Curtiss-Wright Corporation Reports Financial Results for the First Quarter 2022
“We are greatly encouraged by the double-digit order growth in the first quarter, which builds upon our already strong backlog and provides further confidence in our full-year outlook,” said President and CEO Lynn M. Bamford.
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Edited by Margo Ellis
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- Reported sales of $559 million, reflecting timing of defense revenues
- Reported diluted earnings per share (EPS) of $1.05
- Adjusted diluted EPS of $1.31
- New orders of $634 million, up 12%, reflecting strong demand within our Aerospace & Defense (A&D) and Commercial markets
- Share repurchases of approximately $12 million
“Curtiss-Wright delivered solid adjusted diluted EPS of $1.31 in the first quarter, exceeding our expectations, as the benefits of our combined portfolio of businesses enabled us to partially mitigate the headwinds of continued global supply chain disruption and the delayed signing of the FY22 Defense budget,” said Lynn M. Bamford, president and CEO of Curtiss-Wright Corporation.
“Looking ahead to the remainder of the year, we anticipate steady, sequential improvement in sales, operating margin, diluted EPS and free cash flow, with a greater percentage of our full-year sales weighted to the second half of the year due to the timing of revenue within our defense markets. Overall, we are maintaining our full-year 2022 guidance for total sales growth of 3% to 5% driven by growth in all our A&D and Commercial markets, continued operating margin expansion and double-digit Adjusted diluted EPS growth of 10% to 12%, as we continue to successfully execute on our Pivot to Growth strategy to drive long-term shareholder value.”
The full report from Curtiss-Wright is here.
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