NYSE$CW
Curtiss-Wright Corporation · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported solid third quarter results driven by combined portfolio strength and operational excellence, resulting in stronger profitability and double-digit EPS growth.
Curtiss-Wright reported Q3 2022 sales of $631 million, a 2% increase year-over-year. Operating income was $108 million, up 10%, with an operating margin of 17.1%. Diluted EPS was $1.91, while adjusted diluted EPS reached $2.07, a 10% increase. New orders increased by 32% to $818 million, resulting in a book-to-bill ratio of 1.30.
- Reported sales of $631 million, operating income of $108 million, and diluted EPS of $1.91.
- Adjusted operating income increased by 6% to $114 million; adjusted operating margin increased 70 basis points to 18.2%.
- New orders increased 32% to $818 million, with a book-to-bill of 1.30.
- Company is revising full-year 2022 guidance to reflect the ongoing global supply chain disruption.
Headline financials
Revenue & EPS history
Curtiss-Wright · Revenue · Quarterly
$631M
Revenue by segment
Curtiss-Wright · $630M total across 3 segments · Q3 2022
- Naval & Power$256M—40.6%
- Aerospace & Industrial$213M—33.8%
- Defense Electronics$161M—25.6%
Forward guidance
The Company is updating its full-year 2022 Adjusted financial guidance to Total Sales Up 2% - 4%, Operating Income Up 3% - 6%, Operating Margin 17.1% - 17.3%, Diluted EPS Up 10% - 12%, and Free Cash Flow Down 9% - 21%.
Tailwinds
- Total Sales Up 2% - 4%
- Operating Income Up 3% - 6%
- Operating Margin 17.1% - 17.3%
- Diluted EPS Up 10% - 12%
- Sales include the contribution from the arresting systems acquisition to the Company's second half 2022 performance.
Headwinds
- Free Cash Flow Down 9% - 21%
- Ongoing global supply chain disruption continues to impact the timing of production, deliveries and free cash flow within our Defense Electronics segment.
- Conditions are not easing as quickly as anticipated.
- Challenges are delaying the recognition of our strong order book.
- Revised Adjusted free cash flow reflects the timing of defense revenues, as well as the expected delay in receipt of a significant cash payment upon the final delivery of our CAP1000 reactor coolant pumps to China, which has likely pushed to 2023, to align with our customer’s project schedule.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+0.6%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+4.1%
Avg return
30 days after
54%
37 / 68 earnings
Positive
+8.9%
Q2 2020
Best reaction
-8.3%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.6% | +3.9% | +1.3% | |
| Q4 2025 | +5.8% | +8.5% | +3.4% | |
| Q3 2025 | -1.4% | -1.7% | -6.9% | |
| Q1 2025 | +4.6% | +9.1% | +25.0% | |
| Q4 2024 | -1.2% | -4.8% | -5.6% | |
| Q3 2024 | -2.6% | -1.1% | +5.5% | |
| Q2 2024 | +6.7% | +11.2% | +9.4% | |
| Q1 2024 | +3.8% | +8.0% | +11.6% | |
| Q4 2023 | +3.3% | +2.1% | +6.1% | |
| Q3 2023 | +2.8% | +4.4% | +10.2% | |
| Q2 2023 | +4.0% | +8.8% | +9.5% | |
| Q1 2023 | -4.8% | -4.8% | -1.9% | |
| Q4 2022 | +2.3% | +1.8% | -4.1% | |
| Q3 2022 | -0.3% | +3.7% | +7.5% | |
| Q2 2022 | +3.3% | +2.6% | +0.3% | |
| Q1 2022 | -4.5% | -4.6% | -0.7% | |
| Q4 2021 | -0.8% | +8.7% | +15.1% | |
| Q3 2021 | +2.1% | +4.8% | +1.0% | |
| Q2 2021 | +0.3% | +1.7% | +1.5% | |
| Q1 2021 | +1.2% | +0.7% | -2.0% | |
| Q4 2020 | -4.4% | -2.3% | +0.7% | |
| Q3 2020 | -3.9% | +2.5% | +37.5% | |
| Q2 2020 | +8.9% | +15.6% | +17.3% | |
| Q1 2020 | -6.3% | -2.4% | +15.0% | |
| Q4 2019 | -7.8% | -5.4% | -29.8% | |
| Q3 2019 | +4.0% | +7.3% | +5.6% | |
| Q2 2019 | -3.0% | -7.3% | -4.1% | |
| Q1 2019 | +0.3% | -3.5% | +4.2% | |
| Q4 2018 | +2.2% | +0.8% | -7.0% | |
| Q3 2018 | +1.9% | +2.9% | +1.0% | |
| Q2 2018 | +5.3% | +3.5% | +5.9% | |
| Q1 2018 | -1.2% | -0.1% | +1.8% | |
| Q4 2017 | +4.7% | +6.1% | +3.1% | |
| Q3 2017 | +0.7% | +2.7% | +5.9% | |
| Q2 2017 | +0.0% | -0.8% | -1.4% | |
| Q1 2017 | -4.8% | -6.2% | -3.5% | |
| Q4 2016 | -4.3% | -2.9% | -4.5% | |
| Q3 2016 | +4.5% | +5.7% | +20.8% | |
| Q2 2016 | +1.8% | +2.5% | +3.8% | |
| Q1 2016 | +4.1% | — | — | |
| Q4 2015 | +5.5% | — | — | |
| Q3 2015 | +2.2% | — | — | |
| Q2 2015 | +1.2% | — | — | |
| Q1 2015 | -3.3% | — | — | |
| Q4 2014 | -1.9% | — | — | |
| Q3 2014 | +0.6% | — | — | |
| Q2 2014 | +2.6% | — | — | |
| Q1 2014 | +7.6% | — | — | |
| Q4 2013 | +0.2% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | +7.9% | — | — | |
| Q1 2013 | -0.6% | — | — | |
| Q4 2012 | -3.8% | — | — | |
| Q3 2012 | -1.8% | — | — | |
| Q2 2012 | +5.3% | — | — | |
| Q1 2012 | -0.8% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | -0.8% | — | — | |
| Q2 2011 | -8.3% | — | — | |
| Q1 2010 | +1.1% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q4 2008 | +2.4% | — | — | |
| Q4 2010 | +2.4% | — | — | |
| Q3 2009 | -0.3% | — | — | |
| Q3 2010 | -0.3% | — | — | |
| Q4 2009 | -0.7% | — | — | |
| Q2 2010 | -0.7% | — | — | |
| Q2 2009 | -0.7% | — | — |
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