Impressive Q1 2024 Financial Results for Curtiss-Wright

By Tamara Parker • Thursday, May 02 10:22 • Permanent Link

Curtiss-Wright Corporation has reported its first-quarter 2024 financial results, and the numbers are impressive. The company's reported sales for the first quarter of 2024 were $713 million, marking a 13% increase from the same period in the previous year. Operating income also saw a significant uptick, reaching $100 million, up 27% from the first quarter of 2023. The operating margin also experienced a rise, reaching 14.0%, up 150 basis points from the previous year.

The growth in financial performance is further emphasized by the adjusted operating income of $100 million, up 23% from the first quarter of 2023, and an adjusted operating margin of 14.0%, a 110 basis point increase.

The company's diluted earnings per share (EPS) for the first quarter of 2024 stood at $1.99, reflecting a substantial 30% increase from the same period in the previous year.

Furthermore, Curtiss-Wright Corporation reported new orders of $901 million, marking a significant 26% increase from the previous year, with the book-to-bill ratio exceeding 1.25x. This growth was primarily driven by strong demand for defense electronics and naval defense products within the aerospace and defense (A&D) markets.

In light of these strong results, Curtiss-Wright Corporation has raised its full-year 2024 financial guidance, with sales increased to a new range of 5% to 7% growth, operating income increased to a new range of 5% to 8% growth, and diluted EPS increased to a new range of $10.10 to $10.40, up 8% to 11%.

The company's segment performance for the first quarter of 2024 also revealed notable growth. In the Defense Electronics segment, sales surged by 31% to $212 million, with operating income increasing by a striking 106% to $48 million. The Naval & Power segment reported sales of $282 million, up 6% from the previous year, while the Aerospace & Industrial segment saw sales increase by 8% to $219 million.

Curtiss-Wright Corporation's improved financial performance and increased guidance for the full year indicate a strong start to 2024, driven by robust demand in the A&D markets and a positive outlook for the company's growth strategy. As a result of these announcements, the company's shares have moved 1.7% on the market, and are now trading at a price of $261.29. For the full picture, make sure to review Curtiss-Wright's 8-K report.

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