Q3 2024 Curtiss-Wright Corp Earnings Call Transcript
Key Points
- Curtiss-Wright Corp (CW) reported a strong third quarter performance with sales increasing by 10% year over year, reaching nearly $800 million.
- The company achieved a 15% growth in its aerospace and defense markets and low double-digit growth in the commercial nuclear market.
- Operating income increased by 11% year over year, resulting in a 20 basis points expansion in operating margin to 18.7%.
- Free cash flow was $163 million, up 19% year over year, reflecting more than 140% conversion due to improved operational performance and lower working capital.
- Curtiss-Wright Corp (CW) raised its full-year guidance, expecting sales to increase by 7% to 9% and diluted EPS to grow by 12% to 15%.
- The company anticipates a sequential decline in revenues within the defense electronics segment in the fourth quarter due to the timing of production revenues.
- Sales in the general industrial market were lower, principally due to the timing of off-highway industrial vehicle sales.
- Despite strong growth, the naval and power segment's profitability was weighed down by increased development revenues.
- The process market sales are expected to be flat for the full year due to the timing of development on subsea pumps.
- Curtiss-Wright Corp (CW) reduced its full-year outlook for the general industrial market, anticipating a decline of 2% to 4%.
Welcome to the Curtiss Wright third quarter, 2024 earnings conference call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation.
If you would like to ask a question at that time, please press star one on your telephone keypad.
If at any point, your question has been answered, you may remove yourself from the queue by pressing star two so others can hear your questions clearly. We ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press star zero.
I would now like to turn the call over to Jim Ryan, Vice President of Investor Relations.
Thank you, Todd and good morning, everyone. Welcome to Curtiss Wright's third quarter, 2024 earnings conference call.
Joining me on the call today, our Chair and Chief Executive Officer, Lynn Bamford; and Vice President and Chief Financial Officer, Chris Parkin.
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