Net Earnings (USD, thousands)

Depreciation and Amortization (USD, thousands)

Loss on Sale/Disposal of Long-lived Assets (USD, thousands)

Share-Based Compensation (USD, thousands)

Non-Cash Restructuring Charges (USD, thousands)

Net Cash Used for Operating Activities (USD, thousands)

Proceeds from Sale/Disposal of Long-lived Assets (USD, thousands)

Additions to Property, Plant, and Equipment (USD, thousands)

Additional Consideration Paid on Prior Year Acquisitions (USD, thousands)

Net Cash Used For Investing Activities (USD, thousands)

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Payment of Revolving Credit Facilities (USD, thousands)

Principal Payments on Debt (USD, thousands)

Repurchases of Common Stock (USD, thousands)

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Other Financing Activities, Net (USD, thousands)

Net Cash Provided by (Used for) Financing Activities (USD, thousands)

Effect of Exchange-Rate Changes on Cash (USD, thousands)

Net Increase (Decrease) in Cash and Cash Equivalents (USD, thousands)

Deferred Income Taxes (USD, thousands)

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Cash and Cash Equivalents at End of Period (USD, thousands)

7233320c9510886f9e51076fe761244086d857d3b36e868c31443dab23560486

The significant jump in net earnings for Q1 2024 was driven by several key factors. **Strong sales growth** was at the forefront, with sales increasing by **13% year-over-year** to **$713 million**, marked by notable performance in the Defense Electronics segment (up **31%**) and strong growth in Aerospace and Defense markets (up **32%** in Aerospace Defense and **37%** in Ground Defense).  **[0000026324-24-000009_ex992_cwxq124.htm:0]** **[0000026324-24-000009_ex991_cwxq124xearnings.htm:1]** **[0000026324-24-000009_ex992_cwxq124.htm:5]**  Moreover, **operating income** rose by **23% year-over-year** to **$100 million**, underpinned by favorable overhead absorption and a better mix on higher revenues, especially within the Defense Electronics segment which saw a **106% increase in operating income** and an **830 basis point margin expansion**.  **[0000026324-24-000009_ex991_cwxq124xearnings.htm:1]** **[0000026324-24-000009_ex992_cwxq124.htm:1]**  Additionally, **improved operating margins**, a **30% increase in diluted EPS** to **$1.99**, robust order growth with new orders increasing by **26%** to **$901 million** (resulting in a book-to-bill ratio of **1.26x**), and effective management of a **$10 million headwind** in the Naval & Power segment collectively contributed to the overall improvement.  **[0000026324-24-000009_ex992_cwxq124.htm:0]** **[0000026324-24-000009_ex991_cwxq124xearnings.htm:0]** **[CW_3382375_1]** **[CW_3382375_3]** 

What contributed to the significant jump in Net Earnings in Q1 2024?

The lower operating income in Q4 2024 was primarily driven by **segment-specific declines and higher corporate expenses** despite higher net sales. In particular, the **Defense Electronics segment** experienced a **20% decline**, falling from **$69,015 thousand** in Q4 2023 to **$55,362 thousand** in Q4 2024 due to lower defense revenues, an unfavorable mix of products, and increased R&D investments. Additionally, **Corporate and Other Expenses increased by 25%** (from **$9,221 thousand** to **$11,551 thousand**), which further impacted the overall operating income. While some segments like Aerospace & Industrial and Naval & Power saw growth, these positive effects did not fully offset the losses in Defense Electronics and the higher expense burden, resulting in lower operating income overall.  **[0000026324-25-000008_ex991_cwxq424xearningsxpre.htm:7]** 

Why was Operating Income lower in Q4 2024 despite higher net sales?

The restructuring expenses in Q3 2024 were triggered by **Curtiss-Wright Corporation's 2024 Restructuring Program**, which aimed at improving operating efficiency through initiatives such as **workforce reductions, facility consolidations, and legal entity restructuring**. These measures resulted in specific charges including **inventory write-downs, severance and facility-related costs, and impairments of property, plant, equipment, and operating lease right-of-use assets**.  **[0000026324-24-000048_cw-20240930.htm:17]** **[0000026324-24-000048_cw-20240930.htm:16]** 

What triggered the appearance of restructuring expenses in Q3 2024?

4f96d4e595e8a7584000c9afd6458b1629b8b2cfe194bace893a4b7976b5919c

The noticeable jump in cash in Q1 2024—when comparing **$130,659** in Q1 2023 to **$338,034** in Q1 2024—was mainly driven by a combination of improved operating performance and much lower financing outflows. In Q1 2024, net cash used in operating activities improved significantly from **–$91,599** to **–$45,633**, and financing activities recorded an outflow of only **–$7,006** versus **–$31,729** in the previous year. While investing activities and adverse exchange‐rate effects did contribute negative impacts, the improvements in these other areas largely drove the jump in cash in Q1 2024.  **[0000026324-24-000012_cw-20240331.htm:20]** 

What drove the jump in cash in Q1 2024?

The noticeable drop in long-term debt in Q1 2024 is due to the **reclassification of $90,000 thousand** from long-term debt to its current portion. This adjustment was made to reflect the upcoming maturity of the **3.85% Senior Notes due 2025**.  **[0000026324-24-000012_cw-20240331.htm:3]** **[0000026324-24-000012_cw-20240331.htm:10]** 

Why did long-term debt drop noticeably in Q1 2024?

The documents indicate that in Q1 2024 the current portion of long‑term debt was recorded as **$90,000 thousand**—notably, this value was **$0 thousand** as of December 31, 2023.  **[0000026324-24-000012_cw-20240331.htm:3]**  This reclassification reflects that a portion of debt previously classified as long‑term is now due within the next year, which is a common occurrence when debt approaches its maturity date. However, the documents do not provide a **specific explanation** for the sharp reduction compared to earlier periods or why this reclassification led to a lower current portion of debt. In essence, while the reclassification is noted, a detailed cause behind the reduction is not provided in the available information.  **[0000026324-24-000012_cw-20240331.htm:3]** 

What caused the sharp reduction in the current portion of debt in Q1 2024?

The **Total current liabilities** were significantly higher in Q4 2024 primarily because of several factors: **deferred revenue** increased by **$155,549 thousand** (from **$303,872 thousand** to **$459,421 thousand**), a new liability of **$90,000 thousand** was added under the current portion of long-term and short-term debt, and there were increases in both **accrued expenses** (up by **$31,015 thousand** from **$188,039 thousand** to **$219,054 thousand**) and **other current liabilities** (up by **$9,488 thousand** from **$70,800 thousand** to **$80,288 thousand**).  **[0000026324-25-000015_cw-20241231.htm:71]** 

Why were total current liabilities significantly higher in Q4 2024?

edb0efa66d405c6c643cb612b0234957ea05cfa832f6eb4370e475925de27942

Cash and cash equivalents (USD, thousands)

Receivables, net (USD, thousands)

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Goodwill (USD, thousands)

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Long-term debt (USD, thousands)

Deferred tax liabilities (USD, thousands)

Accrued pension and other postretirement benefit costs (USD, thousands)

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1743c8955e711326e8683fd69cefddf8fec93db4b3c5cd0c47fba8b8730d04b7

Product Sales (USD, thousands)

Service Sales (USD, thousands)

Total Net Sales (USD, thousands)

Cost of Product Sales (USD, thousands)

Cost of Service Sales (USD, thousands)

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Research and Development Expenses (USD, thousands)

Selling Expenses (USD, thousands)

General and Administrative Expenses (USD, thousands)

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ac728e6c3a6f86c7bf668b652470f1618466a1bd43b6f54992f309cd70d3a87a

United States

United Kingdom

Canada

Other Foreign Countries

Total Revenue

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Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

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Capital Expenditures (CapEx) (USD, thousands)

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a385982bfc622fe4eed4f278f1c3f366f37957951e887fe9cd22dfb64d4a881f

Aerospace & Industrial

- Product Sales

- Service Sales

Defense Electronics

Naval & Power

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2a0c32d57ae3e2d0fbb90d948936d505a55d74bb8be4db05a4b9fe1cbcd0d63d

CURTISS WRIGHT (CW)

Financials