Earnings Call Summary | Curtiss-Wright(CW.US) Q4 2023 Earnings Conference

moomoo AI ·  Feb 15 19:45  · Conference Call

The following is a summary of the Curtiss-Wright Corporation (CW) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Curtiss-Wright reported Q4 sales of $786 million, marking a 4% year-over-year increase and a full-year sales increase of 11% to over $2.8 billion.

  • Adjusted operating income grew 2% to a quarterly record of $163 million.

  • Earnings Per Share (EPS) rose by 8% year-over-year to a record of $3.16, with full-year EPS rising 15% to $9.38.

  • In Q4, a 221% free cash flow conversion was reported, bringing the full-year free cash flow to $413 million.

  • The company achieved most of its 3-year targets from the 2021 Investor Day, including targets for sales, operating income, and EPS growth.

Business Progress:

  • Growth has been noted in the Defense Electronics segment backed by a healthy backlog and eased supply chain constraints.

  • The company plans to further invest in research and development, with an upcoming Investor Day to discuss long-term strategies, organic growth initiatives, and new financial targets.

  • Several strategic investments are being made, particularly in encryption, cybersecurity, and anti-tamper technologies in a bid to grow the company's market share.

  • Sales growth is projected at a moderate pace for the Aerospace, Defense, and Industrial segments, with promising growth expected in OEM sales.

  • Projections for 2024 indicates organic sales growth of 4% to 6% overall, mainly attributed to the defense and commercial aerospace markets.

  • On the EPS front, an increase of 7% to 10% is expected for 2024, largely driven by strong growth in operating income.

  • An operating income growth of 4% to 7% is expected in 2024, with operating margin projected to range from 17.4%-17.6%.

  • A robust growth and consistent supply chain stability were notable points, with a forecast of growth in various sectors for 2024 including Aerospace Defense, Ground Defense, and Naval Defense.

  • The company's current pursuit includes tech refreshes and new capability opportunities in ground vehicles to increase the content on these platforms, alongside consistent progress in its collaboration with Westinghouse in Poland.

More details: Curtiss-Wright IR

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