Curtiss-Wright Corporation (NYSE: CW) has reported strong financial results for the fourth quarter and full-year 2023, and issued full-year 2024 guidance reflecting robust growth in sales, EPS, and free cash flow. The company achieved record full-year 2023 sales of $2.8 billion, up 11%, with operating income of $485 million and reported free cash flow of $403 million. Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation, expressed pride in the team's efforts and highlighted the company's strong operational performance and record high sales and operating income.
Bamford also provided insight into the company's outlook, stating, "Looking ahead, our strong backlog entering the year supports our expectations to deliver total organic sales growth of 4% to 6% in 2024, including growth in all of our A&D and commercial end markets." He further emphasized, "We expect to deliver continued operating margin expansion while increasing R&D investments, diluted EPS growth of 7% to 10%, and strong free cash flow generation ranging from $415 to $435 million."
In the fourth quarter of 2023, the company reported sales of $786 million, up 4%, with an operating income of $161 million and diluted earnings per share (EPS) of $3.11. Adjusted diluted EPS for the quarter was $3.16, reflecting an 8% increase, and free cash flow (FCF) was reported at $270 million, generating 221% adjusted FCF conversion.
The company's shares have moved -0.8% following the release of these financial results, and are currently trading at a price of $232.87.
The full 8-K submission can be accessed here.
