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February 24, 2022

Curtiss-Wright posts sales of $2.5bn for full year 2021

As per the company’s FY22 adjusted financial guidance, total sales are expected to be between $2.53bn and $2.58bn.

Curtiss-Wright has posted sales of $2.5bn for the full-year, ending 31 December 2021, and adjusted sales of $2.5bn, up 7%.

During the period, the company’s reported operating income was $383m, and adjusted operating income was $420m, an increase of 12%.

Its reported operating margin was 15.3%, and the adjusted operating margin grew by 17%, up 70 basis points.

The company’s reported diluted earnings per share (EPS) were $6.58, and adjusted diluted EPS were $7.34, marking an 11% growth.

Curtiss-Wright had a free cash flow (FCF) of $347m, with a 116% FCF conversion.

During this time, new orders were up 11% to $2.5bn, and its backlog had increased to 3%.

In addition, the company completed record annual share repurchases of $350m.

Adjusted sales for the full year in its Aerospace and Industrial segment were $775.1m. Defence Electronics was $727.9m, and sales from the Naval and Power segment were $965.4m.

Curtiss-Wright president and CEO Lynn Bamford said: “Curtiss-Wright delivered strong fourth quarter results, with better-than-expected profitability, strong free cash flow, and tremendous order growth.

“For the full year, we grew sales by 7%, to nearly $2.5bn, in line with our expectations, as we leveraged the strength and resilience of our combined portfolio, to minimise the impact of the challenging supply chain environment.

“We continue to utilise our strong and healthy balance sheet to implement a disciplined capital deployment strategy. Throughout the past year, we delivered on our commitment to drive returns to our shareholders by executing record annual share repurchases of $350m.

“We also recently announced our pending acquisition of Safran’s aerospace arresting systems business, for $240m, which will increase the breadth of our global defence portfolio, and is expected to yield significant opportunities for revenue growth.”

The company expects total sales to grow from 3% to 5% in 2022, and a double-digit adjusted diluted EPS growth of 10% to 12%.

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