Curtiss-Wright Reports Fourth Quarter and Full-Year 2021 Financial Results; Full-Year 2022 Guidance Reflects Higher Sales, Operating Margin and EPS

Company Achieves Record Full-Year Adjusted Operating Margin of 17.0% and Completes Record $350 Million in Annual Share Repurchases

DAVIDSON, N.C.–(BUSINESS WIRE)–Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2021.

Fourth Quarter 2021 Highlights:

• Reported sales of $667 million, diluted earnings per share (EPS) of $1.94, and free cash flow (FCF) of $219 million;
• Adjusted sales of $655 million, up 2%;
• Adjusted diluted EPS of $2.40, up 6%;
• New orders of $676 million, up 19%;
• Adjusted FCF of $219 million, with 230% FCF conversion; and
• Record share repurchases of approximately $258 million.

Full-Year 2021 Highlights:

• Reported sales of $2.5 billion, operating income of $383 million, operating margin of 15.3%, diluted EPS of $6.58, and FCF of $347 million;
• Adjusted sales of $2.5 billion, up 7%;
• Adjusted operating income of $420 million, up 12%;
• Record Adjusted operating margin of 17.0%, up 70 basis points;
• Adjusted diluted EPS of $7.34, up 11%;
• New orders of $2.5 billion, up 11%; Backlog up 3%;
• Adjusted FCF of $347 million, with 116% FCF conversion; and
• Record annual share repurchases of $350 million.

“Curtiss-Wright delivered strong fourth quarter results with better-than-expected profitability, strong free cash flow and tremendous order growth,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “For the full year, we grew sales by 7% to nearly $2.5 billion, in line with our expectations, as we leveraged the strength and resilience of our combined portfolio to minimize the impact of the challenging supply chain environment. I’m proud of the team’s focus and continued strong execution of our operational excellence initiatives, which enabled us to generate 70 basis points in full-year operating margin expansion and meet our 17% operating margin objective one full year ahead of schedule.”

“We continue to utilize our strong and healthy balance sheet to implement a disciplined capital deployment strategy. Throughout the past year, we delivered on our commitment to drive returns to our shareholders by executing record annual share repurchases of $350 million. We also recently announced our pending acquisition of Safran’s aerospace arresting systems business for $240 million, which will increase the breadth of our global defense portfolio and is expected to yield significant opportunities for revenue growth”

“Over the past few weeks, we resolved two significant legacy matters. First, we have reached an agreement with Westinghouse to settle all outstanding legal matters covering both the U.S. and China AP1000 Reactor Coolant Pump (RCP) contracts dating back to 2007. As a result, we have secured Westinghouse’s commitment to Curtiss-Wright’s RCP technology in future AP1000 power plants globally, including their next multi-unit project in Eastern Europe. We now have a clear path moving forward and the potential to generate new RCP orders within the next three to five years. Second, we recently completed the divestiture of the German valves business which had been classified as held for sale since the fourth quarter of 2020. We are pleased to move past these matters with a well-defined focus on advancing our strategic priorities to generate long-term profitable growth.”

“Looking to 2022, we are projecting total sales growth of 3% to 5% driven by growth in all of our A&D and Commercial markets, continued operating margin expansion, and double-digit Adjusted diluted EPS growth of 10% to 12%. We remain on track to achieve our 3-year financial targets for 2023 that we communicated at last year’s investor day and successfully execute on our Pivot to Growth strategy to drive long-term shareholder value.”

Fourth Quarter 2021 Operating Results

(In millions)	Q4-2021			Q4-2020			Change
Reported
Sales	$	667		$	668		0%
Operating income	$	105		$	76		38%
Operating margin		15.8%			11.4%		440 bps
Adjusted (1)
Sales	$	655		$	641		2%
Operating income	$	129		$	126		2%
Operating margin		19.7%			19.7%		–

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Adjusted sales of $655 million, up $14 million, or 2%;
• Total Aerospace & Defense (A&D) market sales were flat, while total Commercial market sales increased 6%;
• In our A&D markets, strong double-digit growth in commercial aerospace and the contribution from the PacStar acquisition in ground defense were offset by reductions in the aerospace defense and naval defense markets due to the timing of sales and ongoing supply chain headwinds;
• In our Commercial markets, we experienced continued strong demand in the general industrial market, as well as higher sales within the power & process markets, despite the wind down on the China Direct AP1000 program;
• Adjusted operating income of $129 million improved 2%, while Adjusted operating margin remained flat at 19.7%. Higher operating income was driven by favorable overhead absorption on higher revenues in our Aerospace & Industrial and Defense Electronics segments, as well as the benefits of our ongoing company-wide operational excellence initiatives. These improvements were partially offset by lower revenues and unfavorable mix in the Naval & Power segment; and
• Non-segment expenses of $12 million, up $2 million, primarily due to higher environmental costs.

Fourth Quarter 2021 Segment Performance

Aerospace & Industrial

(In millions)	Q4-2021			Q4-2020			Change
Reported
Sales	$	210		$	213		(1%)
Operating income	$	40		$	34		17%
Operating margin		19.0%			16.0%		300 bps
Adjusted (1)
Sales	$	208		$	192		8%
Operating income	$	40		$	34		20%
Operating margin		19.5%			17.5%		200 bps

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Adjusted sales of $208 million, up approximately $15 million, or 8%;
• Higher general industrial market revenue was principally driven by the continued strong rebound in demand for industrial vehicle products for on- and off-highway platforms;
• Higher commercial aerospace market revenue reflected higher sales of sensors products and surface treatment services on narrowbody platforms, partially offset by lower actuation sales on widebody platforms;
• Aerospace defense market revenue increased primarily due to higher sales of actuation products and surface treatment services on the F-35 program; and
• Adjusted operating income of $40 million, up 20% from the prior year, while Adjusted operating margin increased 200 basis points to 19.5%, reflecting strong absorption on higher sales and the benefits of our ongoing operational excellence initiatives. 

Defense Electronics

(In millions)	Q4-2021			Q4-2020			Change
Reported
Sales	$	199		$	181		10%
Operating income	$	52		$	35		50%
Operating margin		26.3%			19.2%		710 bps
Adjusted (1)
Sales	$	200		$	182		10%
Operating income	$	53		$	45		17%
Operating margin		26.5%			24.9%		160 bps

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Adjusted sales of $200 million, up approximately $17 million, or 10%;
• Lower aerospace defense market revenues reflected the timing of sales of our embedded computing equipment on various programs, as certain revenues shifted into 2022 due to ongoing supply chain headwinds. This decrease was partially offset by higher production revenues on the F-35 program;
• Higher ground defense market revenue was principally driven by the contribution from the PacStar acquisition for tactical battlefield communications equipment;
• Higher commercial aerospace market revenue reflected increased sales of avionics and electronic systems on various domestic and international platforms; and
• Adjusted operating income of $53 million, up 17% from the prior year, while Adjusted operating margin increased 160 basis points to 26.5%, as solid absorption on higher sales and favorable mix in defense electronics more than offset unfavorable foreign currency translation.

Naval & Power

(In millions)	Q4-2021			Q4-2020			Change
Reported
Sales	$	258		$	274		(6%)
Operating income	$	25		$	18		43%
Operating margin		9.7%			6.4%		330 bps
Adjusted (1)
Sales	$	248		$	267		(7%)
Operating income	$	48		$	57		(16%)
Operating margin		19.3%			21.4%		(210 bps)

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Adjusted sales of $248 million, down $19 million, or 7%;
• Naval defense market revenue declines primarily reflected lower revenues on the Virginia-class submarine program, partially offset by higher revenues on the CVN-81 aircraft carrier program;
• Higher power & process market sales reflected solid industrial valve demand in the oil and gas market and higher domestic nuclear aftermarket revenues, partially offset by the timing of production on the China Direct AP1000 program; and
• Adjusted operating income of $48 million, down 16% from the prior year, while Adjusted operating margin decreased 210 basis points to 19.3%, driven by unfavorable absorption on lower revenues and unfavorable mix in the power & process market.

Free Cash Flow

(In millions)	Q4-2021			Q4-2020			Change
Net cash provided by operating activities	$	232		$	257		(10%)
Capital expenditures		(13)			(11)		(19%)
Reported free cash flow	$	219		$	246		(11%)
Adjusted free cash flow (1)	$	219		$	256		(15%)

(1)	A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.

• Reported free cash flow of $219 million decreased approximately $28 million, or 11%, primarily due to higher working capital and higher taxes;
• Capital expenditures increased $2 million compared with the prior year, primarily due to higher capital investments within the Naval & Power segment; and
• Adjusted free cash flow of $219 million decreased $37 million, or approximately 15%, compared with record free cash flow achieved in the prior year period.

New Orders and Backlog

• New orders of $676 million increased 19% and generated an overall book-to-bill that exceeded 1.0x, principally driven by solid demand within our A&D markets for our commercial aerospace and naval defense products; and
• Backlog of $2.2 billion, up 3% from December 31, 2020, reflects higher demand in both our A&D and commercial markets.

Share Repurchase and Dividends

• During the fourth quarter, the Company repurchased 1.96 million shares of its common stock for approximately $258 million;
• During full-year 2021, the Company repurchased 2.70 million shares for a record $350 million; and
• The Company also declared a quarterly dividend of $0.18 a share, unchanged from the previous quarter.

Other Items – Business Held for Sale

• In January 2022, the Company completed the sale of its German valves business.

Other Items – Westinghouse Legal Settlement

• In February 2022, the Company and Westinghouse reached an agreement to settle all open claims and counterclaims under the AP1000 U.S. and China contracts. Based on the terms of the settlement, the Company recorded full-year charges of approximately $13 million related to this matter for the year ended December 31, 2021; and
• The Company’s 2021 non-GAAP results have been adjusted for this legal matter.

Full-Year 2022 Guidance

The Company’s full-year 2022 Adjusted financial guidance⁽¹⁾ is as follows:

(In millions, except EPS)	2022 Adjusted Non-GAAP Guidance	% Chg vs 2021
Total Sales	$2,530 – $2,580	Up 3% – 5%
Operating Income	$432 – $446	Up 3% – 6%
Operating Margin	17.1% – 17.3%	Up 10 – 30 bps
Diluted EPS	$8.05 – $8.25	Up 10% – 12%
Free Cash Flow(2)	$345 – $365	Up 0% – 5%

(1)	Reconciliations of Reported to Adjusted 2021 operating results and 2022 financial guidance are available in the Appendix.
(2)	2022 Adjusted Free Cash Flow includes $50 – $60 million in capital expenditures compared with $41 million in 2021.

A more detailed breakdown of the Company’s 2022 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.

Conference Call & Webcast Information

The Company will host a conference call to discuss fourth quarter and full-year 2021 financial results and expectations for 2022 guidance at 10:00 a.m. ET on Thursday, February 24, 2022. A live webcast of the call and the accompanying financial presentation, as well as a replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.

(Tables to Follow)

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($’s in thousands, except per share data)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2021				2020				2021				2020
Product sales		$	556,911			$	583,314			$	2,109,617			$	2,041,086
Service sales			109,847				85,130				396,314				350,250
Total net sales			666,758				668,444				2,505,931				2,391,336
Cost of product sales			340,432				373,676				1,330,191				1,319,562
Cost of service sales			64,454				52,967				242,384				230,547
Total cost of sales			404,886				426,643				1,572,575				1,550,109
Gross profit			261,872				241,801				933,356				841,227
Research and development expenses			21,814				20,653				88,489				74,816
Selling expenses			27,729				27,887				116,956				109,537
General and administrative expenses			96,532				72,773				326,140				303,288
Impairment of assets held for sale			10,432				33,043				19,088				33,043
Restructuring expenses			—				10,965				—				31,695
Operating income			105,365				76,480				382,683				288,848
Interest expense			10,146				10,486				40,240				35,545
Other income, net			3,157				2,904				12,067				9,748
Earnings before income taxes			98,376				68,898				354,510				263,051
Provision for income taxes			(21,797	)			(14,905	)			(87,351	)			(61,659	)
Net earnings		$	76,579			$	53,993			$	267,159			$	201,392
Net earnings per share:
Basic earnings per share		$	1.95			$	1.31			$	6.61			$	4.83
Diluted earnings per share		$	1.94			$	1.30			$	6.58			$	4.80
Dividends per share		$	0.18			$	0.17			$	0.71			$	0.68
Weighted average shares outstanding:
Basic			39,309				41,209				40,417				41,738
Diluted			39,524				41,459				40,602				41,999

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($’s in thousands, except par value)
		December 31,				December 31,
		2021				2020
Assets
Current assets:
Cash and cash equivalents		$	171,004			$	198,248
Receivables, net			647,148				588,718
Inventories, net			411,567				428,879
Assets held for sale			10,988				27,584
Other current assets			67,101				57,395
Total current assets			1,307,808				1,300,824
Property, plant, and equipment, net			360,031				378,200
Goodwill			1,463,026				1,455,137
Other intangible assets, net			538,077				609,630
Operating lease right-of-use assets, net			143,613				150,898
Prepaid pension asset			256,422				92,531
Other assets			34,568				34,114
Total assets		$	4,103,545			$	4,021,334
Liabilities
Current liabilities:
Current portion of long-term and short term debt		$	—			$	100,000
Accounts payable			211,640				201,237
Accrued expenses			144,466				140,200
Income taxes payable			3,235				6,633
Deferred revenue			260,157				253,411
Liabilities held for sale			12,655				10,141
Other current liabilities			102,714				98,755
Total current liabilities			734,867				810,377
Long-term debt, net			1,050,610				958,292
Deferred tax liabilities			147,349				115,007
Accrued pension and other postretirement benefit costs			91,329				98,345
Long-term operating lease liability			127,152				133,069
Long-term portion of environmental reserves			13,656				15,422
Other liabilities			112,092				103,248
Total liabilities			2,277,055				2,233,760
Stockholders’ equity
Common stock, $1 par value		$	49,187			$	49,187
Additional paid in capital			127,104				122,535
Retained earnings			2,908,827				2,670,328
Accumulated other comprehensive loss			(190,465	)			(310,856	)
Less: cost of treasury stock			(1,068,163	)			(743,620	)
Total stockholders’ equity			1,826,490				1,787,574
Total liabilities and stockholders’ equity		$	4,103,545			$	4,021,334

Use and Definitions of Non-GAAP Financial Information (Unaudited)

The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “As Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.

The following definitions are provided:

Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS

These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) one-time transition and IT security costs associated with the relocation of a business in the prior year period; (iii) the non-cash impairment of capitalized development costs in the prior year period; (iv) significant restructuring costs in 2020 associated with its operations; (v) the sale or divestiture of a business or product line; (vi) pension settlement charges; and (vii) significant legal settlements and impairment costs.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($’s in thousands)
	Three Months Ended												Three Months Ended
	December 31, 2021												December 31, 2020												% Change
	As Reported				Adjustments				Adjusted				As Reported				Adjustments				Adjusted				Reported		Adjusted
Sales:
Aerospace & Industrial (1)	$	209,994			$	(2,418	)		$	207,576			$	212,766			$	(20,553	)		$	192,213			(1)%		8%
Defense Electronics (2)		199,259				360				199,619				181,239				935				182,174			10%		10%
Naval & Power (3)		257,505				(9,401	)			248,104				274,439				(7,360	)			267,079			(6)%		(7)%
Total sales	$	666,758			$	(11,459	)		$	655,299			$	668,444			$	(26,978	)		$	641,466			—%		2%
Operating income (expense):
Aerospace & Industrial (1)	$	39,943			$	493			$	40,436			$	34,079			$	(362	)		$	33,717			17%		20%
Defense Electronics (2)		52,433				442				52,875				34,846				10,492				45,338			50%		17%
Naval & Power (3)		25,025				22,802				47,827				17,528				39,513				57,041			43%		(16)%
Total segments	$	117,401			$	23,737			$	141,138			$	86,453			$	49,643			$	136,096			36%		4%
Corporate and other		(12,036	)			(22	)			(12,058	)			(9,973	)			65				(9,908	)		(21)%		(22)%
Total operating income	$	105,365			$	23,715			$	129,080			$	76,480			$	49,708			$	126,188			38%		2%
Operating margins:	As Reported								Adjusted				As Reported								Adjusted				Reported		Adjusted
Aerospace & Industrial		19.0	%							19.5	%			16.0	%							17.5	%		300 bps		200 bps
Defense Electronics		26.3	%							26.5	%			19.2	%							24.9	%		710 bps		160 bps
Naval & Power		9.7	%							19.3	%			6.4	%							21.4	%		330 bps		(210 bps)
Total Curtiss-Wright		15.8	%							19.7	%			11.4	%							19.7	%		440 bps		— bps
Segment margins		17.6	%							21.5	%			12.9	%							21.2	%		470 bps		30 bps
(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program in both periods, and restructuring costs incurred in the prior period.
(2) Excludes first year purchase accounting adjustments in both periods and restructuring costs incurred in the prior period.
(3) Excludes the results of operations and related impairments from our German valves business in both periods, one-time legal settlement costs in the current period, first year purchase accounting adjustments in the prior period, and restructuring costs in the prior period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($’s in thousands)
	Twelve Months Ended												Twelve Months Ended
	December 31, 2021												December 31, 2020												% Change
	As Reported				Adjustments				Adjusted				As Reported				Adjustments				Adjusted				Reported		Adjusted
Sales:
Aerospace & Industrial (1)	$	786,334			$	(11,182	)		$	775,152			$	805,673			$	(67,482	)		$	738,191			(2)%		5%
Defense Electronics (2)		724,326				3,600				727,926				608,757				1,884				610,641			19%		19%
Naval & Power (3)		995,271				(29,869	)			965,402				976,906				(25,963	)			950,943			2%		2%
Total sales	$	2,505,931			$	(37,451	)		$	2,468,480			$	2,391,336			$	(91,562	)		$	2,299,774			5%		7%
Operating income (expense):
Aerospace & Industrial (1)	$	121,817			$	(1,586	)		$	120,231			$	99,714			$	(1,879	)		$	97,835			22%		23%
Defense Electronics (2)		159,089				5,134				164,223				118,748				25,625				144,373			34%		14%
Naval & Power (3)		141,660				34,139				175,799				108,151				62,715				170,866			31%		3%
Total segments	$	422,566			$	37,687			$	460,253			$	326,613			$	86,461			$	413,074			29%		11%
Corporate and other		(39,883	)			53				(39,830	)			(37,765	)			186				(37,579	)		(6)%		(6)%
Total operating income	$	382,683			$	37,740			$	420,423			$	288,848			$	86,647			$	375,495			32%		12%
Operating margins:	As Reported								Adjusted				As Reported								Adjusted				Reported		Adjusted
Aerospace & Industrial		15.5	%							15.5	%			12.4	%							13.3	%		310 bps		220 bps
Defense Electronics		22.0	%							22.6	%			19.5	%							23.6	%		250 bps		(100 bps)
Naval & Power		14.2	%							18.2	%			11.1	%							18.0	%		310 bps		20 bps
Total Curtiss-Wright		15.3	%							17.0	%			12.1	%							16.3	%		320 bps		70 bps
Segment margins		16.9	%							18.6	%			13.7	%							18.0	%		320 bps		60 bps
(1) Excludes our build-to-print actuation product line supporting the Boeing 737 Max program in both periods and restructuring costs in the prior period.
(2) Excludes first year purchase accounting adjustments in both periods, a non-cash impairment of capitalized development costs related to a commercial aerospace program in the prior period, and restructuring costs in the prior period.
(3) Excludes the results of operations and related impairments from our German valves business in both periods, one-time legal settlement costs in the current period, one-time costs in the prior period associated with the relocation of our DRG business, first year purchase accounting adjustments in the prior period, and restructuring costs in the prior period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($’s in thousands)
		Three Months Ended										Three Months Ended
		December 31, 2021										December 31, 2020										2021 vs. 2020
		Reported Sales			Adjustments				Adjusted Sales			Reported Sales			Adjustments				Adjusted Sales			Change in Reported Sales	Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense (1)		$	124,815		$	—			$	124,815		$	130,570		$	215			$	130,785		(4%)	(5%)
Ground Defense (1)			61,199			360				61,559			44,243			720				44,963		38%	37%
Naval Defense			179,259			—				179,259			195,995			—				195,995		(9%)	(9%)
Commercial Aerospace (2)			71,437			(2,418	)			69,019			82,810			(20,553	)			62,257		(14%)	11%
Total Aerospace & Defense		$	436,710		$	(2,058	)		$	434,652		$	453,618		$	(19,618	)		$	434,000		(4%)	0%
Commercial markets:
Power & Process (3)			129,916			(9,401	)			120,515			124,210			(7,360	)			116,850		5%	3%
General Industrial			100,132			—				100,132			90,616			—				90,616		11%	11%
Total Commercial			230,048			(9,401	)			220,647			214,826			(7,360	)			207,466		7%	6%
Total Curtiss-Wright		$	666,758		$	(11,459	)		$	655,299		$	668,444		$	(26,978	)		$	641,466		0%	2%
		Twelve Months Ended										Twelve Months Ended
		December 31, 2021										December 31, 2020										2021 vs. 2020
		Reported Sales			Adjustments				Adjusted Sales			Reported Sales			Adjustments				Adjusted Sales			Change in Reported Sales	Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense (1)		$	452,661		$	—			$	452,661		$	463,690		$	1,164			$	464,854		(2%)	(3%)
Ground Defense (1)			220,290			3,600				223,890			107,448			720				108,168		105%	107%
Naval Defense			710,688			—				710,688			692,152			—				692,152		3%	3%
Commercial Aerospace (2)			267,722			(11,182	)			256,540			325,518			(67,482	)			258,036		(18%)	(1%)
Total Aerospace & Defense		$	1,651,361		$	(7,582	)		$	1,643,779		$	1,588,808		$	(65,598	)		$	1,523,210		4%	8%
Commercial markets:
Power & Process (3)			473,489			(29,869	)			443,620			474,842			(25,964	)			448,878		0%	(1%)
General Industrial			381,081			—				381,081			327,686			—				327,686		16%	16%
Total Commercial		$	854,570		$	(29,869	)		$	824,701		$	802,528		$	(25,964	)		$	776,564		6%	6%
Total Curtiss-Wright		$	2,505,931		$	(37,451	)		$	2,468,480		$	2,391,336		$	(91,562	)		$	2,299,774		5%	7%
(1) Excludes first year purchase accounting adjustments.
(2) Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program which we exited in the fourth quarter of 2020.
(3) Excludes our German valves business which was classified as held for sale in the fourth quarter of 2020.

Contacts

Jim Ryan

(704) 869-4621

Jim.Ryan@curtisswright.com

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