Curtiss-Wright Hosts 2024 Investor Day and Provides New Long-Term Financial Guidance
21 Mayo 2024 - 6:30AM
Business Wire
Introduces 3-Year Financial Targets
including Minimum 5% Organic Revenue CAGR, Minimum 10% EPS CAGR and
Strong Free Cash Flow Generation, as well as Commercial Nuclear
Upside Optionality
Underscores Highly Efficient and Disciplined
Capital Allocation Framework
Curtiss-Wright Corporation (NYSE: CW) announced that it is
hosting an Investor Day in New York City today beginning at 8:30
a.m. EDT, reaffirming full-year 2024 financial guidance and
providing its initial long-term outlook through 2026.
Lynn M. Bamford, Chair and Chief Executive Officer, K.
Christopher Farkas, Vice President and Chief Financial Officer, and
other members of the executive management team, will provide an
in-depth review of the Company’s Pivot to Growth strategy for
continued profitable growth and introduce new long-term financial
targets. In addition, the Company is excited to host a panel of
commercial nuclear energy experts, including senior leadership from
the Nuclear Energy Institute, a policy organization of the nuclear
technologies industry based in Washington, D.C.; Westinghouse
Electric Company, designer of the AP1000 and AP300 pressurized
water reactors; and Energy Northwest, a public power utility
company and a premier provider of carbon-free electricity.
“This is an exciting time for Curtiss-Wright as we leverage our
strong track record of operational excellence and financial
discipline, and continue to build momentum in our Pivot to Growth
strategy,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright
Corporation. “Our technologies and portfolio of solutions are
incredibly well-aligned with customer and industry needs and growth
trends in all our core end markets. We expect to deliver
incremental operating margin expansion and strong free cash flow
generation, while making strategic investments in research and
development to accelerate our long-term organic growth. Overall, we
are confident in our ability to achieve our new 3-year financial
targets and deliver significant long-term value for all of our
stakeholders.”
Introducing 3-Year Financial Targets (2024 - 2026):
- Total Organic Revenue CAGR above 5%;
- Operating Income Growth > Revenue Growth, implying continued
operating margin expansion;
- Top Quartile Margin Performance (relative to CW’s proxy peer
group);
- EPS CAGR above 10%;
- Free Cash Flow Conversion above 105%, based on more normalized
capital expenditures; and
- Targets reflect base year of 2023, and do not include an AP1000
order in this timeframe.
Event Webcast Details:
A live webcast of the event, including a question and answer
session with Curtiss-Wright’s senior leadership at the conclusion
of the prepared remarks, will begin at 8:30 a.m. EDT and conclude
at approximately 12:15 p.m. EDT. The presentations and webcast can
be accessed through the Company’s Investor Relations webpage.
Registration for the webcast is required and can be completed on
the Investor Day 2024 Registration Site. An archived replay of the
webcast and slides shown during the presentations will be available
following the completion of the event for one year.
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 8,600
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, headquartered in Davidson, North Carolina, 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, 2023, and subsequent reports filed with the Securities
and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521110603/en/
Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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