Exhibit 99.1

Curtiss-Wright Reports Fourth Quarter and Full-Year 2022 Financial Results; Issues Full-Year 2023 Guidance Reflecting Higher Sales, Operating Margin, EPS and Free Cash Flow

Strong Q4 Results Drive Record FY22 Sales, Profitability and Orders

DAVIDSON, N.C.--(BUSINESS WIRE)--February 21, 2023--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2022.

Fourth Quarter 2022 Highlights:

Reported sales of $758 million, operating income of $157 million, operating margin of 20.8%, diluted earnings per share (EPS) of $2.82, and free cash flow (FCF) of $283 million;
Adjusted sales of $758 million, up 16% year-over-year;
Adjusted operating income of $160 million, up 24%;
Adjusted operating margin of 21.1%, up 140 basis points;
Adjusted diluted EPS of $2.92, up 21%;
Adjusted FCF of $299 million, with 265% FCF conversion; and
New orders of $714 million, up 5%, reflecting solid demand in Aerospace & Defense (A&D) and Commercial markets.

Full-Year 2022 Highlights:

Reported sales of $2.6 billion, operating income of $423 million, operating margin of 16.6%, diluted EPS of $7.62, and FCF of $257 million;
Adjusted sales of $2.6 billion, up 4% year-over-year;
Adjusted operating income of $443 million, up 5%;
Adjusted operating margin of 17.3%, up 30 basis points;
Adjusted diluted EPS of $8.13, up 11%;
Adjusted FCF of $296 million, with 94% FCF conversion;
Total share repurchases of $50 million; and
New orders of $2.9 billion, up 15%; Backlog up 19%.

"Curtiss-Wright delivered record financial performance in the fourth quarter, driven by double-digit organic sales growth in our Aerospace & Defense and Commercial markets, and a strong performance from the recent acquisition of our engineered arresting systems business," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "In addition, we achieved record quarterly Adjusted free cash flow of nearly $300 million, which generated robust free cash flow conversion of 265%."

"Our full-year 2022 results were highlighted by a strong operational performance, as we produced higher sales and operating income in our Aerospace & Industrial and Naval & Power segments. Further, the strength and resilience of our combined portfolio enabled us to minimize the impact of the challenging supply chain environment, as we generated 30 basis points in full-year operating margin expansion to 17.3%, and delivered double-digit EPS growth. Our results also reflected record orders of $2.9 billion and a book-to-bill of 1.15x, driven by strong demand across the portfolio."

“Looking to 2023, we anticipate total sales growth of 4% to 6% principally driven by strong growth in our A&D markets, continued operating margin expansion while maintaining steady investments in our technology, and strong Adjusted free cash flow generation ranging from $360 to $400 million. As a result, we remain well-positioned with line of sight to the 3-year financial targets that we communicated at our 2021 Investor Day.”

Fourth Quarter 2022 Operating Results

(In millions)	Q4-2022			Q4-2021			Change
*Reported*
Sales	$	758		$	667		14	%
Operating income	$	157		$	105		49	%
Operating margin		20.8	%		15.8	%	500 bps

*Adjusted ⁽¹⁾*
Sales	$	758		$	655		16	%
Operating income	$	160		$	129		24	%
Operating margin		21.1	%		19.7	%	140 bps

⁽¹⁾

Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Adjusted sales of $758 million increased 16% compared with the prior year, and included a $9 million or 1% headwind from unfavorable foreign currency translation, mainly within our Aerospace & Industrial segment;
Total A&D market sales increased 18%, while total Commercial market sales increased 10%;
In our A&D markets, our results reflected strong growth of 20% in our defense markets, driven by higher defense electronics revenues, the contribution from the acquisition of our engineered arresting systems business and double-digit sales growth in commercial aerospace;
In our Commercial markets, we experienced double-digit sales growth in the general industrial market, as well as high-single digit sales growth within the power & process market, despite the wind down on the China Direct AP1000 program; and
Adjusted operating income of $160 million increased 24%, while Adjusted operating margin increased 140 basis points to 21.1%, principally driven by favorable overhead absorption on higher revenues in all three segments, as well as the benefits of our prior year restructuring and ongoing company-wide operational excellence initiatives.

Fourth Quarter 2022 Segment Performance

Aerospace & Industrial

(In millions)	Q4-2022			Q4-2021			Change
*Reported*
Sales	$	223		$	210		6	%
Operating income	$	41		$	40		2	%
Operating margin		18.2	%		19.0	%	(80 bps)

*Adjusted ⁽¹⁾*
Sales	$	223		$	208		8	%
Operating income	$	41		$	40		2	%
Operating margin		18.5	%		19.5	%	(100 bps)

⁽¹⁾

Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Adjusted sales of $223 million, up $16 million, or 8% overall, and included a $6 million or 4% headwind from unfavorable foreign currency translation;
Higher commercial aerospace market revenue was driven by higher sales of actuation and sensors products on numerous narrowbody and widebody platforms;
Lower aerospace defense market revenue reflected the timing of defense market sales of our actuation and sensors products;
Strong double-digit revenue growth in the general industrial market reflected continued strong demand for industrial vehicle products serving on-highway, off-highway and specialty platforms, and increased sales of surface treatment services; and
Adjusted operating income was $41 million, up 2% from the prior year, while Adjusted operating margin decreased 100 basis points to 18.5%, as favorable absorption on higher sales and the benefits of our ongoing operational excellence initiatives were partially offset by unfavorable mix on actuation products.

Defense Electronics

(In millions)	Q4-2022			Q4-2021			Change
*Reported*
Sales	$	236		$	199		19	%
Operating income	$	70		$	52		34	%
Operating margin		29.7	%		26.3	%	340 bps

*Adjusted ⁽¹⁾*
Sales	$	236		$	200		18	%
Operating income	$	70		$	53		33	%
Operating margin		29.7	%		26.5	%	320 bps

⁽¹⁾

Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Adjusted sales of $236 million, up $37 million, or 18%, principally reflected strong growth in defense market sales, despite ongoing supply chain headwinds related to the availability of electronic components;
Higher aerospace defense market revenues reflected increased sales of our embedded computing equipment on various fighter jet and helicopter programs;
Ground defense market revenue increases reflected higher sales of our tactical communications equipment; and
Adjusted operating income was $70 million, up 33% from the prior year, while adjusted operating margin increased 320 basis points to 29.7%, primarily driven by strong absorption on higher defense revenues.

Naval & Power

(In millions)	Q4-2022			Q4-2021			Change
*Reported*
Sales	$	298		$	258		16	%
Operating income	$	59		$	25		135	%
Operating margin		19.7	%		9.7	%	1,000 bps

*Adjusted ⁽¹⁾*
Sales	$	298		$	248		20	%
Operating income	$	60		$	48		26	%
Operating margin		20.3	%		19.3	%	100 bps

⁽¹⁾

Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Adjusted sales of $298 million, up $50 million, or 20%;
Higher aerospace defense market revenues reflected the contribution from the arresting systems acquisition for arresting systems equipment, principally to international customers;
Naval defense market revenue increases reflected the strong ramp up on the Columbia-class submarine program partially offset by timing of revenues on the CVN-80 aircraft carrier program;
Higher power & process market revenues reflected strong growth in nuclear aftermarket sales supporting existing operating reactors as well as increased industrial valve sales in the process market. Those increases were partially offset by the wind down of production on the China Direct AP1000 program; and
Adjusted operating income was $60 million, up 26% from the prior year, while adjusted operating margin increased 100 basis points to 20.3%, driven by favorable absorption on higher organic revenues, a solid contribution from the arresting systems acquisition and the benefits of our restructuring initiatives.

Free Cash Flow

(In millions)	Q4-2022			Q4-2021			Change
Net cash provided by operating activities	$	292		$	232		26	%
Capital expenditures		(9	)		(13	)	(29	%)
Reported free cash flow	$	283		$	219		29	%
Adjusted free cash flow ⁽¹⁾	$	299		$	219		37	%

⁽¹⁾

A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.

Reported free cash flow of $283 million increased $64 million, primarily due to higher cash earnings and lower taxes;
Adjusted free cash flow of $299 million increased $80 million; and
Capital expenditures decreased $4 million compared with the prior year.

New Orders and Backlog

New orders of $714 million increased 5% in the fourth quarter driven by strong demand for defense electronics products and the contribution from our arresting systems acquisition within our A&D markets, and for nuclear aftermarket products within our Commercial markets;
Full-year 2022 new orders of $2.9 billion increased 15% and generated an overall book-to-bill of 1.15x, reflecting growth in our A&D and Commercial markets; and
Backlog of $2.6 billion, up 19% from December 31, 2021, reflects strong demand in our Defense and Commercial Aerospace markets.

Share Repurchase and Dividends

During the fourth quarter, the Company repurchased 74,816 shares of its common stock for approximately $12 million;
During full-year 2022, the Company repurchased 0.3 million shares for $50 million; and
The Company also declared a quarterly dividend of $0.19 a share.

Other Items – Completion of Financing of $300 Million in Senior Notes

On October 27, 2022, the Company announced the successful completion of a private placement debt offering of $300 million for senior notes, consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034.

Full-Year 2023 Guidance

The Company's full-year 2023 Adjusted financial guidance⁽¹⁾ is as follows:

($ in millions, except EPS)	2023 Adjusted Non-GAAP Guidance	% Chg vs 2022
Total Sales	$2,655 - $2,710	Up 4% - 6%
Operating Income	$463 - $477	Up 5% - 8%
Operating Margin	17.4% - 17.6%	Up 10 - 30 bps
Diluted EPS	$8.65 - $8.90	Up 6% - 10%
Free Cash Flow	$360 - $400	Up 22% - 36%

⁽¹⁾

Reconciliations of Reported to Adjusted 2022 operating results and 2023 financial guidance are available in the Appendix, and exclude first year purchase accounting costs in both periods associated with acquisitions.

**********

A more detailed breakdown of the Company’s 2023 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 fourth quarter and full-year 2022 financial results and expectations for 2023 guidance at 9:00 a.m. ET on Wednesday, February 22, 2023. 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 and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)

	Three Months Ended						Year Ended
	December 31,						December 31,
		2022			2021			2022			2021
Product sales	$	646,263		$	556,911		$	2,135,882		$	2,109,617
Service sales		111,402			109,847			421,143			396,314
Total net sales		757,665			666,758			2,557,025			2,505,931

Cost of product sales		399,389			340,432			1,348,569			1,330,191
Cost of service sales		65,792			64,454			253,847			242,384
Total cost of sales		465,181			404,886			1,602,416			1,572,575

Gross profit		292,484			261,872			954,609			933,356

Research and development expenses		19,032			21,814			80,836			88,489
Selling expenses		31,199			27,729			121,586			116,956
General and administrative expenses		85,008			96,532			324,093			326,140
Loss on divestiture		—			—			4,651			—
Impairment of assets held for sale		—			10,432			—			19,088

Operating income		157,245			105,365			423,443			382,683

Interest expense		13,665			10,146			46,980			40,240
Other income, net		1,434			3,157			12,732			12,067

Earnings before income taxes		145,014			98,376			389,195			354,510
Provision for income taxes		(35,991	)		(21,797	)		(94,847	)		(87,351	)
Net earnings	$	109,023		$	76,579		$	294,348		$	267,159

Net earnings per share:
Basic earnings per share	$	2.85		$	1.95		$	7.67		$	6.61
Diluted earnings per share	$	2.82		$	1.94		$	7.62		$	6.58

Dividends per share	$	0.19		$	0.18		$	0.75		$	0.71

Weighted average shares outstanding:
Basic		38,296			39,309			38,386			40,417
Diluted		38,633			39,524			38,649			40,602

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)

	December 31,			December 31,
		2022			2021
Assets
Current assets:
Cash and cash equivalents	$	256,974		$	171,004
Receivables, net		724,603			647,148
Inventories, net		483,113			411,567
Assets held for sale		—			10,988
Other current assets		52,623			67,101
Total current assets		1,517,313			1,307,808
Property, plant, and equipment, net		342,708			360,031
Goodwill		1,544,635			1,463,026
Other intangible assets, net		620,897			538,077
Operating lease right-of-use assets, net		153,855			143,613
Prepaid pension asset		222,627			256,422
Other assets		47,567			34,568
Total assets	$	4,449,602		$	4,103,545

Liabilities
Current liabilities:
Current portion of long-term and short-term debt	$	202,500		$	—
Accounts payable		266,525			211,640
Accrued expenses		177,536			147,701
Deferred revenue		242,483			260,157
Liabilities held for sale		—			12,655
Other current liabilities		82,395			102,714
Total current liabilities		971,439			734,867
Long-term debt		1,051,900			1,050,610
Deferred tax liabilities		123,001			147,349
Accrued pension and other postretirement benefit costs		58,348			91,329
Long-term operating lease liability		132,275			127,152
Long-term portion of environmental reserves		12,547			13,656
Other liabilities		107,973			112,092
Total liabilities		2,457,483			2,277,055

Stockholders' equity
Common stock, $1 par value	$	49,187		$	49,187
Additional paid in capital		134,553			127,104
Retained earnings		3,174,396			2,908,827
Accumulated other comprehensive loss		(258,916	)		(190,465	)
Less: cost of treasury stock		(1,107,101	)		(1,068,163	)
Total stockholders' equity		1,992,119			1,826,490

Total liabilities and stockholders' equity	$	4,449,602		$	4,103,545

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 Sales, 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 and transaction costs; (ii) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)

	Three Months Ended								Three Months Ended
	December 31, 2022								December 31, 2021									% Change
	As Reported			Adjustments		Adjusted			As Reported			Adjustments			Adjusted			As Reported		Adjusted
Sales:
Aerospace & Industrial ⁽¹⁾	$	223,258		$	—	$	223,258		$	209,994		$	(2,418	)	$	207,576		6	%	8	%
Defense Electronics⁽²⁾		236,456			—		236,456			199,259			360			199,619		19	%	18	%
Naval & Power ⁽⁴⁾		297,951			—		297,951			257,505			(9,401	)		248,104		16	%	20	%

Total sales	$	757,665		$	—	$	757,665		$	666,758		$	(11,459	)	$	655,299		14	%	16	%

Operating income (expense):
Aerospace & Industrial ⁽¹⁾⁽³⁾	$	40,599		$	703	$	41,302		$	39,943		$	493		$	40,436		2	%	2	%
Defense Electronics⁽²⁾		70,230			—		70,230			52,433			442			52,875		34	%	33	%
Naval & Power ^(3)(4)(5)		58,717			1,724		60,441			25,025			22,802			47,827		135	%	26	%

Total segments	$	169,546		$	2,427	$	171,973		$	117,401		$	23,737		$	141,138		44	%	22	%
Corporate and other		(12,301	)		—		(12,301	)		(12,036	)		(22	)		(12,058	)	2	%	2	%

Total operating income	$	157,245		$	2,427	$	159,672		$	105,365		$	23,715		$	129,080		49	%	24	%

Operating margins:	As Reported					Adjusted			As Reported						Adjusted			As Reported		Adjusted
Aerospace & Industrial		18.2	%				18.5	%		19.0	%					19.5	%	(80 bps)		(100 bps)
Defense Electronics		29.7	%				29.7	%		26.3	%					26.5	%	340 bps		320 bps
Naval & Power		19.7	%				20.3	%		9.7	%					19.3	%	1,000 bps		100 bps
Total Curtiss-Wright		20.8	%				21.1	%		15.8	%					19.7	%	500 bps		140 bps

Segment margins		22.4	%				22.7	%		17.6	%					21.5	%	480 bps		120 bps

⁽¹⁾ Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020.

⁽²⁾ Excludes first year purchase accounting adjustments in the prior period.

⁽³⁾ Excludes first year purchase accounting adjustments in the current period.

⁽⁴⁾Excludes the results of operations from our German valves business, which was sold in January 2022, including an impairment loss in the prior period.

⁽⁵⁾Excludes one-time legal settlement costs in the prior period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)

	Year Ended								Year Ended
	December 31, 2022								December 31, 2021									% Change
	As Reported			Adjustments		Adjusted			As Reported			Adjustments			Adjusted			As Reported		Adjusted
Sales:
Aerospace & Industrial ⁽¹⁾	$	836,035		$	—	$	836,035		$	786,334		$	(11,182	)	$	775,152		6	%	8	%
Defense Electronics⁽²⁾		690,262			—		690,262			724,326			3,600			727,926		(5	)%	(5	)%
Naval & Power ⁽⁴⁾		1,030,728			—		1,030,728			995,271			(29,869	)		965,402		4	%	7	%

Total sales	$	2,557,025		$	—	$	2,557,025		$	2,505,931		$	(37,451	)	$	2,468,480		2	%	4	%

Operating income (expense):
Aerospace & Industrial ⁽¹⁾⁽³⁾	$	136,996		$	703	$	137,699		$	121,817		$	(1,586	)	$	120,231		12	%	15	%
Defense Electronics⁽²⁾		154,568			—		154,568			159,089			5,134			164,223		(3	)%	(6	)%
Naval & Power ^(3)(4)(6)		177,582			14,056		191,638			141,660			34,139			175,799		25	%	9	%

Total segments	$	469,146		$	14,759	$	483,905		$	422,566		$	37,687		$	460,253		11	%	5	%
Corporate and other ⁽⁵⁾		(45,703	)		4,876		(40,827	)		(39,883	)		53			(39,830	)	15	%	3	%

Total operating income	$	423,443		$	19,635	$	443,078		$	382,683		$	37,739		$	420,422		11	%	5	%

Operating margins:	As Reported					Adjusted			As Reported						Adjusted			As Reported		Adjusted
Aerospace & Industrial		16.4	%				16.5	%		15.5	%					15.5	%	90 bps		100 bps
Defense Electronics		22.4	%				22.4	%		22.0	%					22.6	%	40 bps		(10 bps)
Naval & Power		17.2	%				18.6	%		14.2	%					18.2	%	300 bps		40 bps
Total Curtiss-Wright		16.6	%				17.3	%		15.3	%					17.0	%	130 bps		30 bps

Segment margins		18.3	%				18.9	%		16.9	%					18.6	%	140 bps		30 bps

⁽¹⁾ Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020.

⁽²⁾ Excludes first year purchase accounting adjustments in the prior period.

⁽³⁾ Excludes first year purchase accounting adjustments in the current period.

⁽⁴⁾ Excludes the results of operations from our German valves business, which was sold in January 2022, including a loss on divestiture in the current period and an impairment loss in the prior period.

⁽⁵⁾ Excludes costs associated with shareholder activism in the current period.

⁽⁶⁾ Excludes one-time legal settlement costs in the prior period.

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
	December 31, 2022						December 31, 2021							% Change
	As Reported		Adjustments		Adjusted Sales		As Reported		Adjustments			Adjusted Sales		Change in As Reported Sales		Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense	$	172,763	$	—	$	172,763	$	124,815	$	—		$	124,815	38	%	38	%
Ground Defense⁽¹⁾		81,348		—		81,348		61,199		360			61,559	33	%	32	%
Naval Defense		183,418		—		183,418		179,259		—			179,259	2	%	2	%
Commercial Aerospace ⁽²⁾		77,178		—		77,178		71,437		(2,418	)		69,019	8	%	12	%
Total Aerospace & Defense	$	514,707	$	—	$	514,707	$	436,710	$	(2,058	)	$	434,652	18	%	18	%

Commercial markets:
Power & Process ⁽³⁾		131,598		—		131,598		129,916		(9,401	)		120,515	1	%	9	%
General Industrial		111,360		—		111,360		100,132		—			100,132	11	%	11	%
Total Commercial	$	242,958	$	—	$	242,958	$	230,048	$	(9,401	)	$	220,647	6	%	10	%

Total Curtiss-Wright	$	757,665	$	—	$	757,665	$	666,758	$	(11,459	)	$	655,299	14	%	16	%

	Year Ended						Year Ended
	December 31, 2022						December 31, 2021							% Change
	As Reported		Adjustments		Adjusted Sales		As Reported		Adjustments			Adjusted Sales		Change in As Reported Sales		Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense	$	479,743	$	—	$	479,743	$	452,661	$	—		$	452,661	6	%	6	%
Ground Defense⁽¹⁾		219,739		—		219,739		220,290		3,600			223,890	0	%	(2	%)
Naval Defense		694,015		—		694,015		710,688		—			710,688	(2	%)	(2	%)
Commercial Aerospace⁽²⁾		276,519		—		276,519		267,722		(11,182	)		256,540	3	%	8	%
Total Aerospace & Defense	$	1,670,016	$	—	$	1,670,016	$	1,651,361	$	(7,582	)	$	1,643,779	1	%	2	%

Commercial markets:
Power & Process⁽³⁾		472,300		—		472,300		473,489		(29,869	)		443,620	0	%	6	%
General Industrial		414,709		—		414,709		381,081		—			381,081	9	%	9	%
Total Commercial	$	887,009	$	—	$	887,009	$	854,570	$	(29,869	)	$	824,701	4	%	8	%

Total Curtiss-Wright	$	2,557,025	$	—	$	2,557,025	$	2,505,931	$	(37,451	)	$	2,468,480	2	%	4	%

⁽¹⁾ Excludes first year purchase accounting adjustments in the prior period.

⁽²⁾ Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program, which we substantially exited in the fourth quarter of 2020.

⁽³⁾ Excludes the prior period results of our German valves business, which was sold in January 2022.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)

	Three Months Ended				Year Ended
	December 31,				December 31,
		2022		2021		2022		2021
Diluted earnings per share - As Reported	$	2.82	$	1.94	$	7.62	$	6.58
First year purchase accounting adjustments		0.05		0.02		0.18		0.11
Divested German valves business		—		0.11		0.14		0.30
Costs associated with shareholder activism		—		—		0.10		—
Pension settlement charges		0.05		—		0.09		0.06
Charges related to legal settlement		—		0.32		—		0.31
Exit of build-to-print actuation product line		—		0.01		—		(0.02	)
Diluted earnings per share - Adjusted ⁽¹⁾	$	2.92	$	2.40	$	8.13	$	7.34
⁽¹⁾ All adjustments are presented net of income taxes.

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, impairment of assets held for sale and corresponding loss from sale of our industrial valves business in Germany, and foreign currency fluctuations.

	Three Months Ended
	December 31,
	2022 vs. 2021
	Aerospace & Industrial				Defense Electronics				Naval & Power				Total Curtiss-Wright
	Sales		Operating income		Sales		Operating income		Sales		Operating income		Sales		Operating income
As Reported	6	%	2	%	19	%	34	%	16	%	135	%	14	%	49	%
Less: Acquisitions/divestiture	1	%	0	%	0	%	0	%	(9	%)	(17	%)	(3	%)	(4	%)
Impairment of assets held for sale	0	%	0	%	0	%	0	%	0	%	(42	%)	0	%	(10	%)
Foreign currency	4	%	(1	%)	0	%	(5	%)	1	%	(2	%)	1	%	(4	%)
Organic	11	%	(1	%)	19	%	29	%	8	%	74	%	12	%	31	%

	Year Ended
	December 31,
	2022 vs. 2021
	Aerospace & Industrial				Defense Electronics				Naval & Power				Total Curtiss-Wright
	Sales		Operating income		Sales		Operating income		Sales		Operating income		Sales		Operating income
As Reported	6	%	12	%	(5	%)	(3	%)	4	%	25	%	2	%	11	%
Less: Acquisitions/divestiture	1	%	1	%	0	%	0	%	(1	%)	0	%	0	%	0	%
Loss on divestiture/impairment of assets held for sale	0	%	0	%	0	%	0	%	0	%	(10	%)	0	%	(4	%)
Foreign currency	3	%	1	%	1	%	(3	%)	0	%	0	%	1	%	(1	%)
Organic	10	%	14	%	(4	%)	(6	%)	3	%	15	%	3	%	6	%

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 net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2022 excludes: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and 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)


	Three Months Ended						Year Ended
	December 31,						December 31,
		2022			2021			2022			2021
Net cash provided by operating activities	$	292,389		$	231,907		$	294,776		$	387,668
Capital expenditures		(9,428	)		(13,250	)		(38,217	)		(41,108	)
Free cash flow	$	282,961		$	218,657		$	256,559		$	346,560
Westinghouse legal settlement		—			—			15,000			—
Pension payment to former executives		15,753			—			23,967			—
Adjusted free cash flow	$	298,714		$	218,657		$	295,526		$	346,560
Adjusted free cash flow conversion		265	%		230	%		94	%		116	%

CURTISS-WRIGHT CORPORATION
2023 Guidance
As of February 21, 2023
($'s in millions, except per share data)

	2022 Reported (GAAP)			2022 Adjustments (Non- GAAP)^(1,3)			2022 Adjusted (Non- GAAP)^(1,3)			2023 Reported Guidance (GAAP)						2023 Adjustments (Non- GAAP)^(2,3)			2023 Adjusted Guidance (Non-GAAP)^(2,3)
										Low			High						Low			High			2023 Chg vs 2022 Adjusted
Sales:
Aerospace & Industrial	$	836		$	—		$	836		$	845		$	860		$	—		$	845		$	860		1 - 3%
Defense Electronics		690			—			690			725			750			—			725			750		5 - 9%
Naval & Power		1,031			—			1,031			1,085			1,100			—			1,085			1,100		5 - 7%
Total sales	$	2,557		$	—		$	2,557		$	2,655		$	2,710		$	—		$	2,655		$	2,710		4 to 6%

Operating income:
Aerospace & Industrial	$	137		$	1		$	138		$	143		$	148		$	—		$	143		$	148		4 - 7%
Defense Electronics		155			—			155			165			172			—			165			172		7 - 11%
Naval & Power		178			14			192			182			186			8			190			194		(1) - 1%
Total segments		469			15			484			490			506			8			498			514
Corporate and other		(46	)		5			(41	)		(35	)		(38	)		—			(35	)		(38	)
Total operating income	$	423		$	20		$	443		$	455		$	469		$	8		$	463		$	477		5 to 8%

Interest expense	$	(47	)	$	—		$	(47	)	$	(52	)	$	(54	)	$	—		$	(52	)	$	(54	)
Other income, net		13			4			17			27			28			—			27			28
Earnings before income taxes		389			24			413			430			443			8			438			451
Provision for income taxes		(95	)		(4	)		(99	)		(103	)		(106	)		(2	)		(105	)		(108	)
Net earnings	$	294		$	20		$	314		$	327		$	336		$	6		$	333		$	343

Diluted earnings per share	$	7.62		$	0.51		$	8.13		$	8.49		$	8.74		$	0.16		$	8.65		$	8.90		6 to 10%
Diluted shares outstanding		38.6						38.6			38.5			38.5						38.5			38.5
Effective tax rate		24.4	%					24.0	%		24.0	%		24.0	%					24.0	%		24.0	%

Operating margins:
Aerospace & Industrial		16.4	%					16.5	%		17.0	%		17.2	%					17.0	%		17.2	%	50 to 70 bps
Defense Electronics		22.4	%					22.4	%		22.7	%		22.9	%					22.7	%		22.9	%	30 to 50 bps
Naval & Power		17.2	%					18.6	%		16.7	%		16.9	%					17.5	%		17.7	%	(110) to (90) bps
Total operating margin		16.6	%					17.3	%		17.1	%		17.3	%					17.4	%		17.6	%	10 to 30 bps

Free cash flow	$	257		$	39		$	296		$	350		$	390		$	10		$	360		$	400

Notes: Full year amounts may not add due to rounding.

⁽¹⁾2022 Adjusted financials exclude the impact of first year purchase accounting adjustments, the loss on sale of our German valves business, costs associated with shareholder activism and pension settlement charges related to the retirement of two former executives.

⁽²⁾ 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments.

⁽³⁾ Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow excluded one-time pension settlement payments of $24 million and a legal settlement payment of $15 million. 2023 Adjusted Free Cash Flow guidance excludes a legal settlement payment of $10 million.

CURTISS-WRIGHT CORPORATION
2023 Sales Growth Guidance by End Market
As of February 21, 2023



	2023 % Change vs 2022 Adjusted⁽¹⁾	% Total Sales

Aerospace & Defense Markets
Aerospace Defense	9 - 11%	20%
Ground Defense	4 - 6%	9%
Naval Defense	4 - 6%	27%
Commercial Aerospace	5 - 7%	11%
Total Aerospace & Defense	6 - 8%	67%

Commercial Markets
Power & Process	Flat	18%
General Industrial	2 - 4%	16%
Total Commercial	0 - 2%	33%

Total Curtiss-Wright Sales	4 - 6%	100%

Note: Sales percentages may not add due to rounding.

⁽¹⁾ 2023 and 2022 Sales include the contribution from the engineered arresting systems business, acquired on June 30, 2022, to the Aerospace Defense market.

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 8,100 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.

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; 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, 2022, 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
[email protected]

Delaware		001-00134		13-0612970
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

130 Harbour Place Drive, Suite 300
Davidson, NC	28036
(Address of Principal Executive Offices)	(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	CW	New York Stock Exchange

		CURTISS-WRIGHT CORPORATION


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

Exhibit Number	Description

99.1	Press Release dated February 21, 2023
99.2	Presentation shown during investor and securities analyst webcast on February 22, 2023