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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.
- Naval & Power - Provides advanced technologies and solutions for naval defense systems and commercial power generation, ensuring operational reliability and efficiency.
- Aerospace & Industrial - Delivers critical technologies and engineered solutions tailored to aerospace applications and industrial markets, supporting rigorous operational requirements.
- Defense Electronics - Offers innovative electronic systems and components designed to meet the specialized needs of defense applications.
| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
Lynn M. Bamford ExecutiveBoard | Chair and Chief Executive Officer | None | Joined CW in 2004; became CEO on January 1, 2021, and Chair on May 5, 2022. Over 30 years of experience in defense, aerospace, and commercial industries. Led nine acquisitions to enhance CW's portfolio. | January 1, 2021 |
Gary A. Ogilby Executive | Vice President and Corporate Controller | None | Joined CW in 2014; became Corporate Controller in May 2020. Previously served as Assistant Corporate Controller and VP of Finance for Surface Technologies. | May 2020 |
George P. McDonald Executive | Vice President, General Counsel, and Corporate Secretary | None | Joined CW in February 1999; became General Counsel on November 13, 2024. Previously served as Deputy General Counsel and advised on significant acquisitions and transactions. | November 13, 2024 |
John C. Watts Executive | Vice President of Strategy and Corporate Development | None | Joined CW in 2006; became VP of Strategy and Corporate Development in May 2022. Previously served as VP of Strategy and Communications. | May 2022 |
K. Christopher Farkas Executive | Vice President and Chief Financial Officer | None | Joined CW in May 2009; became CFO in May 2020. Over 17 years of prior experience in financial roles at Fortune 50/250 companies. Holds CPA certification and advanced degrees in business. | May 2020 |
Kevin M. Rayment Executive | Vice President and Chief Operating Officer | None | Joined CW in 2004; became COO on April 1, 2021. Previously led the Industrial division and integrated six acquisitions into CW's portfolio. | April 1, 2021 |
Robert F. Freda Executive | Vice President and Treasurer | None | Joined CW in September 2006; became Treasurer in January 2021. Held various senior financial roles, including Assistant Corporate Controller. | January 2021 |
Glenda J. Minor Board | Director | CEO of Silket Advisory Services; Board member at Albemarle Corporation and Radius Recycling, Inc.; Treasurer at Capital Area United Way | Director at CW since 2019. Financial expert with extensive experience in senior finance roles at major corporations. Recognized as an "audit committee financial expert". | 2019 |
Peter C. Wallace Board | Director | Non-Executive Chairman at Applied Industrial Technologies and Rogers Corporation; Board member at private firms | Director at CW since 2016. Extensive experience as CEO of global industrial equipment companies. Expertise in mergers, acquisitions, and lean implementation. | 2016 |
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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?
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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?
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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?
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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?
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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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Ultra Energy | 2024 | Acquired for $200M in cash as part of a strategic move to enhance Curtiss-Wright’s portfolio in safety-critical monitoring systems for the commercial nuclear and aerospace & defense markets. The deal, expected to close in Q3 2024 (subject to UK regulatory approval), is structured at less than 12x next 12-month EBITDA and aims for accretive EPS and over 100% free cash flow conversion. |
WSC, Inc. | 2024 | Purchased for approximately $34M in cash on April 1, 2024, WSC, Inc. brings state-of-the-art power plant control room simulation technology, enhancing Curtiss-Wright’s commercial nuclear capabilities and opening avenues in SMR design. The acquisition, executed at ~9.5x next-twelve-month EBITDA and integrated within the Naval & Power segment, is expected to be EPS accretive with notable simulation and digital twin synergies. |
Safran Aerosystems Arresting Company (SAA) | 2022 | Completed on June 30, 2022 for $247M, this acquisition brought in a leading provider of emergency arresting systems for fixed-wing aircraft with a global installed base of over 5,000 systems. The deal, fitting into the Naval & Power segment, supports Curtiss-Wright’s defense expansion strategy with balanced OEM and aftermarket revenues and was valued at approximately 12x next twelve months EBITDA. |
Recent developments and announcements about CW.
Earnings
New Earnings (Q4 2024)
·Feb 13, 2025, 10:46 PMView full earnings summary →Curtiss-Wright Q4’24 shows 10% FMS growth and a 1.3 book-to-bill in Naval & Power, fueling strong backlog. Management sees double-digit defense gains, plus a $250M subsea pump opportunity by 2030. Watch for mid-single-digit organic growth in 2025.