CW - Curtiss-Wright Corporation (CW) Q4 2023 Earnings Call Transcript

2024-02-15 15:51:06 ET

Curtiss-Wright Corporation (CW)

Q4 2023 Earnings Conference Call

February 15, 2024 10:00 ET

Company Participants

Jim Ryan - Vice President, Investor Relations

Lynn Bamford - Chair and Chief Executive Officer

Chris Farkas - Vice President and Chief Financial Officer

Conference Call Participants

Myles Walton - Wolfe Research

Adam Farley - Stifel

Peter Arment - Baird

Michael Ciarmoli - Truist

Louie DiPalma - William Blair

Presentation

Operator

Welcome to the Curtiss-Wright Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Jim Ryan, Vice President of Investor Relations.

Jim Ryan

Thank you, Jamie and good morning everyone. Welcome to Curtiss-Wright’s fourth quarter and full year 2023 earnings conference call. Joining me on the call today are Chair and Chief Executive Officer, Lynn Bamford; and Vice President and Chief Financial Officer, Chris Farkas. Our call today is being webcast and the press release as well as a copy of today’s financial presentation is available for download through the Investor Relations section of our company website at curtisswright.com. A replay of this webcast also can be found on the website.

Please note, today’s discussion will include certain projections and statements that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are not guarantees of future performance. We detail those risks and uncertainties associated with our forward-looking statements in our public filings with the SEC.

As a reminder, the company’s results include an adjusted non-GAAP view that excludes certain costs in order to provide better transparency into Curtiss-Wright’s ongoing operating and financial performance. Any references to organic growth are on an adjusted basis and exclude foreign currency translation, acquisitions and divestitures, unless otherwise noted. GAAP to non-GAAP reconciliations for current and prior year periods are available in the earnings release and on our website.

Now, I’d like to turn the call over to Lynn to get things started.

Lynn Bamford

Thank you, Jim and good morning everyone. Curtiss-Wright delivered a solid operational performance in the fourth quarter and strong finish to 2023. For the second consecutive year, we achieved several new financial records as we continue to execute our pivot to growth strategy. We generated double-digit growth in sales and earnings per share in 2023 as we benefited from the underlying demand within our core portfolio. We achieved these results while maintaining our commitment to incremental investments in R&D, and we generated significant growth in orders, which are proof points that our strategy to build momentum in our organic growth is working. Overall, we delivered another outstanding year for our shareholders and I look forward with confidence to Curtiss-Wright’s future....

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