Investor Presentation 2023
2023 FINANCIAL GUIDANCE (As of November 1, 2023)
Updated (in blue)
2023E
Adjusted
2023E
Adjusted
($ in millions)
(Prior)
(Current)
Change vs
2022 Adjusted
Key Drivers
Aerospace & Industrial
$865-885
$873-888
4% -6%
Defense Electronics
$755-775
$775-790
12%-14%
Naval & Power
$1,110 1,130
$1,117 1,137
8%-10%
Total Sales
$2,730 - 2,790
$2,765 -2,815
8%-10%
Aerospace & Industrial
Margin
$145-150
16.7% - 16.9%
$146-150
16.7% -16.9%
Defense Electronics
Margin
$174-180
23.0% - 23.2%
$182 188
23.5% -23.7%
6% -9%
20-40 bps
18%-21%
110-130 bps
☐
$195-200
17.5% -17.7%
$476-490
17.4% -17.6%
Naval & Power
Margin
Corporate and Other
Total Op. Income
CW Margin
CURTISS-
WRIGHT
($37-40)
Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.
$192-197
17.1% 17.3%
($41)
$480-494
17.4% -17.6%
~Flat
8% -11%
10-30 bps
0% - 3%
(130 - 150 bps)
Strong demand in Commercial Aerospace and solid growth in General Industrial, partially offset by reduced
Defense (timing of programs)
Strong Defense market growth driven by record backlog and supply chain improvement
▪ Higher Ground Defense (tactical communications) and Aerospace/Naval Defense (embedded computing)
MSD Naval Defense growth driven by Columbia-class and Virginia-class submarine programs
HSD growth in Commercial Nuclear excluding wind down on CAP1000 program; LDD in Process
Strong contribution from arresting systems acquisition
Organic Sales of 7% - 9%, driven by growth in all end markets
▪ Favorable absorption on Comm'l Aerospace and General Industrial sales, part. offset by timing in Defense
Benefit of ongoing commercial and operational excellence initiatives
Strong absorption on higher A&D revenues
Favorable absorption on higher organic sales (Defense, Commercial Nuclear and Process)
■ Solid contribution from arresting systems acquisition; Expected to be in-line with overall CW operating margin
Profitability offset by wind down on CAP1000 program, naval contract adjustments and shift to development
contracts (subsea pump)
▪ Lower YOY pension offset by higher FX
Delivering Operating Margin expansion while continuing to grow engineering spend
Q3 2023 Earnings Presentation 28View entire presentation