2023-08-02 17:10:16 ET
- Curtiss-Wright press release ( NYSE: CW ): Q2 Non-GAAP EPS of $2.15 beats by $0.17 .
- Revenue of $704M (+15.6% Y/Y) beats by $55.49M .
- New orders of $842 million, up 8%, reflecting strong Aerospace & Defense (A&D) market demand, and book-to-bill of 1.2;
- Backlog of $2.8 billion, up 9% year-to-date; and
- Free cash flow ( FCF ) of $99 million, generating 119%
- Adjusted FCF conversion.
- Raised Full-Year 2023 Adjusted Financial Guidance:
- Sales increased to new range of 7% to 9% growth (previously 4% to 6%), now reflecting growth in all A&D and Commercial end markets;
- Operating income increased to new range of 8% to 11% growth (previously 5% to 8%);
- Maintained operating margin range of 17.4% to 17.6%, up 10 to 30 basis points compared with the prior year;
- Diluted EPS increased to new range of $8.90 to $9.15, up 10% to 13% (previously $8.65 to $8.90); and
- Free cash flow increased to new range of $370 to $400 million (previously $360 to $400 million) and continues to reflect greater than 110% FCF conversion
For further details see:
Curtiss-Wright Non-GAAP EPS of $2.15 beats by $0.17, revenue of $704M beats by $55.49M