Curtiss-Wright Hosts Virtual Investor Day and Provides New Long-Term Strategy and Financial Guidance
26 May 2021 - 9:00PM
Business Wire
Company Outlines New Strategy to Drive
Long-Term Profitable Growth; Introduces 2023 Financial Targets
including 5-10% Revenue CAGR and Minimum 10% EPS CAGR
Curtiss-Wright Corporation (NYSE: CW) today announced that it
will host its virtual Investor Day beginning at 8:30 a.m. Eastern
Time.
Lynn M. Bamford, President and Chief Executive Officer, K.
Christopher Farkas, Vice President and Chief Financial Officer, and
Kevin M. Rayment, Vice President and Chief Operating Officer, along
with other senior executives, will provide an in-depth review of
the Company’s business drivers and new strategy to deliver
long-term profitable growth, including an intensified focus on
innovation, collaboration, strategic investments, and capital
allocation, while also introducing its new long-term financial
targets.
“Curtiss-Wright enjoys a strong track record of operational
excellence and financial discipline, which continue to play a key
role in driving robust free cash flow generation,” said Lynn M.
Bamford, President and CEO of Curtiss-Wright Corporation.
“Leveraging that strong base, our new Pivot to Growth strategy is
led by a renewed focus on top-line acceleration, through both
organic and inorganic sales growth. This strategy is built upon our
new operational growth platform and continued disciplined M&A,
while maintaining our focus on top-quartile performance. We are
confident in our ability to achieve our new 3-year financial
targets and unlock significant value for all of our
stakeholders.”
Introducing 3-Year Financial Targets (from Base Year
2020):
- Total Revenue CAGR of 5-10%
- Operating Income Growth > Revenue Growth
- Top Quartile Margin Performance (relative to CW’s proxy peer
group)
- Adjusted EPS CAGR of at least 10%
- Free Cash Flow Conversion above 110%
Event Webcast Details: A live webcast of the
presentations, including one question and answer session at the
conclusion of the prepared remarks, will begin at 8:30 a.m. EDT and
conclude at approximately 11:30 a.m. EDT. The presentations and
webcast can be accessed through the Investor Relations section of
Curtiss-Wright’s website at investors.curtisswright.com.
Registration for the live event is required and can be completed on
the Investor Day 2021 Registration Site. An archived replay of the
webcast and slides shown during the presentations will be available
following the completion of the event for one year.
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
Aerospace and Defense markets, and to the Commercial markets
including Power, Process and General Industrial. 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
8,200 people worldwide. For more information, visit
www.curtisswright.com.
The statements in this press release, including statements about
future revenue growth, financial and margin performance, operating
income growth, earnings per share growth, the successful
integration of the Company’s acquisitions, and future cash flow
from operations are 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. 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; the impact
of a global pandemic or national epidemic, the inability to locate
and purchase acquisitions that meet our internal financial and
strategic criteria, 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, 2020 and subsequent reports filed with the Securities
and Exchange Commission.
This press release and additional information are available at
www.curtisswright.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210526005351/en/
Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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