Exhibit 99.1

Curtiss-Wright Reports Second Quarter 2023 Financial Results and Raises Full-Year 2023 Guidance

DAVIDSON, N.C.--(BUSINESS WIRE)--August 2, 2023--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights:

Reported sales of $704 million, up 16%;
Reported operating income of $113 million, operating margin of 16.0%, and diluted earnings per share (EPS) of $2.10;
Adjusted operating income of $115 million, up 18%;
Adjusted operating margin of 16.4%, up 30 basis points;
Adjusted diluted EPS of $2.15, up 18%;
New orders of $842 million, up 8%, reflecting strong Aerospace & Defense (A&D) market demand, and book-to-bill of 1.2;
Backlog of $2.8 billion, up 9% year-to-date; and
Free cash flow (FCF) of $99 million, generating 119% Adjusted FCF conversion.

Raised Full-Year 2023 Adjusted Financial Guidance:

Sales increased to new range of 7% to 9% growth (previously 4% to 6%), now reflecting growth in all A&D and Commercial end markets;
Operating income increased to new range of 8% to 11% growth (previously 5% to 8%);
Maintained operating margin range of 17.4% to 17.6%, up 10 to 30 basis points compared with the prior year;
Diluted EPS increased to new range of $8.90 to $9.15, up 10% to 13% (previously $8.65 to $8.90); and
Free cash flow increased to new range of $370 to $400 million (previously $360 to $400 million) and continues to reflect greater than 110% FCF conversion.

"Curtiss-Wright delivered stronger-than-expected second quarter results, highlighted by top-line growth in all of our A&D and Commercial end markets and continued operating margin expansion, as we successfully execute on our Pivot to Growth strategy," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We also experienced solid order activity, yielding a book-to-bill of 1.2, and continued to grow our backlog driven by strong demand across all three segments."

"Based on the strong first half results and our expectations for continued easing in the defense electronics supply chain, we have increased our full-year sales, operating income, diluted EPS and free cash flow guidance. We now expect growth in all of our A&D and Commercial markets, as we maintain strong alignment with the favorable secular growth trends influencing our business. We remain committed to delivering on our investor day targets through a strong focus on operational excellence and continued investment in Curtiss-Wright's future growth to drive long-term shareholder value.”

Second Quarter 2023 Operating Results

(In millions)	Q2-2023			Q2-2022			Change
*Reported*
Sales	$	704		$	609		16%
Operating income	$	113		$	98		15%
Operating margin		16.0	%		16.1	%	(10 bps)

*Adjusted ⁽¹⁾*
Sales	$	704		$	609		16%
Operating income	$	115		$	98		18%
Operating margin		16.4	%		16.1	%	30 bps
⁽¹⁾ Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $704 million increased 16% compared with the prior year;
Total A&D market sales increased 23%, while total Commercial market sales increased 4%;
In our A&D markets, our results reflected strong organic sales growth driven by the continued easing of defense electronics supply chain headwinds in our defense markets and higher sales in the commercial aerospace market, as well as the contribution from the acquisition of our engineered arresting systems business;
In our Commercial markets, we experienced solid growth in the power & process markets, despite the wind down on the China Direct AP1000 program, and higher sales in the general industrial market; and
Adjusted operating income of $115 million increased 18%, while Adjusted operating margin increased 30 basis points to 16.4%, principally driven by favorable overhead absorption on higher revenues in all three segments; Those increases were partially offset by unfavorable mix in the Aerospace & Industrial and Naval & Power segments.

Second Quarter 2023 Segment Performance

Aerospace & Industrial

(In millions)	Q2-2023			Q2-2022			Change
*Reported*
Sales	$	226		$	209		8%
Operating income	$	36		$	32		10%
Operating margin		15.8	%		15.6	%	20 bps

*Adjusted ⁽¹⁾*
Sales	$	226		$	209		8%
Operating income	$	36		$	32		10%
Operating margin		15.8	%		15.6	%	20 bps
⁽¹⁾ Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $226 million, up $18 million, or 8%;
Commercial aerospace market revenue increases reflected strong demand and higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms;
Higher general industrial market revenue was principally driven by increased sales of industrial automation products and surface treatment services;
Higher revenue in the aerospace and naval defense markets reflected the timing of sales for our actuation equipment supporting various programs; and
Adjusted operating income was $36 million, up 10% from the prior year, while Adjusted operating margin increased 20 basis points to 15.8%, mainly due to solid absorption on higher sales, partially offset by unfavorable mix in actuation and sensors products.

Defense Electronics

(In millions)	Q2-2023			Q2-2022			Change
*Reported*
Sales	$	198		$	150		32%
Operating income	$	43		$	24		77%
Operating margin		21.8	%		16.4	%	540 bps

*Adjusted ⁽¹⁾*
Sales	$	198		$	150		32%
Operating income	$	43		$	24		77%
Operating margin		21.8	%		16.4	%	540 bps
⁽¹⁾ Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $198 million, up $48 million, or 32%;
Higher revenue in the aerospace defense market was primarily driven by increased sales of our embedded computing and flight test instrumentation equipment on various fighter jet programs;
Strong revenue growth in the ground defense market reflected higher sales of tactical battlefield communications equipment;
Higher commercial aerospace market revenue reflected increased sales of avionics and flight test equipment on various domestic and international platforms; and
Adjusted operating income was $43 million, up 77% from the prior year, while adjusted operating margin increased 540 basis points to 21.8%, primarily due to favorable absorption on higher A&D revenues.

Naval & Power

(In millions)	Q2-2023			Q2-2022			Change
*Reported*
Sales	$	280		$	251		12%
Operating income	$	47		$	50		(6%)
Operating margin		16.7	%		19.9	%	(320 bps)

*Adjusted ⁽¹⁾*
Sales	$	280		$	251		12%
Operating income	$	49		$	50		(1%)
Operating margin		17.6	%		19.9	%	(230 bps)
⁽¹⁾ Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $280 million, up $29 million, or 12%;
Higher aerospace defense market revenues reflected a solid contribution from the arresting systems acquisition and strong demand from international customers;
Naval defense market revenue increases principally reflected higher revenues on Columbia-class and Virginia-class submarines, partially offset by the timing of revenues on aircraft carrier programs;
Higher power & process market revenues reflected strong growth in industrial valve sales in the process market as well as solid growth in commercial nuclear aftermarket revenues supporting the maintenance of existing operating reactors; Those increases were partially offset by lower China Direct AP1000 program revenues; and
Adjusted operating income was $49 million, down 1% from the prior year, while adjusted operating margin decreased 230 basis points to 17.6%, as favorable absorption on higher organic revenues and the contribution from the arresting systems acquisition were offset by an unfavorable mix of products.

Free Cash Flow

(In millions)	Q2-2023			Q2-2022			Change
Net cash provided by operating activities	$	111		$	31		257	%
Capital expenditures		(12	)		(9	)	40	%
Reported free cash flow	$	99		$	22		341	%
Adjusted free cash flow ⁽¹⁾	$	99		$	22		341	%
⁽¹⁾ A reconciliation of Reported to Adjusted free cash flow is available in the Appendix.

Reported free cash flow of $99 million increased $77 million year over year, primarily due to improvements in working capital;
Adjusted free cash flow of $99 million; and
Capital expenditures increased $3 million compared with the prior year.

New Orders and Backlog

New orders of $842 million increased 8% compared with the prior year and generated an overall book-to-bill of approximately 1.2x, principally driven by strong demand for defense electronics and naval defense products within our A&D markets, and for nuclear aftermarket products within our Commercial markets; and
Backlog of $2.8 billion, up 9% from December 31, 2022, reflects higher demand in both our A&D and Commercial markets.

Share Repurchase and Dividends

During the second quarter, the Company repurchased 72,703 shares of its common stock for approximately $12 million; and
The Company also declared a quarterly dividend of $0.20 a share, an increase of 5% from the previous quarter.

Full-Year 2023 Guidance

The Company is updating its full-year 2023 Adjusted financial guidance⁽¹⁾ as follows:

($ in millions, except EPS)	2023 Adjusted Non-GAAP Guidance (Prior)	2023 Adjusted Non-GAAP Guidance (Current)	Change vs 2022 Adjusted (Current)
Total Sales	$2,655 - $2,710	$2,730 - $2,790	Up 7% - 9%
Operating Income	$463 - $477	$476 - $490	Up 8% - 11%
Operating Margin	17.4% - 17.6%	17.4% - 17.6%	Up 10 - 30 bps
Diluted EPS	$8.65 - $8.90	$8.90 - $9.15	Up 10% - 13%
Free Cash Flow	$360 - $400	$370 - $400	Up 25% - 36%

⁽¹⁾

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.

Conference Call & Webcast Information

The Company will host a conference call to discuss its second quarter 2023 financial results and updates to 2023 guidance at 10:00 a.m. ET on Thursday, August 3, 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 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,						June 30,
	2023			2022			2023			2022
Product sales	$	583,036		$	505,416		$	1,107,917		$	958,837
Service sales		121,360			103,941			227,339			209,981
Total net sales		704,396			609,357			1,335,256			1,168,818

Cost of product sales		369,549			316,389			713,306			610,916
Cost of service sales		75,274			64,454			140,969			127,986
Total cost of sales		444,823			380,843			854,275			738,902

Gross profit		259,573			228,514			480,981			429,916

Research and development expenses		20,210			23,868			42,234			44,417
Selling expenses		34,273			30,407			66,698			58,499
General and administrative expenses		92,315			76,134			180,659			163,734
Loss on divestiture		—			—			—			4,651

Operating income		112,775			98,105			191,390			158,615

Interest expense		14,992			9,788			27,936			19,318
Other income, net		7,954			4,555			15,721			7,552

Earnings before income taxes		105,737			92,872			179,175			146,849
Provision for income taxes		(24,738	)		(22,000	)		(41,330	)		(35,292	)
Net earnings	$	80,999		$	70,872		$	137,845		$	111,557

Net earnings per share:
Basic earnings per share	$	2.11		$	1.84		$	3.60		$	2.90
Diluted earnings per share	$	2.10		$	1.83		$	3.58		$	2.89

Dividends per share	$	0.20		$	0.19		$	0.39		$	0.37

Weighted-average shares outstanding:
Basic		38,329			38,429			38,309			38,438
Diluted		38,555			38,654			38,528			38,657

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)

	June 30,				December 31,
	2023				2022
Assets
Current assets:
Cash and cash equivalents	$	158,737			$	256,974
Receivables, net		751,532				724,603
Inventories, net		545,596				483,113
Other current assets		67,693				52,623
Total current assets		1,523,558				1,517,313
Property, plant, and equipment, net		340,857				342,708
Goodwill		1,555,908				1,544,635
Other intangible assets, net		589,932				620,897
Operating lease right-of-use assets, net		143,814				153,855
Prepaid pension asset		232,557				222,627
Other assets		54,472				47,567
Total assets	$	4,441,098			$	4,449,602

Liabilities
Current liabilities:
Current portion of long-term debt	$	—			$	202,500
Accounts payable		233,602				266,525
Accrued expenses		144,073				177,536
Deferred revenue		264,766				242,483
Other current liabilities		78,486				82,395
Total current liabilities		720,927				971,439
Long-term debt		1,176,066				1,051,900
Deferred tax liabilities, net		117,882				123,001
Accrued pension and other postretirement benefit costs		58,267				58,348
Long-term operating lease liability		122,939				132,275
Long-term portion of environmental reserves		13,497				12,547
Other liabilities		93,256				107,973
Total liabilities	$	2,302,834		0	$	2,457,483

Stockholders' equity
Common stock, $1 par value	$	49,187			$	49,187
Additional paid in capital		130,846				134,553
Retained earnings		3,297,281				3,174,396
Accumulated other comprehensive loss		(225,375	)			(258,916	)
Less: cost of treasury stock		(1,113,675	)			(1,107,101	)
Total stockholders' equity	$	2,138,264			$	1,992,119

Total liabilities and stockholders' equity	$	4,441,098			$	4,449,602

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:

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

These Adjusted financials are defined as Reported Sales, Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments and transaction costs; (ii) 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
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)

	Three Months Ended								Three Months Ended
	June 30, 2023								June 30, 2022								% Change
	As Reported			Adjustments		Adjusted			As Reported			Adjustments		Adjusted			As Reported		Adjusted
Sales:
Aerospace & Industrial	$	226,260		$	—	$	226,260		$	208,572		$	—	$	208,572		8	%	8	%
Defense Electronics		197,722			—		197,722			149,549			—		149,549		32	%	32	%
Naval & Power		280,414			—		280,414			251,236			—		251,236		12	%	12	%

Total sales	$	704,396		$	—	$	704,396		$	609,357		$	—	$	609,357		16	%	16	%

Operating income (expense):
Aerospace & Industrial	$	35,665		$	—	$	35,665		$	32,464		$	—	$	32,464		10	%	10	%
Defense Electronics		43,180			—		43,180			24,460			—		24,460		77	%	77	%
Naval & Power⁽¹⁾		46,782			2,659		49,441			50,001			—		50,001		(6	)%	(1	)%

Total segments	$	125,627		$	2,659	$	128,286		$	106,925		$	—	$	106,925		17	%	20	%
Corporate and other		(12,852	)		—		(12,852	)		(8,820	)		—		(8,820	)	(46	)%	(46	)%

Total operating income	$	112,775		$	2,659	$	115,434		$	98,105		$	—	$	98,105		15	%	18	%

Operating margins:	As Reported					Adjusted			As Reported					Adjusted			As Reported		Adjusted
Aerospace & Industrial		15.8	%				15.8	%		15.6	%				15.6	%	20 bps		20 bps
Defense Electronics		21.8	%				21.8	%		16.4	%				16.4	%	540 bps		540 bps
Naval & Power		16.7	%				17.6	%		19.9	%				19.9	%	(320 bps)		(230 bps)
Total Curtiss-Wright		16.0	%				16.4	%		16.1	%				16.1	%	(10 bps)		30 bps

Segment margins		17.8	%				18.2	%		17.5	%				17.5	%	30 bps		70 bps

⁽¹⁾ Excludes first year purchase accounting adjustments in the current period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)

	Six Months Ended								Six Months Ended
	June 30, 2023								June 30, 2022								% Change
	As Reported			Adjustments		Adjusted			As Reported			Adjustments		Adjusted			As Reported		Adjusted
Sales:
Aerospace & Industrial	$	428,707		$	—	$	428,707		$	399,684		$	—	$	399,684		7	%	7	%
Defense Electronics		359,876			—		359,876			292,618			—		292,618		23	%	23	%
Naval & Power		546,673			—		546,673			476,516			—		476,516		15	%	15	%

Total sales	$	1,335,256		$	—	$	1,335,256		$	1,168,818		$	—	$	1,168,818		14	%	14	%

Operating income (expense):
Aerospace & Industrial	$	62,210		$	—	$	62,210		$	57,317		$	—	$	57,317		9	%	9	%
Defense Electronics		66,548			—		66,548			47,750			—		47,750		39	%	39	%
Naval & Power ⁽¹⁾⁽²⁾		84,719			5,335		90,054			77,289			5,427		82,716		10	%	9	%

Total segments	$	213,477		$	5,335	$	218,812		$	182,356		$	5,427	$	187,783		17	%	17	%
Corporate and other ⁽³⁾		(22,087	)		—		(22,087	)		(23,741	)		4,876		(18,865	)	7	%	(17	)%

Total operating income	$	191,390		$	5,335	$	196,725		$	158,615		$	10,303	$	168,918		21	%	16	%

Operating margins:	As Reported					Adjusted			As Reported					Adjusted			As Reported		Adjusted
Aerospace & Industrial		14.5	%				14.5	%		14.3	%				14.3	%	20 bps		20 bps
Defense Electronics		18.5	%				18.5	%		16.3	%				16.3	%	220 bps		220 bps
Naval & Power		15.5	%				16.5	%		16.2	%				17.4	%	(70 bps)		(90 bps)
Total Curtiss-Wright		14.3	%				14.7	%		13.6	%				14.5	%	70 bps		20 bps

Segment margins		16.0	%				16.4	%		15.6	%				16.1	%	40 bps		30 bps

⁽¹⁾ Excludes first year purchase accounting adjustments in the current period.
⁽²⁾ Excludes the results of operations from our German valves business, which was sold in January 2022, and the loss on divestiture in the prior year period.
⁽³⁾ Excludes costs associated with shareholder activism in the prior year period.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)

	Three Months Ended						Three Months Ended
	June 30, 2023						June 30, 2022						% Change
	As Reported		Adjustments		Adjusted Sales		As Reported		Adjustments		Adjusted Sales		Change in As Reported Sales		Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense	$	132,192	$	—	$	132,192	$	94,545	$	—	$	94,545	40	%	40	%
Ground Defense		70,875		—		70,875		44,393		—		44,393	60	%	60	%
Naval Defense		180,956		—		180,956		172,786		—		172,786	5	%	5	%
Commercial Aerospace		82,033		—		82,033		68,192		—		68,192	20	%	20	%
Total Aerospace & Defense	$	466,056	$	—	$	466,056	$	379,916	$	—	$	379,916	23	%	23	%

Commercial markets:
Power & Process	$	131,000	$	—	$	131,000	$	125,355	$	—	$	125,355	5	%	5	%
General Industrial		107,340		—		107,340		104,086		—		104,086	3	%	3	%
Total Commercial	$	238,340	$	—	$	238,340	$	229,441	$	—	$	229,441	4	%	4	%

Total Curtiss-Wright	$	704,396	$	—	$	704,396	$	609,357	$	—	$	609,357	16	%	16	%

	Six Months Ended						Six Months Ended
	June 30, 2023						June 30, 2022						% Change
	As Reported		Adjustments		Adjusted Sales		As Reported		Adjustments		Adjusted Sales		Change in As Reported Sales		Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense	$	232,071	$	—	$	232,071	$	192,549	$	—	$	192,549	21	%	21	%
Ground Defense		137,132		—		137,132		83,501		—		83,501	64	%	64	%
Naval Defense		352,912		—		352,912		335,753		—		335,753	5	%	5	%
Commercial Aerospace		152,523		—		152,523		129,084		—		129,084	18	%	18	%
Total Aerospace & Defense	$	874,638	$	—	$	874,638	$	740,887	$	—	$	740,887	18	%	18	%

Commercial markets:
Power & Process	$	251,338	$	—	$	251,338	$	230,143	$	—	$	230,143	9	%	9	%
General Industrial		209,280		—		209,280		197,788		—		197,788	6	%	6	%
Total Commercial	$	460,618	$	—	$	460,618	$	427,931	$	—	$	427,931	8	%	8	%

Total Curtiss-Wright	$	1,335,256	$	—	$	1,335,256	$	1,168,818	$	—	$	1,168,818	14	%	14	%

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Diluted earnings per share - As Reported	$	2.10	$	1.83	$	3.58	$	2.89
First year purchase accounting adjustments		0.05		—		0.10		—
Divested German valves business		—		—		—		0.11
Costs associated with shareholder activism		—		—		—		0.10
Former executive pension settlement expense		—		—		—		0.04
Diluted earnings per share - Adjusted ⁽¹⁾	$	2.15	$	1.83	$	3.68	$	3.14

⁽¹⁾ All adjustments are presented net of income taxes.

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 and results of operations from divested businesses or product lines during the last twelve months, loss from sale of our industrial valves business in Germany, and foreign currency fluctuations.

	Three Months Ended
	June 30,
	2023 vs. 2022
	Aerospace & Industrial		Defense Electronics		Naval & Power		Total Curtiss-Wright
	Sales	Operating income	Sales	Operating income	Sales	Operating income	Sales	Operating income
As Reported	8%	10%	32%	77%	12%	(6%)	16%	15%
Less: Acquisitions	0%	0%	0%	0%	(9%)	0%	(4%)	0%
Foreign Currency	1%	1%	0%	(8%)	0%	(1%)	0%	(2%)
Organic	9%	11%	32%	69%	3%	(7%)	12%	13%

	Six Months Ended
	June 30,
	2023 vs. 2022
	Aerospace & Industrial		Defense Electronics		Naval & Power		Total Curtiss-Wright
	Sales	Operating income	Sales	Operating income	Sales	Operating income	Sales	Operating income
As Reported	7%	9%	23%	39%	15%	10%	14%	21%
Less: Acquisitions	0%	0%	0%	0%	(8%)	0%	(3%)	0%
Loss on divestiture	0%	0%	0%	0%	0%	(7%)	0%	(3%)
Foreign Currency	1%	(1%)	0%	(7%)	0%	(1%)	0%	(4%)
Organic	8%	8%	23%	32%	7%	2%	11%	14%

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 excludes: (i) payments associated with the Westinghouse legal settlement in both the current and prior year periods and (ii) executive pension payments in the prior year period. 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
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Net cash provided by (used for) operating activities	$	110,952		$	31,044		$	19,353		$	(93,271	)
Capital expenditures		(12,003	)		(8,596	)		(22,664	)		(19,492	)
Free cash flow	$	98,949		$	22,448		$	(3,311	)	$	(112,763	)
Westinghouse legal settlement		—			—			10,000			15,000
Pension payment to former executive		—			—			—			8,214
Adjusted free cash flow	$	98,949		$	22,448		$	6,689		$	(89,549	)
Adjusted free cash flow conversion		119	%		32	%		5	%		(74	%)

CURTISS-WRIGHT CORPORATION
2023 Guidance
As of August 2, 2023
($'s in millions, except per share data)

	2022 Reported (GAAP)			2022 Adjustments (Non-GAAP)^(1,3)			2022 Adjusted (Non-GAAP)^(1,3)			2023 Reported Guidance (GAAP)						2023 Adjustments (Non-GAAP)^(2,3)			2023 Adjusted Guidance (Non-GAAP)^(2,3)
										Low			High						Low			High			2023 Chg vs 2022 Adjusted
Sales:
Aerospace & Industrial	$	836		$	—		$	836		$	865		$	885		$	—		$	865		$	885		4 - 6%
Defense Electronics	$	690		$	—		$	690		$	755		$	775		$	—		$	755		$	775		9 - 12%
Naval & Power	$	1,031		$	—		$	1,031		$	1,110		$	1,130		$	—		$	1,110		$	1,130		8 - 10%
Total sales	$	2,557		$	—		$	2,557		$	2,730		$	2,790		$	—		$	2,730		$	2,790		7 - 9%

Operating income:
Aerospace & Industrial	$	137		$	1		$	138		$	145		$	150		$	—		$	145		$	150		5 - 9%
Defense Electronics	$	155		$	—		$	155		$	174		$	180		$	—		$	174		$	180		13 - 17%
Naval & Power	$	178		$	14		$	192		$	187		$	192		$	8		$	195		$	200		2 - 4%
Total segments	$	469		$	15		$	484		$	506		$	521		$	8		$	514		$	529
Corporate and other		(46	)		5			(41	)		(37	)		(40	)		—			(37	)		(40	)
Total operating income		423			20			443			468			482			8			476			490		8 - 11%

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			443			455			8			451			463
Provision for income taxes		(95	)		(4	)		(99	)		(106	)		(109	)		(2	)		(108	)		(111	)
Net earnings		294			20			314			337			346			6			343			352

Diluted earnings per share	$	7.62		$	0.51		$	8.13		$	8.75		$	8.99		$	0.16		$	8.90		$	9.15		10 - 13%
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	%		16.7	%		16.9	%					16.7	%		16.9	%	20 - 40 bps
Defense Electronics		22.4	%					22.4	%		23.0	%		23.2	%					23.0	%		23.2	%	60 - 80 bps
Naval & Power		17.2	%					18.6	%		16.8	%		16.9	%					17.5	%		17.7	%	(110) - (90) bps
Total operating margin		16.6	%					17.3	%		17.2	%		17.3	%					17.4	%		17.6	%	10 - 30 bps

Free cash flow	$	257		$	39		$	296		$	360		$	390		$	10		$	370		$	400		25 - 36%

Notes: Full year amounts may not add due to rounding.
⁽¹⁾ 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.
⁽²⁾ 2023 Adjusted financials exclude the impact of first year purchase accounting adjustments.
⁽³⁾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
2023 Sales Growth Guidance by End Market
As of August 2, 2023

	2023 % Change vs. 2022 Adjusted⁽¹⁾

	Prior	Current	% Total Sales
Aerospace & Defense Markets
Aerospace Defense	9 - 11%	9 - 11%	20%
Ground Defense	4 - 6%	16 - 18%	9%
Naval Defense	4 - 6%	6 - 8%	27%
Commercial Aerospace	5 - 7%	9 - 11%	11%
Total Aerospace & Defense	6 - 8%	9 - 11%	67%

Commercial Markets
Power & Process	Flat	3 - 5%	18%
General Industrial	2 - 4%	3 - 5%	16%
Total Commercial	0 - 2%	3 - 5%	33%

Total Curtiss-Wright Sales	4 - 6%	7 - 9%	100%

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

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 8,400 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 www.curtisswright.com.

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 www.curtisswright.com.

Contacts

Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com