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Curtiss-Wright Reports Fourth Quarter and Full-year 2024 Financial Results; Issues Full-year 2025 Guidance Reflecting Higher Sales, Operating Margin Expansion and Double-digit EPS Growth

1. Fourth quarter sales were $824 million, a 5% increase. 2. Total new orders reached $939 million, rising 37%; backlog up 20%. 3. 2025 guidance anticipates sales growth of 7% to 8% and double-digit EPS growth. 4. Strong performance in Aerospace & Defense markets drives confidence in future growth. 5. Free cash flow was $278 million, with 223% adjusted free cash flow conversion.

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FAQ

Why Bullish?

The strong sales growth and substantial backlog indicate solid demand, similar to past positive earnings impacts seen in defense and industrial sectors.

How important is it?

The financial results and positive outlook are critical to CW stakeholders and directly influence market perceptions.

Why Long Term?

Sustained demand in key markets, backed by a solid order book, implies continued financial strength over time.

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DAVIDSON, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2024. Fourth Quarter 2024 Highlights: Reported sales of $824 million, up 5%, operating income of $155 million, operating margin of 18.8%, and diluted earnings per share (EPS) of $3.09; Adjusted operating income of $163 million; Adjusted operating margin of 19.8%; Adjusted diluted EPS of $3.27, up 3%; Free cash flow (FCF) of $278 million, generating 223% Adjusted FCF conversion; Total share repurchases of $112 million; and New orders of $939 million, up 37%, generating a book-to-bill of 1.1x. Full-Year 2024 Highlights: Reported sales of $3.1 billion, up 10%, operating income of $529 million, operating margin of 16.9%, and diluted EPS of $10.55; Adjusted operating income of $546 million, up 11%; Adjusted operating margin of 17.5%, up 10 basis points; Adjusted diluted EPS of $10.90, up 16%; FCF of $483 million, generating 116% Adjusted FCF conversion; Total share repurchases of $250 million; New orders of $3.7 billion, up 20%, reflecting strong demand in our Aerospace & Defense (A&D) markets, and book-to-bill of 1.2x; and Backlog of $3.4 billion, up 20%. "Curtiss-Wright concluded the year with a strong, fourth quarter financial performance that reflected better-than-expected sales growth, record quarterly Adjusted diluted EPS of $3.27, strong free cash flow and robust order activity," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We achieved numerous financial records in 2024, while maintaining our commitment to invest in innovative technologies, capacity expansion, talent and systems to support our future growth. Our performance was highlighted by double-digit growth in sales, operating income and diluted EPS, along with record free cash flow of $483 million, as we delivered profitable growth while reducing working capital. We also experienced strong demand across our Defense and Commercial Aerospace markets, driving record new orders of $3.7 billion. Our results this past year are a testament to our teams' strong execution and the momentum we are building in our Pivot to Growth strategy." "Looking ahead, our strong backlog at the start of the year, combined with the alignment of our technologies to favorable secular growth trends in our end markets, reinforces our confidence in delivering another strong performance in 2025. We anticipate total sales growth of 7% to 8%, driven by strong organic growth in our A&D and Commercial Nuclear markets, and the contribution from our recently completed acquisition of Ultra Energy. We also expect to deliver operating margin expansion of 40 to 60 basis points while increasing our R&D investments, as well as double-digit EPS growth and strong free cash flow generation. As a result, we maintain line of sight to the three-year financial targets that we communicated at our 2024 Investor Day and remain well-positioned to drive long-term shareholder value." Fourth Quarter 2024 Operating Results (In millions) Q4-2024 Q4-2023 Change Reported Sales $ 824 $ 786 5 % Operating income $ 155 $ 161 (4 %) Operating margin 18.8 % 20.4 % (160 bps) Adjusted (1) Sales $ 824 $ 786 5 % Operating income $ 163 $ 163 0 % Operating margin 19.8 % 20.8 % (100 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $824 million increased 5% compared with the prior year period; Total A&D market sales increased 6%, while total Commercial market sales increased 3%; In our A&D markets, we experienced solid growth in the defense markets principally driven by increased submarine revenues in naval defense, as well as higher OEM sales in the commercial aerospace market; In our Commercial markets, we experienced solid growth in the power & process market, principally driven by higher sales of commercial nuclear products that were partially offset by lower industrial valve sales in the process market, in addition to lower sales in the general industrial market; and Adjusted operating income was $163 million, essentially flat compared with the prior year period, while Adjusted operating margin decreased 100 basis points to 19.8%, as favorable overhead absorption on overall higher revenues was partially offset by higher investments in research and development in all three segments, as well as unfavorable mix in both the Defense Electronics and Naval & Power segments. Fourth Quarter 2024 Segment Performance Aerospace & Industrial (In millions) Q4-2024 Q4-2023 Change Reported Sales $ 251 $ 238 5 % Operating income $ 48 $ 44 9 % Operating margin 19.1 % 18.5 % 60 bps Adjusted (1) Sales $ 251 $ 238 5 % Operating income $ 54 $ 44 22 % Operating margin 21.3 % 18.5 % 280 bps (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $251 million, up $13 million, or 5%; Higher revenue in the aerospace defense market reflected higher sales for our actuation equipment principally on the F-35 and other fighter jet programs; Commercial aerospace market revenue increases reflected increased demand and higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms; Lower general industrial market revenue was principally driven by reduced sales of industrial vehicle products serving off-highway and specialty vehicle platforms; and Adjusted operating income was $54 million, up 22%, reflecting a strong Adjusted operating margin up 280 basis points to 21.3%, as favorable absorption on higher revenues and the benefits of our restructuring and cost containment initiatives were partially offset by higher investment in research and development. Defense Electronics (In millions) Q4-2024 Q4-2023 Change Reported Sales $ 227 $ 240 (5 %) Operating income $ 55 $ 69 (21 %) Operating margin 24.1 % 28.8 % (470 bps) Adjusted (1) Sales $ 227 $ 240 (5 %) Operating income $ 55 $ 69 (20 %) Operating margin 24.3 % 28.8 % (450 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $227 million, down $12 million, or 5%; Higher revenue in the aerospace defense market was principally driven by increased sales of flight test instrumentation equipment; Ground defense market revenue declines principally reflected the timing of sales of embedded computing equipment on the Stryker ground combat vehicle; Lower revenue in the naval defense market reflected the timing of sales of embedded computing equipment supporting various domestic and international programs; and Adjusted operating income was $55 million, down 20% from the prior year period, while Adjusted operating margin decreased 450 basis points to 24.3%, primarily due to unfavorable absorption on lower defense revenues, unfavorable mix of products, and higher investment in research and development. Naval & Power (In millions) Q4-2024 Q4-2023 Change Reported Sales $ 346 $ 308 12 % Operating income $ 65 $ 57 15 % Operating margin 18.8 % 18.5 % 30 bps Adjusted (1) Sales $ 346 $ 308 12 % Operating income $ 66 $ 59 11 % Operating margin 19.1 % 19.3 % (20 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $346 million, up $38 million, or 12%; Revenue growth in the naval defense market was stronger than anticipated principally driven by higher demand and timing of revenues on the Virginia-class and Columbia-class submarine programs, in addition to higher growth for aircraft handling systems to international customers; Lower revenue in the aerospace defense market principally reflected the timing of sales of arresting systems equipment supporting various international customers; Higher power & process market revenues mainly reflected increased commercial nuclear aftermarket sales supporting the maintenance of U.S. operating reactors. Those increases were partially offset by lower industrial valve sales in the process market; and Adjusted operating income was $66 million, up 11% from the prior year period, while Adjusted operating margin decreased 20 basis points to 19.1%, as favorable absorption on higher revenues was partially offset by unfavorable mix of products and higher investment in research and development. Free Cash Flow (In millions) Q4-2024 Q4-2023 Change Net cash provided by operating activities $ 301 $ 282 7 % Capital expenditures (23 ) (13 ) 84 % Reported free cash flow $ 278 $ 270 3 % Adjusted free cash flow (1) $ 278 $ 270 3 % (1) A reconciliation of Reported to Adjusted free cash flow is available in the Appendix. Reported free cash flow of $278 million increased $8 million, primarily due to the timing of customer advances driving improved working capital partially offset by higher capital investments; Adjusted free cash flow of $278 million increased $8 million; and Capital expenditures increased approximately $11 million compared with the prior year period, primarily due to higher growth investments within the Naval & Power segment. New Orders and Backlog New orders of $939 million increased 37% in the fourth quarter, principally reflecting strong demand across our A&D markets; Full-year 2024 new orders of $3.7 billion increased 20% and generated an overall book-to-bill of approximately 1.2x, reflecting strong growth within our A&D markets as well as solid demand for commercial nuclear products within our Commercial markets; and Backlog of $3.4 billion, up 20% from December 31, 2023. Share Repurchase and Dividends During the fourth quarter, the Company repurchased approximately 311,000 shares of its common stock for approximately $112 million; During full-year 2024, the Company repurchased approximately 766,000 shares for $250 million; and The Company also declared a quarterly dividend of $0.21 a share. Full-Year 2025 Guidance The Company's full-year 2025 financial guidance(1) is as follows: ($ in millions, except EPS) 2025 Guidance % Chg vs 2024 Adjusted Total Sales $3,335 - $3,385 7 - 8% Operating Income $598 - $613 10 - 12% Operating Margin 17.9% - 18.1% 40 - 60 bps Diluted EPS $12.10 - $12.40 11 - 14% Free Cash Flow(2) $485 - $505 0 - 4% (1) Reconciliations of Reported to Adjusted 2024 operating results and 2025 financial guidance are available in the Appendix and exclude first-year purchase accounting costs associated with prior-year acquisitions. (2) 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results) and the timing of prior year record customer advances. ********** A more detailed breakdown of the Company’s 2025 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website. Conference Call & Webcast Information The Company will host a conference call to discuss fourth quarter and full-year 2024 financial results and expectations for 2025 guidance at 11:00 a.m. ET on Thursday, February 13, 2025. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com. (Tables to Follow) CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) ($'s in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Product sales $ 698,626 $ 667,879 $ 2,639,953 $ 2,389,711 Service sales 125,687 117,912 481,236 455,662 Total net sales 824,313 785,791 3,121,189 2,845,373 Cost of product sales 437,801 414,010 1,690,574 1,507,480 Cost of service sales 69,082 67,051 277,066 270,715 Total cost of sales 506,883 481,061 1,967,640 1,778,195 Gross profit 317,430 304,730 1,153,549 1,067,178 Research and development expenses 25,781 20,066 91,647 85,764 Selling expenses 36,158 36,306 145,360 137,088 General and administrative expenses 92,405 87,664 373,497 359,724 Restructuring expenses 8,250 — 14,448 — Operating income 154,836 160,694 528,597 484,602 Interest expense 11,675 10,961 44,869 51,393 Other income, net 10,034 7,117 38,328 29,861 Earnings before income taxes 153,195 156,850 522,056 463,070 Provision for income taxes (35,343 ) (36,963 ) (117,078 ) (108,561 ) Net earnings $ 117,852 $ 119,887 $ 404,978 $ 354,509 Basic earnings per share $ 3.11 $ 3.14 $ 10.61 $ 9.26 Diluted earnings per share $ 3.09 $ 3.11 $ 10.55 $ 9.20 Dividends per share $ 0.21 $ 0.20 $ 0.83 $ 0.79 Weighted average shares outstanding: Basic 37,874 38,232 38,153 38,283 Diluted 38,137 38,505 38,373 38,529 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) ($'s in thousands, except par value) December 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 385,042 $ 406,867 Receivables, net 835,037 732,678 Inventories, net 541,442 510,033 Other current assets 88,073 67,502 Total current assets 1,849,594 1,717,080 Property, plant, and equipment, net 339,118 332,796 Goodwill 1,675,718 1,558,826 Other intangible assets, net 596,831 557,612 Operating lease right-of-use assets, net 169,350 141,435 Prepaid pension asset 299,130 261,869 Other assets 55,963 51,351 Total assets $ 4,985,704 $ 4,620,969 Liabilities Current liabilities: Current portion of long-term and short-term debt $ 90,000 $ — Accounts payable 247,185 243,833 Accrued expenses 219,054 188,039 Deferred revenue 459,421 303,872 Other current liabilities 80,288 70,800 Total current liabilities 1,095,948 806,544 Long-term debt 958,949 1,050,362 Deferred tax liabilities 140,659 132,319 Accrued pension and other postretirement benefit costs 67,413 66,875 Long-term operating lease liability 148,175 118,611 Other liabilities 124,761 117,845 Total liabilities $ 2,535,905 $ 2,292,556 Stockholders' equity Common stock, $1 par value $ 49,187 $ 49,187 Additional paid in capital 147,940 140,182 Retained earnings 3,861,073 3,487,751 Accumulated other comprehensive loss (243,225 ) (213,223 ) Less: cost of treasury stock (1,365,176 ) (1,135,484 ) Total stockholders' equity 2,449,799 2,328,413 Total liabilities and stockholders' equity $ 4,985,704 $ 4,620,969 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 Operating Income, Operating Margin, Net Earnings and Diluted EPS These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) costs associated with the Company's 2024 Restructuring Program; and (iii) the sale or divestiture of a business or product line, 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, 2024 December 31, 2023 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted As Reported Adjusted Sales: Aerospace & Industrial $ 250,917 $ — $ 250,917 $ 238,224 $ — $ 238,224 5% 5% Defense Electronics 227,475 — 227,475 239,751 — 239,751 (5)% (5)% Naval & Power 345,921 — 345,921 307,816 — 307,816 12% 12% Total sales $ 824,313 $ — $ 824,313 $ 785,791 $ — $ 785,791 5% 5% Operating income (expense): Aerospace & Industrial(3) $ 47,876 $ 5,694 $ 53,570 $ 44,054 $ — $ 44,054 9% 22% Defense Electronics(3) 54,775 587 55,362 69,015 — 69,015 (21)% (20)% Naval & Power(1)(2)(3) 65,150 962 66,112 56,845 2,529 59,374 15% 11% Total segments $ 167,801 $ 7,243 $ 175,044 $ 169,914 $ 2,529 $ 172,443 (1)% 2% Corporate and other(3) (12,965 ) 1,414 (11,551 ) (9,221 ) — (9,221 ) (41)% (25)% Total operating income $ 154,836 $ 8,657 $ 163,493 $ 160,693 $ 2,529 $ 163,222 (4)% —% Operating margins: As Reported Adjusted As Reported Adjusted As Reported Adjusted Aerospace & Industrial 19.1 % 21.3 % 18.5 % 18.5 % 60 bps 280 bps Defense Electronics 24.1 % 24.3 % 28.8 % 28.8 % (470 bps) (450 bps) Naval & Power 18.8 % 19.1 % 18.5 % 19.3 % 30 bps (20 bps) Total Curtiss-Wright 18.8 % 19.8 % 20.4 % 20.8 % (160 bps) (100 bps) Segment margins 20.4 % 21.2 % 21.6 % 21.9 % (120 bps) (70 bps) (1) Excludes first year purchase accounting adjustments in both the current and prior year periods. (2) Excludes trailing costs in the prior year period associated with the divestiture of our German valves business. (3) Excludes costs associated with the Company's 2024 Restructuring Program in the current period. CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands) Year Ended Year Ended December 31, 2024 December 31, 2023 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted As Reported Adjusted Sales: Aerospace & Industrial $ 932,133 $ — $ 932,133 $ 887,228 $ — $ 887,228 5% 5% Defense Electronics 910,706 — 910,706 815,912 — 815,912 12% 12% Naval & Power 1,278,350 — 1,278,350 1,142,233 — 1,142,233 12% 12% Total sales $ 3,121,189 $ — $ 3,121,189 $ 2,845,373 $ — $ 2,845,373 10% 10% Operating income (expense): Aerospace & Industrial(3) $ 148,023 $ 10,239 $ 158,262 $ 145,278 $ — $ 145,278 2% 9% Defense Electronics(3) 224,739 1,929 226,668 191,775 — 191,775 17% 18% Naval & Power (1)(2)(3) 199,663 2,063 201,726 189,227 9,198 198,425 6% 2% Total segments $ 572,425 $ 14,231 $ 586,656 $ 526,280 $ 9,198 $ 535,478 9% 10% Corporate and other(3) (43,828 ) 3,038 (40,790 ) (41,678 ) — (41,678 ) (5)% 2% Total operating income $ 528,597 $ 17,269 $ 545,866 $ 484,602 $ 9,198 $ 493,800 9% 11% Operating margins: As Reported Adjusted As Reported Adjusted As Reported Adjusted Aerospace & Industrial 15.9 % 17.0 % 16.4 % 16.4 % (50 bps) 60 bps Defense Electronics 24.7 % 24.9 % 23.5 % 23.5 % 120 bps 140 bps Naval & Power 15.6 % 15.8 % 16.6 % 17.4 % (100 bps) (160 bps) Total Curtiss-Wright 16.9 % 17.5 % 17.0 % 17.4 % (10 bps) 10 bps Segment margins 18.3 % 18.8 % 18.5 % 18.8 % (20 bps) — bps (1) Excludes first year purchase accounting adjustments in both the current and prior year periods. (2) Excludes trailing costs in the prior year period associated with the divestiture of our German valves business. (3) Excludes costs associated with the Company's 2024 Restructuring Program in the current 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, 2024 December 31, 2023 % 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 $ 171,432 $ — $ 171,432 $ 171,527 $ — $ 171,527 0 % 0 % Ground Defense 84,654 — 84,654 87,691 — 87,691 (3 %) (3 %) Naval Defense 216,894 — 216,894 187,240 — 187,240 16 % 16 % Commercial Aerospace 98,318 — 98,318 92,723 — 92,723 6 % 6 % Total Aerospace & Defense $ 571,298 $ — $ 571,298 $ 539,181 $ — $ 539,181 6 % 6 % Commercial markets: Power & Process  $ 146,772 $ —  $ 146,772  $ 136,541 $ — $ 136,541 7 % 7 % General Industrial 106,243 — 106,243 110,069 — 110,069 (3 %) (3 %) Total Commercial $ 253,015 $ — $ 253,015 $ 246,610 $ — $ 246,610 3 % 3 % Total Curtiss-Wright $ 824,313 $ — $ 824,313 $ 785,791 $ — $ 785,791 5 % 5 % Year Ended Year Ended December 31, 2024 December 31, 2023 % 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 $ 616,590 $ — $ 616,590 $ 551,622 $ — $ 551,622 12 % 12 % Ground Defense 353,326 — 353,326 308,008 — 308,008 15 % 15 % Naval Defense 821,898 — 821,898 720,013 — 720,013 14 % 14 % Commercial Aerospace 378,086 — 378,086 324,949 — 324,949 16 % 16 % Total Aerospace & Defense $ 2,169,900 $ — $ 2,169,900 $ 1,904,592 $ — $ 1,904,592 14 % 14 % Commercial markets: Power & Process $ 540,788 $ — $ 540,788 $ 509,998 $ — $ 509,998 6 % 6 % General Industrial 410,501 — 410,501 430,783 — 430,783 (5 %) (5 %) Total Commercial $ 951,289 $ — $ 951,289 $ 940,781 $ — $ 940,781 1 % 1 % Total Curtiss-Wright $ 3,121,189 $ — $ 3,121,189 $ 2,845,373 $ — $ 2,845,373 10 % 10 % 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, 2024 2023 2024 2023 Diluted earnings per share - As Reported $ 3.09 $ 3.11 $ 10.55 $ 9.20 First year purchase accounting adjustments 0.01 0.02 0.04 0.15 Divested German valves business — 0.03 — 0.03 Restructuring expenses 0.17 — 0.31 — Diluted earnings per share - Adjusted (1) $ 3.27 $ 3.16 $ 10.90 $ 9.38 (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, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations. Three Months Ended December 31, 2024 vs. 2023 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 5% 9% (5%) (21%) 12% 15% 5% (4%) Less: Acquisitions 0% 0% 0% 0% 0% 1% 0% 0% Restructuring 0% 13% 0% 1% 0% (1%) 0% 5% Foreign currency 0% (2%) 0% 0% 0% (2%) 0% (1%) Organic 5% 20% (5%) (20%) 12% 13% 5% 0% Year Ended December 31, 2024 vs. 2023 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 5% 2% 12% 17% 12% 6% 10% 9% Less: Acquisitions 0% 0% 0% 0% (1%) 0% 0% 0% Restructuring 0% 7% 0% 1% 0% 0% 0% 3% Foreign currency 0% (1%) 0% 0% 0% (1%) (1%) 0% Organic 5% 8% 12% 18% 11% 5% 9% 12% 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 excludes payments associated with the Westinghouse legal settlement in the prior year period. 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, 2024 2023 2024 2023 Net cash provided by operating activities $ 301,299 $ 282,372 $ 544,275 $ 448,089 Capital expenditures (23,271 ) (12,629 ) (60,974 ) (44,666 ) Free cash flow $ 278,028 $ 269,743 $ 483,301 $ 403,423 Westinghouse legal settlement — — — 10,000 Adjusted free cash flow $ 278,028 $ 269,743 $ 483,301 $ 413,423 Adjusted free cash flow conversion 223 % 221 % 116 % 114 % CURTISS-WRIGHT CORPORATION 2025 Guidance As of February 12, 2025 ($'s in millions, except per share data) 2024 Reported (GAAP) 2024 Adjustments (Non- GAAP)(1) 2024 Adjusted (Non- GAAP)(1) 2025 Reported Guidance (GAAP) 2025 Adjustments (Non- GAAP)(2) 2025 Adjusted Guidance (Non-GAAP)(2) Low High Low High 2025 Chg vs 2024 Adjusted Sales: Aerospace & Industrial $ 932 $ — $ 932 $ 960 $ 975 $ — $ 960 $ 975 3 - 5% Defense Electronics 911 — 911 975 990 — 975 990 7 - 9% Naval & Power 1,278 — 1,278 1,400 1,420 — 1,400 1,420 10 - 11% Total sales $ 3,121 $ — $ 3,121 $ 3,335 $ 3,385 $ — $ 3,335 $ 3,385 7 - 8% Operating income: Aerospace & Industrial $ 148 $ 10 $ 158 $ 164 $ 169 $ 3 $ 167 $ 172 5 - 8% Defense Electronics 225 2 227 244 250 — 244 250 8 - 10% Naval & Power 200 2 202 217 223 11 228 234 13 - 16% Total segments 572 15 587 624 641 14 638 655 Corporate and other (44 ) 3 (41 ) (40 ) (42 ) — (40 ) (42 ) Total operating income $ 529 $ 17 $ 546 $ 584 $ 599 $ 14 $ 598 $ 613 10 - 12% Interest expense $ (45 ) $ — $ (45 ) $ (42 ) $ (43 ) $ — $ (42 ) $ (43 ) Other income, net 38 — 38 33 34 — 33 34 Earnings before income taxes 522 17 539 $ 575 $ 590 $ 14 589 603 Provision for income taxes (117 ) (4 ) (121 ) (127 ) (130 ) (3 ) (130 ) (133 ) Net earnings $ 405 $ 13 $ 418 $ 448 $ 460 $ 11 $ 459 $ 470 Diluted earnings per share $ 10.55 $ 0.35 $ 10.90 $ 11.80 $ 12.10 $ 0.30 $ 12.10 $ 12.40 11 - 14% Diluted shares outstanding 38.4 38.4 37.9 37.9 37.9 37.9 Effective tax rate 22.4 % 22.4 % 22.0 % 22.0 % 22.0 % 22.0 % Operating margins: Aerospace & Industrial 15.9 % 17.0 % 17.1 % 17.3 % 17.4 % 17.6 % 40 - 60 bps Defense Electronics 24.7 % 24.9 % 25.0 % 25.2 % 25.0 % 25.2 % 10 - 30 bps Naval & Power 15.6 % 15.8 % 15.5 % 15.7 % 16.3 % 16.5 % 50 - 70 bps Total operating margin 16.9 % 17.5 % 17.5 % 17.7 % 17.9 % 18.1 % 40 - 60 bps Free cash flow(3) $ 483 $ — $ 483 $ 485 $ 505 $ — $ 485 $ 505 0 - 4% Notes: Amounts may not add due to rounding. (1) 2024 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments. (2) 2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments. (3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results) and the timing of prior year record customer advances. CURTISS-WRIGHT CORPORATION 2025 Sales Growth Guidance by End Market As of February 12, 2025 2025 % Change vs. 2024 Adjusted % Total Sales Aerospace & Defense Markets Aerospace Defense 6 - 8% 20% Ground Defense 3 - 5% 11% Naval Defense 3 - 5% 25% Commercial Aerospace 10 - 12% 13% Total Aerospace & Defense 5 - 7% 69% Commercial Markets Power & Process 16 - 18% 19% General Industrial Flat 12% Total Commercial 9 - 11% 31% Total Curtiss-Wright Sales 7 - 8% 100% 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 8,800 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, 2024, and subsequent reports filed with the Securities and Exchange Commission. This press release and additional information are available at www.curtisswright.com.

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