NYSE$CW
Curtiss-Wright Corporation · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Curtiss-Wright reported strong Q3 2023 results, exceeding expectations with adjusted diluted EPS of $2.54, driven by sales growth and operational performance. The company raised full-year 2023 guidance, reflecting confidence in its growth strategy and favorable secular trends.
Curtiss-Wright Corporation reported a 15% increase in sales, reaching $724 million, and an adjusted diluted EPS of $2.54 for Q3 2023. New orders increased by 3% to $846 million, resulting in a book-to-bill ratio of 1.2. The company raised its full-year 2023 adjusted financial guidance, with sales expected to grow by 8% to 10%.
- Reported sales increased by 15% to $724 million.
- Adjusted diluted EPS rose by 23% to $2.54.
- New orders grew by 3% to $846 million, with a book-to-bill of 1.2.
- Full-year 2023 sales, EPS, and free cash flow guidance were raised.
Headline financials
Revenue & EPS history
Curtiss-Wright · Revenue · Quarterly
$724M
Revenue by segment
Curtiss-Wright · $724M total across 3 segments · Q3 2023
- Naval & Power$288M+12.5%39.8%
- Aerospace & Industrial$220M+3.3%30.4%
- Defense Electronics$216M+34.2%29.8%
Forward guidance
Curtiss-Wright raised its full-year 2023 adjusted financial guidance, projecting increased sales, operating income, diluted EPS, and free cash flow. The company expects growth in all Aerospace & Defense and Commercial end markets and maintains a strong alignment with favorable secular growth trends.
Tailwinds
- Sales are expected to increase by 8% to 10%.
- Operating income is projected to grow by 8% to 11%.
- Diluted EPS is anticipated to rise by 11% to 13%, reaching $9.00 to $9.20.
- Free cash flow is projected to increase to a range of $380 to $400 million.
- The company continues to execute on its Pivot to Growth strategy.
Headwinds
- Potential reduction in anticipated orders.
- Economic downturn affecting business.
- Changes in the competitive marketplace and customer requirements.
- Change in government spending.
- Inability to perform customer contracts at anticipated cost levels.
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 2023
+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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