Impressive Q1 2024 Financial Results for Curtiss-Wright

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.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.