Curtiss-Wright Corporation has reported its financial results for the fourth quarter and full-year 2024 and issued full-year 2025 guidance. In the fourth quarter of 2024, the company reported sales of $824 million, which was a 5% increase from the same period in 2023. The operating income for the fourth quarter of 2024 was $155 million, resulting in an operating margin of 18.8%. The diluted earnings per share (EPS) for the quarter was $3.09, and the adjusted diluted EPS was $3.27, representing a 3% increase from the same period in 2023.
For the full-year 2024, Curtiss-Wright reported sales of $3.1 billion, a 10% increase from the previous year. The operating income for the full year was $529 million, with an operating margin of 16.9%. The diluted EPS for the full year was $10.55, and the adjusted diluted EPS was $10.90, marking a 16% increase from the previous year.
The company achieved a free cash flow of $483 million for the full year, generating 116% adjusted free cash flow conversion. It also repurchased approximately $250 million worth of shares during the year.
Curtiss-Wright experienced strong demand in its aerospace and defense markets, leading to record new orders of $3.7 billion for the full year, reflecting a 20% increase from the previous year. The company's backlog stood at $3.4 billion, up 20% from the end of 2023.
Looking ahead to 2025, Curtiss-Wright anticipates total sales growth of 7% to 8%, with operating margin expansion of 40 to 60 basis points. The company also expects double-digit EPS growth and strong free cash flow generation.
In terms of segment performance, the Aerospace & Industrial segment reported sales of $251 million in the fourth quarter of 2024, representing a 5% increase from the same period in 2023. The Defense Electronics segment reported sales of $227 million, down 5% from the fourth quarter of 2023, while the Naval & Power segment reported sales of $346 million, marking a 12% increase from the previous year.
Curtiss-Wright's full-year 2025 guidance includes total sales of $3.335 billion to $3.385 billion, operating income of $598 million to $613 million, operating margin of 17.9% to 18.1%, and diluted EPS of $12.10 to $12.40, representing an 11% to 14% increase from the adjusted diluted EPS for 2024.
The company's historical financial results and the breakdown of its 2025 financial guidance can be found on its website. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $334.5. If you want to know more, read the company's complete 8-K report here.
