Curtiss-Wright has reported net earnings of $76.49m in the first quarter (Q1) of fiscal year 2024 (FY24), an increase from $56.84m in the same period last year.
The company’s diluted earnings per share (EPS) saw a substantial increase of $1.99 compared to $1.48 in Q1 FY2023.
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For the quarter ending on 31 March 2024, Curtiss-Wright’s net sales reached $713.16m, a 13% rise from $630.86m in the previous year’s Q1.
The company’s Aerospace & Industrial segment reported sales of $219.32m, an 8% increase from $202.44m in Q1 FY23.
Defense Electronics segment experienced a 31% increase in sales, amounting to $211.74m, up from $162.15m in Q1 FY23.
Meanwhile, Naval & Power segment sales grew by 6% to $282.10m from $266.25m in Q1 last year.
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By GlobalDataAdditionally, strong revenue growth in ground defence market was driven by increased demand and higher sales of tactical battlefield communications equipment.
Operating income for Q1 FY24 increased 27% to $99.96m from $78.61m in Q1 FY23, while operating margin for Q1 FY24 stood at 14.0%.
Gross profit increased to $253.75m in Q1 FY24 from $221.40m in the same period in FY23.
New orders for the company amounted to $901m in Q1 FY24, a 26% increase compared to the previous year, leading to an overall book-to-bill ratio that exceeded 1.25x.
Curtiss-Wright’s backlog stood at $3.1bn as of 31 March 2024, a 7% increase from 31 December 2023.
Looking ahead, Curtiss-Wright has raised its full-year 2024 financial guidance, with sales now expected to grow by 5% to 7%.
In addition, operating income for the full year is anticipated to increase by 5% to 8% and diluted EPS is projected to range from $10.10 to $10.40, an 8% to 11% increase.
Curtiss-Wright chair and CEO Lynn Bamford said: “We now expect to deliver total sales growth of 5% to 7%, including the contribution from our recent commercial nuclear acquisition of WSC, Inc., continued operating margin expansion while increasing R&D investments, and diluted EPS growth of 8% to 11%, while we maintain our outlook for strong free cash flow conversion well in excess of 100%.”
