EX-99.1 2 ex991_cwxq125xearnings.htm EX-99.1
Curtiss-Wright Corporation, Page 1

| Exhibit 99.1

CURTISS-WRIGHT REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS AND RAISES FULL-YEAR 2025 GUIDANCE FOR SALES, OPERATING MARGIN, EPS AND FREE CASH FLOW
DAVIDSON, N.C. – May 7, 2025 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights:
•Reported sales of $806 million, up 13%, operating income of $129 million, up 29%, operating margin of 16.0%, and diluted earnings per share (EPS) of $2.68;
•Adjusted operating income of $134 million, up 34%;
•Adjusted operating margin of 16.6%, up 260 basis points;
•Adjusted diluted EPS of $2.82, up 42%; and
•Record new orders of $1.0 billion, up 13%, reflecting a 1.26x book-to-bill.
Raised Full-Year 2025 Adjusted Financial Outlook:
•Sales guidance increased to new range of 8% to 9% growth (previously 7% to 8%), which continues to reflect growth in the majority of Curtiss-Wright's end markets;
•Operating income guidance increased to new range of 13% to 16% growth (previously 10% to 12%);
•Operating margin guidance range increased by 40 basis points to 18.3% to 18.5%, now up 80 to 100 basis points compared with the prior year;
•Diluted EPS guidance increased to new range of $12.45 to $12.80, now up 14% to 17% (previously $12.10 to $12.40, or 11% to 14%);
•F ree cash flow (FCF) guidance range increased by $10 million to $495 million to $515 million, which continues to reflect greater than 105% FCF conversion; and
•Full-year 2025 guidance includes the potential direct impacts from tariffs on our operations as well as mitigating actions.
"I’m proud of our team’s outstanding first quarter 2025 performance as we delivered significant increases in new orders, sales, operating income and diluted EPS, and continued to execute on our Pivot to Growth strategy," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.
"We achieved strong growth in the majority of our end markets, accentuated by the timing of naval defense revenues which drove a better than expected increase of 15% in our A&D markets. Additionally, we benefited from a stronger than anticipated operational performance in our Defense Electronics segment, which in combination, greatly contributed to 42% growth in diluted EPS. We were also pleased to start the year with strong momentum in orders, reaching a record quarterly high of more than $1 billion. This performance continues to reflect strong demand in our Aerospace & Defense and commercial nuclear markets."
"Overall, we are confident in our ability to achieve strong growth and profitability this year. Building on the stre ngth of our first quarter r esults, we have raised our full-year outlook and now expect to generate total sales growth of 8% to 9%, operating margin expansion of 80 to 100 basis points, and diluted EPS growth of 14% to 17%. Furthermore, we continue to maintain an efficient balance sheet, with ample liquid ity, to execute on our disciplined capital allocation

Curtiss-Wright Corporation, Page 2
strategy. Curtiss-Wright remains well positioned to deliver long-term profitable growth for our shareholders."
First Quarter 2025 Operating Results

(In millions) | Q1-2025 | Q1-2024 | Change
Reported |  |  |
Sales | $ | 806 |  | $ | 713 |  | 13 | %
Operating income | $ | 129 |  | $ | 100 |  | 29 | %
Operating margin | 16.0 | % | 14.0 | % | 200 bps
Adjusted (1) |  |  |
Sales | $ | 806 |  | $ | 713 |  | 13 | %
Operating income | $ | 134 |  | $ | 100 |  | 34 | %
Operating margin | 16.6 | % | 14.0 | % | 260 bps

(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $806 million, up $92 million, or 13% compared with the prior year;
•Total Aerospace & Defense (A&D) market sales increased 15%, while total Commercial market sales increased 9%;
•In our A&D mark ets, strong growth in the defense markets was driven by higher than expected submarin e revenues in naval defense and increased sales of defense electronics products supporting all defense markets, as well as higher OEM sales in the commercial aerospace market;
•In our Commercial markets, strong growth in the power & process market was principally driven by the contributions from acquisitions and higher organic sales of commercial nuclear products, while sales in the general industrial market increased slightly; and
•Adjusted operating income of $134 million increased 34%, while Adjusted operating margin increased 260 basis points to 16.6%, principally driven by favorable overhead absorption on higher revenues in all three segments, t he benefits of the Company's restructuring and operational excellence initiatives, and favorable foreign currency translation, as well as an unfavorable naval contract adjustment in the prior year that did not recur in 2025.

Curtiss-Wright Corporation, Page 3
First Quarter 2025 Segment Performance
Aerospace & Industrial

(In millions) | Q1-2025 | Q1-2024 | Change
Reported |  |  |
Sales | $ | 227 |  | $ | 219 |  | 4 | %
Operating income | $ | 30 |  | $ | 27 |  | 9 | %
Operating margin | 13.2 | % | 12.5 | % | 70 bps
Adjusted (1) |  |  |
Sales | $ | 227 |  | $ | 219 |  | 4 | %
Operating income | $ | 32 |  | $ | 27 |  | 15 | %
Operating margin | 13.9 | % | 12.5 | % | 140 bps

(1)Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $227 million, up $8 million, or 4%;
•Aerospace defense market revenue increases reflected higher sales for our actuation equipment, principally on the F-35 and other fighter jet programs;
•Commercial aerospace market revenue increases reflected increased demand and higher OEM sales of sensors pro ducts and surface treatment services on narrowbody and widebody platforms;
•General industrial market revenue reflected high er sales of industrial automation equipment offset by reduced sales of industrial vehicle products serving on- and off-highway vehicle platforms; and
•Adjusted operating income was $32 million, up 15% from the prior year, reflecting a strong Adjusted operating margin that increased 140 basis points to 13.9%, driven by favorable absorption on higher revenues, the benefits of the Company's restructuring initiatives and favorable foreign currency translation.

Curtiss-Wright Corporation, Page 4
Defense Electronics

(In millions) | Q1-2025 | Q1-2024 | Change
Reported |  |  |
Sales | $ | 245 |  | $ | 212 |  | 16 | %
Operating income | $ | 67 |  | $ | 48 |  | 40 | %
Operating margin | 27.5 | % | 22.7 | % | 480 bps
Adjusted (1) |  |  |
Sales | $ | 245 |  | $ | 212 |  | 16 | %
Operating income | $ | 67 |  | $ | 48 |  | 40 | %
Operating margin | 27.5 | % | 22.7 | % | 480 bps

(1)Note: There were no adjustments to segment operating results.
•Sales of $245 million, up $33 million, or 16%;
•Strong revenue growth in the aerospace defense market was principally driven by increased sales of our embedded computing equipment on various helicopter programs;
•Ground defense market revenue increases principally reflected higher sales supporting U.S. ground vehicle modernization;
•Higher revenue in the naval defense market reflected increased sales of our embedded computing equipment supporting various domestic and international programs; and
•Adjusted operating income was $67 million, up 40% from the prior year, while Adjusted operating margin increased 480 basis points to 27.5%, primarily due to favorable absorption on higher defense revenues, the benefits of our operational excellence initiatives, and favorable mix of products.

Curtiss-Wright Corporation, Page 5
Naval & Power

(In millions) | Q1-2025 | Q1-2024 | Change
Reported |  |  |
Sales | $ | 333 |  | $ | 282 |  | 18 | %
Operating income | $ | 42 |  | $ | 35 |  | 19 | %
Operating margin | 12.6 | % | 12.5 | % | 10 bps
Adjusted (1) |  |  |
Sales | $ | 333 |  | $ | 282 |  | 18 | %
Operating income | $ | 45 |  | $ | 35 |  | 28 | %
Operating margin | 13.5 | % | 12.5 | % | 100 bps

(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $333 million, up $51 million, or 18%;
•Revenue growth in the naval defense market was stronger than anticipated principally due to higher demand and the timing of revenues on the Virginia-class and Columbia-class submarine programs, in addition to higher growth on various next-generation submarine development programs and increased sales of aircraft handling systems equipment to international customers;
•Lower revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment supporting various international customers;
•Higher power & process market revenues mainly reflected the contribution from acquisitions to our commercial nuclear and process markets, as well as higher organic sales of commercial nuclear products supporting the maintenance of existing operating reactors and the development of next-generation advanced reactors; and
•Adjusted operating income was $45 million, up 28% from the prior year, while Adjusted operating margin increased 100 basis points to 13.5%, due to favorable absorption on higher revenues partially offset by unfavorable mix of products and higher investment in development programs. Our results also reflected an unfavorable naval contract adjustment in the prior year that did not recur in 2025.

Curtiss-Wright Corporation, Page 6
Free Cash Flow

(In millions) | Q1-2025 | Q1-2024 | Change
Net cash used for operating activities | $ | (39) |  | $ | (46) |  | 15 | %
Capital expenditures | (16) |  | (12) |  | (31 | %)
Free cash flow | $ | (55) |  | $ | (58) |  | 5 | %

•Free cash flow of ($55) million increased $3 million, as higher cash earnings were partially offset by the timing of collections as well as higher capital investments driven by growth investments in all three segments.
New Orders and Backlog
•New orders of $1.0 billion increased 13% compared with the prior year principally reflecting strong demand across our naval defense, commercial aerospace and commercial nuclear end markets; and
•Backlog of $3.7 billion, up 7% fro m December 31, 2024, reflects higher demand across the A&D and Commercial markets.
Share Repurchase and Dividends
•During the first quarter, the Company repurchased 42,383 shares of its common stock for approximately $14 million; and
•The Company declared a quarterly dividend of $0.21 a share.

Curtiss-Wright Corporation, Page 7
Full-Year 2025 Guidance
The Company is updating its full-year 2025 Adjusted financial guidance(1) as follows:

($ In millions, except EPS) | 2025 Adjusted Non-GAAP Guidance (Prior) | 2025 Adjusted Non-GAAP Guidance (Current) | Change vs 2024 Adjusted (Current)
Total Sales | $3,335 - $3,385 | $3,365 - $3,415 | 8 - 9%
Operating Income | $598 - $613 | $614 - $632 | 13 - 16%
Operating Margin | 17.9% - 18.1% | 18.3% - 18.5% | 80 - 100 bps
Diluted EPS | $12.10 - $12.40 | $12.45 - $12.80 | 14 - 17%
Free Cash Flow(2) | $485 - $505 | $495 - $515 | 2 - 7%

(1)Reconciliations of Reported to Adjusted 2024 operating results and 2025 financial guidance are available in the Appendix and exclude first-year purchase accounting costs associated with prior-year acquisitions.
(2)2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results) and the timing of prior year record customer advances.
**********
A more detailed breakdown of the Company’s 2025 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its first quarter 2025 financial results and business outlook at 10:00 a.m. ET on Thursday, May 8, 2025. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)

Curtiss-Wright Corporation, Page 8

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
| Three Months Ended
| March 31,
| 2025 |  | 2024
Product sales | $ | 678,977 |  |  | $ | 595,704 |
Service sales | 126,668 |  |  | 117,463 |
Total net sales | 805,645 |  |  | 713,167 |
Cost of product sales | 442,090 |  |  | 389,477 |
Cost of service sales | 71,091 |  |  | 69,935 |
Total cost of sales | 513,181 |  |  | 459,412 |
Gross profit | 292,464 |  |  | 253,755 |
Research and development expenses | 23,019 |  |  | 22,980 |
Selling expenses | 39,925 |  |  | 36,765 |
General and administrative expenses | 99,029 |  |  | 94,049 |
Restructuring expenses | 1,286 |  |  | — |
Operating income | 129,205 |  |  | 99,961 |
Interest expense | 10,143 |  |  | 10,570 |
Other income, net | 6,030 |  |  | 9,608 |
Earnings before income taxes | 125,092 |  |  | 98,999 |
Provision for income taxes | (23,755) |  |  | (22,504) |
Net earnings | $ | 101,337 |  |  | $ | 76,495 |
Basic earnings per share | $ | 2.69 |  |  | $ | 2.00 |
Diluted earnings per share | $ | 2.68 |  |  | $ | 1.99 |
Dividends per share | $ | 0.21 |  |  | $ | 0.20 |
Weighted average shares outstanding: |  |  |
Basic | 37,683 |  |  | 38,254 |
Diluted | 37,851 |  |  | 38,431 |

Curtiss-Wright Corporation, Page 9

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
|  | March 31, |  | December 31,
|  | 2025 |  | 2024
Assets |  |  |
Current assets: |  |  |
| Cash and cash equivalents | $ | 226,459 |  |  | $ | 385,042 |
| Receivables, net | 911,313 |  |  | 835,037 |
| Inventories, net | 578,103 |  |  | 541,442 |
| Other current assets | 84,137 |  |  | 88,073 |
| Total current assets | 1,800,012 |  |  | 1,849,594 |
Property, plant, and equipment, net | 349,837 |  |  | 339,118 |
Goodwill | 1,673,608 |  |  | 1,675,718 |
Other intangible assets, net | 583,115 |  |  | 596,831 |
Operating lease right-of-use assets, net | 183,784 |  |  | 169,350 |
Prepaid pension asset | 306,343 |  |  | 299,130 |
Other assets | 55,092 |  |  | 55,963 |
| Total assets | $ | 4,951,791 |  |  | $ | 4,985,704 |
Liabilities |  |  |
Current liabilities: |  |  |
| Current portion of long-term and short-term debt | $ | — |  |  | $ | 90,000 |
| Accounts payable | 237,706 |  |  | 247,185 |
| Accrued expenses | 180,795 |  |  | 219,054 |
| Deferred revenue | 448,012 |  |  | 459,421 |
| Other current liabilities | 87,403 |  |  | 80,288 |
| Total current liabilities | 953,916 |  |  | 1,095,948 |
Long-term debt | 958,629 |  |  | 958,949 |
Deferred tax liabilities | 139,439 |  |  | 140,659 |
Accrued pension and other postretirement benefit costs | 68,173 |  |  | 67,413 |
Long-term operating lease liability | 161,768 |  |  | 148,175 |
Other liabilities | 110,719 |  |  | 124,761 |
| Total liabilities | $ | 2,392,644 |  |  | $ | 2,535,905 |
Stockholders' equity |  |  |
Common stock, $1 par value | $ | 49,187 |  |  | $ | 49,187 |
Additional paid in capital | 145,217 |  |  | 147,940 |
Retained earnings | 3,954,481 |  |  | 3,861,073 |
Accumulated other comprehensive loss | (224,287) |  |  | (243,225) |
Less: cost of treasury stock | (1,365,451) |  |  | (1,365,176) |
| Total stockholders' equity | $ | 2,559,147 |  |  | $ | 2,449,799 |
| Total liabilities and stockholders' equity | $ | 4,951,791 |  |  | $ | 4,985,704 |

Curtiss-Wright Corporation, Page 10
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable.

Curtiss-Wright Corporation, Page 11

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
| Three Months Ended |  | Three Months Ended |  |  |  |
| March 31, 2025 |  | March 31, 2024 |  | % Change
| As Reported |  | Adjustments |  | Adjusted |  | As Reported |  | Adjustments |  | Adjusted |  | Reported |  | Adjusted
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $ | 227,246 |  |  | $ | — |  |  | $ | 227,246 |  |  | $ | 219,325 |  |  | $ | — |  |  | $ | 219,325 |  |  | 4 | % |  | 4 | %
Defense Electronics | 245,164 |  |  | — |  |  | 245,164 |  |  | 211,741 |  |  | — |  |  | 211,741 |  |  | 16 | % |  | 16 | %
Naval & Power | 333,235 |  |  | — |  |  | 333,235 |  |  | 282,101 |  |  | — |  |  | 282,101 |  |  | 18 | % |  | 18 | %
Total sales | $ | 805,645 |  |  | $ | — |  |  | $ | 805,645 |  |  | $ | 713,167 |  |  | $ | — |  |  | $ | 713,167 |  |  | 13 | % |  | 13 | %
Operating income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial(2) | $ | 29,922 |  |  | $ | 1,764 |  |  | $ | 31,686 |  |  | $ | 27,466 |  |  | $ | — |  |  | $ | 27,466 |  |  | 9 | % |  | 15 | %
Defense Electronics(2) | 67,449 |  |  | — |  |  | 67,449 |  |  | 48,081 |  |  | — |  |  | 48,081 |  |  | 40 | % |  | 40 | %
Naval & Power (1)(2) | 41,863 |  |  | 3,069 |  |  | 44,932 |  |  | 35,191 |  |  | — |  |  | 35,191 |  |  | 19 | % |  | 28 | %
Total segments | $ | 139,234 |  |  | $ | 4,833 |  |  | $ | 144,067 |  |  | $ | 110,738 |  |  | $ | — |  |  | $ | 110,738 |  |  | 26 | % |  | 30 | %
Corporate and other(2) | (10,029) |  |  | (28) |  |  | (10,057) |  |  | (10,777) |  |  | — |  |  | (10,777) |  |  | 7 | % |  | 7 | %
Total operating income | $ | 129,205 |  |  | $ | 4,805 |  |  | $ | 134,010 |  |  | $ | 99,961 |  |  | $ | — |  |  | $ | 99,961 |  |  | 29 | % |  | 34 | %
Operating margins: | As Reported |  |  |  | Adjusted |  | As Reported |  |  |  | Adjusted |  | Reported |  | Adjusted
Aerospace & Industrial | 13.2 | % |  |  |  | 13.9 | % |  | 12.5 | % |  |  |  | 12.5 | % |  | 70 bps |  | 140 bps
Defense Electronics | 27.5 | % |  |  |  | 27.5 | % |  | 22.7 | % |  |  |  | 22.7 | % |  | 480 bps |  | 480 bps
Naval & Power | 12.6 | % |  |  |  | 13.5 | % |  | 12.5 | % |  |  |  | 12.5 | % |  | 10 bps |  | 100 bps
Total Curtiss-Wright | 16.0 | % |  |  |  | 16.6 | % |  | 14.0 | % |  |  |  | 14.0 | % |  | 200 bps |  | 260 bps
Segment margins | 17.3 | % |  |  |  | 17.9 | % |  | 15.5 | % |  |  |  | 15.5 | % |  | 180 bps |  | 240 bps
(1) Excludes first year purchase accounting adjustments.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in the current period.

Curtiss-Wright Corporation, Page 12

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
|  | Three Months Ended |  | Three Months Ended |  |  |
|  | March 31, 2025 |  | March 31, 2024 |  | 2025 vs. 2024
|  | Reported Sales |  | Adjustments |  | Adjusted Sales |  | Reported Sales |  | Adjustments |  | Adjusted Sales |  | Change in Reported Sales | Change in Adjusted Sales
Aerospace & Defense markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace Defense |  | $ | 151,722 |  |  | $ | — |  |  | $ | 151,722 |  |  | $ | 132,074 |  |  | $ | — |  |  | $ | 132,074 |  |  | 15% | 15%
Ground Defense |  | 97,237 |  |  | — |  |  | 97,237 |  |  | 90,760 |  |  | — |  |  | 90,760 |  |  | 7% | 7%
Naval Defense |  | 221,086 |  |  | — |  |  | 221,086 |  |  | 177,647 |  |  | — |  |  | 177,647 |  |  | 24% | 24%
Commercial Aerospace |  | 92,877 |  |  | — |  |  | 92,877 |  |  | 89,775 |  |  | — |  |  | 89,775 |  |  | 3% | 3%
Total Aerospace & Defense |  | $ | 562,922 |  |  | $ | — |  |  | $ | 562,922 |  |  | $ | 490,256 |  |  | $ | — |  |  | $ | 490,256 |  |  | 15% | 15%
Commercial markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power & Process |  | 142,934 |  |  | — |  |  | 142,934 |  |  | 124,039 |  |  | — |  |  | 124,039 |  |  | 15% | 15%
General Industrial |  | 99,789 |  |  | — |  |  | 99,789 |  |  | 98,872 |  |  | — |  |  | 98,872 |  |  | 1% | 1%
Total Commercial |  | $ | 242,723 |  |  | $ | — |  |  | $ | 242,723 |  |  | $ | 222,911 |  |  | $ | — |  |  | $ | 222,911 |  |  | 9% | 9%
Total Curtiss-Wright |  | $ | 805,645 |  |  | $ | — |  |  | $ | 805,645 |  |  | $ | 713,167 |  |  | $ | — |  |  | $ | 713,167 |  |  | 13% | 13%

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
| Three Months Ended
| March 31,
| 2025 |  | 2024
Diluted earnings per share - As Reported | $ | 2.68 |  |  | $ | 1.99 |
First year purchase accounting adjustments | 0.11 |  |  | — |
Restructuring expenses | 0.03 |  |  | — |
Diluted earnings per share - Adjusted (1) | $ | 2.82 |  |  | $ | 1.99 |
(1) All adjustments are presented net of income taxes.

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Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, cost s associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.

| Three Months Ended
| March 31,
| 2025 vs. 2024
| Aerospace & Industrial |  | Defense Electronics |  | Naval & Power |  | Total Curtiss-Wright
| Sales |  | Operating income |  | Sales |  | Operating income |  | Sales |  | Operating income |  | Sales |  | Operating income
As Reported | 4% |  | 9% |  | 16% |  | 40% |  | 18% |  | 19% |  | 13% |  | 29%
Less: Acquisitions | 0% |  | 0% |  | 0% |  | 0% |  | (7%) |  | 7% |  | (3%) |  | 3%
Restructuring | 0% |  | 5% |  | 0% |  | 0% |  | 0% |  | 0% |  | 0% |  | 1%
Foreign Currency | 0% |  | (6%) |  | 0% |  | (2%) |  | 1% |  | 0% |  | 1% |  | (3%)
Organic | 4% |  | 8% |  | 16% |  | 38% |  | 12% |  | 26% |  | 11% |  | 30%

Curtiss-Wright Corporation, Page 15
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capi tal to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
| Three Months Ended
| March 31,
| 2025 |  | 2024
Net cash used for operating activities | $ | (38,765) |  |  | $ | (45,633) |
Capital expenditures | (15,773) |  |  | (12,055) |
Free cash flow | $ | (54,538) |  |  | $ | (57,688) |
Free cash flow conversion | (51 | %) |  | (75 | %)

Curtiss-Wright Corporation, Page 16

CURTISS-WRIGHT CORPORATION
2025 Guidance
As of May 7, 2025
($'s in millions, except per share data)
| 2024 Reported (GAAP) |  | 2024 Adjustments (Non-GAAP)(1) |  | 2024 Adjusted (Non-GAAP)(1) |  | 2025 Reported Guidance (GAAP) |  | 2025 Adjustments (Non-GAAP)(2) |  | 2025 Adjusted Guidance (Non-GAAP)(2)
|  |  |  |  |  |  | Low | High |  |  |  | Low | High |  | Chg vs 2024 Adjusted
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $932 |  | $— |  | $932 |  | $960 | $975 |  | $— |  | $960 | $975 |  | 3 - 5%
Defense Electronics | 911 |  | — |  | 911 |  | 995 | 1,010 |  | — |  | 995 | 1,010 |  | 9 - 11%
Naval & Power | 1,278 |  | — |  | 1,278 |  | 1,410 | 1,430 |  | — |  | 1,410 | 1,430 |  | 10 - 12%
Total sales | $3,121 |  | $— |  | $3,121 |  | $3,365 | $3,415 |  | $— |  | $3,365 | $3,415 |  | 8 - 9%
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $148 |  | $10 |  | $158 |  | $161 | $170 |  | $2 |  | $163 | $172 |  | 3 - 8%
Defense Electronics | 225 |  | 2 |  | 227 |  | 261 | 267 |  | — |  | 261 | 267 |  | 15 - 18%
Naval & Power | 200 |  | 2 |  | 202 |  | 217 | 224 |  | 12 |  | 229 | 236 |  | 14 - 17%
Total segments | $572 |  | $15 |  | $587 |  | $640 | $660 |  | 14 |  | $654 | $674 |  |
Corporate and other | (44) |  | 3 |  | (41) |  | (40) | (42) |  | — |  | (40) | (42) |  |
Total operating income | $529 |  | $17 |  | $546 |  | $600 | $618 |  | $14 |  | $614 | $632 |  | 13 - 16%
Interest expense | $(45) |  | $— |  | $(45) |  | $(42) | $(43) |  | $— |  | $(42) | $(43) |  |
Other income, net | 38 |  | — |  | 38 |  | 31 | 32 |  | 2 |  | 33 | 34 |  |
Earnings before income taxes | 522 |  | 17 |  | 539 |  | 590 | 607 |  | 16 |  | 606 | 623 |  |
Provision for income taxes | (117) |  | (4) |  | (121) |  | (129) | (133) |  | (4) |  | (133) | (137) |  |
Net earnings | $405 |  | $13 |  | $418 |  | $460 | $474 |  | $12 |  | $472 | $486 |  |
Diluted earnings per share | $10.55 |  | $0.35 |  | $10.90 |  | $12.15 | $12.50 |  | $0.30 |  | $12.45 | $12.80 |  | 14 - 17%
Diluted shares outstanding | 38.4 |  |  |  | 38.4 |  | 37.9 | 37.9 |  |  |  | 37.9 | 37.9 |  |
Effective tax rate | 22.4% |  |  |  | 22.4% |  | 22.0% | 22.0% |  |  |  | 22.0% | 22.0% |  |
Operating margins: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | 15.9% |  |  |  | 17.0% |  | 16.8% | 17.4% |  |  |  | 17.0% | 17.6% |  | 0 - 60 bps
Defense Electronics | 24.7% |  |  |  | 24.9% |  | 26.3% | 26.5% |  |  |  | 26.3% | 26.5% |  | 140 - 160 bps
Naval & Power | 15.6% |  |  |  | 15.8% |  | 15.5% | 15.7% |  |  |  | 16.3% | 16.5% |  | 50 - 70 bps
Total operating margin | 16.9% |  |  |  | 17.5% |  | 17.9% | 18.1% |  |  |  | 18.3% | 18.5% |  | 80 - 100 bps
Free cash flow(3) | $483 |  | $— |  | $483 |  | $495 | $515 |  | $— |  | $495 | $515 |  | 2 - 7%
Notes: Amounts may not add due to rounding.
(1) 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.
(2) 2025 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.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results) and the timing of prior year record customer advances.

Curtiss-Wright Corporation, Page 17

CURTISS-WRIGHT CORPORATION |
2025 Sales Growth Guidance by End Market |
As of May 7, 2025 |
| 2025 % Change vs. 2024 Adjusted |  |  |
| Prior |  | Current |  | % Total Sales |
Aerospace & Defense Markets |  |  |  |  |  |
Aerospace Defense | 6 - 8% |  | 6 - 8% |  | 19% |
Ground Defense | 3 - 5% |  | 6 - 8% |  | 11% |
Naval Defense | 3 - 5% |  | 5 - 7% |  | 26% |
Commercial Aerospace | 10 - 12% |  | 13 - 15% |  | 13% |
Total Aerospace & Defense | 5 - 7% |  | 7 - 9% |  | 69% |
Commercial Markets |  |  |  |  |  |
Power & Process | 16 -18% |  | 16 - 18% |  | 19% |
General Industrial | Flat |  | Flat |  | 12% |
Total Commercial | 9 - 11% |  | 9 - 11% |  | 31% |
Total Curtiss-Wright Sales | 7 - 8% |  | 8 - 9% |  | 100% |
Note: Sales percentages may not add due to rounding. |  |  |  |  |

Curtiss-Wright Corporation, Page 18
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,900 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
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Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
Contact: Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com