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    Curtiss-Wright Corp (CW)

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    Business Description

    Curtiss-Wright Corporation (CW) is a global company specializing in the development and delivery of highly engineered products, solutions, and services. The company primarily serves the Aerospace & Defense markets, as well as Commercial Power, Process, and Industrial markets. Leveraging its rich heritage tied to aviation pioneers Glenn Curtiss and the Wright brothers, Curtiss-Wright focuses on innovation and reliability to meet the demanding needs of its diverse customer base.

    1. Naval & Power - Provides advanced technologies and solutions for naval defense systems and commercial power generation, ensuring operational reliability and efficiency.
    2. Aerospace & Industrial - Delivers critical technologies and engineered solutions tailored to aerospace applications and industrial markets, supporting rigorous operational requirements.
    3. Defense Electronics - Offers innovative electronic systems and components designed to meet the specialized needs of defense applications.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Lynn M. BamfordChair and Chief Executive OfficerJanuary 1, 2021Joined Curtiss-Wright in 2004 through its acquisition of Dy4. Held leadership roles including President of the Defense and Power Segments. Over 30 years of experience in defense, aerospace, and commercial industries.
    K. Christopher FarkasVice President and Chief Financial OfficerMay 2020Joined Curtiss-Wright in 2009 as Assistant Corporate Controller. Held roles including Vice President of Finance and Vice President and Corporate Controller.
    Kevin M. RaymentVice President and Chief Operating OfficerApril 1, 2021Joined Curtiss-Wright in 2004 through its UK-based Penny & Giles business. Held leadership roles including President of the Aerospace & Industrial segment. Over 30 years of experience in various industries.
    Paul J. FerdenziVice President (until December 31, 2024)March 2014Joined Curtiss-Wright in 1999 as Associate General Counsel. Held roles including Vice President of Human Resources. Plans to retire on December 31, 2024, stepping down from current roles on November 13, 2024.
    Robert F. FredaVice President and TreasurerJanuary 2021Joined Curtiss-Wright in 2006 as Director of Finance. Held roles including Assistant Corporate Controller starting in 2017.
    Gary A. OgilbyVice President and Corporate ControllerMay 2020Joined Curtiss-Wright in 2014 as Assistant Corporate Controller. Held roles including Vice President of Finance and Administration for the Surface Technologies division.
    John C. WattsVice President of Strategy and Corporate DevelopmentMay 2022Joined Curtiss-Wright in 2006 as Director and Vice President of Business Development for the former Controls division. Held roles including Vice President of Strategy and Communications.
    George P. McDonaldVice President, General Counsel, and Corporate SecretaryNovember 13, 2024 (expected)Joined Curtiss-Wright in 1999 as Associate General Counsel. Held roles including Deputy General Counsel starting in May 2024. Appointed to current role effective November 13, 2024.

    Questions to Ask Management

    1. Regarding your Defense Electronics segment, can you elaborate on the specific strategies you are employing to gain market share, and how sustainable are these gains in a highly competitive environment?

    2. With your partnerships in the SMR space, including NuScale, X-energy, and TerraPower, what risks do you foresee in terms of design finalization delays, and how might these impact your projections for commercial nuclear revenue growth?

    3. In restructuring your footprint within Defense Electronics, how are you addressing potential disruptions to operations, and can you quantify the expected cost savings versus the investments required for this restructuring?

    4. You mentioned a sequential decline in naval defense revenues in the fourth quarter due to timing; can you explain how you plan to mitigate the impact of such timing issues on your overall financial performance?

    5. Given the strong cash position and the delayed closure of the Ultra Energy acquisition, why have you not pursued more aggressive M&A activity, especially considering the increased activity among your peers, and how might this impact your growth prospects?

    Share Repurchase Program

    Program DetailsProgram 1 (2021 Authorization)Program 2 (2024 Authorization)
    Approval DateSeptember 16, 2021 May 9, 2024
    End Date/DurationNo expiration date No expiration date
    Total Additional Amount$550 million $300 million
    Remaining Authorization$12.56 million $300 million
    DetailsOngoing; part of capital allocation strategy Ongoing; reflects confidence in growth and financial position