Curtiss-Wright (CW) Tops Q3 EPS by 2c; Maintains Outlook

Curtiss-Wright (NYSE: CW) reported Q3 EPS of $1.02, $0.02 better than the analyst estimate of $1.00. Revenue for the quarter came in at $507 million versus the consensus estimate of $518.66 million.

GUIDANCE:

Curtiss-Wright sees FY2016 EPS of $4.00-$4.15, versus the consensus of $4.09.

“Our third quarter results were ahead of our expectations, led by strong margin improvement within the Defense and Power segments,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “This performance was primarily driven by increased profitability on our embedded computing products serving the defense markets, as well as higher margins on the AP1000 program, as we continue to support new nuclear power plant construction in the U.S. and China. Further, Curtiss-Wright’s commitment to ongoing margin improvement initiatives is driving increased profitability and generating significant value for our shareholders, as we continue to mitigate challenging conditions in the nuclear aftermarket and general industrial end markets.”

“Looking at the remainder of 2016, we are raising our full-year operating margin guidance to 14.3% to 14.5%, a 100 to 120 basis point improvement compared with pro forma 2015 results. As a result, we expect to be in the top quartile of our peer group. In addition, we are maintaining our full-year free cash flow guidance range of $300 to $320 million, which reflects strong year-to-date free cash flow and efficient working capital management.”

For earnings history and earnings-related data on Curtiss-Wright (CW) click here.

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