Equibles

8-K

CURTISS WRIGHT CORP (CW)

8-K 2021-02-25 For: 2021-02-24
View Original
Added on April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,<br><br><br><br><br><br><br> D.C. 20549
FORM 8-K
CURRENT<br> REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2021

CURTISS-WRIGHT CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-00134 13-0612970
(State or Other<br><br> <br>Jurisdiction of<br><br> <br>Incorporation) (Commission File<br><br> <br>Number) (IRS Employer<br><br> <br>Identification No.)
130 Harbour Place Drive, Suite 300
--- ---
Davidson, NC 28036
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (704) 869-4600

__________

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock CW New York Stock Exchange 
  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 \(17 CFR §230.405\) or Rule 12b-2 of the Securities Exchange Act of 1934 \(17 CFR §240.12b-2\).

Emerging growth company          ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SECTION 2 – FINANCIAL INFORMATION

ITEM 2.02.   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On Wednesday, February 24, 2021, the Company issued a press release announcing financial results for the fourth quarter ended December 31, 2020.  A conference call and webcast presentation will be held on Thursday, February 25, 2021 at 10:00 am ET for management to discuss the Company’s fourth quarter and full-year 2020 performance as well as expectations for 2021 financial performance. David C. Adams, Executive Chairman, Lynn M. Bamford, President and Chief Executive Officer, and K. Christopher Farkas, Vice President and Chief Financial Officer, will host the call.  A copy of the press release and the webcast slide presentation are attached hereto as Exhibits 99.1 and 99.2.

The financial press release, access to the webcast, and the accompanying financial presentation will be posted on Curtiss-Wright's website at www.curtisswright.com. In addition, the Listen-Only dial-in number for domestic callers is (844) 220-4970, while international callers can dial (262) 558-6349.  For those unable to participate live, a webcast replay will be available for 90 days on the Company's website beginning one hour after the call takes place. A conference call replay will also be available for seven days.

Conference Call Replay:

Domestic  (855) 859-2056

International (404) 537-3406

Passcode 6585187

The information contained in this Current Report, including Exhibits 99.1 and 99.2, are being furnished and shall

  not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The
  information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 24, 2021, the Corporation (NYSE: CW) (the “Company”) announced the appointment of Mr. Kevin Rayment to the office of Vice President and Chief Operating Officer of the Company, effective April 1, 2021.  Mr. Rayment will replace Mr. Tom Quinly who will retire on April 1, 2021. Mr. Rayment will report directly to Ms. Lynn Bamford, the Company’s President and Chief Executive Officer.

Prior to his new position, Mr. Rayment served as acting Chief Operating Officer of the Company from January 2021. Prior to that, he served as President of the Company’s Commercial/Industrial Segment from January 2020, and served as Vice President and General Manager of the Company’s Industrial division from 2013. Mr. Rayment has held various leadership positions in the Company since 2004.

Mr. Rayment holds a BEng (Hons) Electrical & Electronics Engineering Degree from Portsmouth University and a Master of Business Administration Degree from Bournemouth University.

There is no family relationship between Mr. Rayment and any other executive officer or director of the Company, and there is no arrangement or understanding under which he was appointed. There are no transactions, or a series of similar transactions, or any currently proposed transactions, or a series of similar transactions, to which the Company was or is to be a party, in which the amount exceeds $120,000, and in which Mr. Rayment had, or will have a direct or indirect material interest. There have been no changes to any of Mr. Rayment’s previously announced material plans, contracts or arrangements as a result of this appointment.

A copy of the press release announcing Mr. Rayment’s appointment is attached as Exhibit 99.3 hereto.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(a)  Not applicable.

(b)  Not applicable.

(c)  Not applicable.

(d)  Exhibits.

99.1 Press Release dated February 24, 2021

99.2 Presentation shown during investor and securities analyst webcast on February 25, 2021

99.3 Press Release announcing Mr. Rayment’s appointment to Vice President and Chief Operating Officer dated February 24, 2021.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CURTISS-WRIGHT CORPORATION
By: /s/ K. Christopher Farkas
K. Christopher Farkas
Vice-President and
Chief Financial Officer

Date:    February 24, 2021

EXHIBIT INDEX

Exhibit<br><br> Number Description
99.1 Press Release dated February 24, 2021
99.2 Presentation shown during investor and securities analyst webcast on February 25, 2021
99.3 Press Release announcing Mr. Rayment’s<br> appointment to Vice President and Chief Operating Officer dated February 24, 2021

.

Exhibit 99.1

Curtiss-Wright Reports Fourth Quarter and Full-Year 2020 Financial Results; Issues Initial Full-Year 2021 Guidance

Q4 Results Reflect Strong Defense Market Sales Growth and Benefits of Restructuring Savings; Company Achieves Record Q4 and FY20 Adjusted Free Cash Flow

Introduces New Segment and End Market Structure Effective Q1 2021

DAVIDSON, N.C.--(BUSINESS WIRE)--February 24, 2021--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2020.

Fourth Quarter 2020 Highlights:

  • Reported diluted earnings per share (EPS) of $1.30; Adjusted diluted EPS of $2.39, up 12%;
  • Reported record free cash flow (FCF) of $246 million, with record Adjusted FCF of $256 million, up 3%;
  • Net sales of $668 million, up 2%, led by strong 15% organic growth in defense markets;
  • Reported operating income of $76 million, with Reported operating margin of 11.4%, including a $33 million non-cash impairment of a German valves business classified as held for sale;
  • Adjusted operating income of $133 million, up 8%;
  • Adjusted operating margin of 19.8%, up 100 basis points compared to the prior year, principally reflecting the benefits of cost containment and restructuring initiatives; and
  • Share repurchases of approximately $62 million.

Full-Year 2020 Highlights:

  • Reported diluted EPS of $4.80, with Adjusted diluted EPS of $6.87;
  • Reported FCF of $214 million, with record Adjusted FCF of $394 million, up 6%, and an Adjusted free cash flow conversion of 137%;
  • Net sales of $2.4 billion, down 4%, with defense market sales up 17% (up 10% organic);
  • Reported operating income of $289 million, with Reported operating margin of 12.1%;
  • Adjusted operating income of $391 million, down 5%;
  • Adjusted operating margin of 16.3%, down 20 basis points compared to the prior year, as strength in our defense markets and the benefits of our cost containment and restructuring initiatives partially offset reduced commercial markets sales; and
  • Total share repurchases of $200 million.

“As we reflect on Curtiss-Wright’s performance in 2020, I am proud of the team and their agility, resilience and focus to achieve exceptional results in a very challenging year,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation.

“We concluded 2020 by delivering solid fourth quarter results, driven by sequentially higher sales across all of our major end markets. During the quarter, we benefited from the acceleration of growth in our defense markets, the contribution from our recent PacStar acquisition and improving trends in our commercial markets. In addition, our strong financial performance reflects the savings generated by our restructuring actions and the benefit of our opportunistic share repurchase activity.

“Turning to our full-year 2020 results, we delivered strong full-year Adjusted operating margin, just shy of the prior year’s performance. We remain committed to achieving our 17% target in 2022. Further, we achieved record Adjusted free cash flow and leveraged our strong and healthy balance sheet to implement our balanced capital allocation strategy by completing our largest acquisition to date of $400 million, executing $200 million in share repurchases and maintaining a stable dividend.

“Looking ahead to 2021, we are projecting mid-to-high single digit growth in sales, Adjusted operating income and Adjusted diluted EPS. We are confident that our team can maintain its high level of performance and execution to keep us on a path to achieve our long-term targets. Additionally, today we are announcing new segment and end market structures to better align our business to our key strategies and industry drivers, while also helping to simplify our portfolio for investors. This is the first step, ahead of our planned May 2021 investor day, in communicating our new vision and strategy which will drive long-term profitable growth and deliver significant value for our shareholders.”

Fourth Quarter 2020 Operating Results

(In millions) Q4-2020 Q4-2019 Change
Sales $ 668.4 $ 655.8 2 %
Reported operating income $ 76.5 $ 120.7 (37 %)
Adjustments ^(1)^ 56.4 2.5
Adjusted operating income ^(1)^ $ 132.8 $ 123.2 8 %
Adjusted operating margin ^(1)^ 19.8 % 18.8 % 100 bps
(1) Fourth quarter 2020 Adjusted results exclude $33 million related to an impairment of a German valves business within the Commercial/Industrial segment classified as held for sale, $12 million in restructuring costs and $11 million in one-time inventory step-up, backlog amortization and transaction costs for acquisitions. Amounts may not add due to rounding.
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  • Sales of $668 million, up $13 million, or 2%, reflect sequentially higher sales across all of our major end markets;
  • Sales to the defense markets increased 27%, 15% of which was organic, led by strong growth in aerospace and naval defense, as well as the contribution of the PacStar acquisition in ground defense. Commercial sales decreased 18%, due to reduced demand in the commercial aerospace, general industrial and power generation markets. Please refer to the accompanying tables for an overall breakdown of sales by end market;
  • Adjusted operating income was $133 million, up 8%, reflecting higher revenues in the Defense and Power segments, partially offset by reduced operating income on lower sales in the Commercial/Industrial segment;
  • Adjusted operating margin increased 100 basis points to 19.8%, reflecting the benefits of our company-wide restructuring and cost containment actions, most notably in the Commercial/Industrial segment; and
  • Non-segment expenses of $10 million increased by $2 million compared to the prior year, primarily due to higher corporate costs.

Free Cash Flow

(In millions) Q4-2020 Q4-2019 Change
Net cash provided by operating activities $ 257.4 $ 262.4 (2 %)
Capital expenditures (11.2 ) (19.8 ) 44 %
Reported free cash flow $ 246.2 $ 242.6 2 %
Adjustment to capital expenditures (DRG facility investment) ^(1)^ 0.1 5.3 -
Restructuring ^(1)^ 9.6 - -
Adjusted free cash flow ^(1)^ $ 256.0 $ 247.9 3 %
(1) Adjusted free cash flow excludes a capital investment related to the new, state-of-the-art naval facility principally for DRG which impacted both periods, and the cash impact from restructuring in the current period. Amounts may not add due to rounding.
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  • Reported free cash flow was $246 million, an increase of $4 million compared to the prior year, as lower cash earnings were offset by improvements in working capital and reductions in capital expenditures;
  • Capital expenditures decreased $9 million to $11 million compared to the prior year, primarily due to lower capital investments within the Power segment; and
  • Adjusted free cash flow was $256 million in the fourth quarter, producing a free cash flow conversion rate of 259%.

New Orders and Backlog

  • New orders of $573 million decreased 2% compared with the prior year period, as solid demand for defense electronics and the contribution from our PacStar acquisition were more than offset by reduced commercial aerospace orders; and
  • Backlog of $2.2 billion was unchanged from December 31, 2019, as growth in our defense markets of 12% was offset by lower commercial market demand principally driven by the pandemic.

Share Repurchase and Dividends

  • During the fourth quarter, the Company repurchased 613,953 shares of its common stock for approximately $62 million, or an average of $101.32 per share;
  • Year-to-date, the Company repurchased 1.98 million shares for $200 million, or an average of $100.82 per share, which included $150 million repurchased opportunistically; and
  • The Company also declared a quarterly dividend of $0.17 a share, unchanged from the previous quarter.

Other Items – Business Held for Sale

  • During the fourth quarter, the Company classified its German valves business within its Commercial/Industrial segment as held for sale and its results have been adjusted from comparisons between our future financial guidance and prior year results.

Fourth Quarter 2020 Segment Performance

Commercial/Industrial

(In millions) Q4-2020 Q4-2019 Change
Sales $ 249.2 $ 296.1 (16 %)
Reported operating income $ 7.4 $ 49.4 (85 %)
Adjustments ^(1)^ 40.0 -
Adjusted operating income ^(1)^ $ 47.3 $ 49.4 (4 %)
Adjusted operating margin ^(1)^ 19.0 % 16.7 % 230 bps
(1) Adjusted results exclude an impairment of a valves business classified as held for sale, restructuring costs and one-time backlog amortization and transaction costs for acquisitions. Amounts may not add due to rounding.
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  • Sales of $249 million decreased $47 million, or 16%, but improved sequentially across our major commercial and industrial end markets compared with third quarter 2020 results;
  • Commercial aerospace market revenues were driven by reduced OEM sales of actuation and sensors equipment, as well as surface treatment services, as expected due to customer-driven production slowdowns;
  • General industrial market revenue declines principally reflect reduced year-over-year sales for industrial valves;
  • Reported operating income was $7 million, with Reported operating margin of 3.0%; and
  • Adjusted operating income was $47 million, down 4% from the prior year, while Adjusted operating margin increased 230 basis points to 19.0%, principally driven by the benefits of our cost containment and restructuring initiatives.

Defense

(In millions) Q4-2020 Q4-2019 Change
Sales $ 217.5 $ 173.3 26 %
Reported operating income $ 42.3 $ 43.7 (3 %)
Adjustments ^(1)^ 10.6 0.5
Adjusted operating income ^(1)^ $ 52.9 $ 44.2 20 %
Adjusted operating margin ^(1)^ 24.2 % 25.5 % (130 bps)
(1) Adjusted results exclude restructuring costs and one-time backlog amortization and transaction costs for acquisitions.
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  • Sales of $217 million, up $44 million, or 26%;
  • Higher aerospace defense market revenues were driven by increased sales of embedded computing and flight test instrumentation equipment on various fighter jet programs, partially offset by the timing of orders on Unmanned Aerial Vehicle (UAV) platforms;
  • Higher ground defense market revenues principally reflect the contribution from the PacStar acquisition;
  • Strong naval defense market revenue growth reflected the timing of production and acceleration of valve revenues on submarine and aircraft carrier programs, as well as the contribution from the 901D acquisition;
  • Reported operating income was $42 million, with Reported operating margin of 19.4%; and
  • Adjusted operating income was $53 million, up 20% from the prior year, while Adjusted operating margin decreased 130 basis points to 24.2%, as the benefits of our cost containment and restructuring initiatives were more than offset by higher research and development costs.

Power

(In millions) Q4-2020 Q4-2019 Change
Sales $ 201.8 $ 186.4 8 %
Reported operating income $ 36.8 $ 36.0 2 %
Adjustments ^(1)^ 5.8 2.0
Adjusted operating income ^(1)^ $ 42.6 $ 38.0 12 %
Adjusted operating margin ^(1)^ 21.1 % 20.4 % 70 bps
(1) Adjusted results exclude restructuring costs and one-time transition and IT security costs associated with the relocation of our DRG business.
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  • Sales of $202 million, up $15 million, or 8%;
  • Strong naval defense market revenue growth reflected higher production revenues on Virginia and Columbia class submarines, CVN-80 and CVN-81 aircraft carriers and higher service center sales;
  • Reduced power generation market sales principally reflect lower domestic and international aftermarket revenues, as well as lower revenues on the CAP1000 program;
  • Reported operating income was $37 million, with Reported operating margin of 18.2%; and
  • Adjusted operating income was $43 million, up 12%, while Adjusted operating margin increased 70 basis points to 21.1%, driven by improved overhead absorption on higher naval defense sales and the benefits of our cost containment and restructuring initiatives.

Full-Year 2021 Guidance

The Company’s full-year 2021 Adjusted financial guidance is as follows:

(In millions, except EPS) 2021 Reported (GAAP) Guidance 2021 Adjustments ^(1)^ 2021 Adjusted <br> (Non-GAAP) <br> Guidance
Total Sales $2,490 - $2,540 ($45) 2,445 - 2,495
Operating Income $402 - $412 $2 404 - 414
Operating Margin 16.1% - 16.2% 40 bps 16.5% - 16.6%
Diluted EPS $6.90 - $7.10 $0.10 7.00 - 7.20
Diluted Shares Outstanding 41.4 - 41.4
Free Cash Flow $330 - $360 - 330 - 360

All values are in US Dollars.

(1) 2021 Adjusted financial guidance used in comparisons to 2020 financial results excludes one-time backlog amortization and deferred revenue adjustments associated with the acquisition of PacStar, as well as our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited and our German valves business which was classified as held for sale, both in the fourth quarter of 2020.

New Segment Structure and Realignment:

Beginning in the first quarter of 2021, the Corporation is realigning its segments, as follows:

  • The Company will now operate under the following three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power;
  • The Aerospace & Industrial segment will be comprised of actuation and sensors products and surface treatment services serving the defense and commercial aerospace markets, as well as electronic components and systems, industrial automation and surface treatment services serving the general industrial market;
  • The Defense Electronics segment will be comprised primarily of the electronics businesses serving the aerospace and defense markets;
  • The Naval & Power segment will be comprised of major naval propulsion equipment serving the naval defense market, as well as process and energy solutions serving both the nuclear and process markets; and
  • In addition, the Company is concentrating all of its valves related operations – which presently reside within the current Commercial/Industrial and Defense segments – solely into the new Naval & Power segment.

New End Market Structure and Realignment:

  • The Company’s new end market structure will consist of two primary markets, (1) Aerospace & Defense and (2) Commercial;
  • Aerospace & Defense markets will now represent approximately two-thirds of total 2021 estimated revenue, and will include all current Defense market revenues (aerospace, ground, naval) and all Commercial Aerospace market revenues;
  • Commercial markets will now represent approximately one-third of total 2021 estimated revenue and will be comprised of two major end markets: Power & Process and General Industrial;
  • The new Power & Process end market will be comprised of 1) Nuclear and 2) Process, while the new General Industrial end market will now be comprised of 1) Industrial Vehicles and 2) Industrial Automation and Services;
  • In addition, our new Power & Process market revenues will be concentrated within the new Naval & Power segment, and the new General Industrial market revenues will be concentrated within the new Aerospace & Industrial segment; and
  • Historical financial results in the new segment structure for 2020 and 2019 periods can be found in this release and available in the Investor Relations section of our website.

A more detailed breakdown of the Company’s 2021 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.

Conference Call & Webcast Information

The Company will host a conference call to discuss fourth quarter and full-year 2020 financial results and expectations for 2021 guidance at 10:00 a.m. ET on Thursday, February 25, 2021. A live webcast of the call and the accompanying financial presentation, as well as a 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 and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
('s in thousands, except per share data)
Year Ended
Change December 31, Change
2019 % 2020 2019 %
Product sales 583,314 $ 552,918 5% $ 2,041,086 $ 2,073,530 ) (2)%
Service sales 85,130 102,853 ) (17)% 350,250 414,431 ) (15)%
Total net sales 668,444 655,771 2% 2,391,336 2,487,961 ) (4)%
Cost of product sales 373,676 343,286 9% 1,319,562 1,329,761 ) (1)%
Cost of service sales 52,967 66,733 ) (21)% 230,547 259,455 ) (11)%
Total cost of sales 426,643 410,019 4% 1,550,109 1,589,216 ) (2)%
Gross profit 241,801 245,752 ) (2)% 841,227 898,745 ) (6)%
Research and development expenses 20,653 18,017 15% 74,816 72,520 3%
Selling expenses 27,887 30,558 ) (9)% 109,537 120,861 ) (9)%
General and administrative expenses 72,773 76,523 ) (5)% 303,288 301,411 1%
Impairment of assets held for sale 33,043 — NM 33,043 — NM
Restructuring expenses 10,965 — NM 31,695 — NM
Operating income 76,480 120,654 ) (37)% 288,848 403,953 ) (28)%
Interest expense 10,486 8,164 28% 35,545 31,347 13%
Other income, net 2,904 6,152 ) (53)% 9,748 23,856 ) (59)%
Earnings before income taxes 68,898 118,642 ) (42)% 263,051 396,462 ) (34)%
Provision for income taxes (14,905 ) (29,234 ) (49)% (61,659 ) (88,879 ) (31)%
Net earnings 53,993 $ 89,408 ) (40)% $ 201,392 $ 307,583 ) (35)%
Net earnings per share:
Basic earnings per share 1.31 $ 2.09 $ 4.83 $ 7.20
Diluted earnings per share 1.30 $ 2.08 $ 4.80 $ 7.15
Dividends per share 0.17 $ 0.17 $ 0.68 $ 0.66
Weighted average shares outstanding:
Basic 41,209 42,687 41,738 42,739
Diluted 41,460 42,986 41,999 43,016
NM = Not Meaningful

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
('s in thousands, except par value)
December 31, Change
2019 %
Assets
Current assets:
Cash and cash equivalents 198,248 $ 391,033 (49)%
Receivables, net 588,718 632,194 (7)%
Inventories, net 428,879 424,835 1%
Assets held for sale 27,584 — NM
Other current assets 57,395 81,729 (30)%
Total current assets 1,300,824 1,529,791 (15)%
Property, plant, and equipment, net 378,200 385,593 (2)%
Goodwill 1,455,137 1,166,680 25%
Other intangible assets, net 609,630 479,907 27%
Operating lease right-of-use assets, net 150,898 165,490 (9)%
Prepaid pension asset 92,531 — NM
Other assets 34,114 36,800 (7)%
Total assets 4,021,334 $ 3,764,261 7%
Liabilities
Current liabilities:
Current portion of long-term and short term debt 100,000 $ — NM
Accounts payable 201,237 222,000 (9)%
Accrued expenses 140,200 164,744 (15)%
Income taxes payable 6,633 7,670 (14)%
Deferred revenue 253,411 276,115 (8)%
Liabilities held for sale 10,141 — NM
Other current liabilities 98,755 74,202 33%
Total current liabilities 810,377 744,731 9%
Long-term debt, net 958,292 760,639 26%
Deferred tax liabilities 115,007 80,159 43%
Accrued pension and other postretirement benefit costs 98,345 138,635 (29)%
Long-term operating lease liability 133,069 145,124 (8)%
Long-term portion of environmental reserves 15,422 15,026 3%
Other liabilities 103,248 105,575 (2)%
Total liabilities 2,233,760 1,989,889 12%
Stockholders' equity
Common stock, 1 par value 49,187 $ 49,187 0%
Additional paid in capital 122,535 116,070 6%
Retained earnings 2,670,328 2,497,111 7%
Accumulated other comprehensive loss (310,856 ) (325,274 ) (4)%
Less: cost of treasury stock (743,620 ) (562,722 ) 32%
Total stockholders' equity 1,787,574 1,774,372 1%
Total liabilities and stockholders' equity 4,021,334 $ 3,764,261 7%
NM = Not Meaningful

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
('s in thousands)
Year Ended
December 31,
Change Change
2019 % 2020 2019 %
Sales:
Commercial/Industrial 249,219 $ 296,093 (16)% $ 949,762 $ 1,137,818 (17)%
Defense 217,469 173,252 26% 733,856 625,940 17%
Power 201,756 186,426 8% 707,718 724,203 (2)%
Total sales 668,444 $ 655,771 2% $ 2,391,336 $ 2,487,961 (4)%
Operating income (expense):
Commercial/Industrial 7,390 $ 49,415 (85)% $ 81,581 $ 179,637 (55)%
Defense 42,280 43,706 (3)% 140,406 137,286 2%
Power 36,783 35,999 2% 104,626 122,139 (14)%
Total segments 86,453 $ 129,120 (33)% $ 326,613 $ 439,062 (26)%
Corporate and other (9,973 ) (8,466 ) (18)% (37,765 ) (35,109 ) (8)%
Total operating income 76,480 $ 120,654 (37)% $ 288,848 $ 403,953 (28)%
Operating margins:
Commercial/Industrial 3.0 % 16.7 % (1,370 bps) 8.6 % 15.8 % (720 bps)
Defense 19.4 % 25.2 % (580 bps) 19.1 % 21.9 % (280 bps)
Power 18.2 % 19.3 % (110 bps) 14.8 % 16.9 % (210 bps)
Total Curtiss-Wright 11.4 % 4.9 % 650 bps 12.1 % 16.2 % (410 bps)
Segment margins 12.9 % 19.7 % (680 bps) 13.7 % 17.6 % (390 bps)

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SALES BY END MARKET (UNAUDITED)
('s in thousands)
Year Ended
December 31,
Change Change
2019 % 2020 2019 %
Defense markets:
Aerospace 130,715 $ 122,886 6% $ 463,835 $ 416,841 11%
Ground 44,082 24,049 83% 107,287 93,432 15%
Naval 196,011 144,405 36% 692,168 568,776 22%
Total Defense 370,808 $ 291,340 27% $ 1,263,290 $ 1,079,049 17%
Commercial markets:
Aerospace 82,810 $ 112,801 (27)% $ 325,518 $ 433,038 (25)%
Power Generation 90,924 113,979 (20)% 331,983 392,173 (15)%
General Industrial 123,902 137,651 (10)% 470,545 583,701 (19)%
Total Commercial 297,636 $ 364,431 (18)% $ 1,128,046 $ 1,408,912 (20)%
Total Curtiss-Wright 668,444 $ 655,771 2% $ 2,391,336 $ 2,487,961 (4)%

All values are in US Dollars.

Use 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 non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. 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.

The Company’s presentation of its financials and guidance includes an Adjusted (non-GAAP) view that excludes an impairment of a German valves business classified as held for sale, significant restructuring costs in 2020 associated with its operations, including one-time actions taken in response to COVID-19, a non-cash impairment of capitalized development costs related to a commercial aerospace program, first year purchase accounting costs associated with its acquisitions, as well as one-time transition and IT security costs, and capital investments, specifically associated with the relocation of the DRG business in the Power segment. Transition costs include relocation of employees and equipment as well as overlapping facility and labor costs associated with the relocation. We believe this Adjusted view will provide 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. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.

The following definitions are provided:

Adjusted 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 \(EPS\) under GAAP excluding: \(i\) the impact of first year purchase accounting costs associated
            with acquisitions for current and prior year periods, specifically one-time inventory step-up, backlog amortization and transaction costs; \(ii\) one-time transition and IT security costs associated with the relocation of a business in the
            current year period; \(iii\) the non-cash impairment of capitalized development costs related to a commercial aerospace program; and \(iv\) significant restructuring costs in 2020 associated with its operations, and \(v\) an impairment of a
            German valves business classified as held for sale.

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 the impact of restructuring costs, impairment of assets held for sale, foreign currency fluctuations and contributions from acquisitions made during the last twelve months.
Three Months Ended
December 31,
2020 vs. 2019
Commercial/Industrial Defense Power Total Curtiss-Wright
Sales Operating <br><br> income Sales Operating <br><br> income Sales Operating <br><br> income Sales Operating <br><br> income
Organic (18)% (4)% 5% 6% 8% 18% (5)% 5%
Acquisitions 1% (1)% 20% (8)% 0% 0% 6% (3)%
Impairment of assets held for sale 0% (67)% 0% 0% 0% 0% 0% (28)%
Restructuring 0% (13)% 0% 0% 0% (16)% 0% (11)%
Foreign Currency 1% 0% 1% (1)% 0% 0% 1% 0%
Total (16)% (85)% 26% (3)% 8% 2% 2% (37)%
Year Ended
December 31,
2020 vs. 2019
Commercial/Industrial Defense Power Total Curtiss-Wright
Sales Operating <br><br> income Sales Operating <br><br> income Sales Operating <br><br> income Sales Operating <br><br> income
Organic (18)% (25)% 5% 6% (2)% 0% (8)% (10)%
Acquisitions 1% (1)% 12% (2)% 0% 0% 4% (1)%
Impairment of assets held for sale 0% (18)% 0% 0% 0% 0% 0% (8)%
Restructuring 0% (11)% 0% (3)% 0% (14)% 0% (9)%
Foreign Currency 0% 0% 0% 1% 0% 0% 0% 0%
Total (17)% (55)% 17% 2% (2)% (14)% (4)% (28)%

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 capital to shareholders and make other strategic investments. Free cash flow is defined as cash flow provided by operating activities less capital expenditures. Adjusted free cash flow excludes: \(i\) a capital investment
            in the Power segment related to the new, state-of-the-art naval facility principally for DRG; \(ii\) a voluntary contribution to the Company’s corporate defined benefit pension plan made in the first quarter of 2020; and \(iii\) the cash impact
            from restructuring in 2020. 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 net earnings from continuing
            operations. Adjusted free cash flow conversion is defined as Adjusted free cash flow divided by Adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
('s in thousands)
Year Ended
December 31,
2019 2020 2019
Net cash provided by operating activities 257,396 $ 262,389 $ 261,180 $ 421,404
Capital expenditures (11,158 ) (19,833 ) (47,499 ) (69,752 )
Free cash flow 246,238 $ 242,556 $ 213,681 $ 351,652
Voluntary pension contribution — — 150,000 —
Adjustment to capital expenditures (DRG facility investment) 139 5,298 10,251 19,284
Restructuring 9,582 — 20,258 —
Adjusted free cash flow 255,959 $ 247,854 $ 394,190 $ 370,936
Adjusted free cash flow conversion 259 % 277 % 137 % 121 %

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION
2020 Reconciliation Reported (GAAP) to Adjusted (Non-GAAP)
(Old Segment Structure)
As of February 24, 2021
('s in millions, except per share data)
2019 Adjustments ^(1)^(Non-GAAP) 2019 Adjusted ^(1)^(Non-GAAP) 2020 Reported (GAAP) 2020 Restructuring Adjustments ^(2)^(Non-GAAP) 2020 Other Adjustments ^(2)^(Non-GAAP) 2020 Adjusted ^(2)^(Non-GAAP) 2020 Chg vs 2019 Adjusted
Sales:
Commercial/Industrial 1,138 $ - $ 1,138 $ 950 $ - $ - $ 950
Defense 626 2 628 734 - 2 736
Power 724 - 724 708 - - 708
Total sales 2,488 $ 2 $ 2,490 $ 2,391 $ - $ 2 $ 2,393 (4%)
Operating income:
Commercial/Industrial 180 $ - $ 180 $ 82 $ 20 $ 36 $ 138
Defense 137 2 140 140 3 23 166
Power 122 4 126 105 17 3 125
Total segments 439 7 446 327 41 61 429
Corporate and other (35 ) - (35 ) (38 ) - - (38 )
Total operating income 404 $ 7 $ 411 $ 289 $ 41 $ 61 $ 391 (5%)
Interest expense (31 ) $ - $ (31 ) $ (36 ) $ - $ - $ (36 )
Other income, net 24 - 24 10 2 10 21
Earnings before income taxes 397 7 403 263 43 71 377
Provision for income taxes (89 ) (2 ) (90 ) (62 ) (10 ) (17 ) (88 )
Net earnings 308 $ 5 $ 313 $ 201 $ 33 $ 54 $ 289
Diluted earnings per share 7.15 $ 0.12 $ 7.27 $ 4.80 $ 0.78 $ 1.30 $ 6.87 (5%)
Diluted shares outstanding 43.0 43.0 42.0 42.0
Effective tax rate 22.4 % 22.4 % 23.4 % 23.4 %
Operating margins:
Commercial/Industrial 15.8 % - 15.8 % 8.6 % +220 bps +380 bps 14.5 % (130 bps)
Defense 21.9 % +40 bps 22.3 % 19.1 % +40 bps +310 bps 22.6 % 30 bps
Power 16.9 % +50 bps 17.4 % 14.8 % +240 bps +40 bps 17.6 % 20 bps
Total operating margin 16.2 % +30 bps 16.5 % 12.1 % +170 bps +260 bps 16.3 % (20 bps)
Free cash flow (3) 352 $ 19 $ 371 $ 214 $ 20 $ 160 $ 394
Notes: Full year amounts may not add due to rounding.
(1) 2019 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding the impact of first year<br> purchase accounting costs associated with acquisitions (Defense segment), specifically one-time backlog amortization and transaction costs, as well as one-time transition and IT security costs related to the relocation of the DRG<br> business (Power Segment).
(2) 2020 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding restructuring costs, first<br> year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, a non-cash impairment of capitalized development costs related to a commercial aerospace program,<br> one-time transition and IT security costs related to the relocation of the DRG business, as well as a 10 million non-cash currency translation loss (within non-operating income) related to the liquidation of a foreign legal<br> entity. 2020 Adjusted financial results also exclude an impairment loss of 33 million for our industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2019 Adjusted Free Cash Flow excludes a 19 million capital investment in the<br> Power segment related to construction of a new, state-of-the-art naval facility for the DRG business. 2020 Adjusted Free Cash Flow guidance excludes a 150 million voluntary contribution made in January to the Company’s corporate<br> defined benefit pension plan, a 20 million cash impact from restructuring, and a 10 million capital investment related to the new, state-of-the-art naval facility principally for DRG.

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION
2021 Segment Reorganization
As of February 24, 2021
('s in millions, except per share data)
Division Realignment Exiting Non-Core Operations 2020 Adjusted ^(2,3)^(Non-GAAP) 2021 Adjusted Guidance^(2,4)^(Non-GAAP)
(New Segment Structure) (New Segment Structure) 2021 Chg vs 2020 Adjusted
Low High
Sales: Sales:
Commercial/Industrial 950 $ (144 ) $ (67 ) $ 738 Aerospace & Industrial $ 745 $ 760 1 - 3%
Defense 736 (125 ) - 611 Defense Electronics 740 755 21 - 24%
Power 708 269 (26 ) 951 Naval & Power 960 980 1 - 3%
Total sales 2,393 $ - $ (93 ) $ 2,300 Total sales $ 2,445 $ 2,495 6 to 8%
Operating income: Operating income:
Commercial/Industrial 138 $ (24 ) $ (16 ) $ 98 Aerospace & Industrial $ 112 $ 115 14 - 18%
Defense 166 (22 ) - 144 Defense Electronics 157 162 9 - 12%
Power 125 46 - 171 Naval & Power 172 177 1 - 4%
Total segments 429 - (16 ) 413 Total segments 441 454
Corporate and other (38 ) - - (38 ) Corporate and other (38 ) (39 )
Total operating income 391 $ - $ (16 ) $ 375 Total operating income $ 404 $ 414 7 to 10%
Interest expense (36 ) $ - $ - $ (36 ) Interest expense $ (41 ) $ (42 )
Other income, net 21 - - 21 Other income, net 15 17
Earnings before income taxes 377 - (16 ) 361 Earnings before income taxes 378 389
Provision for income taxes (88 ) - 4 (85 ) Provision for income taxes (89 ) (92 )
Net earnings 289 $ - $ (12 ) $ 277 Net earnings $ 290 $ 298
Diluted earnings per share 6.87 $ - $ (0.29 ) $ 6.59 Diluted earnings per share $ 7.00 $ 7.20 6 to 9%
Diluted shares outstanding 42.0 42.0 Diluted shares outstanding 41.4 41.4
Effective tax rate 23.4 % 23.4 % Effective tax rate 23.5 % 23.5 %
Operating margins: Operating margins:
Commercial/Industrial 14.5 % NM NM 13.3 % Aerospace & Industrial 15.0 % 15.2 % 170 to 190 bps
Defense 22.6 % NM NM 23.6 % Defense Electronics 21.2 % 21.4 % (220 to 240 bps)
Power 17.6 % NM NM 18.0 % Naval & Power 18.0 % 18.1 % 0 to 10 bps
Total operating margin 16.3 % NM NM 16.3 % Total operating margin 16.5 % 16.6 % 20 to 30 bps
Free cash flow (5) 394 $ - $ - $ 394 Free cash flow $ 330 $ 360
Notes:
(1) Full year amounts may not add due to rounding
(2) The above supplemental financial information by reportable segment for the 2020 and 2021 reporting periods reflects the Corporation’s first quarter 2021 segment<br> reorganization.
(3) 2020 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding restructuring costs, first<br> year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, a non-cash impairment of capitalized development costs related to a commercial aerospace program, and<br> one-time transition and IT security costs related to the relocation of the DRG business, as well as a 10 million non-cash currency translation loss (within non-operating income) related to the liquidation of a foreign legal<br> entity. 2020 financial results excludes our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the<br> fourth quarter of 2020.
(4) 2021 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding the first quarter 2021<br> segment reorganization, our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the fourth quarter of<br> 2020, first year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, and a one-time, 3 million pension settlement charge related to the retirement of two<br> former executives (within non-operating income).
(5) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2020 Adjusted Free Cash Flow guidance excludes a 150 million voluntary<br> contribution made in January to the Company’s corporate defined benefit pension plan, a 20 million cash impact from restructuring, and a 10 million capital investment related to the new, state-of-the-art naval facility<br> principally for DRG.

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION
2021 Guidance (New Segment Structure)
As of February 24, 2021
('s in millions, except per share data)
2021 Reported Guidance (GAAP) Exiting Non- Core Operations 2021 Adjustments ^(2)^(Non-GAAP) 2021 Adjusted Guidance^(2)^(Non-GAAP)
Low High Low High 2021 Chg vs 2020 Adjusted
Sales:
Aerospace & Industrial 738 $ 759 $ 774 $ (14 ) $ - $ 745 $ 760 1 - 3%
Defense Electronics 611 740 755 - - 740 755 21 - 24%
Naval & Power 951 991 1,011 (31 ) - 960 980 1 - 3%
Total sales 2,300 $ 2,490 $ 2,540 $ (45 ) $ - $ 2,445 $ 2,495 6 to 8%
Operating income:
Aerospace & Industrial 98 $ 114 $ 117 $ (2 ) $ - $ 112 $ 115 14 - 18%
Defense Electronics 144 151 156 - 6 157 162 9 - 12%
Naval & Power 171 174 179 (2 ) - 172 177 1 - 4%
Total segments 413 439 452 (4 ) 6 441 454
Corporate and other (38 ) (38 ) (39 ) - - (38 ) (39 )
Total operating income 375 $ 402 $ 412 $ (4 ) $ 6 $ 404 $ 414 7 to 10%
Interest expense (36 ) $ (41 ) $ (42 ) $ - $ - $ (41 ) $ (42 )
Other income, net 21 12 13 - 3 15 17
Earnings before income taxes 361 373 384 (4 ) 9 378 389
Provision for income taxes (85 ) (87 ) (90 ) 1 (2 ) (89 ) (92 )
Net earnings 277 $ 286 $ 294 $ (3 ) $ 7 $ 290 $ 298
Diluted earnings per share 6.59 $ 6.90 $ 7.10 $ (0.07 ) $ 0.17 $ 7.00 $ 7.20 6 to 9%
Diluted shares outstanding 42.0 41.4 41.4 41.4 41.4
Effective tax rate 23.4 % 23.5 % 23.5 % 23.5 % 23.5 %
Operating margins:
Aerospace & Industrial 13.3 % 15.0 % 15.1 % +10 bps - 15.0 % 15.2 % 170 to 190 bps
Defense Electronics 23.6 % 20.4 % 20.6 % - +80 bps 21.2 % 21.4 % (220 to 240 bps)
Naval & Power 18.0 % 17.6 % 17.7 % +40 bps - 18.0 % 18.1 % 0 to 10 bps
Total operating margin 16.3 % 16.1 % 16.2 % +20 bps +20 bps 16.5 % 16.6 % 20 to 30 bps
Free cash flow 394 $ 330 $ 360 - - $ 330 $ 360
Notes: Full year amounts may not add due to rounding. All financial information by reportable segment for the 2020 and 2021 reporting<br> periods reflects the Corporation’s first quarter 2021 segment reorganization.
(1) 2020 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding restructuring<br> costs, first year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, a non-cash impairment of capitalized development costs related to a commercial aerospace<br> program, and one-time transition and IT security costs related to the relocation of the DRG business, as well as a 10 million non-cash currency translation loss (within non-operating income) related to the liquidation of a foreign<br> legal entity. 2020 financial results excludes our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the<br> fourth quarter of 2020.
(2) 2021 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding our<br> build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the fourth quarter of 2020, first year purchase<br> accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, and a one-time, 3 million pension settlement charge related to the retirement of two former executives (within<br> non-operating income).
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2020 Adjusted Free Cash Flow guidance excludes a 150 million<br> voluntary contribution made in January to the Company’s corporate defined benefit pension plan, a 20 million cash impact from restructuring, and a 10 million capital investment related to the new, state-of-the-art naval facility<br> principally for DRG.

All values are in US Dollars.

CURTISS-WRIGHT CORPORATION
2021 Sales Growth Guidance by End Market
As of February 24, 2021
Aerospace & Defense Markets 2021 % Change vs 2020
Aerospace Defense 2 - 4%
Ground Defense 100 - 105%
Naval Defense Flat
Commercial Aerospace Flat
Total Aerospace & Defense 6 - 8%
Commercial Markets
Power & Process 3 - 5%
General Industrial 9 - 11%
Total Commercial 6 - 8%
Total Curtiss-Wright Sales 6 - 8%
Notes:
(1) This table reflects the Company's new End Market Structure and Realignment effective Q1 2021, with all Commercial Aerospace market revenues shifting into a newly defined Total Aerospace & Defense market.
(2) The new Power & Process end market will be comprised of a) Nuclear and b) Process, while the new General Industrial end market will now be comprised of a) Industrial Vehicles and b) Industrial Automation and Services.
(3) Based on these changes, our new Power & Process revenues will be concentrated within the new Naval & Power segment, and the new General Industrial sales will be concentrated within the new Aerospace & Industrial segment.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
ADJUSTED HISTORICAL SEGMENT INFORMATION (UNAUDITED)
('s in thousands)
The Corporation is issuing the below supplemental financial information by reportable segment for the 2020<br> and 2019 prior quarterly reporting periods to reflect the Corporation's first quarter 2021 segment reorganization.
6/30/2020 9/30/2020 12/31/2020 FY 2020
Sales:
Aerospace & Industrial 208,033 $ 165,701 $ 172,243 $ 192,214 $ 738,191
Defense Electronics 139,582 139,813 149,073 182,173 610,641
Naval & Power 228,048 227,189 228,626 267,079 950,943
Total sales 575,663 $ 532,703 $ 549,942 $ 641,466 $ 2,299,774
Operating income (expense):
Aerospace & Industrial 28,420 $ 12,798 $ 22,898 $ 33,718 $ 97,835
Defense Electronics 26,840 33,545 38,649 45,337 144,372
Naval & Power 33,499 38,324 42,002 57,041 170,866
Total segments 88,760 $ 84,668 $ 103,549 $ 136,096 $ 413,073
Corporate and other (11,816 ) (8,114 ) (7,740 ) (9,908 ) (37,579 )
Total operating income 76,943 $ 76,554 $ 95,809 $ 126,188 $ 375,494
Operating margins:
Aerospace & Industrial 13.7 % 7.7 % 13.3 % 17.5 % 13.3 %
Defense Electronics 19.2 % 24.0 % 25.9 % 24.9 % 23.6 %
Naval & Power 14.7 % 16.9 % 18.4 % 21.4 % 18.0 %
Total Curtiss-Wright 13.4 % 14.4 % 17.4 % 19.7 % 16.3 %
Segment margins 15.4 % 15.9 % 18.8 % 21.2 % 18.0 %
6/30/2019 9/30/2019 12/31/2019 FY 2019
Sales:
Aerospace & Industrial 215,219 $ 230,304 $ 218,066 $ 228,887 $ 892,477
Defense Electronics 110,301 133,709 134,965 146,468 525,442
Naval & Power 229,406 247,971 233,412 250,100 960,888
Total sales 554,926 $ 611,983 $ 586,443 $ 625,455 $ 2,378,807
Operating income (expense):
Aerospace & Industrial 26,628 $ 38,736 $ 30,109 $ 33,510 $ 128,984
Defense Electronics 16,864 28,511 36,407 39,353 121,136
Naval & Power 34,989 45,598 41,643 51,826 174,057
Total segments 78,482 $ 112,845 $ 108,160 $ 124,689 $ 424,176
Corporate and other (9,115 ) (10,314 ) (6,917 ) (8,441 ) (34,787 )
Total operating income 69,367 $ 102,530 $ 101,243 $ 116,248 $ 389,389
Operating margins:
Aerospace & Industrial 12.4 % 16.8 % 13.8 % 14.6 % 14.5 %
Defense Electronics 15.3 % 21.3 % 27.0 % 26.9 % 23.1 %
Naval & Power 15.3 % 18.4 % 17.8 % 20.7 % 18.1 %
Total Curtiss-Wright 12.5 % 16.8 % 17.3 % 18.6 % 16.4 %
Segment margins 14.1 % 18.4 % 18.4 % 19.9 % 17.8 %
Notes: Full year amounts may not add due to rounding.

All values are in US Dollars.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE: CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,200 people worldwide. For more information, visit www.curtisswright.com.

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, future cash flow from operations, and potential impacts of the COVID-19 pandemic are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act") and 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; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; the impact of a global pandemic or national epidemic, 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, 2019, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

Contacts

Jim Ryan

            \(704\) 869-4621 

            **Jim.Ryan@curtisswright.com**

Exhibit 99.2

Q4 and FY 2020 Earnings Conference CallFebruary 25, 2021  NYSE: CW  Listen-Only dial-in numbers:(844) 220-4970 (domestic)(262) 558-6349 (international)Conference ID: 6585187

Safe Harbor Statement  Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect new information that may become available after the original presentation posting. The presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and Curtiss-Wright Corporation assumes no obligation to update the information included in this report. Such forward-looking statements include, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives, our management’s ability to integrate our acquisition, and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations, including the impact of a global pandemic or national epidemic. Any references to organic growth exclude the effects of restructuring costs, foreign currency fluctuations, acquisitions and divestitures, unless otherwise noted. This presentation also includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release that is posted to our website and furnished with the SEC. We undertake no duty to update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at the SEC's website at www.sec.gov.

Leadership Transition  Advancing the One Curtiss-Wright VisionContinued focus on top quartile performancePivot to GrowthAcceleration of organic growth and acquisitionsIncreasing focus on internal investmentsSimplification of CW story and value propositionUnveiling new Segment and End Market structureDriving improved alignment of strategies and industry driversHosting Investor Day on May 26, 2021

COVID-19 Update  Maintaining focus on Employee health and safetyGlobal workforce following guidelines and safety protocolsStrong IT focus with enhanced security protocolsMaintain real-time tracking and reporting system across all sites world-wideOngoing rollout of vaccines remains paramount to ensuring employee safety and business continuity Preserving Profitability and Free Cash FlowSuccessfully implemented restructuring plans Reduced incentive compensation (including leadership)Reduced discretionary spendingSlowed pace of CapEx spendingMaintained R&D investment levelStrong focus on balance sheet and liquidity  OPERATIONAL STATUS  MANAGEMENT ACTIONS

Strong Finish to 2020: Q4 and FY’20 Highlights    Fourth Quarter 2020 Highlights    FY 2020 Highlights  Net Sales increased 2% YOY; Up 17% SequentiallyStrong defense market growth, up 27% overall (15% organic); Sequentially higher sales across all commercial marketsAdjusted Operating Income rose 8%, with Adjusted Operating Margin up 100bps to 19.8% Benefits of ongoing cost containment actions and restructuring savings in all segmentsAdjusted Diluted EPS of $2.39, up 12%Record Reported FCF of $246M; Adjusted FCF of $256M, up 3%Closed PacStar acquisition for $400M in cash  Net Sales of $2.4B, down 4%Strong defense market growth, up 17% overall (10% organic); Commercial market weakness principally driven by COVID-19 impactsAdjusted Operating Margin nearly flat YOY at 16.3%Savings generated by ongoing restructuring actions mitigated significant portion of commercial market challengesAdjusted Diluted EPS of $6.87, exceeded guidanceTotal Share Repurchases $200M ($150M opportunistically)Record Adjusted FCF of $394M, up 6% (137% FCF conversion)Book-to-bill: 1.0x (Defense Markets ~1.1x)  Notes: 2020 Adjusted results exclude restructuring costs, one-time inventory step-up, backlog amortization and transaction costs for acquisitions, one-time transition and IT security costs associated with the relocation of our DRG business, and an impairment loss for our industrial valve business in Germany being classified as held for sale during the fourth quarter of 20202020 Adjusted Free Cash Flow excludes a voluntary contribution to the Company’s corporate defined benefit pension plan, the cash impact from restructuring, and a capital investment related to construction of a new, state-of-the-art naval facility for the DRG business (Power segment).

Fourth Quarter 2020 Financial Review  ($ in millions)  Q4’20 Adjusted  Q4’19 Adjusted  Chg vs. Q4’19  2020 Key Drivers  Commercial / Industrial  $249  $296   (16%)  Reduced YOY demand in commercial aerospace and general industrial (Up sequentially vs Q3)Partially offset by higher F-35 sales in aerospace defense  Defense  $217  $173   26%  Strong 5% organic growth, led by aerospace (electronics) and naval defense Contribution from PacStar and 901D acquisitions  Power  $202  $186  8%  Strong growth in naval defense Partially offset by reduced aftermarket power generation revenues  Total Sales  $668  $656   2%    Commercial / IndustrialMargin   $47 19.0%   $49 16.7%  (4%) 230 bps  Benefit of restructuring savings and ongoing cost reduction measures helped to mitigate unfavorable absorption on lower sales  DefenseMargin   $53 24.2%   $44 25.5%  20%(130 bps)  Benefit of restructuring savings mainly offset by increased R&DContribution from acquisitions  PowerMargin   $43 21.1%   $38 20.4%   12% 70 bps  Strong naval defense revenues and benefits of cost containment / restructuring savings  Total Op. IncomeCW Margin   $133 19.8%   $123 18.8%  8%100 bps  Restructuring savings drove Q4 benefit of $14M; FY’20 benefit of $25M  Note: Amounts may not add down due to rounding. 2019 Adjusted results exclude first year purchase accounting costs, specifically one-time inventory step-up, backlog amortization and transaction costs for acquisition of TCG (Defense segment), and one-time transition and IT security costs associated with the relocation of our DRG business (Power segment).2020 Adjusted results exclude restructuring costs, one-time inventory step-up, backlog amortization and transaction costs for acquisitions, one-time transition and IT security costs associated with the relocation of our DRG business, and an impairment loss for our industrial valve business in Germany being classified as held for sale during the fourth quarter of 2020.

(FY20 Sales, $ in millions)  Old Segment Structure  Adjustments    New Segment Structure (1)        Division Realignment  Exiting Non-Core Operations      Commercial / Industrial  $950  ($144)  ($67)  $738  Aerospace & Industrial  Defense  $736  ($125)  -  $611  Defense Electronics  Power  $708  $269  ($26)  $951  Naval & Power  Total Sales  $2,393  -  ($93)  $2,300  Total Sales    Transition to New Segment Structure (2020)  Note: Amounts may not add down due to rounding. Reflects 2020 sales excluding our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the fourth quarter of 2020, as well as our new segment structure based upon the Corporation’s first quarter 2021 segment reorganization.   Key Benefits:Concentrates same/similar products and markets within the same segmentDivision realignment shifts all valves revenue from C/I and Defense segments into new Naval & Power segmentImproves alignment of segments with major industry drivers and metrics

Key Industry Drivers / Metrics  DoD spending (Procurement and RDT&E)Naval shipbuilding planOEM Production rates (Boeing and Airbus)        Defense Electronics Segment Transition  Note: Amounts may not add down due to rounding. Reflects new segment structure based upon the Corporation’s first quarter 2021 segment reorganization.  Defense  Defense Electronics  $736MIn FY20Revenues  $611MIn FY20Revenues (1)    Valves business serving Power Gen and Navy moves to Naval & Power segment  Product Focus  COTS embedded computingTactical battlefield communicationsFlight test instrumentationStabilization systems

Aerospace & Industrial Segment Transition  Key Industry Drivers / Metrics  Global medium & heavy-duty truck and bus production ratesGlobal construction, AG & material handling equipment production ratesGlobal GDP & Industrial Production Rates OEM Production rates (Boeing and Airbus)DoD spending (Procurement and RDT&E)        Commercial / Industrial  Aerospace & Industrial  $950MIn FY20Revenues  $738MIn FY20Revenues (1)    Valves business serving Power Gen and Navy moves to Naval & Power segment“New” General Industrial sales concentrated in one segment  Product Focus  ActuationSensors Electronic Systems & SubsystemsSurface Treatment services  Note: Amounts may not add down due to rounding. Reflects new segment structure based upon the Corporation’s first quarter 2021 segment reorganization.

Naval & Power Segment Transition  Key Industry Drivers / Metrics  Naval shipbuilding planU.S. Nuclear Operating Reactors / DOEGlobal new construction market Global CapEx spending for process markets      Power  Naval & Power  $708MIn FY20Revenues  $951MIn FY20Revenues (1)    Division realignment shifts all valves revenue from C/I and Defense segments into new Naval & Power segment“New” Power & Process sales concentrated in one segment  Product Focus  Reactor coolant pumpsValvesSteam turbinesGeneratorsControl and Monitoring   Note: Amounts may not add down due to rounding. Reflects new segment structure based upon the Corporation’s first quarter 2021 segment reorganization.

2021E End Market Sales Waterfall (as of February 24, 2021)  FY’21 Guidance:Overall UP 6 - 8%A&D Markets UP 6 - 8%Comm’l Markets UP 6 - 8%  Key Benefits to Realignment:Realigns primary end market structure as Aerospace & Defense (2/3) and Commercial (1/3)Concentrates same/similar products and markets within the same segmentNew Power & Process market sales concentrated in new Naval & Power segmentAll General Industrial sales concentrated in new Aerospace & Industrial segment

2021E End Market Sales Growth (Guidance as of February 24, 2021)    2021E Growth vs 2020  2021E % Sales  Key Drivers  Aero Defense   2% - 4%  19%  Favorable growth on C5ISR and helicopter programs  Ground Defense   100% - 105%   9%  Contribution from PacStar acquisition  Naval Defense  Flat  28%  Solid growth on aircraft carriers offset by lower sub revenues (timing)Long-term trend intact following 22% growth in 2020  Commercial Aero  Flat  10%  Core OEM and Aftermarket stabilizing  Total Aerospace & Defense Markets   6% - 8%  66%    Power & Process   3% - 5%  19%  Higher U.S. nuclear aftermarket partially offset by lower CAP1000 program revenues (timing) Solid growth in valves sales in Process market   General Industrial    9% - 11%  15%  Strong rebound across most industrial markets  Total Commercial Markets   6% - 8%  34%    Total Curtiss-Wright   6% - 8%  100%  Organic growth up 2% - 4%  Notes: Amounts may not add down due to rounding. 2020 financial results and 2021 Adjusted guidance exclude our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the fourth quarter of 2020.

($ in millions)  2020 Adjusted (1)(New Structure)  2021E Adjusted (3)  2021E Change vs 2020 Adjusted (2)(3)    Aerospace & Industrial  $738  $745 - 760   1% - 3%  Strong rebound in general industrial markets; part. offset by lower A&D  Defense Electronics  $611  $740 - 755   21% - 24%  Solid organic growth (up 3-6%) driven by higher Aero Defense salesPacStar contributing HSD revenue growth  Naval & Power  $951  $960 - 980   1% - 3%  Modest sales increases in Power & Process markets  Total Sales  $2,300  $2,445 - 2,495  6% - 8%  Organic growth up 2% - 4%  Aerospace & IndustrialMargin  $9813.3%  $112 - 115 15.0% - 15.2%  14% - 18%170 - 190 bps  Benefit of PY restructuring savingsSegment profitability returning to 2019 levels  Defense ElectronicsMargin  $144 23.6%  $157 - 162 21.2% - 21.4%  9% - 12% (220 - 240 bps)  Sales contribution from acquisition dilution to marginAccelerated R&D investments $6M; Unfavorable mix (more systems work)  Naval & PowerMargin  $17118.0%  $172 - 177 18.0% - 18.1%  1% - 4% 0 - 10 bps  Benefit of PY restructuring savingsImproved segment profitability despite winding down on CAP1000 program  Corporate and Other  ($38)  ($38 - 39)  -    Total Op. IncomeCW Margin  $37516.3%  $404 - 41416.5% - 16.6%  7% - 10% +20 - 30 bps  On path to 17% margin despite R&D increase ($10M)  2021E Financial Outlook (Guidance as of February 24, 2021)  Note: Amounts may not add down due to rounding. 2020 Adjusted results exclude restructuring costs, first year purchase accounting costs associated with acquisitions, a non-cash impairment of capitalized development costs related to a commercial aerospace program, and one-time transition and IT security costs related to the relocation of the DRG business, as well as a $10 million non-cash currency translation loss (within non-operating income) related to the liquidation of a foreign legal entity. 2020 financial results excludes our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as an asset held for sale, both in the fourth quarter of 2020, and also reflects the first quarter 2021 segment reorganization. 2021 Adjusted guidance excludes our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as an asset held for sale, both in the fourth quarter of 2020, first year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, and pension costs (within non-operating income), and also reflects the first quarter 2021 segment reorganization.

2021E Financial Outlook (Guidance as of February 24, 2021)  ($ in millions, except EPS)  2020 Adjusted (1)(New Structure)  2021E Adjusted (2)    Total Operating Income  $375  $404 - 414  Solid growth, up 7-10%, despite increased R&D ($10M)  Other Income/(Expense)   $21  $15 - 17  Pension (lower discount rates)  Interest Expense   ($36)  ($41 - 42)  Includes full year of $300M senior notes  Diluted EPS  $6.59  $7.00 - 7.20  Solid growth, up 6-9%, despite increased R&D ($0.18)  Diluted Shares Outstanding   42.0   41.4  Expect minimum $50 million in share repurchases  Free Cash Flow  $394  $330 - 360  Maintain solid FCF generation following record 2020  Free Cash Flow Conversion  137%   114% - 121%  Remain above 110% long-term target  Capital Expenditures   $37  $50 - 60  Return to normal discretionary spending  Depreciation & Amortization  $116  $115 - 125    Notes: Amounts may not add down due to rounding. 2020 financial results and 2021 Adjusted guidance exclude our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited, as well as our German valves business which was classified as held for sale, both in the fourth quarter of 2020, and also reflects the first quarter 2021 segment reorganization. Free Cash Flow is defined as cash flow from operations less capital expenditures. FCF Conversion is calculated as free cash flow divided by net earnings from continuing operations. Adjusted FCF Conversion is calculated as adjusted free cash flow divided by net earnings from continuing operations.2020 Adjusted results exclude restructuring costs, first year purchase accounting costs associated with acquisitions, a non-cash impairment of capitalized development costs related to a commercial aerospace program, and one-time transition and IT security costs related to the relocation of the DRG business, as well as a $10 million non-cash currency translation loss (within non-operating income) related to the liquidation of a foreign legal entity. 2020 Adjusted Free Cash Flow guidance excludes a voluntary contribution to the Company’s corporate defined benefit pension plan of $150 million, a $22 million cash impact from restructuring, and a $10 million capital investment related to construction of a new, state-of-the-art naval facility for the DRG business (Power segment). 2021 Adjusted guidance for operating income and diluted EPS excludes first year purchase accounting costs, specifically one-time backlog amortization and transaction costs associated with acquisitions, and a one-time, $3 million pension settlement charge related to the retirement of two former executives (within non-operating income).

Curtiss-Wright Remains Well-Positioned for Long-Term Profitable Growth   Solid revenue growth across A&D and Commercial markets, up 6% - 8%Improved organic growth (up 2% - 4%) plus PacStar acquisition providing strong boost to top-lineSteady adjusted operating margin expansion to reach 16.5% - 16.6% Driven by solid top-line growth and savings generated by restructuring actionsIncreased profitability despite additional R&D investments ($10M)Long-term goal: Maintain top quartile performance vs. peersSolid growth in adjusted diluted EPS, up 6% - 9%Strong adjusted free cash flow of $330 - $360M; FCF conversion ~117% Disciplined and focused capital allocation strategy

Appendix  Non-GAAP Financial Results The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "Adjusted" amounts, which are Non-GAAP financial measures described below. We utilize a number of different financial measures in analyzing and assessing the overall performance of our business, and in making operating decisions, forecasting and planning for future periods. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance.  The Company’s presentation of its financials and guidance includes an Adjusted (non-GAAP) view that excludes an impairment of a German valves business classified as held for sale, significant restructuring costs in 2020 associated with its operations, including one-time actions taken in response to COVID-19, a non-cash impairment of capitalized development costs related to a commercial aerospace program, first year purchase accounting costs associated with its acquisitions, as well as one-time transition and IT security costs, and capital investments, specifically associated with the relocation of the DRG business in the Power segment. Transition costs include relocation of employees and equipment as well as overlapping facility and labor costs associated with the relocation. We believe this Adjusted view will provide improved transparency to the investment community in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished with this presentation. All per share amounts are reported on a diluted basis. The following definitions are provided: Adjusted Operating Income, Operating Margin, Net Earnings and Diluted EPSThese Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share (EPS) under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions for current and prior year periods, specifically one-time inventory step-up, backlog amortization and transaction costs; (ii) one-time transition and IT security costs associated with the relocation of a business in the current year period; (iii) the non-cash impairment of capitalized development costs related to a commercial aerospace program; and (iv) significant restructuring costs in 2020 associated with its operations, and (v) an impairment of a German valves business classified as held for sale.Free Cash Flow and Free Cash Flow ConversionThe 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 capital to shareholders and make other strategic investments. Free cash flow is defined as cash flow provided by operating activities less capital expenditures. Adjusted free cash flow excludes: (i) a capital investment in the Power segment related to the new, state-of-the-art naval facility principally for DRG; (ii) a voluntary contribution to the Company’s corporate defined benefit pension plan made in the first quarter of 2020; and (iii) the cash impact from restructuring in 2020. 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 net earnings from continuing operations. Adjusted free cash flow conversion is defined as Adjusted free cash flow divided by Adjusted net earnings.

2020 End Market Sales Waterfall

Non-GAAP Reconciliation – 2020 vs. 2019 (Adjusted)

Non-GAAP Reconciliation – 2020 vs 2021 (Adjusted)

Non-GAAP Reconciliation – 2020 vs 2021 (Adjusted)

Non-GAAP Reconciliations – Q4 2020 Results  (In millions, except EPS)   Q4-2020  Q4-2019   Change  Sales  $ 668.4  $ 655.8  2%  Reported operating income (GAAP)  $ 76.5  $ 120.7  (37%)  Adjustments (1)   56.4   2.5    Adjusted operating income (Non-GAAP)  $ 132.8  $ 123.2   8%  Adjusted operating margin (Non-GAAP)   19.8%  18.8%  100 bps  Reported net earnings (GAAP)  $ 54.0  $ 89.4   (40%)  Adjustments, net of tax (1)   45.0   1.9    Adjusted net earnings (Non-GAAP)  $ 99.0  $ 91.3  8%   Reported diluted EPS (GAAP)  $ 1.30  $ 2.08   (37%)  Adjustments, net of tax (1)   1.09   0.04    Adjusted diluted EPS (Non-GAAP)  $ 2.39  $ 2.12  12%  Adjusted operating income, operating margin, net earnings and diluted EPS results exclude $33 million related to an impairment of a German valves business within the Commercial/Industrial segment classified as held for sale, $12 million in restructuring costs and $11 million in one-time inventory step-up, backlog amortization and transaction costs for acquisitions. Amounts may not add due to rounding.

Non-GAAP Reconciliation – Organic Results  Organic Sales and Organic Operating IncomeThe 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 revenue and operating income excluding the impact of restructuring costs, impairment of assets held for sale, foreign currency fluctuations and contributions from acquisitions made during the last twelve months.Note: Amounts may not add due to rounding

Exhibit 99.3

Curtiss-Wright Appoints Kevin M. Rayment Chief Operating Officer; Thomas P. Quinly to Retire as COO in April 2021

DAVIDSON, N.C.--(BUSINESS WIRE)--February 24, 2021--Curtiss-Wright Corporation (NYSE: CW) today announced that Kevin M. Rayment, currently President of the Commercial / Industrial Segment, will be named Chief Operating Officer following Thomas (Tom) P. Quinly’s planned retirement as Vice President and COO on April 1, 2021.

"I am pleased to announce the promotion of Kevin Rayment as Curtiss-Wright's next Chief Operating Officer,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “He continues to play a key role in executing our strategic growth initiatives, delivering significant financial performance and integrating acquisitions. Most recently, he led the Commercial / Industrial Segment in an exemplary fashion in extremely challenging circumstances in 2020. I look forward to continuing to work closely with Kevin and remain confident that his agility and consistent track record will allow him to carry out the Company’s profitable growth strategy and drive further success for Curtiss-Wright.”

Bamford continued, “We are deeply grateful for Tom’s leadership and his many contributions to Curtiss-Wright over the past 16 years. He has been an instrumental part of the Corporation’s success, including driving significant operating margin expansion to enable Curtiss-Wright to reach the top quartile of its peer group, overseeing the successful acquisition and integration of more than 20 businesses, establishing and developing several low cost economy manufacturing Centers of Excellence (COEs), and leading the Human Resources transformation to a world class benchmark. We will miss his energy and passion for Curtiss-Wright.”

Quinly said, “I am honored to have been a part of some great accomplishments in Curtiss-Wright’s storied history, particularly our evolution and drive for operational excellence and discipline to achieve top quartile financial performance. I would like to thank the team for their hard work and dedication, and I look forward to the Company’s continued growth and successes.”

Executive Chairman David C. Adams commented, “On behalf of the Board of Directors, I would like to thank Tom for his knowledge, resourcefulness and steadfast dedication to drive Curtiss-Wright to new levels of distinction in margin expansion and operational excellence. During his successful tenure as COO, the Company achieved top quartile financial performance compared with our peer group. It has been a pleasure to work with such a great friend and colleague, and I wish him a happy retirement.”

Mr. Rayment will report directly to President and Chief Executive Officer Lynn M. Bamford. Reporting to Mr. Rayment will be the Vice President / General Managers of the Company’s operating divisions.

Mr. Rayment, 52, has more than 30 years of experience across the commercial, general industrial, aerospace, nuclear and defense industries. He joined Curtiss-Wright’s UK-based Penny & Giles business in 2004, which Curtiss-Wright had acquired in 2002, and held the role of Managing Director, Integrating Sensing, within the Company’s former Controls segment. He later ascended to Vice President and General Manager of the Company’s Avionics & Industrial business, before he was named to lead the Industrial division in 2013. In this position, he had overall responsibility for the division’s strategic goals, new product development, global operations and financial performance, and enhanced the global product portfolio with the integration of 6 acquisitions. Previously, he held engineering, marketing and sales positions with various aerospace and industrial companies.

Mr. Rayment holds a BEng (Hons) Electrical & Electronics Engineering Degree from Portsmouth University and a Master of Business Administration Degree from Bournemouth University.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,200 people worldwide. For more information, visit www.curtisswright.com.

Contacts

Jim Ryan

        \(704\) 869-4621 

        jim.ryan@curtisswright.com

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