NEWS RELEASE

FOR IMMEDIATE RELEASE

CURTISS-WRIGHT REPORTS 2004 FINANCIAL RESULTS

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Full Year and Fourth Quarter Sales up 28% and 45%, Respectively
Full Year and Fourth Quarter Earnings up 30% & 56%, Respectively
Ninth Consecutive Year of Revenue Growth

Backlog at Record Level

ROSELAND, NJ – February 3, 2005 – Curtiss-Wright Corporation (NYSE: CW, CW.B) today reports financial results for the full year and quarter ended December 31, 2004. The highlights are as follows:

Fourth Quarter 2004 Operating Highlights

Ÿ Net sales for the fourth quarter of 2004 increased 45% to $281.1 million from $193.7 million in the fourth quarter of 2003. Acquisitions made in the fourth quarter of 2003 and in 2004 contributed $52.8 million in incremental sales in the fourth quarter of 2004.

Ÿ Operating income in the fourth quarter of 2004 increased 49% to $38.8 million from $26.1 million in the fourth quarter of 2003. Acquisitions made in the fourth quarter of 2003 and in 2004 contributed $3.6 million in incremental operating income in the fourth quarter of 2004. The increase in operating income was achieved despite absorbing approximately $0.8 million of costs in the quarter related to compliance with Sarbanes-Oxley Section 404.

Ÿ Net earnings for the fourth quarter of 2004 increased 56% to $23.1 million, or $1.06 per diluted share, from $14.8 million, or $0.70 per diluted share, in the fourth quarter of 2003 (adjusted for the 2-for-1 stock split in December 2003). The net earnings for the fourth quarter of 2004 included nonrecurring tax benefits of $1.2 million (approximately $0.06 per diluted share) resulting from a favorable IRS appeals settlement and research and development tax credits. In addition, the increase in net earnings in the fourth quarter of 2004 was achieved despite the absorption of Sarbanes-Oxley compliance costs (approximately $0.02 per diluted share).

Ÿ New orders received in the fourth quarter of 2004 were $315.7 million, up 40% compared to the fourth quarter of 2003.

Curtiss-Wright Corporation, Page 2

Full Year 2004 Operating Highlights

Ÿ Net sales for the full year 2004 increased 28% to $955.0 million from $746.1 million in 2003. Acquisitions made in 2003 and 2004 contributed $154.2 million in incremental sales in 2004 as compared to 2003.

Ÿ Operating income in 2004 increased 29% to $115.1 million from $89.3 million in 2003. Acquisitions made in 2003 and 2004 contributed $11.0 million in incremental operating income in 2004 as compared to 2003. The increase in operating income was achieved despite a $2.1 million decrease in pension income and approximately $2.5 million of incremental costs related to compliance with Sarbanes-Oxley Section 404 in 2004 as compared to 2003.

Ÿ Net earnings in 2004 increased 30% to $67.7 million, or $3.14 per diluted share, from $52.3 million, or $2.50 per diluted share, in 2003 (adjusted for the 2-for-1 stock split in December 2003). The net earnings for 2004 included nonrecurring tax benefits of $3.4 million (approximately $0.16 per diluted share). In addition, the increase in 2004 net earnings was achieved despite a decrease in pension income (approximately $0.06 per diluted share) and incremental Sarbanes-Oxley costs (approximately $0.07 per diluted share).

Ÿ New orders received in 2004 were $998.9 million, up 34% compared to 2003. Backlog increased 24% to a new record high of $627.7 million at December 31, 2004 from $505.5 million at December 31, 2003.

“We are pleased to report our ninth consecutive year of revenue growth along with higher operating income and earnings in 2004,” commented Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “Over the last five years Curtiss-Wright has delivered a compounded annual growth rate in sales of 27%, operating income of 22% and earnings per share of 20%. During this same time, our total shareholder return was 28%, which is much better than the relative indices and at the top of the aerospace and defense industries. Achievement of these results during a time frame during which we acquired over 30 businesses is a strong indicator of our ability to integrate acquisitions quickly and profitably. Our diversification strategy has provided growth in 2004 for both our defense markets, which grew 30%, and commercial and industrial markets, which grew 26%, over the prior year period. We also experienced strong organic sales growth of 21% from our Metal Treatment segment, and strong organic operating income growth in our Metal Treatment and Motion Control segments, which grew 55% and 22%, respectively, in 2004.”

Curtiss-Wright Corporation, Page 3

Sales

Sales growth in 2004 for the fourth quarter and full year as compared to 2003 was driven by contributions from acquisitions and organic growth in some of our base businesses. Acquisitions made in 2003 and 2004 have contributed $52.8 million and $154.2 million in incremental sales for the quarter and full year ended December 31, 2004, respectively, over the comparable periods in 2003. The remaining base businesses experienced organic growth of 18% and 7% for the quarter and full year ended December 31, 2004, respectively, over the prior year periods. The organic sales growth in the fourth quarter of 2004 was driven by our Flow Control and Metal Treatment segments, which experienced organic growth of 29% and 19%, respectively, compared to the prior year period. Our Motion Control segment grew 6% organically in fourth quarter of 2004 as compared to the prior year period.

In our base businesses, higher sales from our Metal Treatment segment of global shot peening services, higher sales from our Flow Control segment to the commercial power generation and oil and gas markets, and higher domestic military aerospace and global commercial aerospace aftermarket sales from our Motion Control segment, all contributed to the organic growth. In addition, foreign currency translation favorably impacted sales by $3.9 million and $15.8 million for the quarter and full year ended December 31, 2004, respectively, compared to the prior year periods.

Operating Income

Operating income in 2004 for the fourth quarter and full year increased 48% and 29%, respectively, over the 2003 prior year periods. The increases were due to higher sales volumes, favorable sales mix, reduction in certain reserve requirements, and previously implemented cost control initiatives. Overall, organic operating income growth was 32% and 19% for the quarter and full year ended December 31, 2004, respectively, compared to the prior year periods. The strong quarterly operating income performance was lead by our Flow Control segment, which produced organic growth of 42%, while the Metal Treatment and Motion Control segments grew organically by 20% and 18%, respectively, as compared to the prior year period. The segment operating income growth was achieved despite the absorption of costs associated with Sarbanes-Oxley Rule 404 compliance.

The higher segment operating income was partially offset by lower pension income of $0.2 million and $2.1 million for the quarter and full year ended December 31, 2004, respectively, over the comparable prior year periods. In addition, foreign currency translation favorably impacted operating income by $0.9 million and $2.9 million for the quarter and full year ended December 31, 2004, respectively, compared to the prior year periods.

On a consolidated basis, our operating margin was 13.8% in the fourth quarter of 2004 versus 13.5% in the prior year. Our full year operating margin was 12.1% for 2004 and 12.0% for 2003. Our operating margins continue to be adversely affected by higher amortization expense due to our robust acquisition activity over the past couple of years.

Curtiss-Wright Corporation, Page 4

Net Earnings

Net earnings increased 56% and 30% for the quarter and full year ended December 31, 2004, respectively, over the comparable prior year periods. This was achieved as a result of strong operating income from our business segments, which increased $11.7 million and $28.4 million for the quarter and full year ended December 31, 2004, respectively, over the prior year periods.

Net earnings for 2004 includes nonrecurring tax benefits totaling $3.4 million. These improvements were offset by higher interest expense associated with the debt incurred to fund our acquisition program and from higher interest rates.

Segment Performance

Flow Control – Sales for the fourth quarter of 2004 were $118.3 million, up 51% over the comparable period last year, principally due to strong organic growth of 29% in the base businesses, and from the contributions from the 2004 acquisitions. Higher sales of flow control and electronic products to the U.S. Navy, higher sales of valves, pumps, other electromechanical products, and field services to the commercial power generation market, and higher sales of valves to the oil and gas market, all contributed to the organic growth in 2004. Sales of this business segment also benefited from favorable foreign currency translation of $0.5 million in the fourth quarter of 2004 as compared to the prior year period.

Operating income for this segment increased 58% in the fourth quarter of 2004 compared to the prior year period. The improvement was due to strong organic growth of 42%, lead by higher sales volume of our U.S. Navy, commercial power generation, and oil and gas products, favorable sales mix, and previously implemented cost reduction initiatives. The organic operating income increase is also due to inventory write-offs in 2003 that did not reoccur in 2004.

Motion Control – Sales for the fourth quarter of 2004 of $115.9 million increased 49% over last year, principally due to the contributions from the 2003 and 2004 acquisitions, which contributed $33.1 million of incremental sales in the fourth quarter of 2004. Sales from the base businesses increased 6% in the fourth quarter of 2004 as compared to the prior year period. This organic growth increase was due to higher electronic military aerospace sales and higher commercial aerospace aftermarket sales from our repair and overhaul and integrated sensors businesses. This improvement was partially offset by lower ground defense sales associated with the Bradley Fighting Vehicle and lower commercial aerospace OEM sales. Sales of this business segment also benefited from favorable foreign currency translation of $1.9 million in the fourth quarter of 2004 as compared to the prior year period.

Operating income for this segment increased 40% for the fourth quarter of 2004 compared to the prior year period. The improvement was driven by higher sales volume previously mentioned, favorable sales mix, and previously implemented cost control initiatives. This segment also benefited from reductions in reserve requirements at its European integrated sensors business.

Curtiss-Wright Corporation, Page 5

Metal Treatment – Sales for the fourth quarter of 2004 of $46.8 million were 24% higher than the comparable period last year. The improvement was mainly due to organic growth of 19% driven by higher overall shot peening revenues to the European aerospace and automotive markets, and the contributions from the 2004 acquisitions. This segment also experienced organic growth in the coatings and heat treating businesses. Favorable foreign currency translation positively impacted sales by $1.5 million in the fourth quarter of 2004 as compared to the prior year period.

Operating income increased 23% for the fourth quarter of 2004 as compared to the prior year period. Operating income improved in our shot peening businesses primarily as a result of higher sales volume, especially for our higher margin laser peening business. In addition, favorable sales mix, cost reduction programs, and favorable foreign currency translation also contributed to the higher operating income.

2005 Management Guidance

For the full year 2005, management expects to achieve revenues in the range of $1.05 billion to $1.10 billion, operating income in the range of $130-$138 million, which includes $2 million of pension expense from the Curtiss-Wright pension plan, and earnings per share in the range of $3.24 to $3.45 per share. This guidance reflects our expectations of 10-15% growth in revenue, 15-20% growth in operating income, and 10-15% growth in EPS, excluding $0.16 per share of nonrecurring tax benefits reported in 2004.

Full year free cash flow (defined as cash flow from operating activities less capital expenditures) is expected to be between $55 and $60 million for 2005.

EPS guidance is based on an estimated fully diluted shares outstanding of 22 million shares for the full year 2005. 2005 guidance includes an estimate for costs associated with the continuation of Sarbanes-Oxley compliance, but it does not include estimates for compliance with the new accounting rules for the expensing of equity-based compensation costs and it does not assume any acquisitions which may be completed in 2005.

Mr. Benante concluded, “In 2004, we continued to demonstrate our ability to generate long-term shareholder value by growing our sales and earnings. Over the past several years our operating income has been growing faster than our sales while we executed a very active, yet disciplined, acquisition program. Our strong performance in 2004 once again demonstrates our ability to execute our strategy and achieve our financial targets. Our successful growth is the result of our diversification and ability to deliver the high performance, technologically advanced products for which Curtiss-Wright is world renowned. We continue to experience increasing demand for our new technologies, many of which are only at the beginning of their life cycles, which should continue to provide superior returns to our shareholders into the future. Our diversification strategy, the continued successful integration of our acquisitions, and ongoing emphasis on technology will continue to generate growth opportunities in each of our three business segments in 2005 and beyond.”

Curtiss-Wright Corporation, Page 6

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The Company will host a conference call to discuss the 2004 results at 10:00 EST Friday, February 4, 2005. A live webcast of the call can be heard on the Internet by visiting the company’s website at www.curtisswright.com and clicking on the investor information page or by visiting other websites that provide links to corporate webcasts.

(Tables to Follow)

Curtiss-Wright Corporation, Page 7

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,						Three Months Change						Twelve Months Change
	2004			2003			2004			2003			$			%			$			%
Net sales	$	281,104		$	193,663		$	955,039		$	746,071		$	87,441			45.15	%	$	208,968			28.01	%
Cost of sales		180,067			125,476			624,536			505,153			54,591			43.51	%		119,383			23.63	%
Gross profit		101,037			68,187			330,503			240,918			32,850			48.18	%		89,585			37.18	%
Research & development expenses		9,416			5,617			33,825			22,111			3,799			67.63	%		11,714			52.98	%
Selling expenses		16,888			9,929			61,648			38,816			6,959			70.09	%		22,832			58.82	%
General and administrative expenses		35,455			25,529			118,526			90,849			9,926			38.88	%		27,677			30.46	%
Environmental remediation and administrative
expenses, net		394			1,043			885			1,423			(649	)		N/A			(538	)		N/A
Pension expense (income), net		123			(31	)		500			(1,611	)		154			-496.77	%		2,111			-131.04	%
Operating income		38,761			26,100			115,119			89,330			12,661			48.51	%		25,789			28.87	%
Other income (expenses), net		76			207			65			389			(131	)		-63.29	%		(324	)		-83.29	%
Interest expense		(3,613	)		(2,757	)		(12,031	)		(5,663	)		(856	)		31.05	%		(6,368	)		112.45	%
Earnings before income taxes		35,224			23,550			103,153			84,056			11,674			49.57	%		19,097			22.72	%
Provision for income taxes		12,171			8,796			35,447			31,788			3,375			38.37	%		3,659			11.51	%
Net earnings	$	23,053		$	14,754		$	67,706		$	52,268		$	8,299			56.25	%	$	15,438			29.54	%
Basic earnings per share	$	1.08		$	0.71		$	3.19		$	2.53
Diluted earnings per share	$	1.06		$	0.70		$	3.14		$	2.50
Dividends per share	$	0.09		$	0.09		$	0.36		$	0.32
Weighted average shares outstanding:
Basic		21,418			20,735			21,196			20,640
Diluted		21,762			21,064			21,547			20,887

Share and per share amounts have been restated to reflect the Corporation’s 2-for-1 stock split on December 17, 2003.

Curtiss-Wright Corporation, Page 8

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

	December 31,			December 31,			Change
	2004			2003			$			%
Assets
Current Assets:
Cash and cash equivalents	$	41,038		$	98,672		$	(57,634	)		-58.4	%
Receivables, net		214,084			143,362			70,722			49.3	%
Inventories, net		115,979			97,880			18,099			18.5	%
Deferred income taxes		25,693			23,630			2,063			8.7	%
Other current assets		12,460			10,979			1,481			13.5	%
Total current assets		409,254			374,523			34,731			9.3	%
Property, plant, and equipment, net		265,243			238,139			27,104			11.4	%
Prepaid pension costs		77,802			77,877			(75	)		-0.1	%
Goodwill, net		364,313			220,058			144,255			65.6	%
Other intangible assets, net		140,369			48,268			92,101			190.8	%
Other assets		21,459			14,800			6,659			45.0	%
Total Assets	$	1,278,440		$	973,665		$	304,775			31.3	%
Liabilities
Current Liabilities:
Short-term debt	$	1,630		$	997		$	633			63.5	%
Accounts payable		65,364			43,776			21,588			49.3	%
Accrued expenses		63,413			44,938			18,475			41.1	%
Income taxes payable		13,895			6,748			7,147			105.9	%
Other current liabilities		52,793			39,424			13,369			33.9	%
Total current liabilities		197,095			135,883			61,212			45.0	%
Long-term debt		340,860			224,151			116,709			52.1	%
Deferred income taxes		41,803			21,798			20,005			91.8	%
Accrued pension & other postretirement benefit costs		80,612			75,633			4,979			6.6	%
Long-term portion of environmental reserves		18,956			21,083			(2,127	)		-10.1	%
Other liabilities		20,860			16,236			4,624			28.5	%
Total Liabilities		700,186			494,784			205,402			41.5	%
Stockholders' Equity
Common stock, $1 par value		16,646			16,611			35			0.2	%
Class B common stock, $1 par value		8,765			8,765			0			0.0	%
Capital surplus		55,885			52,998			2,887			5.4	%
Retained earnings		603,710			543,670			60,040			11.0	%
Unearned portion of restricted stock		(34	)		(55	)		21			-38.2	%
Accumulated other comprehensive income		36,797			22,634			14,163			62.6	%
		721,769			644,623			77,146			12.0	%
Less: cost of treasury stock		143,515			165,742			(22,227	)		-13.4	%
Total Stockholders' Equity		578,254			478,881			99,373			20.8	%
Total Liabilities and Stockholders' Equity	$	1,278,440		$	973,665		$	304,775			31.3	%

Curtiss-Wright Corporation, Page 9

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)

	Three Months Ended December 31,									Twelve Months Ended December 31,
	2004			2003			% Change			2004			2003			% Change
Sales:
Flow Control	$	118,335		$	78,146			51.4	%	$	388,139		$	341,271			13.7	%
Motion Control		115,927			77,724			49.2	%		388,576			265,905			46.1	%
Metal Treatment		46,842			37,793			23.9	%		178,324			138,895			28.4	%
Total Sales	$	281,104		$	193,663			45.2	%	$	955,039		$	746,071			28.0	%
Operating Income:
Flow Control	$	15,529		$	9,815			58.2	%	$	44,651		$	39,991			11.7	%
Motion Control		16,203			11,616			39.5	%		44,903			30,350			48.0	%
Metal Treatment		7,308			5,953			22.8	%		28,279			19,055			48.4	%
Total Segments		39,040			27,384			42.6	%		117,833			89,396			31.8	%
Pension (Expense)/Income		(123	)		31			-496.8	%		(500	)		1,611			-131.0	%
Corporate & Other		(156	)		(1,315	)		-88.1	%		(2,214	)		(1,677	)		32.0	%
Total Operating Income	$	38,761		$	26,100			48.5	%	$	115,119		$	89,330			28.9	%
Operating Margins:
Flow Control		13.1%			12.6%						11.5%			11.7%
Motion Control		14.0%			14.9%						11.6%			11.4%
Metal Treatment		15.6%			15.8%						15.9%			13.7%
Total Curtiss-Wright		13.8%			13.5%						12.1%			12.0%

Curtiss-Wright Corporation, Page 10

About Curtiss-Wright

Curtiss-Wright Corporation is a diversified company headquartered in Roseland, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and provides a variety of metal treatment services. The firm employs approximately 5,600 people. More information on Curtiss-Wright can be found at www.curtisswright.com.

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Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. Please refer to the Company’s current SEC filings under the Securities and Exchange Act of 1934, as amended, for further information.

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

Contact:   Alexandra M. Deignan
                   (973) 597-4734
                   adeignan@curtisswright.com