Curtiss-Wright Reports Strong Q3 Results

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Curtiss-Wright has reported in a press release its financial results for the third quarter, showing, among other strong indicators, that sales have increased 12%.

“We delivered strong third quarter results, with double-digit growth in sales and operating income, despite supply chain headwinds...”, said Lynn M. Bamford, president and CEO of Curtiss-Wright Corporation. “Our results reflect the continued execution of our operational excellence initiatives and savings generated by our prior year restructuring actions, which drove operating margin expansion that more than offset the $4 million in incremental year-over-year research and development investments to support our long-term organic growth.”

Third quarter highlights include:

• Reported sales of $621 million, operating income of $98 million, operating margin of 15.7%, diluted earnings per share (EPS) of $1.70, and free cash flow (FCF) of $97 million
• Adjusted sales of $614 million, up 12%
• Adjusted operating income of $108 million, up 12%
• Adjusted operating margin of 17.5%, up 10 basis points
• Adjusted diluted EPS of $1.88, up 6%
• New orders of $617 million, up 13%
• Adjusted FCF of $97 million, up 76%, with 127% free cash flow conversion.

“Looking ahead to the remainder of 2021, while global supply chain disruption continues to impact many businesses, we will continue to work aggressively to mitigate any negative effects on Curtiss-Wright, leveraging the strength and resilience of our combined portfolio, which has provided us with confidence to raise the midpoint of our Adjusted diluted EPS guidance range,” Bamford added.