News Column

Curtiss-Wright Reports Second Quarter 2014 Financial Results and Increases Full-Year Guidance

July 30, 2014

Second Quarter2014 Operating Highlights from Continuing Operations

• Net sales increased 9% to $652 million, from $598 million in 2013;• Operating income increased 27% to $77 million, from $61 million in 2013;• Operating margin increased 160 basis points to 11.7%, from 10.1% in 2013;• Net earnings increased 31% to $46 million, or $0.93 per diluted share, from $35 million, or $0.74 per diluted share, in 2013;• Earnings from discontinued operations, excluding the loss on divestitures, amounted to ($0.10) in diluted earnings per share;• New orders totaled $750 million, up 30% from 2013, primarily due to higher demand within the aerospace and naval defense markets, driving book-to-bill to 1.15x;• Backlog was approximately $1.8 billion, up 9% from December 31, 2013; and• Company updates full-year guidance for sales, operating income, diluted EPS and free cash flow, expanding operating margin range to 11.1-11.3% and increasing free cash flow range to $180-200 million.

CHARLOTTE, N.C., July 30, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) reported financial results for the second quarter ended June 30, 2014.

"We are pleased with our solid second quarter results, which were led by strong organic operating income growth in our commercial businesses and continued dedication to improving profitability as we execute our strategy," said David C. Adams, President and CEO of Curtiss-Wright Corporation.

"Higher sales volumes, lower costs associated with our new organizational realignment, ongoing margin improvement initiatives, and our recent divestiture activity all contributed to increased profitability.

"Based on the solid first half results, we raised our full-year 2014 guidance. Overall, we remain focused on continuing to expand operating margins, generating strong free cash flow and maintaining a balanced capital allocation strategy in order to drive shareholder value."

Second Quarter 2014 Operating Results from Continuing Operations

(In thousands)2Q-20142Q-2013% Change
Sales$652,452$597,694 9%
Operating income 76,650 60,579 27%
Operating margin 11.7% 10.1% 160 bps


Sales

Sales of $652 million in the second quarter increased $55 million, or 9%, compared to the prior year period, primarily driven by our acquisitions and strength in the commercial markets.

From a market perspective, second quarter sales to the commercial markets were up 12% compared to the prior year period, while sales to the defense markets increased 2%. Refer to the table on page 9 for a full breakdown of sales by end market.

Operating Income

Operating income in the second quarter was $77 million, an increase of 27% compared to the prior year period, primarily driven by solid organic (excluding effects of foreign currency translation, acquisitions and divestitures) increases in our Commercial/Industrial and Energy segments. Additionally, our results reflect ongoing margin improvement initiatives across each of our segments, primarily lower costs resulting from our organizational realignment. Acquisitions contributed approximately $3 million to operating income in the current quarter.  

Operating margin was 11.7%, an increase of 160 basis points over the prior year period.

Non-segment operating expense

Non-segment costs were lower by approximately $6 million as compared with the prior year period, mainly due to lower pension and post retirement costs in the current quarter.

Net Earnings

Second quarter net earnings increased 31% from the comparable prior year period, reflecting solid growth in operating income. Interest expense of approximately $9 million was essentially flat compared to the prior year period, as higher average debt levels were offset by lower average interest rates. Our effective tax rate for the current quarter was 32.4%, essentially flat compared to the prior year period.

Free Cash Flow

(In thousands)2Q-20142Q-2013
Net cash generated from operating activities$99,010$61,881
Capital expenditures (17,631) (17,116)
Free cash flow$81,379$44,765


Free cash flow was $81 million for the second quarter of 2014, compared to $45 million in the prior year period, or an increase of approximately $37 million. Net cash generated from operating activities increased by $37 million from the prior year period, primarily due to higher net earnings and higher deferred revenue. Free cash flow is defined as cash flow from operations less capital expenditures.

Other Items – Discontinued Operations

During the second quarter, the Company divested two non-core businesses within the Defense segment and also reclassified the super vessels business within the Energy segment as assets held for sale. As a result of these actions, all three businesses are reflected as discontinued operations, and accordingly have been removed from our prior actual results and future financial guidance. The divestitures resulted in a $0.17 benefit to diluted EPS from continuing operations in the first half of 2014, including $0.10 in the second quarter.

The Company recorded an after-tax net book loss on sales in the second quarter of approximately $4 million, or $0.09 per diluted share. 

Other Items – Share Repurchase

The Company repurchased approximately 289,000 shares of its common stock during the second quarter at an average price of $65.34 for approximately $19 million. Year-to-date, the Company has repurchased 366,800 shares for approximately $24 million.

Full-Year 2014 Guidance

The Company is updating its previously issued full-year 2014 financial guidance for its continuing operations as follows:

Total Sales$2.565 - $2.615 billion (previously $2.65 - $2.70 billion)
Operating income$285 - $295 million (previously $274 - $285 million)
Operating margin 11.1% - 11.3% (previously 10.3% - 10.5%)
Interest Expense$39 - 40 million (no change)
Effective Tax Rate 30.0% - 31.0% (no change)
Diluted earnings per share$3.50 - $3.60 (previously $3.35 - $3.45)
Diluted Shares Outstanding 49.1 million (no change)
Free cash flow$180 - $200 million (previously $170 - $190 million )


All other full-year 2014 expectations remain unchanged from our previously released guidance. 

Full-Year 2014 Diluted EPS Guidance Reconciliation

The Company is updating its range for full-year 2014 diluted EPS guidance as follows:

 Full-Year 2014 Guidance
EPS (As of April 30, 2014 guidance)$3.35-$3.45
Plus: Discontinued operations (net full-year impact) 0.10- 0.10
Plus: Operational improvement initiatives 0.10- 0.10
Less: Lowered sales (power generation market) (0.05)- (0.05)
Subtotal0.15-0.15
EPS from Continuing Operations (July 30, 2014)$3.50-$3.60
 
Notes:  A more detailed breakdown of our 2014 guidance by segment and by market can be found in the attached accompanying schedules. 


Second Quarter 2014 Segment Performance

Commercial/Industrial

       
(In thousands)2Q-20142Q-2013% Change
Sales$275,674$241,703 14%
Operating income 37,741 27,010 40%
Operating margin 13.7% 11.2% 250 bps


Sales for the second quarter were approximately $276 million, an increase of $34 million, or 14%, over the comparable prior year period, aided by the contribution from acquisitions and solid 5% organic growth. Acquisitions contributed approximately $18 million to sales in the current quarter, primarily due to the acquisition of Arens Controls serving the general industrial market, while favorable foreign currency translation added more than $4 million to current quarter sales. Within the commercial aerospace market, we experienced a solid 7% increase in sales, as our business continues to benefit from the ramp up in OEM production rates, particularly on the Boeing 737 and 787 programs, as well as solid demand for sensors and controls equipment. This growth was aided by higher sales of coatings and analytical testing services to various aerospace customers. Within the oil and gas market, we experienced solid global demand for our industrial valve products.  

Operating income in the second quarter was $38 million, an increase of $11 million, or 40%, from the comparable prior year period, while operating margin increased 250 basis points to 13.7%. Acquisitions contributed $2 million to operating income in the current quarter. Strong organic growth in operating income and operating margin was driven by higher sales volumes related to industrial vehicles products, sensors and controls equipment and industrial valve products, as well as improved profitability resulting from our ongoing margin improvement initiatives, particularly the benefits from our organizational realignment initiatives.  

Defense

(In thousands)2Q-20142Q-2013% Change
Sales$192,309$193,357 (1%)
Operating income 24,454 29,854 (18%)
Operating margin 12.7% 15.4% (270 bps)


Sales for the second quarter were $192 million, nearly flat with the comparable prior year period, as improved naval defense sales were offset by lower sales to the power generation market. Within the defense markets, we experienced strong naval defense sales driven by increased year-over-year production of pumps and generators on the Virginia-class submarine program and increased sales on the DDG-51 Destroyer program. In addition, the Parvus acquisition contributed approximately $5 million to sales in the current quarter, primarily to the aerospace and ground defense markets. Those gains were somewhat offset by reduced year-over-year sales to various programs in the aerospace and ground defense markets as compared to the prior year period, primarily due to lower sales on military helicopter programs. Meanwhile, within the power generation market, we experienced lower year-over-year revenues on the domestic and China AP1000 programs.  

Operating income in the second quarter was $24 million, a decrease of $5 million, or 18%, compared to the prior year period, while operating margin decreased 270 basis points to 12.7%. Acquisitions contributed $1 million of operating income to the current year quarter.  Lower operating margin was primarily driven by reduced higher margin domestic AP1000 and China technology transfer revenues in the current period. Those decreases were partially offset by the benefits of our organizational realignment initiatives, along with ongoing cost reduction and operational improvement initiatives. 

Energy

(In thousands) 2Q-2014 2Q-2013 % Change
Sales$184,469$162,634 13%
Operating income 20,720 15,791 31%
Operating margin 11.2% 9.7% 150 bps


Sales for the second quarter were approximately $185 million, an increase of approximately $22 million, or 13%, compared to the prior year period. Within the power generation market, we experienced increased demand in the domestic aftermarket for our extensive array of products supporting existing nuclear reactors, aided by a rebound in projects that had previously shifted out of the first quarter. Higher sales to the oil and gas market were driven by the contribution of upstream sales, as well as improved international coker equipment sales. 

Operating income in the second quarter was $21 million, a 31% increase from the comparable prior year period, while operating margin increased 150 basis points to 11.2%. This improvement in operating income and operating margin was driven by higher sales volumes in the oil and gas market as well as the benefit of organizational realignment activities. We also experienced improved profitability in the power generation market based on the aforementioned higher sales volumes.

Conference Call Information

The Company will host a conference call to discuss the second quarter 2014 results and guidance at 9:00 a.m. EDT on Thursday, July 31, 2014. A live webcast of the call and the accompanying financial presentation 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
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
                   
                
 Three Months Ended Six Months Ended  
 June 30,ChangeJune 30,Change 
 20142013$%20142013$%  
Product sales  $ 521,815  $ 491,056  $ 30,759 6%  $ 1,032,187  $ 953,506  $ 78,681 8%  
Service sales  130,637  106,638  23,999 23%  245,695  212,741  32,954 15%  
Total net sales  652,452  597,694  54,758 9%  1,277,882  1,166,247  111,635 10%  
                   
Cost of product sales  350,758  330,451  20,307 6%  699,507  650,024  49,483 8%  
Cost of service sales  85,491  69,558  15,933 23%  161,097  138,912  22,185 16%  
Total cost of sales  436,249  400,009  36,240 9%  860,604  788,936  71,668 9%  
                   
Gross profit 216,203 197,685 18,518 9% 417,278 377,311 39,967 11%  
                   
Research and development expenses 17,621 14,851 2,770 19% 34,745 31,016 3,729 12%  
Selling expenses 37,047 37,202 (155) (0%) 75,295 72,006 3,289 5%  
General and administrative expenses 84,885 85,053 (168) (0%) 166,780 173,388 (6,608) (4%)  
                   
Operating income 76,650 60,579 16,071 27% 140,458 100,901 39,557 39%  
                   
Interest expense (8,988) (9,342) 354 4% (18,044) (18,005) (39) (0%)  
Other income, net 64 200 (136) NM 118 645 (527) NM  
                   
Earnings before income taxes 67,726 51,437 16,289 32% 122,532 83,541 38,991 47%  
Provision for income taxes 21,917 16,376 5,541 34% 38,271 26,335 11,936 45%  
Earnings from continuing operations  $ 45,809  $ 35,061  $ 10,748 31%  $ 84,261  $ 57,206  $ 27,055 47%  
                   
Discontinued operations, net of taxes                  
Loss from discontinued operations  (4,994)  (1,691)  (3,303) NM  (8,282)  (2,893)  (5,389) NM  
Loss on divestiture  (4,424)  --  (4,424) NM  (4,424)  --  (4,424) NM  
Loss from discontinued operations  (9,418)  (1,691)  (7,727) NM  (12,706)  (2,893)  (9,813) NM  
                   
Net earnings  $ 36,391  $ 33,370  $ 3,021 9%  $ 71,555  $ 54,313  $ 17,242 32%  
                   
Basic earnings per share                  
Earnings from continuing operations  $ 0.96  $ 0.75      $ 1.75  $ 1.22      
Earnings from discontinued operations  (0.20)  (0.04)      (0.26)  (0.06)      
Total  $ 0.76  $ 0.71      $ 1.49  $ 1.16      
                   
Diluted earnings per share                  
Earnings from continuing operations  $ 0.93  $ 0.74      $ 1.72  $ 1.20      
Earnings from discontinued operations  (0.19)  (0.04)      (0.26)  (0.06)      
Total  $ 0.74  $ 0.70      $ 1.46  $ 1.14      
                   
Dividends per share                  
   $ 0.13  $ 0.10      $ 0.26  $ 0.19      
Weighted average shares outstanding:                  
Basic 48,175 46,786     48,055 46,700      
Diluted 49,239 47,507     49,160 47,478      
                   
NM- not meaningful                  
 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
       
       
 June 30,December 31,Change
 20142013%
Assets      
Current assets:      
Cash and cash equivalents  $ 194,140  $ 175,294 11%
Receivables, net  621,415  603,592 3%
Inventories, net  465,886  452,087 3%
Deferred tax assets, net  48,272  47,650 1%
Assets held for sale  10,799  -- 0%
Other current assets  69,053  58,660 18%
Total current assets 1,409,565 1,337,283 5%
Property, plant, and equipment, net  506,350  515,718 (2%)
Goodwill  1,117,981  1,110,429 1%
Other intangible assets, net  446,717  471,379 (5%)
Other assets  26,022  23,465 11%
Total assets $ 3,506,635  $ 3,458,274 1%
       
Liabilities      
Current liabilities:      
Current portion of long-term and short term debt  $ 775  $ 1,334 (42%)
Accounts payable  183,672  186,941 (2%)
Accrued expenses  128,611  142,935 (10%)
Income taxes payable  2,893  789 267%
Deferred revenue  184,219  164,343 12%
Other current liabilities  46,494  38,251 22%
Total current liabilities 546,664 534,593 2%
Long-term debt  933,489  958,604 (3%)
Deferred tax liabilities, net  142,104  123,644 15%
Accrued pension and other postretirement benefit costs  122,804  138,904 (12%)
Long-term portion of environmental reserves  15,147  15,498 (2%)
Other liabilities  111,854  134,326 (17%)
Total liabilities 1,872,062 1,905,569 (2%)
       
Stockholders' equity      
Common stock, $1 par value  49,190  49,190 0%
Additional paid in capital  157,373  150,618 4%
Retained earnings  1,440,000  1,380,981 4%
Accumulated other comprehensive income  34,779  25,259 38%
Less: cost of treasury stock  (46,769)  (53,343) (12%)
Total stockholders' equity 1,634,573 1,552,705 5%
       
Total liabilities and stockholders' equity $ 3,506,635  $ 3,458,274 1%
 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
($'s In thousands)
             
        
 Three Months EndedSix Months Ended
 June 30,June 30,
   Change  Change
 20142013%20142013%
Sales:            
Commercial/Industrial  $ 275,674  $ 241,703 14%  $ 542,102  $ 461,989 17%
Defense  192,309  193,357 (1%)  379,170  380,980 (0%)
Energy  184,469  162,634 13%  356,610  323,278 10%
             
Total sales $ 652,452  $ 597,694 9% $ 1,277,882  $ 1,166,247 10%
             
Operating income (expense):            
Commercial/Industrial  $ 37,741  $ 27,010 40%  $ 70,224  $ 47,063 49%
Defense  24,454  29,854 (18%)  47,723  47,057 1%
Energy  20,720  15,791 31%  36,361  29,155 25%
             
Total segments $ 82,915  $ 72,655 14% $ 154,308  $ 123,275 25%
Corporate and other  (6,265) (12,076) 48%  (13,850)  (22,374) 38%
             
Total operating income $ 76,650  $ 60,579 27% $ 140,458  $ 100,901 39%
             
             
Operating margins:          
Commercial/Industrial 13.7% 11.2%   13.0% 10.2%  
Defense 12.7% 15.4%   12.6% 12.4%  
Energy 11.2% 9.7%   10.2% 9.0%  
Total Curtiss-Wright11.7%10.1%  11.0%8.7%  
             
Segment margins 12.7% 12.2%   12.1% 10.6%  
 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SALES BY END MARKET (UNAUDITED)
($'s In thousands)
             
        
 Three Months EndedSix Months Ended
 June 30,June 30,
   Change  Change
 20142013%20142013%
Defense markets:            
Aerospace  $ 67,023  $ 67,815 (1%)  $ 140,583  $ 130,125 8%
Ground  19,895  21,464 (7%)  36,396  44,642 (18%)
Naval  100,022  90,035 11%  188,825  173,540 9%
Other  1,544  5,292 (71%)  2,809  10,202 (72%)
Total Defense $ 188,484  $ 184,606 2% $ 368,613  $ 358,509 3%
             
Commercial markets:            
Commercial Aerospace  $ 113,251  $ 104,197 9%  $ 223,475  $ 198,920 12%
Oil and Gas  133,050  109,850 21%  261,555  209,710 25%
Power Generation  109,061  116,627 (6%)  217,531  233,444 (7%)
General Industrial  108,606  82,414 32%  206,708  165,664 25%
Total Commercial $ 463,968  $ 413,088 12% $ 909,269  $ 807,738 13%
             
Total Curtiss-Wright $ 652,452  $ 597,694 9% $ 1,277,882  $ 1,166,247 10%


Use of Non-GAAP Financial Information

The Corporation supplements our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. 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. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

Organic Revenue and Organic Operating income              

The Corporation discloses organic revenue and organic operating income because the Corporation believes it provides investors with insight as to the Company's ongoing business performance. Organic revenue and organic operating income are defined as revenue and operating income excluding the impact of foreign currency fluctuations and contributions from acquisitions made during the last twelve months. 

  Three Months Ended
  2014 vs 2013
  Commercial Defense Energy Total Curtiss-Wright  
  Sales Operating

income
Sales Operating

income
Sales Operating

income
Sales Operating

income
 
Organic 5% 33% (4%) (21%) 13% 32% 4% 22%  
Acquisitions 7% 7% 2% 3% 0% (3%) 4% 5%  
Foreign Currency 2% (0%) 1% (0%) 0% 2% 1% 0%  
Total 14% 40% (1%) (18%) 13% 31% 9% 27%  
                   
  Six Months Ended
  2014 vs 2013
  Commercial Defense Energy Total Curtiss-Wright  
  Sales Operating

income
Sales Operating

income
Sales Operating

income
Sales Operating

income
 
Organic 6% 44% (4%) (5%) 10% 24% 4% 34%  
Acquisitions 9% 6% 3% 4% 0% (1%) 5% 4%  
Foreign Currency 2% (1%) 1% 2% 0% 2% 1% 1%  
Total 17% 49% (0%) 1% 10% 25% 10% 39%  


Free Cash Flow

The Corporation discloses free cash flow and cash conversion because the Corporation believes they are measurements of cash flow available for investing and financing activities. Free cash flow is defined as net cash flow provided by operating activities less capital expenditures. Free cash flow represents cash generated after paying for interest on borrowings, income taxes, capital expenditures, and working capital requirements, but before repaying outstanding debt and investing cash or utilizing debt credit lines to acquire businesses and make other strategic investments. Cash conversion is defined as free cash flow divided by net earnings. Free cash flow, as we define it, may differ from similarly named measures used by other entities and, consequently, could be misleading unless all entities calculate and define free cash flow in the same manner.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s In thousands)
         
         
 Three Months EndedSix Months Ended
 June 30,June 30,
 2014201320142013
         
Net cash provided by operating activities  $ 99,010  $ 61,881  $ 84,417  $ 60,801
Capital expenditures  (17,631)  (17,116)  (35,996)  (32,126)
Free cash flow  $ 81,379  $ 44,765  $ 48,421  $ 28,675
         
Cash conversion 224% 134% 68% 53%
         
 
CURTISS-WRIGHT CORPORATION
2014 Earnings Guidance (from Continuing Operations)
As of July 30, 2014
($'s in millions, except per share data)
    
    
 20132014 Guidance
 Recasted*LowHigh
Sales:      
Commercial/Industrial  $ 960  $ 1,040  $ 1,060
Defense  815  810  830
Energy  655  715  725
Total sales $ 2,430  $ 2,565  $ 2,615
       
Operating income:      
Commercial/Industrial  $ 109  $ 138  $ 142
Defense  119  111  115
Energy  59  70  72
Total segments 286  319  328
Corporate and other  (42)  (33)  (34)
Total operating income $ 244  $ 285  $ 295
    
Interest expense  $ (37)  $ (39)  $ (40)
Earnings before income taxes 208  246  256
Provision for income taxes  (64)  (74)  (79)
Net earnings $ 144  $ 172  $ 177
    
Reported diluted earnings per share $ 3.01  $ 3.50  $ 3.60
Diluted shares outstanding47.949.149.1
Effective tax rate30.8%30.0%31.0%
    
Operating margins:      
Commercial/Industrial 11.3% 13.3% 13.4%
Defense 14.6% 13.7% 13.8%
Energy 8.9% 9.7% 9.9%
Total operating margin10.0%11.1%11.3%
    
    
Note: Full year amounts may not add due to rounding
*Information has been revised from that previously presented to reflect the segment change announced in the first quarter of 2014 and the discontinued operations announced this quarter.
 
CURTISS-WRIGHT CORPORATION
2014 Sales Guidance by End Market (from Continuing Operations)
As of July 30, 2014
   
 2014 Guidance % Change
 LowHigh
   
Defense Markets  
Aerospace 8% 12%
Ground (7%) (11%)
Navy (2%) 2%
Total Defense (Including Other Defense)1%5%
   
Commercial Markets  
Commercial Aerospace 6% 10%
Oil and Gas 11% 15%
Power Generation 0% 4%
General Industrial 14% 18%
Total Commercial7%11%
   
Total Curtiss-Wright Sales6%8%
   
   
Note: Full year amounts may not add due to rounding


About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 10,000 people worldwide. For more information, visit www.curtisswright.com.

Certain statements made in this 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 our 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 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, 2013, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

CONTACT: Jim Ryan (973) 541-3766 Jim.Ryan@curtisswright.com



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Source: GlobeNewswire


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