# EDGAR Filing Document

**Accession Number:** 0000026324
**File Stem:** 0001157523-23-000325
**Filing Date:** 2023-2
**Character Count:** 78561
**Document Hash:** b024c4b8f5dc41f1f3a899b867cef4ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001157523-23-000325.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001157523-23-000325

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CURTISS WRIGHT CORP
- **CENTRAL INDEX KEY:** 0000026324
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
- **IRS NUMBER:** 130612970
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00134
- **FILM NUMBER:** 23650542

**BUSINESS ADDRESS:**
- **STREET 1:** 130 HARBOUR PLACE DRIVE
- **STREET 2:** SUITE 300
- **CITY:** DAVIDSON
- **STATE:** NC
- **ZIP:** 28036
- **BUSINESS PHONE:** 7048694600

**MAIL ADDRESS:**
- **STREET 1:** 130 HARBOUR PLACE DRIVE
- **STREET 2:** SUITE 300
- **CITY:** DAVIDSON
- **STATE:** NC
- **ZIP:** 28036

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |
| **FORM 8-K** |
| **CURRENT REPORT** |

---

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 21, 2023

### CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-00134 13-0612970 <br> (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

130 Harbour Place Drive, Suite 300 <br> Davidson, NC 28036 <br> (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (704) 869-4600

__________

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock<br>| CW<br>| New York Stock Exchange<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### SECTION 2 – FINANCIAL INFORMATION
**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION**.

On Tuesday, February 21, 2023, the Company issued a press release announcing financial results for the fourth quarter and full year ended December 31, 2022. A conference call and webcast presentation will be held on Wednesday, February 22, 2023 at 9:00 am ET for management to discuss the Company's fourth quarter and full-year 2022 financial performance as well as expectations for 2023 financial performance. Lynn M. Bamford, Chair and Chief Executive Officer, and K. Christopher Farkas, Vice President and Chief Financial Officer, will host the call. A copy of the press release and the webcast slide presentation are attached hereto as Exhibits 99.1 and 99.2.

The financial press release, access to the webcast, and the accompanying financial presentation will be posted on Curtiss-Wright's website at www.curtisswright.com. In addition, the dial-in number for domestic callers is (800) 274-8461, while international callers can dial (203) 518-9843. The PIN code for all participants is CWQ422. For those unable to join the live presentation, a webcast replay will be available within the Investor Relations section on the Company's website beginning one hour after the call takes place.

The information contained in this Current Report, including Exhibits 99.1 and 99.2, are being furnished and shall not be deemed to be *"filed"* for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

#### ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Press Release dated February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 Presentation shown during investor and securities analyst webcast on February 22, 2023

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | CURTISS-WRIGHT CORPORATION |
| By: | <u>/s/ K. Christopher Farkas</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; K. Christopher Farkas |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Vice-President and Chief Financial Officer |

---

Date: February 22, 2023

------

EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit Number | Description |
| [99.1](a53334778ex99_1.htm) | [Press Release dated February 21, 2023](a53334778ex99_1.htm) |
| [99.2](a53334778ex99_2.htm) | [Presentation shown during investor and securities analyst webcast on February 22, 2023](a53334778ex99_2.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**<br>

# **Curtiss-Wright Reports Fourth Quarter and Full-Year 2022 Financial Results; Issues Full-Year 2023 Guidance Reflecting Higher Sales, Operating Margin, EPS and Free Cash Flow** 
 ***Strong Q4 Results Drive Record FY22 Sales, Profitability and Orders***

DAVIDSON, N.C.--(BUSINESS WIRE)--February 21, 2023--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2022.

 **Fourth Quarter 2022 Highlights:**

* Reported sales of $758 million, operating income of $157 million, operating margin of 20.8%, diluted earnings per share (EPS) of $2.82, and free cash flow (FCF) of $283 million; 

* Adjusted sales of $758 million, up 16% year-over-year; 

* Adjusted operating income of $160 million, up 24%; 

* Adjusted operating margin of 21.1%, up 140 basis points; 

* Adjusted diluted EPS of $2.92, up 21%; 

* Adjusted FCF of $299 million, with 265% FCF conversion; and 

* New orders of $714 million, up 5%, reflecting solid demand in Aerospace & Defense (A&D) and Commercial markets. 

 **Full-Year 2022 Highlights:**

* Reported sales of $2.6 billion, operating income of $423 million, operating margin of 16.6%, diluted EPS of $7.62, and FCF of $257 million; 

* Adjusted sales of $2.6 billion, up 4% year-over-year; 

* Adjusted operating income of $443 million, up 5%; 

* Adjusted operating margin of 17.3%, up 30 basis points; 

* Adjusted diluted EPS of $8.13, up 11%; 

* Adjusted FCF of $296 million, with 94% FCF conversion; 

* Total share repurchases of $50 million; and 

* New orders of $2.9 billion, up 15%; Backlog up 19%. 

"Curtiss-Wright delivered record financial performance in the fourth quarter, driven by double-digit organic sales growth in our Aerospace & Defense and Commercial markets, and a strong performance from the recent acquisition of our engineered arresting systems business," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "In addition, we achieved record quarterly Adjusted free cash flow of nearly $300 million, which generated robust free cash flow conversion of 265%."

"Our full-year 2022 results were highlighted by a strong operational performance, as we produced higher sales and operating income in our Aerospace & Industrial and Naval & Power segments. Further, the strength and resilience of our combined portfolio enabled us to minimize the impact of the challenging supply chain environment, as we generated 30 basis points in full-year operating margin expansion to 17.3%, and delivered double-digit EPS growth. Our results also reflected record orders of $2.9 billion and a book-to-bill of 1.15x, driven by strong demand across the portfolio."

------

"Looking to 2023, we anticipate total sales growth of 4% to 6% principally driven by strong growth in our A&D markets, continued operating margin expansion while maintaining steady investments in our technology, and strong Adjusted free cash flow generation ranging from $360 to $400 million. As a result, we remain well-positioned with line of sight to the 3-year financial targets that we communicated at our 2021 Investor Day."

------

 **<u>Fourth Quarter 2022 Operating Results</u>**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions)*  | **Q4-2022**  | **Q4-2021**  | **Change**  |
| ***Reported***  |  |  |  |
| Sales  | $758  | $667  | 14% |
| Operating income  | $157  | $105  | 49% |
| Operating margin  | 20.8 <br> %  | 15.8 <br> %  | 500 bps  |
| ***Adjusted <sup>(1)</sup>***  |  |  |  |
| Sales  | $758  | $655  | 16% |
| Operating income  | $160  | $129  | 24% |
| Operating margin  | 21.1 <br> %  | 19.7 <br> %  | 140 bps  |

---

 *<sup>**(1)**</sup>* *Reconciliations of Reported to Adjusted operating results are available in the Appendix.* 

* Adjusted sales of $758 million increased 16% compared with the prior year, and included a $9 million or 1% headwind from unfavorable foreign currency translation, mainly within our Aerospace & Industrial segment; 

* Total A&D market sales increased 18%, while total Commercial market sales increased 10%; 

* In our A&D markets, our results reflected strong growth of 20% in our defense markets, driven by higher defense electronics revenues, the contribution from the acquisition of our engineered arresting systems business and double-digit
 sales growth in commercial aerospace; 

* In our Commercial markets, we experienced double-digit sales growth in the general industrial market, as well as high-single digit sales growth within the power & process market, despite the wind down on the China Direct AP1000
 program; and 

* Adjusted operating income of $160 million increased 24%, while Adjusted operating margin increased 140 basis points to 21.1%, principally driven by favorable overhead absorption on higher revenues in all three segments, as well as the
 benefits of our prior year restructuring and ongoing company-wide operational excellence initiatives. 

------

 **<u>Fourth Quarter 2022 Segment Performance</u>**

 **Aerospace & Industrial**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions)*  | **Q4-2022**  | **Q4-2021**  | **Change**  |
| ***Reported***  |  |  |  |
| Sales  | $223  | $210  | 6% |
| Operating income  | $41  | $40  | 2% |
| Operating margin  | 18.2 <br> %  | 19.0 <br> %  | (80 bps)  |
| ***Adjusted <sup>(1)</sup>***  |  |  |  |
| Sales  | $223  | $208  | 8% |
| Operating income  | $41  | $40  | 2% |
| Operating margin  | 18.5 <br> %  | 19.5 <br> %  | (100 bps)  |

---

 *<sup>**(1)**</sup>* *Reconciliations of Reported to Adjusted operating results are available in the Appendix.* 

* Adjusted sales of $223 million, up $16 million, or 8% overall, and included a $6 million or 4% headwind from unfavorable foreign currency translation; 

* Higher commercial aerospace market revenue was driven by higher sales of actuation and sensors products on numerous narrowbody and widebody platforms; 

* Lower aerospace defense market revenue reflected the timing of defense market sales of our actuation and sensors products; 

* Strong double-digit revenue growth in the general industrial market reflected continued strong demand for industrial vehicle products serving on-highway, off-highway and specialty platforms, and increased sales of surface treatment
 services; and 

* Adjusted operating income was $41 million, up 2% from the prior year, while Adjusted operating margin decreased 100 basis points to 18.5%, as favorable absorption on higher sales and the benefits of our ongoing operational excellence
 initiatives were partially offset by unfavorable mix on actuation products. 

------

 **Defense Electronics**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions)*  | **Q4-2022**  | **Q4-2021**  | **Change**  |
| ***Reported***  |  |  |  |
| Sales  | $236  | $199  | 19% |
| Operating income  | $70  | $52  | 34% |
| Operating margin  | 29.7 <br> %  | 26.3 <br> %  | 340 bps  |
| ***Adjusted <sup>(1)</sup>***  |  |  |  |
| Sales  | $236  | $200  | 18% |
| Operating income  | $70  | $53  | 33% |
| Operating margin  | 29.7 <br> %  | 26.5 <br> %  | 320 bps  |

---

 *<sup>**(1)**</sup>* *Reconciliations of Reported to Adjusted operating results are available in the Appendix.* 

* Adjusted sales of $236 million, up $37 million, or 18%, principally reflected strong growth in defense market sales, despite ongoing supply chain headwinds related to the availability of electronic components; 

* Higher aerospace defense market revenues reflected increased sales of our embedded computing equipment on various fighter jet and helicopter programs; 

* Ground defense market revenue increases reflected higher sales of our tactical communications equipment; and 

* Adjusted operating income was $70 million, up 33% from the prior year, while adjusted operating margin increased 320 basis points to 29.7%, primarily driven by strong absorption on higher defense revenues. 

------

 **Naval & Power**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions)*  | **Q4-2022**  | **Q4-2021**  | **Change**  |
| ***Reported***  |  |  |  |
| Sales  | $298  | $258  | 16% |
| Operating income  | $59  | $25  | 135% |
| Operating margin  | 19.7 <br> %  | 9.7 <br> %  | 1,000 bps  |
| ***Adjusted <sup>(1)</sup>***  |  |  |  |
| Sales  | $298  | $248  | 20% |
| Operating income  | $60  | $48  | 26% |
| Operating margin  | 20.3 <br> %  | 19.3 <br> %  | 100 bps  |

---

 ***<sup>(1)</sup>*** *Reconciliations of Reported to Adjusted operating results are available in the Appendix.* 

* Adjusted sales of $298 million, up $50 million, or 20%; 

* Higher aerospace defense market revenues reflected the contribution from the arresting systems acquisition for arresting systems equipment, principally to international customers; 

* Naval defense market revenue increases reflected the strong ramp up on the Columbia-class submarine program partially offset by timing of revenues on the CVN-80 aircraft carrier program; 

* Higher power & process market revenues reflected strong growth in nuclear aftermarket sales supporting existing operating reactors as well as increased industrial valve sales in the process market. Those increases were partially
 offset by the wind down of production on the China Direct AP1000 program; and 

* Adjusted operating income was $60 million, up 26% from the prior year, while adjusted operating margin increased 100 basis points to 20.3%, driven by favorable absorption on higher organic revenues, a solid contribution from the
 arresting systems acquisition and the benefits of our restructuring initiatives. 

------

 **Free Cash Flow**

---

| | | | |
|:---|:---|:---|:---|
| *(In millions)*  | **Q4-2022**  | **Q4-2021**  | **Change**  |
| Net cash provided by operating activities  | $292  | $232  | 26% |
| Capital expenditures  | (9 )  | (13 )  | (29 <br> %)  |
| Reported free cash flow  | $283  | $219  | 29 <br> %  |
| Adjusted free cash flow <sup>(1)</sup>  | $299  | $219  | 37 <br> %  |

---

 *<sup>(1)</sup>* <br> *A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.*

* Reported free cash flow of $283 million increased $64 million, primarily due to higher cash earnings and lower taxes; 

* Adjusted free cash flow of $299 million increased $80 million; and 

* Capital expenditures decreased $4 million compared with the prior year. 

 **New Orders and Backlog**

* New orders of $714 million increased 5% in the fourth quarter driven by strong demand for defense electronics products and the contribution from our arresting systems acquisition within our A&D markets, and for nuclear aftermarket
 products within our Commercial markets; 

* Full-year 2022 new orders of $2.9 billion increased 15% and generated an overall book-to-bill of 1.15x, reflecting growth in our A&D and Commercial markets; and 

* Backlog of $2.6 billion, up 19% from December 31, 2021, reflects strong demand in our Defense and Commercial Aerospace markets. 

 **Share Repurchase and Dividends**

* During the fourth quarter, the Company repurchased 74,816 shares of its common stock for approximately $12 million; 

* During full-year 2022, the Company repurchased 0.3 million shares for $50 million; and 

* The Company also declared a quarterly dividend of $0.19 a share. 

 **Other Items – Completion of Financing of $300 Million in Senior Notes**

* On October 27, 2022, the Company announced the successful completion of a private placement debt offering of $300 million for senior notes, consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034. 

------

 **<u>Full-Year 2023 Guidance</u>**

The Company's full-year 2023 Adjusted financial guidance<sup>(1)</sup> is as follows:

---

| | | |
|:---|:---|:---|
| ($ in millions, except EPS)  | **2023 Adjusted <br> Non-GAAP Guidance**  | **% Chg vs 2022**  |
| Total Sales  | $2655 - $2710  | Up 4% - 6%  |
| Operating Income  | $463 - $477  | Up 5% - 8%  |
| Operating Margin  | 17.4% - 17.6%  | Up 10 - 30 bps  |
| Diluted EPS  | $8.65 - $8.90  | Up 6% - 10%  |
| Free Cash Flow  | $360 - $400  | Up 22% - 36%  |

---

 ***<sup>(1)</sup>*** *Reconciliations of Reported to Adjusted 2022 operating results and 2023 financial guidance are available in the Appendix, and exclude first year purchase accounting costs in both periods associated with acquisitions.* 

\*\*\*\*\*\*\*\*\*\*

A more detailed breakdown of the Company's 2023 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.

 **<u>Conference Call & Webcast Information</u>**

The Company will host a conference call to discuss fourth quarter and full-year 2022 financial results and expectations for 2023 guidance at 9:00 a.m. ET on Wednesday, February 22, 2023. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company's website at <u>www.curtisswright.com</u>.

(Tables to Follow)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  |
| **CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)**  | **CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)**  | **CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)**  | **CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)**  | **CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)**  |
| ($'s in thousands, except per share data)  | ($'s in thousands, except per share data)  | ($'s in thousands, except per share data)  | ($'s in thousands, except per share data)  | ($'s in thousands, except per share data)  |
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  | **2022**  | **2021**  |
| Product sales  | $646263  | $556911  | $2135882  | $2109617  |
| Service sales  | 111402  | 109847  | 421143  | 396314  |
| Total net sales  | 757665  | 666758  | 2557025  | 2505931  |
| Cost of product sales  | 399389  | 340432  | 1348569  | 1330191  |
| Cost of service sales  | 65792  | 64454  | 253847  | 242384  |
| Total cost of sales  | 465181  | 404886  | 1602416  | 1572575  |
| Gross profit  | 292484  | 261872  | 954609  | 933356  |
| Research and development expenses  | 19032  | 21814  | 80836  | 88489  |
| Selling expenses  | 31199  | 27729  | 121586  | 116956  |
| General and administrative expenses  | 85008  | 96532  | 324093  | 326140  |
| Loss on divestiture  | —  | —  | 4651  | —  |
| Impairment of assets held for sale  | —  | 10432  | —  | 19088  |
| Operating income  | 157245  | 105365  | 423443  | 382683  |
| Interest expense  | 13665  | 10146  | 46980  | 40240  |
| Other income, net  | 1434  | 3157  | 12732  | 12067  |
| Earnings before income taxes  | 145014  | 98376  | 389195  | 354510  |
| Provision for income taxes  | (35991 )  | (21797 )  | (94847 )  | (87351 )  |
| Net earnings  | $109023  | $76579  | $294348  | $267159  |
| Net earnings per share:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic earnings per share  | $2.85  | $1.95  | $7.67  | $6.61  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share  | $2.82  | $1.94  | $7.62  | $6.58  |
| Dividends per share  | $0.19  | $0.18  | $0.75  | $0.71  |
| Weighted average shares outstanding:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic  | 38296  | 39309  | 38386  | 40417  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted  | 38633  | 39524  | 38649  | 40602  |

---

------

---

| | | |
|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  |
| **CONSOLIDATED BALANCE SHEETS (UNAUDITED)**  | **CONSOLIDATED BALANCE SHEETS (UNAUDITED)**  | **CONSOLIDATED BALANCE SHEETS (UNAUDITED)**  |
| ($'s in thousands, except par value)  | ($'s in thousands, except par value)  | ($'s in thousands, except par value)  |
|  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  |
| **Assets**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current assets:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $256974  | $171004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables, net  | 724603  | 647148  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net  | 483113  | 411567  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale  | —  | 10988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets  | 52623  | 67101  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 1517313  | 1307808  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, plant, and equipment, net  | 342708  | 360031  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill  | 1544635  | 1463026  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets, net  | 620897  | 538077  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net  | 153855  | 143613  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid pension asset  | 222627  | 256422  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets  | 47567  | 34568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets**  | $**4449602**  | $**4103545**  |
| **Liabilities**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liabilities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term and short-term debt  | $202500  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable  | 266525  | 211640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses  | 177536  | 147701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue  | 242483  | 260157  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities held for sale  | —  | 12655  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities  | 82395  | 102714  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 971439  | 734867  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt  | 1051900  | 1050610  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities  | 123001  | 147349  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued pension and other postretirement benefit costs  | 58348  | 91329  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term operating lease liability  | 132275  | 127152  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term portion of environmental reserves  | 12547  | 13656  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities  | 107973  | 112092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2457483  | 2277055  |
| **Stockholders' equity**  |  |  |
| &nbsp;&nbsp; Common stock, $1 par value  | $49187  | $49187  |
| &nbsp;&nbsp; Additional paid in capital  | 134553  | 127104  |
| &nbsp;&nbsp; Retained earnings  | 3174396  | 2908827  |
| &nbsp;&nbsp; Accumulated other comprehensive loss  | (258916 ) | (190465 ) |
| &nbsp;&nbsp; Less: cost of treasury stock  | (1107101 )  | (1068163 )  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity  | 1992119  | 1826490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity**  | $**4449602**  | $**4103545**  |

---

------

 **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 "Reported" GAAP amounts to "Adjusted" non-GAAP amounts are furnished within this release.

The following definitions are provided:

 <u>Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS</u>

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) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  |
| **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  |
| ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  |
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |  |  |
|  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2021**  | **December 31, 2021**  | **December 31, 2021**  | **% Change**  | **% Change**  |
|  | **As Reported**  | **Adjustments**  | **Adjusted**  | **As Reported**  | **Adjustments**  | **Adjusted**  | **As Reported**  | **Adjusted**  |
| **<u>Sales:</u>**  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial <sup>(1)</sup>  | $223258  | $—  | $223258  | $209994  | $(2418 ) | $207576  | 6% | 8% |
| Defense Electronics <sup>(2)</sup>  | 236456  | —  | 236456  | 199259  | 360  | 199619  | 19% | 18% |
| Naval & Power <sup>(4)</sup>  | 297951  | —  | 297951  | 257505  | (9401 )  | 248104  | 16 <br> %  | 20 <br> %  |
| **Total sales**  | $**757665**  | $**—**  | $**757665**  | $**666758**  | $**(11459)** <br>  | $**655299**  | **14%** <br>  | **16%** <br>  |
| **<u>Operating income (expense):</u>**  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial <sup>(1)(3)</sup>  | $40599  | $703  | $41302  | $39943  | $493  | $40436  | 2% | 2% |
| Defense Electronics <sup>(2)</sup>  | 70230  | —  | 70230  | 52433  | 442  | 52875  | 34% | 33% |
| Naval & Power <sup>(3)(4)(5)</sup>  | 58717  | 1724  | 60441  | 25025  | 22802  | 47827  | 135 <br> %  | 26 <br> %  |
| **Total segments**  | $**169546**  | $**2427**  | $**171973**  | $**117401**  | $**23737**  | $**141138**  | **44%** <br>  | **22%** <br>  |
| Corporate and other  | (12301 )  | —  | (12301 )  | (12036 )  | (22 )  | (12058 )  | 2 <br> %  | 2 <br> %  |
| **Total operating income**  | $**157245**  | $**2427**  | $**159672**  | $**105365**  | $**23715**  | $**129080**  | **49%** <br>  | **24%** <br>  |
| **<u>Operating margins:</u>**  | **As Reported**  |  | **Adjusted**  | **As Reported**  |  | **Adjusted**  | **As Reported**  | **Adjusted**  |
| Aerospace & Industrial  | 18.2% |  | 18.5% | 19.0% |  | 19.5% | (80 bps)  | (100 bps)  |
| Defense Electronics  | 29.7% |  | 29.7% | 26.3% |  | 26.5% | 340 bps  | 320 bps  |
| Naval & Power  | 19.7% |  | 20.3% | 9.7% |  | 19.3% | 1,000 bps  | 100 bps  |
| **Total Curtiss-Wright**  | **20.8%** <br>  |  | **21.1%** <br>  | **15.8%** <br>  |  | **19.7%** <br>  | **500 bps**  | **140 bps**  |
| Segment margins  | 22.4% |  | 22.7% | 17.6% |  | 21.5% | 480 bps  | 120 bps  |

---

---

| |
|:---|
| <sup>(1)</sup> Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020.  |
| <sup>(2)</sup> Excludes first year purchase accounting adjustments in the prior period.  |
| <sup>(3)</sup> Excludes first year purchase accounting adjustments in the current period.  |
| <sup>(4)</sup> Excludes the results of operations from our German valves business, which was sold in January 2022, including an impairment loss in the prior period.  |
| <sup>(5)</sup> Excludes one-time legal settlement costs in the prior period.  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  |
| **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)**  |
| ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  |
|  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  |  |  |
|  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2021**  | **December 31, 2021**  | **December 31, 2021**  | **% Change**  | **% Change**  |
|  | **As Reported**  | **Adjustments**  | **Adjusted**  | **As Reported**  | **Adjustments**  | **Adjusted**  | **As Reported**  | **Adjusted**  |
| **<u>Sales:</u>**  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial <sup>(1)</sup>  | $836035  | $—  | $836035  | $786334  | $(11182 ) | $775152  | 6% | 8% |
| Defense Electronics <sup>(2)</sup>  | 690262  | —  | 690262  | 724326  | 3600  | 727926  | (5 )% | (5 )% |
| Naval & Power <sup>(4)</sup>  | 1030728  | —  | 1030728  | 995271  | (29869 )  | 965402  | 4 <br> %  | 7 <br> %  |
| **Total sales**  | $**2557025**  | $**—**  | $**2557025**  | $**2505931**  | $**(37451)** <br>  | $**2468480**  | **2%** <br>  | **4%** <br>  |
| **<u>Operating income (expense):</u>**  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial <sup>(1)(3)</sup>  | $136996  | $703  | $137699  | $121817  | $(1586 ) | $120231  | 12% | 15% |
| Defense Electronics <sup>(2)</sup>  | 154568  | —  | 154568  | 159089  | 5134  | 164223  | (3 )% | (6 )% |
| Naval & Power <sup>(3)(4)(6)</sup>  | 177582  | 14056  | 191638  | 141660  | 34139  | 175799  | 25 <br> %  | 9 <br> %  |
| **Total segments**  | $**469146**  | $**14759**  | $**483905**  | $**422566**  | $**37687**  | $**460253**  | **11%** <br>  | **5%** <br>  |
| Corporate and other <sup>(5)</sup>  | (45703 )  | 4876  | (40827 )  | (39883 )  | 53  | (39830 )  | 15 <br> %  | 3 <br> %  |
| **Total operating income**  | $**423443**  | $**19635**  | $**443078**  | $**382683**  | $**37739**  | $**420422**  | **11%** <br>  | **5%** <br>  |
| **<u>Operating margins:</u>**  | **As Reported**  |  | **Adjusted**  | **As Reported**  |  | **Adjusted**  | **As Reported**  | **Adjusted**  |
| Aerospace & Industrial  | 16.4% |  | 16.5% | 15.5% |  | 15.5% | 90 bps  | 100 bps  |
| Defense Electronics  | 22.4% |  | 22.4% | 22.0% |  | 22.6% | 40 bps  | (10 bps)  |
| Naval & Power  | 17.2% |  | 18.6% | 14.2% |  | 18.2% | 300 bps  | 40 bps  |
| **Total Curtiss-Wright**  | **16.6%** <br>  |  | **17.3%** <br>  | **15.3%** <br>  |  | **17.0%** <br>  | **130 bps**  | **30 bps**  |
| Segment margins  | 18.3% |  | 18.9% | 16.9% |  | 18.6% | 140 bps  | 30 bps  |

---

---

| |
|:---|
| <sup>(1)</sup> Excludes our build-to-print actuation product line supporting the Boeing 737 Max program, which we substantially exited in the fourth quarter of 2020.  |
| <sup>(2)</sup> Excludes first year purchase accounting adjustments in the prior period.  |
| <sup>(3)</sup> Excludes first year purchase accounting adjustments in the current period.  |
| <sup>(4)</sup> Excludes the results of operations from our German valves business, which was sold in January 2022, including a loss on divestiture in the current period and an impairment loss in the prior period.  |
| <sup>(5)</sup> Excludes costs associated with shareholder activism in the current period.  |
| <sup>(6)</sup> Excludes one-time legal settlement costs in the prior period.  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  |
| **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)**  |
| ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  |
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |  |  |
|  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2021**  | **December 31, 2021**  | **December 31, 2021**  | **% Change**  | **% Change**  |
|  | **As Reported**  | **Adjustments**  | **Adjusted <br> Sales**  | **As Reported**  | **Adjustments**  | **Adjusted <br> Sales**  | **Change in As <br> Reported <br> Sales**  | **Change in <br> Adjusted <br> Sales**  |
| **Aerospace & Defense markets:**  |  |  |  |  |  |  |  |  |
| Aerospace Defense  | $172763  | $—  | $172763  | $124815  | $—  | $124815  | 38% | 38% |
| Ground Defense <sup>(1)</sup>  | 81348  | —  | 81348  | 61199  | 360  | 61559  | 33% | 32% |
| Naval Defense  | 183418  | —  | 183418  | 179259  | —  | 179259  | 2% | 2% |
| Commercial Aerospace <sup>(2)</sup>  | 77178  | —  | 77178  | 71437  | (2418 )  | 69019  | 8 <br> %  | 12 <br> %  |
| **Total Aerospace & Defense**  | $**514707**  | $**—**  | $**514707**  | $**436710**  | $**(2058)** <br>  | $**434652**  | **18%** <br>  | **18%** <br>  |
| **Commercial markets:**  |  |  |  |  |  |  |  |  |
| Power & Process <sup>(3)</sup>  | 131598  | —  | 131598  | 129916  | (9401 ) | 120515  | 1% | 9% |
| General Industrial  | 111360  | —  | 111360  | 100132  | —  | 100132  | 11 <br> %  | 11 <br> %  |
| **Total Commercial**  | $**242958**  | $**—**  | $**242958**  | $**230048**  | $**(9401)** <br>  | $**220647**  | **6%** <br>  | **10%** <br>  |
| **Total Curtiss-Wright**  | $**757665**  | $**—**  | $**757665**  | $**666758**  | $**(11459)** <br>  | $**655299**  | **14%** <br>  | **16%** <br>  |
|  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  |  |  |
|  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2022**  | **December 31, 2021**  | **December 31, 2021**  | **December 31, 2021**  | **% Change**  | **% Change**  |
|  | **As Reported**  | **Adjustments**  | **Adjusted <br> Sales**  | **As Reported**  | **Adjustments**  | **Adjusted <br> Sales**  | **Change in As <br> Reported <br> Sales**  | **Change in <br> Adjusted <br> Sales**  |
| **Aerospace & Defense markets:**  |  |  |  |  |  |  |  |  |
| Aerospace Defense  | $479743  | $—  | $479743  | $452661  | $—  | $452661  | 6% | 6% |
| Ground Defense <sup>(1)</sup>  | 219739  | —  | 219739  | 220290  | 3600  | 223890  | 0% | (2 %) |
| Naval Defense  | 694015  | —  | 694015  | 710688  | —  | 710688  | (2 %) | (2 %) |
| Commercial Aerospace <sup>(2)</sup>  | 276519  | —  | 276519  | 267722  | (11182 )  | 256540  | 3 <br> %  | 8 <br> %  |
| **Total Aerospace & Defense**  | $**1670016**  | $**—**  | $**1670016**  | $**1651361**  | $**(7582)** <br>  | $**1643779**  | **1%** <br>  | **2%** <br>  |
| **Commercial markets:**  |  |  |  |  |  |  |  |  |
| Power & Process <sup>(3)</sup>  | 472300  | —  | 472300  | 473489  | (29869 ) | 443620  | 0% | 6% |
| General Industrial  | 414709  | —  | 414709  | 381081  | —  | 381081  | 9 <br> %  | 9 <br> %  |
| **Total Commercial**  | $**887009**  | $**—**  | $**887009**  | $**854570**  | $**(29869)** <br>  | $**824701**  | **4%** <br>  | **8%** <br>  |
| **Total Curtiss-Wright**  | $**2557025**  | $**—**  | $**2557025**  | $**2505931**  | $**(37451)** <br>  | $**2468480**  | **2%** <br>  | **4%** <br>  |

---

---

| |
|:---|
| <sup>(1)</sup> Excludes first year purchase accounting adjustments in the prior period.  |
| <sup>(2)</sup> Excludes our build-to-print actuation product line supporting the Boeing 737 MAX program, which we substantially exited in the fourth quarter of 2020.  |
| <sup>(3)</sup> Excludes the prior period results of our German valves business, which was sold in January 2022.  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES** | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES** | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES** | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES** | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES** |
| **RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)**  | **RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)**  |
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  | **2022**  | **2021**  |
| **Diluted earnings per share - As Reported**  | $**2.82**  | $**1.94**  | $**7.62**  | $**6.58**  |
| &nbsp;&nbsp;&nbsp;&nbsp; First year purchase accounting adjustments  | 0.05  | 0.02  | 0.18  | 0.11  |
| &nbsp;&nbsp;&nbsp;&nbsp; Divested German valves business  | —  | 0.11  | 0.14  | 0.30  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costs associated with shareholder activism  | —  | —  | 0.10  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pension settlement charges  | 0.05  | —  | 0.09  | 0.06  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charges related to legal settlement  | —  | 0.32  | —  | 0.31  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit of build-to-print actuation product line  | —  | 0.01  | —  | (0.02 )  |
| **Diluted earnings per share - Adjusted <sup>(1)</sup>**  | $**2.92**  | $**2.40**  | $**8.13**  | $**7.34**  |
| <sup>(1)</sup> All adjustments are presented net of income taxes.  | <sup>(1)</sup> All adjustments are presented net of income taxes.  | <sup>(1)</sup> All adjustments are presented net of income taxes.  | <sup>(1)</sup> All adjustments are presented net of income taxes.  | <sup>(1)</sup> All adjustments are presented net of income taxes.  |

---

 <u>Organic Sales and Organic Operating Income</u>

The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company's ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, impairment of assets held for sale and corresponding loss from sale of our industrial valves business in Germany, and foreign currency fluctuations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  |
|  | **Aerospace & Industrial**  | **Aerospace & Industrial**  | **Defense Electronics**  | **Defense Electronics**  | **Naval & Power**  | **Naval & Power**  | **Total Curtiss-Wright**  | **Total Curtiss-Wright**  |
|  | Sales  | Operating <br> income  | Sales  | Operating <br> income  | Sales  | Operating <br> income  | Sales  | Operating <br> income  |
| As Reported  | 6% | 2% | 19% | 34% | 16% | 135% | 14% | 49% |
| Less: Acquisitions/divestiture  | 1% | 0% | 0% | 0% | (9 %) | (17 %) | (3 %) | (4 %) |
| Impairment of assets held for sale  | 0% | 0% | 0% | 0% | 0% | (42 %) | 0% | (10 %) |
| Foreign currency  | 4 <br> %  | (1 <br> %)  | 0 <br> %  | (5 <br> %)  | 1 <br> %  | (2 <br> %)  | 1 <br> %  | (4 <br> %)  |
| Organic  | 11 <br> %  | (1 <br> %)  | 19 <br> %  | 29 <br> %  | 8 <br> %  | 74 <br> %  | 12 <br> %  | 31 <br> %  |
|  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  | **2022 vs. 2021**  |
|  | **Aerospace & Industrial**  | **Aerospace & Industrial**  | **Defense Electronics**  | **Defense Electronics**  | **Naval & Power**  | **Naval & Power**  | **Total Curtiss-Wright**  | **Total Curtiss-Wright**  |
|  | Sales  | Operating <br> income  | Sales  | Operating <br> income  | Sales  | Operating <br> income  | Sales  | Operating <br> income  |
| As Reported  | 6% | 12% | (5 %) | (3 %) | 4% | 25% | 2% | 11% |
| Less: Acquisitions/divestiture  | 1% | 1% | 0% | 0% | (1 %) | 0% | 0% | 0% |
| Loss on divestiture/impairment of assets held for sale  | 0% | 0% | 0% | 0% | 0% | (10 %) | 0% | (4 %) |
| Foreign currency  | 3 <br> %  | 1 <br> %  | 1 <br> %  | (3 <br> %)  | 0 <br> %  | 0 <br> %  | 1 <br> %  | (1 <br> %)  |
| Organic  | 10 <br> %  | 14 <br> %  | (4 <br> %)  | (6 <br> %)  | 3 <br> %  | 15 <br> %  | 3 <br> %  | 6 <br> %  |

---

------

 <u>Free Cash Flow and Free Cash Flow Conversion</u>

The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2022 excludes: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  | **CURTISS-WRIGHT CORPORATION and SUBSIDIARIES**  |
| **NON-GAAP FINANCIAL DATA (UNAUDITED)**  | **NON-GAAP FINANCIAL DATA (UNAUDITED)**  | **NON-GAAP FINANCIAL DATA (UNAUDITED)**  | **NON-GAAP FINANCIAL DATA (UNAUDITED)**  | **NON-GAAP FINANCIAL DATA (UNAUDITED)**  |
| ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  | ($'s in thousands)  |
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  | **2022**  | **2021**  |
| Net cash provided by operating activities  | $292389  | $231907  | $294776  | $387668  |
| Capital expenditures  | (9428 )  | (13250 )  | (38217 )  | (41108 )  |
| Free cash flow  | $282961  | $218657  | $256559  | $346560  |
| Westinghouse legal settlement  | —  | —  | 15000  | —  |
| Pension payment to former executives  | 15753  | —  | 23967  | —  |
| Adjusted free cash flow  | $298714  | $218657  | $295526  | $346560  |
| Adjusted free cash flow conversion  | 265% | 230% | 94% | 116% |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** | **CURTISS-WRIGHT CORPORATION** |
| **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  | **2023 Guidance**  |
| **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  |
| ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  | ($'s in millions, except per share data)  |
|  | **2022 <br> Reported <br> (GAAP)**  | **2022 <br> Adjustments <br> (Non- <br> GAAP)<sup>(13)</sup>**  | **2022 <br> Adjusted <br> (Non- <br> GAAP)<sup>(13)</sup>**  | **2023 <br> Reported Guidance <br> (GAAP)**  | **2023 <br> Reported Guidance <br> (GAAP)**  | **2023 <br> Adjustments <br> (Non- <br> GAAP)<sup>(23)</sup>**  | **2023 <br> Adjusted Guidance <br> (Non-GAAP)<sup>(23)</sup>**  | **2023 <br> Adjusted Guidance <br> (Non-GAAP)<sup>(23)</sup>**  | **2023 <br> Adjusted Guidance <br> (Non-GAAP)<sup>(23)</sup>**  |
|  |  |  |  | **Low**  | **High**  |  | **Low**  | **High**  | **2023 Chg <br> vs 2022 <br> Adjusted**  |
| **Sales:**  |  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial  | $836  | $—  | $836  | $845  | $860  | $—  | $845  | $860  | 1 - 3%  |
| Defense Electronics  | 690  | —  | 690  | 725  | 750  | —  | 725  | 750  | 5 - 9%  |
| Naval & Power  | 1031  | —  | 1031  | 1085  | 1100  | —  | 1085  | 1100  | 5 - 7%  |
| **Total sales**  | $**2557**  | $**—**  | $**2557**  | $**2655**  | $**2710**  | $**—**  | $**2655**  | $**2710**  | **4 to 6%**  |
| **Operating income:**  |  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial  | $137  | $1  | $138  | $143  | $148  | $—  | $143  | $148  | 4 - 7%  |
| Defense Electronics  | 155  | —  | 155  | 165  | 172  | —  | 165  | 172  | 7 - 11%  |
| Naval & Power  | 178  | 14  | 192  | 182  | 186  | 8  | 190  | 194  | (1) - 1%  |
| **Total segments**  | **469**  | **15**  | **484**  | **490**  | **506**  | **8**  | **498**  | **514**  |  |
| Corporate and other  | (46 )  | 5  | (41 )  | (35 )  | (38 )  | —  | (35 )  | (38 )  |  |
| **Total operating income**  | $**423**  | $**20**  | $**443**  | $**455**  | $**469**  | $**8**  | $**463**  | $**477**  | **5 to 8%**  |
| Interest expense  | $(47 ) | $—  | $(47 ) | $(52 ) | $(54 ) | $—  | $(52 ) | $(54 ) |  |
| Other income, net  | 13  | 4  | 17  | 27  | 28  | —  | 27  | 28  |  |
| **Earnings before income taxes**  | **389**  | **24**  | **413**  | **430**  | **443**  | **8**  | **438**  | **451**  |  |
| Provision for income taxes  | (95 )  | (4 )  | (99 )  | (103 )  | (106 )  | (2 )  | (105 )  | (108 )  |  |
| **Net earnings**  | $**294**  | $**20**  | $**314**  | $**327**  | $**336**  | $**6**  | $**333**  | $**343**  |  |
| **Diluted earnings per share**  | $**7.62**  | $**0.51**  | $**8.13**  | $**8.49**  | $**8.74**  | $**0.16**  | $**8.65**  | $**8.90**  | **6 to 10%**  |
| Diluted shares outstanding  | 38.6  |  | 38.6  | 38.5  | 38.5  |  | 38.5  | 38.5  |  |
| Effective tax rate  | 24.4% |  | 24.0% | 24.0% | 24.0% |  | 24.0% | 24.0% |  |
| **Operating margins:**  |  |  |  |  |  |  |  |  |  |
| Aerospace & Industrial  | 16.4% |  | 16.5% | 17.0% | 17.2% |  | 17.0% | 17.2% | 50 to 70 bps  |
| Defense Electronics  | 22.4% |  | 22.4% | 22.7% | 22.9% |  | 22.7% | 22.9% | 30 to 50 bps  |
| Naval & Power  | 17.2% |  | 18.6% | 16.7% | 16.9% |  | 17.5% | 17.7% | (110) to (90) bps  |
| **Total operating margin**  | **16.6%** <br>  |  | **17.3%** <br>  | **17.1%** <br>  | **17.3%** <br>  |  | **17.4%** <br>  | **17.6%** <br>  | **10 to 30 bps**  |
| **Free cash flow**  | $**257**  | $**39**  | $**296**  | $**350**  | $**390**  | $**10**  | $**360**  | $**400**  |  |

---

---

| |
|:---|
| Notes: Full year amounts may not add due to rounding.  |
| <sup>(1)</sup> 2022 Adjusted financials exclude the impact of first year purchase accounting adjustments, the loss on sale of our German valves business, costs associated with shareholder activism and pension settlement charges related to the retirement of two former executives.  |
| <sup>(2)</sup> 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments.  |
| <sup>(3)</sup> Free Cash Flow is defined as cash flow from operations less capital expenditures. 2022 Adjusted Free Cash Flow excluded one-time pension settlement payments of $24 million and a legal settlement payment of $15 million. 2023 Adjusted Free Cash Flow guidance excludes a legal settlement payment of $10 million.  |

---

------

---

| | | |
|:---|:---|:---|
| **CURTISS-WRIGHT CORPORATION**  | **CURTISS-WRIGHT CORPORATION**  | **CURTISS-WRIGHT CORPORATION**  |
| **2023 Sales Growth Guidance by End Market**  | **2023 Sales Growth Guidance by End Market**  | **2023 Sales Growth Guidance by End Market**  |
| **As of February 21, 2023**  | **As of February 21, 2023**  | **As of February 21, 2023**  |
|  | **2023 % Change <br> vs 2022 Adjusted<sup>(1)</sup>**  | **% Total Sales**  |
| **<u>Aerospace & Defense Markets</u>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace Defense  | 9 - 11%  | 20%  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Defense  | 4 - 6%  | 9%  |
| &nbsp;&nbsp;&nbsp;&nbsp; Naval Defense  | 4 - 6%  | 27%  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Aerospace  | 5 - 7%  | 11%  |
| **Total Aerospace & Defense**  | **6 - 8%**  | **67%**  |
| **<u>Commercial Markets</u>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power & Process  | Flat  | 18%  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Industrial  | 2 - 4%  | 16%  |
| **Total Commercial**  | **0 - 2%**  | **33%**  |
| **Total Curtiss-Wright Sales**  | **4 - 6%**  | **100%**  |

---

---

| |
|:---|
| Note: Sales percentages may not add due to rounding.  |
| <sup>(1)</sup> 2023 and 2022 Sales include the contribution from the engineered arresting systems business, acquired on June 30, 2022, to the Aerospace Defense market.  |

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 **About Curtiss-Wright Corporation**

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit <u>www.curtisswright.com</u>.

 *Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company's acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and subsequent reports filed with the Securities and Exchange Commission.*

 *This press release and additional information are available at <u>www.curtisswright.com</u>.*

## Contacts
Jim Ryan <br> (704) 869-4621 <br> **Jim.Ryan@curtisswright.com**

## Exhibit 99.2

**Exhibit 99.2**<br>

**** 

<br> **![](a53334778ex99_2slide1.jpg)

FEBRUARY 22, 2023 Q4 2022 EARNINGS CONFERENCE CALL Conference Call Dial-in numbers: (800) 274-8461 (domestic) (203) 518-9843 (international) Conference code: CWQ422

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![](a53334778ex99_2slide2.jpg)

SAFE HARBOR STATEMENT Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect new information that may become available after the original presentation posting. The presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and Curtiss-Wright Corporation assumes no obligation to update the information included in this report. Such forward-looking statements include, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives, our management's ability to integrate our acquisition, and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations, including the impact of a global pandemic or national epidemic. This presentation also includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release and this presentation that are posted to our website and furnished with the SEC. We undertake no duty to update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at the SEC's website at www.sec.gov. 2

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![](a53334778ex99_2slide3.jpg)

CURTISS-WRIGHT DELIVERED A SOLID FINISH TO 2022 Sales up 4%, Operating Income up 5% and double-digit growth in Diluted EPS Achieved Operating Margin of 17.3%, up 30 bps YOY Benefit of company-wide operational excellence initiatives Despite global supply chain challenges impacting timing of Defense Electronics revenues and wind down on CAP1000 program Record New Orders up 15%, Backlog up 19% Delivering value through M&A, share repurchases & dividends Engineered arresting systems acquisition a strong strategic fit Expect MSD Sales growth, continued margin expansion and EPS growth, and solid FCF generation Sales of $758 Million increased 16% overall Defense markets up 20% reflecting strong conversion on backlog and contribution from arresting systems acquisition Comm'l Aerospace up LDD; Solid growth in OEM and AM Commercial markets up 10%, reflecting strong demand in Nuclear, Process and General Industrial end markets Strong Operating Margin expansion up 140 bps to 21.1% Higher profitability in Defense Electronics and Naval & Power segments; Benefits of ongoing company-wide operational excellence initiatives Diluted EPS of $2.92, up 21% Record FCF of $299M; 265% FCF conversion New Orders up 5% Strong and growing order book in Defense 3 Fourth Quarter 2022 Highlights FY2022 Highlights Initial FY2023 Guidance Note: 2022 results and 2023 guidance presented on an Adjusted (Non-GAAP) basis, unless noted

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![](a53334778ex99_2slide4.jpg)

FOURTH QUARTER 2022 FINANCIAL REVIEW ($ in millions) Q4'22 Adjusted Q4'21 Adjusted Chg vs. Q4'21 Key Drivers Aerospace & Industrial $223 $208 8% Double-digit growth in both Commercial Aerospace (OEM) and General Industrial (industrial vehicles and surface treatment services); Partially offset by timing in Defense markets Defense Electronics $236 $200 18% Strong growth in Aerospace Defense (C5/ISR programs) and Ground Defense (tactical communications equipment) Naval & Power $298 $248 20% Strong contribution from arresting systems acquisition and solid growth in Naval Defense (higher Columbia-class submarine revenues) Strong growth in Commercial Nuclear and Process; Partially offset by wind down on CAP1000 Total Sales $758 $655 16% Aerospace & Industrial Margin $41 18.5% $40 19.5% 2% (100 bps) Favorable absorption on solid sales growth, partially offset by unfavorable mix Defense Electronics Margin $70 29.7% $53 26.5% 33% 320 bps Favorable absorption on higher A&D revenues Naval & Power Margin $60 20.3% $48 19.3% 26% 100 bps Favorable absorption on higher revenues partly offset by unfavorable mix (wind down on CAP1000) Strong contribution from arresting systems acquisition Benefit of prior-year restructuring initiatives Corporate and Other ($12) ($12) (2%) Total Op. Income CW Margin $160 21.1% $129 19.7% 24% 140 bps Strong sales growth across all A&D and Commercial markets drove solid Q4 operating margin expansion 4 Notes: Amounts may not add due to rounding. 2022 results included partial year sales contribution from engineered arresting systems acquisition.

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![](a53334778ex99_2slide5.jpg)

2023 END MARKET SALES GROWTH GUIDANCE (As of February 21, 2023) 2023E Growth vs 2022 2023E % Sales Aerospace Defense 9% - 11% 20% Solid organic growth in defense electronics revenues on various C5/ISR programs; Contribution from arresting systems acquisition Ground Defense 4% - 6% 9% Higher tactical communications equipment revenues Naval Defense 4% - 6% 27% Solid revenue growth on Columbia-class and Virginia-class submarines, and CVN-81 aircraft carrier, partially offset by lower CVN-80 A/C revenues Commercial Aerospace 5% - 7% 11% Solid growth in OEM (narrowbody and widebody); Up 7% - 9% excl. FX impact Total Aerospace & Defense 6% - 8% 67% Strong backlog driving steady growth in Defense markets Power & Process Flat [Up >5% excl CAP1000] 18% Solid revenue growth in Nuclear driven by U.S. aftermarket and Gen IV SMRs, and in Process for valves and subsea pump development to O&G market Reflects MSD growth offset by lower CAP1000 program revenues (wind down) General Industrial 2% - 4% 16% Solid growth in industrial vehicles and surface treatment services; Up 3% - 5% excl. FX Total Commercial 0% - 2% 33% Continued solid demand, up 3% - 5% excl. CAP1000 Total Curtiss-Wright 4% - 6% 100% Organic sales of 3% - 5% 5 Note: Amounts shown for % of Total Sales may not add due to rounding. 2022 results included partial year sales contribution from engineered arresting systems acquisition.

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![](a53334778ex99_2slide6.jpg)

($ in millions) 2023E Adjusted % Change vs 2022 Aerospace & Industrial $845 - 860 1% - 3% Solid growth in Commercial Aerospace mainly offset by reduced Defense (timing of programs) and FX (1%) Defense Electronics $725 - 750 5% - 9% Strong Defense market growth driven by record backlog; Expecting supply chain improvement in H2'23 Higher Aerospace Defense (embedded computing) and Ground Defense (tactical communications) Naval & Power $1,085 - 1,100 5% - 7% Naval Defense LSD growth driven by Columbia-class submarine and CVN-81 aircraft carrier programs MSD growth in Commercial Nuclear and Process, partially offset by wind down on CAP1000 program MSD sales growth contribution from arresting systems acquisition Total Sales $2,655 - 2,710 4% - 6% Organic sales of 3% - 5%, driven by strong growth in A&D markets Aerospace & Industrial Margin $143 - 148 17.0% - 17.2% 4% - 7% 50 - 70 bps Favorable absorption on Comm'l market sales, partially offset by timing of defense revenues Benefit of ongoing operational excellence initiatives Defense Electronics Margin $165 - 172 22.7% - 22.9% 7% - 11% 30 - 50 bps Strong absorption on higher A&D revenues Naval & Power Margin $190 - 194 17.5% - 17.7% (1)% - 1% (90 - 110) bps Favorable absorption on organic sales (Defense, Nuclear and Process) Solid contribution from acquisition (Expected to be in-line with overall CW operating margin) Profitability offset by wind down on CAP1000 program and shift to development contracts (subsea pump) Corporate and Other ($35 - 38) 8% - 15% Principally due to lower pension and FX Total Op. Income CW Margin $463 - 477 17.4% - 17.6% 5% - 8% +10 - 30 bps Delivering Operating Margin expansion while continuing to grow engineering spend 2023 FINANCIAL GUIDANCE (As of February 21, 2023) 6 Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.

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![](a53334778ex99_2slide7.jpg)

2023 FINANCIAL GUIDANCE (As of February 21, 2023) ($ in millions, except EPS) 2022 Adjusted 2023E Adjusted % Change vs 2022 Total Sales $2,557 $2,655 - 2,710 4% - 6% Growth in Operating Income exceeds Sales (aligns w/ Investor Day) Total Operating Income $443 $463 - 477 5% - 8% Growth in operating income exceeds sales (aligned w/ Investor Day) Other Income $17 $27 - 28 Higher pension income Interest Expense ($47) ($52 - 54) Impact of higher interest rates Diluted EPS $8.13 $8.65 - 8.90 6% - 10% Line of sight to achieve 3-year target of double-digit growth Diluted Shares Outstanding 38.6 ~38.5 Min. $50M share repurchase in '23 Free Cash Flow $296 $360 - 400 22% - 36% Strong FCF from Operations, incl. Supply Chain Management FCF Conversion 94% >110% (at midpt) Continued solid FCF conversion Capital Expenditures $38 $50 - 60 Expect return to more normalized levels Average ~2% of Sales (over time) Depreciation & Amortization $112 $110 - 115 7 Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.

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![](a53334778ex99_2slide8.jpg)

8 CONTINUED LINE OF SIGHT TO 3-YEAR FINANCIAL TARGETS (2021-2023) CHANGING DYNAMICS SINCE 2021 INVESTOR DAY FAVORABLE OUTCOMES Tailwinds: Strong bipartisan support for U.S. Defense budget + FMS Positive government legislation (Infrastructure, IRA) Rising pro-nuclear sentiment and need for energy independence (Gen III+ AP1000, Gen IV SMRs/ARs) Faster than expected recovery in industrial vehicles and process markets Headwinds: Ongoing global supply chain disruption (semiconductors, electronic components, freight and delivery) Macro-level headwinds (Rising inflation / interest rates, higher USD, recessionary concerns, COVID) Defense: FY22 impacted by 180-day CR and slower outlays Commercial aerospace market slower to recover IRC Sec. 174 - R&D tax amortization Delivering value through disciplined acquisition strategy (PacStar, Engineered Arresting Systems) Record order book – positioned for solid organic growth Growing strategic R&D funding to drive innovation Cross-over technology wins across the portfolio Success in driving operational and commercial excellence initiatives (OI Growth > Revenue Growth) TARGETS INTRODUCED MAY 2021

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![](a53334778ex99_2slide9.jpg)

CURTISS-WRIGHT REMAINS WELL POSITIONED FOR LONG-TERM PROFITABLE GROWTH 9 Strong backlog exiting 2022 provides visibility and confidence in long-term outlook FY23 Sales growth of 4% - 6%, driven by strength in A&D markets Expect to benefit from multi-year growth in Defense markets and continued ramp up in Commercial Aerospace Remain aligned with long-term secular growth trends in Commercial markets Continued Operating Margin expansion, Expect 10 - 30 bps increase to 17.4% - 17.6% Strong balance sheet and long-term FCF outlook support commitment to a disciplined capital allocation strategy Maintain line of sight to Investor Day financial targets for 2023 Note: 2022 results included partial year sales contribution from engineered arresting systems acquisition.

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![](a53334778ex99_2slide10.jpg)

Appendix 10

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NON-GAAP FINANCIAL INFORMATION 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 "Reported" GAAP amounts to "Adjusted" non-GAAP amounts are furnished within the Company's earnings press release.&nbsp;&nbsp;&nbsp;&nbsp; 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 in the prior year, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) the sale or divestiture of a business or product line; (iii) pension settlement charges; and (iv) significant legal settlements, impairment costs, and costs associated with shareholder activism, as applicable. Organic Sales and Organic Operating Income The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company's ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions made during the last twelve months, loss on divestiture of the German valves business, and foreign currency fluctuations. Free Cash Flow and Free Cash Flow Conversion The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Adjusted free cash flow for 2022 excludes: (i) payments associated with the Westinghouse legal settlement and (ii) executive pension payments. The Corporation discloses adjusted free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as adjusted free cash flow divided by adjusted net earnings. EBITDA EBITDA is defined as Net Earnings before Interest, Tax, Depreciation and Amortization. 11

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FOURTH QUARTER 2022: END MARKET SALES GROWTH ($ in millions) Q4'22 Adjusted Q4'21 Adjusted Chg vs. Q4'21 Key Drivers Aerospace Defense $173 $125 38% Higher revenues of arresting systems equipment (acquisition) and higher embedded computing revenues on various C5ISR programs Ground Defense $81 $62 32% Higher tactical communications equipment revenues Naval Defense $184 $179 2% Higher Columbia-class submarine and fleet services partially offset by lower CVN-80 aircraft carrier revenues Commercial Aerospace $77 $69 12% Strong OEM demand for actuation, sensors and services on narrowbody and widebody platforms Total A&D Markets $515 $435 18% Power & Process $132 $121 9% Strong growth in Commercial nuclear and process markets, partially offset by lower CAP1000 revenues (wind down) General Industrial $111 $100 11% Continued strong demand for industrial vehicles products and higher sales of surface treatment services Total Commercial Markets $243 $221 10% Total Curtiss-Wright $758 $655 16% 12 Note: Amounts may not add down due to rounding.

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FULL YEAR 2022: END MARKET SALES GROWTH ($ in millions) FY'22 Adjusted FY'21 Adjusted Chg vs. FY'21 Key Drivers Aerospace Defense $480 $453 6% Higher revenues of arresting systems equipment (acquisition), partially offset by lower embedded computing and actuation equipment revenues on various programs Ground Defense $220 $224 (2%) Lower revenues on tactical communications equipment and ground vehicle programs, partially offset by higher revenue on ground missile launchers Naval Defense $694 $711 (2%) Lower CVN-80 aircraft carrier and Virginia-class submarine program revenues, partially offset by higher Columbia-class submarine and CVN-81 aircraft carrier Commercial Aerospace $277 $257 8% Solid OEM demand for actuation, sensors and services on narrowbody and widebody platforms, partially offset by reduced sales of avionics and flight test equipment Total A&D Markets $1,670 $1,644 2% Power & Process $472 $444 6% Strong growth in Commercial nuclear and process markets, partially offset by lower CAP1000 revenues (wind down) General Industrial $415 $381 9% Continued strong demand for industrial vehicles products (on/off-highway) and higher sales of surface treatment services Total Commercial Markets $887 $825 8% Total Curtiss-Wright $2,557 $2,468 4% 13 Note: Amounts may not add down due to rounding.

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2022 END MARKET SALES WATERFALL FY'22 Adjusted: Overall UP 4% A&D Markets UP 2% Comm'l Markets UP 8% Note: Amounts may not add down due to rounding. Power & Process market sales concentrated in Naval & Power segment General Industrial sales concentrated in Aerospace & Industrial segment 14

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2023E END MARKET SALES WATERFALL (as of February 21, 2023) FY'23 Adjusted Guidance: Overall UP 4 - 6% A&D Markets UP 6 - 8% Comm'l Markets UP 0 - 2% Note: Amounts shown for % of Total Sales may not add due to rounding. Power & Process market sales concentrated in Naval & Power segment General Industrial sales concentrated in Aerospace & Industrial segment 15**