Q1 2024 Curtiss-Wright Corp Earnings Call Transcript
Key Points
- Sales of $713 million increased 13% year-over-year, driven by strong performance in the Defense Electronics segment.
- Operating income increased 23% year-over-year, resulting in 110 basis points of overall operating margin expansion.
- Diluted earnings per share of $1.99 increased 30% year-over-year, primarily due to higher sales.
- Adjusted free cash flow showed a year-over-year improvement of 37%, reflecting strong financial management.
- Record backlog in excess of $3 billion provides visibility and confidence in achieving updated 2024 financial guidance.
- Encountered a $10 million headwind based on a change in estimate on a single naval contract within the Naval and Power segment.
- Technical challenges at a key milestone in the naval contract, although a path to resolution is being worked on.
- Despite strong sales growth, the Aerospace and Industrial segment's profitability was offset by unfavorable mix and timing on lower-margin development programs.
- Naval and Power segment's operating performance was negatively impacted by the naval contract adjustment.
- The company faces ongoing challenges in managing supply chain stability, although it has stabilized since early 2023.
Welcome, everyone, to the Curtiss-Wright First Quarter 2024 Earnings Conference Call. (Operator Instructions)
Now at this time, I will turn the call over to Jim Ryan, Vice President of Investor Relations. Mr. Ryan, please go ahead.
Thank you, Bob, and good morning, everyone. Welcome to Curtiss-Wright's First Quarter 2024 Earnings Conference Call. Joining me on the call today are Chair and Chief Executive Officer, Lynn Bamford; and Vice President and Chief Financial Officer, Chris Farkas.
Our call today is being webcast and the press release as well as a copy of today's financial presentation is available for download through the Investor Relations section of our company website at curtisswright.com. A replay of this webcast also can be found on the website.
Please note, today's discussion will include certain projections and statements that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current
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