,621 | 127,046 | 368,861 | 306,221 | ||||
Provision for income taxes | (32,461) | (30,268) | (81,735) | (71,598) | ||||
Net earnings | $ | 111,160 | $ | 96,778 | $ | 287,126 | $ | 234,623 |
Net earnings per share: | ||||||||
Basic earnings per share | $ | 2.91 | $ | 2.53 | $ | 7.51 | $ | 6.13 |
Diluted earnings per share | $ | 2.89 | $ | 2.51 | $ | 7.47 | $ | 6.09 |
Dividends per share | $ | 0.21 | $ | 0.20 | $ | 0.62 | $ | 0.59 |
Weighted-average shares outstanding: | ||||||||
Basic | 38,208 | 38,285 | 38,245 | 38,301 | ||||
Diluted | 38,451 | 38,558 | 38,451 | 38,538 |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||
($'s in thousands, except par value) | ||||
September 30, | December 31, | |||
2024 | 2023 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 443,850 | $ | 406,867 |
Receivables, net | 857,614 | 732,678 | ||
Inventories, net | 582,584 | 510,033 | ||
Other current assets | 68,035 | 67,502 | ||
Total current assets | 1,952,083 | 1,717,080 | ||
Property, plant, and equipment, net | 330,292 | 332,796 | ||
Goodwill | 1,583,448 | 1,558,826 | ||
Other intangible assets, net | 532,397 | 557,612 | ||
Operating lease right-of-use assets, net | 156,613 | 141,435 | ||
Prepaid pension asset | 279,212 | 261,869 | ||
Other assets | 51,693 | 51,351 | ||
Total assets | $ | 4,885,738 | $ | 4,620,969 |
Liabilities | ||||
Current liabilities: | ||||
Current portion of long-term debt | $ | 90,000 | $ | - |
Accounts payable | 222,542 | 243,833 | ||
Accrued expenses | 194,414 | 188,039 | ||
Deferred revenue | 392,330 | 303,872 | ||
Other current liabilities | 87,369 | 70,800 | ||
Total current liabilities | 986,655 | 806,544 | ||
Long-term debt | 959,302 | 1,050,362 | ||
Deferred tax liabilities, net | 124,186 | 132,319 | ||
Accrued pension and other postretirement benefit costs | 68,159 | 66,875 | ||
Long-term operating lease liability | 134,866 | 118,611 | ||
Long-term portion of environmental reserves | 14,661 | 12,784 | ||
Other liabilities | 107,490 | 105,061 | ||
Total liabilities | $ | 2,395,319 | $ | 2,292,556 |
Stockholders' equity | ||||
Common stock, $1 par value | $ | 49,187 | $ | 49,187 |
Additional paid in capital | 144,394 | 140,182 | ||
Retained earnings | 3,751,183 | 3,487,751 | ||
Accumulated other comprehensive loss | (203,428) | (213,223) | ||
Less: cost of treasury stock | (1,250,917) | (1,135,484) | ||
Total stockholders' equity | $ | 2,490,419 | $ | 2,328,413 |
Total liabilities and stockholders' equity | $ | 4,885,738 | $ | 4,620,969 |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) | ||||||||||||||||
($'s in thousands) | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | % Change | ||||||||||||||
As Reported | Adjustments | Adjusted | As Reported | Adjustments | Adjusted | As Reported | Adjusted | |||||||||
Sales: | ||||||||||||||||
Aerospace & Industrial | $ | 228,659 | $ | - | $ | 228,659 | $ | 220,297 | $ | - | $ | 220,297 | 4 | % | 4 | % |
Defense Electronics | 243,029 | - | 243,029 | 216,285 | - | 216,285 | 12 | % | 12 | % | ||||||
Naval & Power | 327,230 | - | 327,230 | 287,744 | - | 287,744 | 14 | % | 14 | % | ||||||
Total sales | $ | 798,918 | $ | - | $ | 798,918 | $ | 724,326 | $ | - | $ | 724,326 | 10 | % | 10 | % |
Operating income (expense): | ||||||||||||||||
Aerospace & Industrial(2)
|
$ | 37,435 | $ | 1,926 | $ | 39,361 | $ | 39,014 | $ | - | $ | 39,014 | (4) | % | 1 | % |
Defense Electronics(2)
|
63,639 | 819 | 64,458 | 56,212 | - | 56,212 | 13 | % | 15 | % | ||||||
Naval & Power(1)(2)
|
53,039 | 759 | 53,798 | 47,663 | 1,333 | 48,996 | 11 | % | 10 | % | ||||||
Total segments | $ | 154,113 | $ | 3,504 | $ | 157,617 | $ | 142,889 | $ | 1,333 | $ | 144,222 | 8 | % | 9 | % |
Corporate and other(2)
|
(9,210) | 660 | (8,550) | (10,370) | - | (10,370) | 11 | % | 18 | % | ||||||
Total operating income | $ | 144,903 | $ | 4,164 | $ | 149,067 | $ | 132,519 | $ | 1,333 | $ | 133,852 | 9 | % | 11 | % |
Operating margins: | As Reported | Adjusted | As Reported | Adjusted | As Reported | Adjusted | ||||||||||
Aerospace & Industrial | 16.4 | % | 17.2 | % | 17.7 | % | 17.7 | % | (130 bps) | (50 bps) | ||||||
Defense Electronics | 26.2 | % | 26.5 | % | 26.0 | % | 26.0 | % | 20 bps | 50 bps | ||||||
Naval & Power | 16.2 | % | 16.4 | % | 16.6 | % | 17.0 | % | (40 bps) | (60 bps) | ||||||
Total Curtiss-Wright | 18.1 | % | 18.7 | % | 18.3 | % | 18.5 | % | (20 bps) | 20 bps | ||||||
Segment margins | 19.3 | % | 19.7 | % | 19.7 | % | 19.9 | % | (40 bps) | (20 bps) | ||||||
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
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(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period.
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) | ||||||||||||||||
($'s in thousands) | ||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | % Change | ||||||||||||||
As Reported | Adjustments | Adjusted | As Reported | Adjustments | Adjusted | As Reported | Adjusted | |||||||||
Sales: | ||||||||||||||||
Aerospace & Industrial | $ | 681,216 | $ | - | $ | 681,216 | $ | 649,004 | $ | - | $ | 649,004 | 5 | % | 5 | % |
Defense Electronics | 683,231 | - | 683,231 | 576,161 | - | 576,161 | 19 | % | 19 | % | ||||||
Naval & Power | 932,429 | - | 932,429 | 834,417 | - | 834,417 | 12 | % | 12 | % | ||||||
Total sales | $ | 2,296,876 | $ | - | $ | 2,296,876 | $ | 2,059,582 | $ | - | $ | 2,059,582 | 12 | % | 12 | % |
Operating income (expense): | ||||||||||||||||
Aerospace & Industrial(2)
|
$ | 100,147 | $ | 4,546 | $ | 104,693 | $ | 101,224 | $ | - | $ | 101,224 | (1) | % | 3 | % |
Defense Electronics(2)
|
169,964 | 1,342 | 171,306 | 122,760 | - | 122,760 | 38 | % | 40 | % | ||||||
Naval & Power (1)(2)
|
134,513 | 1,101 | 135,614 | 132,382 | 6,669 | 139,051 | 2 | % | (2) | % | ||||||
Total segments | $ | 404,624 | $ | 6,989 | $ | 411,613 | $ | 356,366 | $ | 6,669 | $ | 363,035 | 14 | % | 13 | % |
Corporate and other(2)
|
(30,863) | 1,624 | (29,239) | (32,457) | - | (32,457) | 5 | % | 10 | % | ||||||
Total operating income | $ | 373,761 | $ | 8,613 | $ | 382,374 | $ | 323,909 | $ | 6,669 | $ | 330,578 | 15 | % | 16 | % |
Operating margins: | As Reported | Adjusted | As Reported | Adjusted | As Reported | Adjusted | ||||||||||
Aerospace & Industrial | 14.7 | % | 15.4 | % | 15.6 | % | 15.6 | % | (90 bps) | (20 bps) | ||||||
Defense Electronics | 24.9 | % | 25.1 | % | 21.3 | % | 21.3 | % | 360 bps | 380 bps | ||||||
Naval & Power | 14.4 | % | 14.5 | % | 15.9 | % | 16.7 | % | (150 bps) | (220 bps) | ||||||
Total Curtiss-Wright | 16.3 | % | 16.6 | % | 15.7 | % | 16.1 | % | 60 bps | 50 bps | ||||||
Segment margins | 17.6 | % | 17.9 | % | 17.3 | % | 17.6 | % | 30 bps | 30 bps | ||||||
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
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(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period.
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||
SALES BY END MARKET (UNAUDITED) | ||||||
($'s in thousands) | ||||||
Three Months Ended | Three Months Ended | |||||
September 30, 2024 | September 30, 2023 | % Change | ||||
Aerospace & Defense markets: | ||||||
Aerospace Defense | $ | 158,980 | $ | 148,023 | 7 | % |
Ground Defense | 92,973 | 83,185 | 12 | % | ||
Naval Defense | 217,510 | 179,862 | 21 | % | ||
Commercial Aerospace | 96,677 | 79,703 | 21 | % | ||
Total Aerospace & Defense | $ | 566,140 | $ | 490,773 | 15 | % |
Commercial markets: | ||||||
Power & Process | $ | 131,376 | $ | 122,118 | 8 | % |
General Industrial | 101,402 | 111,435 | (9 | %) | ||
Total Commercial | $ | 232,778 | $ | 233,553 | 0 | % |
Total Curtiss-Wright | $ | 798,918 | $ | 724,326 | 10 | % |
Nine Months Ended | Nine Months Ended | |||||
September 30, 2024 | September 30, 2023 | % Change | ||||
Aerospace & Defense markets: | ||||||
Aerospace Defense | $ | 445,158 | $ | 380,095 | 17 | % |
Ground Defense
|
268,672 | 220,317 | 22 | % | ||
Naval Defense | 605,004 | 532,773 | 14 | % | ||
Commercial Aerospace | 279,768 | 232,226 | 20 | % | ||
Total Aerospace & Defense | $ | 1,598,602 | $ | 1,365,411 | 17 | % |
Commercial markets: | ||||||
Power & Process | $ | 394,016 | $ | 373,457 | 6 | % |
General Industrial | 304,258 | 320,714 | (5 | %) | ||
Total Commercial | $ | 698,274 | $ | 694,171 | 1 | % |
Total Curtiss-Wright | $ | 2,296,876 | $ | 2,059,582 | 12 | % |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Diluted earnings per share - As Reported | $ | 2.89 | $ | 2.51 | $ | 7.47 | $ | 6.09 |
First year purchase accounting adjustments
|
0.02 | 0.03 | 0.02 | 0.13 | ||||
Restructuring costs
|
0.06 | - | 0.15 | - | ||||
Diluted earnings per share - Adjusted (1)
|
$ | 2.97 | $ | 2.54 | $ | 7.64 | $ | 6.22 |
(1) All adjustments are presented net of income taxes.
|
Three Months Ended | ||||||||
September 30, | ||||||||
2024 vs. 2023 | ||||||||
Aerospace & Industrial | Defense Electronics | Naval & Power | Total Curtiss-Wright | |||||
Sales | Operating income | Sales | Operating income | Sales | Operating income | Sales | Operating income | |
As Reported | 4% | (4%) | 12% | 13% | 14% | 11% | 10% | 9% |
Less: Acquisitions | 0% | 0% | 0% | 0% | (1%) | 0% | 0% | 0% |
Restructuring | 0% | 5% | 0% | 1% | 0% | 0% | 0% | 3% |
Foreign Currency | (1%) | (2%) | 0% | 0% | 0% | 0% | 0% | (1%) |
Organic | 3% | (1%) | 12% | 14% | 13% | 11% | 10% | 11% |
Nine Months Ended | ||||||||
September 30, | ||||||||
2024 vs. 2023 | ||||||||
Aerospace & Industrial | Defense Electronics | Naval & Power | Total Curtiss-Wright | |||||
Sales | Operating income | Sales | Operating income | Sales | Operating income | Sales | Operating income | |
As Reported | 5% | (1%) | 19% | 38% | 12% | 2% | 12% | 15% |
Less: Acquisitions | 0% | 0% | 0% | 0% | (1%) | 0% | 0% | 0% |
Restructuring | 0% | 4% | 0% | 1% | 0% | 0% | 0% | 2% |
Foreign Currency | 0% | 0% | (1%) | 0% | 0% | 0% | (1%) | 1% |
Organic | 5% | 3% | 18% | 39% | 11% | 2% | 11% | 18% |
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||
NON-GAAP FINANCIAL DATA (UNAUDITED) | ||||||||
($'s in thousands) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net cash provided by operating activities | $ | 177,274 | $ | 146,364 | $ | 242,976 | $ | 165,717 |
Capital expenditures | (14,584) | (9,373) | (37,703) | (32,037) | ||||
Free cash flow | $ | 162,690 | $ | 136,991 | $ | 205,273 | $ | 133,680 |
Westinghouse legal settlement | - | - | - | 10,000 | ||||
Adjusted free cash flow | $ | 162,690 | $ | 136,991 | $ | 205,273 | $ | 143,680 |
Adjusted free cash flow conversion | 142 | % | 140 | % | 70 | % | 60 | % |
CURTISS-WRIGHT CORPORATION | |||||||||||||||||
2024 Guidance | |||||||||||||||||
As of October 30, 2024 | |||||||||||||||||
($'s in millions, except per share data) | |||||||||||||||||
2023 Reported (GAAP) |
2023
Adjustments
(Non-GAAP)(1,2)
|
2023
Adjusted
(Non-GAAP)(1,2)
|
2024 Reported Guidance (GAAP) |
2024
Adjustments
(Non-GAAP)(3)
|
2024
Adjusted Guidance
(Non-GAAP)(3)
|
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Low | High | Low | High |
2024 Chg vs 2023 Adjusted |
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Sales: | |||||||||||||||||
Aerospace & Industrial | $ | 887 | $ | - | $ | 887 | $ | 925 | $ | 940 | $ | - | $ | 925 | $ | 940 | 4 - 6% |
Defense Electronics | 816 | - | 816 | 892 | 907 | - | 892 | 907 | 9 - 11% | ||||||||
Naval & Power | 1,142 | - | 1,142 | 1,233 | 1,248 | - | 1,233 | 1,248 | 8 - 9% | ||||||||
Total sales | $ | 2,845 | $ | - | $ | 2,845 | $ | 3,050 | $ | 3,095 | $ | - | $ | 3,050 | $ | 3,095 | 7 - 9% |
Operating income: | |||||||||||||||||
Aerospace & Industrial | $ | 145 | $ | - | $ | 145 | $ | 148 | $ | 152 | $ | 9 | $ | 157 | $ | 161 | 8 - 11% |
Defense Electronics | 192 | - | 192 | 213 | 218 | 3 | 216 | 221 | 13 - 15% | ||||||||
Naval & Power | 189 | 9 | 198 | 197 | 202 | 1 | 198 | 203 | 0 - 2% | ||||||||
Total segments | $ | 526 | $ | 9 | $ | 535 | $ | 557 | $ | 572 | $ | 13 | $ | 570 | $ | 585 | |
Corporate and other | (42) | - | (42) | (41) | (42) | 2 | (39) | (40) | |||||||||
Total operating income | $ | 485 | $ | 9 | $ | 494 | $ | 516 | $ | 530 | $ | 15 | $ | 531 | $ | 545 | 7 - 10% |
Interest expense | $ | (51) | $ | - | $ | (51) | $ | (44) | $ | (45) | $ | - | $ | (44) | $ | (45) | |
Other income, net | 30 | - | 30 | 35 | 35 | - | 35 | 35 | |||||||||
Earnings before income taxes | 463 | 9 | 472 | 507 | 519 | 15 | 522 | 534 | |||||||||
Provision for income taxes | (109) | (2) | (111) | (114) | (117) | (3) | (117) | (120) | |||||||||
Net earnings | $ | 355 | $ | 6 | $ | 361 | $ | 393 | $ | 401 | $ | 12 | $ | 405 | $ | 413 | |
Diluted earnings per share | $ | 9.20 | $ | 0.18 | $ | 9.38 | $ | 10.23 | $ | 10.44 | $ | 0.32 | $ | 10.55 | $ | 10.75 | 12 - 15% |
Diluted shares outstanding | 38.5 | 38.5 | 38.4 | 38.4 | 38.4 | 38.4 | |||||||||||
Effective tax rate | 23.4 | % | 23.4 | % | 22.5 | % | 22.5 | % | 22.5 | % | 22.5 | % | |||||
Operating margins: | |||||||||||||||||
Aerospace & Industrial | 16.4 | % | 16.4 | % | 16.0 | % | 16.2 | % | 16.9 | % | 17.1 | % | 50 - 70 bps | ||||
Defense Electronics | 23.5 | % | 23.5 | % | 23.9 | % | 24.0 | % | 24.2 | % | 24.4 | % | 70 - 90 bps | ||||
Naval & Power | 16.6 | % | 17.4 | % | 16.0 | % | 16.2 | % | 16.1 | % | 16.3 | % | (110 - 130 bps) | ||||
Total operating margin | 17.0 | % | 17.4 | % | 16.9 | % | 17.1 | % | 17.4 | % | 17.6 | % | 0 - 20 bps | ||||
Free cash flow | $ | 403 | $ | 10 | $ | 413 | $ | 430 | $ | 450 | $ | - | $ | 430 | $ | 450 | 4 - 9% |
Notes: Full year amounts may not add due to rounding. | |||||||||||||||||
(1) 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments.
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(2) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2023 Adjusted Free Cash Flow excluded a legal settlement payment of $10 million.
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(3) 2024 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
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CURTISS-WRIGHT CORPORATION | |||
2024 Sales Growth Guidance by End Market | |||
As of October 30, 2024 | |||
2024 % Change vs. 2023 Adjusted | |||
Prior | Current | % Total Sales | |
Aerospace & Defense Markets | |||
Aerospace Defense | 7 - 9% | 9 - 11% | 20% |
Ground Defense | 10 - 12% | 10 - 12% | 11% |
Naval Defense | 5 - 7% | 9 - 11% | 26% |
Commercial Aerospace | 13 - 15% | 16 - 18% | 12% |
Total Aerospace & Defense | 8 - 10% | 10 - 12% | 69% |
Commercial Markets | |||
Power & Process | 4 - 6% | 5 - 7% | 18% |
General Industrial | Flat | (2 - 4%) | 14% |
Total Commercial | 1 - 3% | 1 - 3% | 31% |
Total Curtiss-Wright Sales | 6 - 8% | 7 - 9% | 100% |
Note: Sales percentages may not add due to rounding. |