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Curtiss-Wright Reports Second Quarter 2020 Financial Results and Reinitiates Full-Year 2020 Guidance

Q2 Results Reflect Solid Defense Market Sales Growth and Benefits of Cost Containment Actions

Expect Strong FY’20 Free Cash Flow Generation

Maintain Healthy Balance Sheet with Ample Liquidity

Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights:

  • Reported diluted earnings per share (EPS) of $0.74, with Adjusted diluted EPS of $1.31;

  • Reported free cash flow (FCF) of $130 million, up 71% compared to the prior year period, with Adjusted FCF of $136 million, up 70%, and Adjusted FCF conversion of 247%;

  • Net sales of $550 million, down 14%, with defense market sales up 5%;

  • New orders of $620 million, up 3%, led by strong growth in naval defense;

  • Reported operating income of $55 million, down 48%, with Reported operating margin of 10.1%, down 640 basis points; and

  • Adjusted operating income of $79 million, down 27%, with Adjusted operating margin of 14.3%, down 250 basis points.

"Our second quarter performance reflects our team’s ability to take swift action and effectively manage the business in this exceptionally challenging environment," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "Across Curtiss-Wright, we continue to take the necessary steps to protect the health and safety of our employees and ensure the continuity of our operations. Our results reflect solid sales growth in our defense markets, the benefits of our ongoing cost containment initiatives and strong free cash flow which produced a robust free cash flow conversion of 247% in the quarter.

"Looking ahead to the remainder of 2020, we expect continued overall growth in our defense markets, which remain strong, along with sequential improvement in our commercial markets, as we slowly rebound from lower second quarter demand resulting from the COVID-19 pandemic. We are increasing and accelerating difficult, but essential, restructuring actions aimed at mitigating the challenging conditions within our commercial end markets. As a result, we now anticipate $35 million in restructuring costs in 2020 to generate $40 million in annualized savings, which is expected to benefit our performance for the remainder of 2020 and in 2021.

"Our balanced portfolio, along with the anticipated cost savings generated by these actions, provides the necessary confidence to reinitiate our full-year 2020 guidance. Further, it supports our ability to generate strong Adjusted free cash flow of $350 to $380 million. Overall, we remain focused on executing on our long-term strategy to deliver significant value for our shareholders."

Full-Year 2020 Adjusted Guidance (compared to Full-Year 2019 Adjusted Actuals):

  • Overall sales expected to be down 4% to 6%; Defense market growth remains in-line with prior guidance at 8% to 10%;

  • Adjusted operating income expected to be down 5% to 8%;

  • Adjusted operating margin expected to be down 30 to 50 basis points to new range of 16.0% to 16.2%, as cost containment actions expected to partially offset impact of decline in sales volume;

  • Adjusted diluted EPS range of $6.60 to $6.85, with approximately 40% of full-year 2020 EPS expected to be recognized in the fourth quarter;

  • Adjusted FCF guidance range of $350 to $380 million, with Adjusted FCF conversion increasing to approximately 130%; and

  • The Company now anticipates $35 million in restructuring costs in 2020 to generate $40 million in annualized savings, which is expected to benefit our performance for the remainder of 2020 and in 2021; this exceeds the original expectations of $28 million in restructuring costs in 2020 to generate $20 million in annualized savings which were to begin in 2021.

Financing of $300 Million in Senior Notes:

  • During the second quarter, the Company priced a private placement debt offering of $300 million for senior notes, consisting of $150 million 3.10% notes due 2030 and $150 million 3.20% notes due 2032; The offering is expected to close on August 13, 2020; and

  • Curtiss-Wright maintains a flexible and conservative capital structure, including significant dry powder for acquisitions and other corporate needs.

Second Quarter 2020 Operating Results

(In millions)

2Q-2020

2Q-2019

Change

Sales

$

550.0

$

639.0

(14%)

Reported operating income

$

55.3

$

105.7

(48%)

Adjustments (1)

 

23.2

 

2.0

 

Adjusted operating income (1)

$

78.5

$

107.7

(27%)

Adjusted operating margin (1)

 

14.3%

 

16.8%

(250 bps)

(1)

Adjusted results exclude $15 million in restructuring costs, a non-cash impairment of capitalized development costs related to a commercial aerospace program, one-time inventory step-up, backlog amortization and transaction costs for current and prior year acquisitions, and one-time transition and IT security costs associated with the relocation of our DRG business.

  • Sales of $550 million, down $89 million, or 14%, compared to the prior year (down 17% organic, up 3% acquisitions);

  • Sales to the defense markets increased 5%, led by solid growth in aerospace and naval defense, while sales to the commercial markets decreased 29%, due to reduced demand in the general industrial, commercial aerospace and power generation markets resulting from the widespread impact of the COVID-19 pandemic. Please refer to the accompanying tables for an overall breakdown of sales by end market;

  • Adjusted operating income was $79 million, down 27%, while Adjusted operating margin decreased 250 basis points to 14.3%, reflecting unfavorable overhead absorption on lower organic revenues in the Commercial/Industrial and Power segments, partially offset by the benefits of our company-wide cost containment actions; and

  • Non-segment expenses of $8 million decreased by $2 million, or 21% compared to the prior year, primarily due to lower corporate spending.

Net Earnings and Diluted EPS

(In millions, except EPS)

2Q-2020

2Q-2019

Change

Reported net earnings

$

31.0

$

80.1

(61%)

Adjustments, net of tax (1)

 

23.9

 

1.5

 

Adjusted net earnings (1)

$

54.9

$

81.6

(33%)

Reported diluted EPS

$

0.74

$

1.86

(60%)

Adjustments, net of tax (1)

 

0.57

 

0.04

 

Adjusted diluted EPS (1)

$

1.31

$

1.90

(31%)

(1)

Adjusted results exclude $15 million in restructuring costs, a non-cash impairment of capitalized development costs related to a commercial aerospace program, one-time inventory step-up, backlog amortization and transaction costs for current and prior year acquisitions, one-time transition and IT security costs associated with the relocation of our DRG business, and a $10 million non-cash currency translation loss (within non-operating income) related to the liquidation of a foreign legal entity.

  • Reported net earnings of $31 million, down $49 million, or 61% from the prior year, reflecting lower segment operating income, a non-cash currency translation loss related to the liquidation of a foreign legal entity and a higher effective tax rate;

  • Reported diluted EPS of $0.74, down 60% from the prior year, reflecting lower net earnings, partially offset by a lower share count;

  • Adjusted net earnings of $55 million, down 33%;

  • Adjusted diluted EPS of $1.31, down 31%; and

  • Effective tax rate of 27.4%, an increase from 22.7% in the prior year quarter, primarily due to the aforementioned foreign currency translation loss.

Free Cash Flow

(In millions)

2Q-2020

2Q-2019

Change

Net cash provided by operating activities

$

140.4

$

92.2

52%

Capital expenditures

 

(10.7)

 

(16.4)

35%

Reported free cash flow

$

129.7

$

75.8

71%

Adjustment to capital expenditures (DRG facility investment) (1)

 

2.0

 

4.0

(50%)

Restructuring (1)

 

4.1

 

-

-

Adjusted free cash flow (1)

$

135.8

$

79.8

70%

(1)

Adjusted free cash flow excludes a capital investment related to the new, state-of-the-art naval facility principally for DRG which impacted both periods, and the cash impact from restructuring in the current period.

  • Reported free cash flow was $130 million, an increase of $54 million compared to the prior year, principally driven by higher collections, timing of tax payments and a reduction in capital expenditures, partially offset by lower cash earnings;

  • Capital expenditures decreased $6 million to $11 million compared to the prior year, primarily due to lower capital investments within the Power segment; and

  • Adjusted free cash flow, which excludes restructuring in the current period, as well as the DRG facility investment in the current and prior year periods, improved by $56 million, or 70%, to $136 million.

New Orders and Backlog

  • New orders of $620 million increased 3% compared with the prior year period, led by strong organic growth in naval defense for aircraft carrier and submarine platforms, which more than offset reduced demand in the commercial markets; and

  • Backlog of $2.2 billion increased 1% from December 31, 2019.

Share Repurchase and Dividends

  • During the second quarter, the Company repurchased 132,443 shares of its common stock for approximately $13 million;

  • Year-to-date, the Company repurchased 1.2 million shares for approximately $125 million, which included a $100 million opportunistic share repurchase program executed in March; and

  • The Company also declared a quarterly dividend of $0.17 a share, unchanged from the previous quarter.

Second Quarter 2020 Segment Performance

Commercial/Industrial

(In millions)

2Q-2020

2Q-2019

Change

Sales

$

213.6

$

292.9

(27%)

Reported operating income

$

14.4

$

51.4

(72%)

Adjustments (1)

 

7.7

 

-

 

Adjusted operating income (1)

$

22.1

$

51.4

(57%)

Adjusted operating margin (1)

 

10.3%

 

17.5%

(720 bps)

(1)

Adjusted results exclude restructuring costs and one-time backlog amortization and transaction costs for current year acquisition.

  • Sales of $214 million, down $79 million, or 27%, compared to the prior year (down 28% organic, up 1% acquisition), primarily due to reduced demand resulting from the impact of the COVID-19 pandemic, though order activity sequentially improved as the quarter progressed;

  • Lower commercial aerospace market revenues principally reflect reduced OEM sales of actuation and sensors equipment, as well as surface treatment services;

  • General industrial market sales declines reflect reduced demand for industrial vehicle, valve and controls products, as well as surface treatment services;

  • Reported operating income was $14 million, with Reported operating margin of 6.7%; and

  • Adjusted operating income was $22 million, while Adjusted operating margin decreased 720 basis points to 10.3%, reflecting unfavorable absorption on lower revenues across our commercial markets, partially offset by the benefits of our cost containment initiatives.

Defense

(In millions)

2Q-2020

2Q-2019

Change

Sales

$

170.0

$

158.5

7%

Reported operating income

$

27.9

$

32.6

(15%)

Adjustments (1)

 

8.9

 

0.9

 

Adjusted operating income (1)

$

36.8

$

33.5

10%

Adjusted operating margin (1)

 

21.6%

 

21.0%

60 bps

(1)

Adjusted results exclude restructuring costs, a non-cash impairment of capitalized development costs related to a commercial aerospace program, and one-time backlog amortization and transaction costs for current and prior year acquisitions.

  • Sales of $170 million, up $11 million, or 7%, compared to the prior year (down 2% organic, up 9% acquisition);

  • Higher aerospace defense market revenues principally reflect increased sales of embedded computing equipment on various Intelligence, Surveillance and Reconnaissance (ISR) programs, including fighter jets and Unmanned Aerial Vehicle (UAV) platforms;

  • Strong naval defense market revenue growth was due to higher sales of valves on the Virginia class submarine program as well as the contribution from the 901D acquisition;

  • Reduced ground defense market revenues reflect lower sales on domestic and international tank platforms;

  • Lower commercial aerospace market revenues reflect lower sales of flight test instrumentation equipment;

  • Reported operating income was $28 million, with Reported operating margin of 16.4%; and

  • Adjusted operating income was $37 million, up 10% from the prior year, while Adjusted operating margin increased 60 basis points to 21.6%, primarily reflecting the contribution from the 901D acquisition and the benefits of our cost containment actions.

Power

(In millions)

2Q-2020

2Q-2019

Change

Sales

$

166.4

$

187.6

(11%)

Reported operating income

$

21.3

$

32.0

(34%)

Adjustments (1)

 

6.5

 

1.2

 

Adjusted operating income (1)

$

27.8

$

33.2

(16%)

Adjusted operating margin (1)

 

16.7%

 

17.7%

(100 bps)

(1)

Adjusted results exclude restructuring costs and one-time transition and IT security costs associated with the relocation of our DRG business.

  • Sales of $166 million, down $21 million, or 11%, compared to the prior year;

  • Lower naval defense market revenues reflect production timing, as we completed the transition of our DRG business from New York to South Carolina in the second quarter and expect a steady, sequential ramp up to full production in the second half of the year; In addition, lower service center sales were partially offset by increased Columbia class submarine revenues;

  • Reduced power generation market sales principally reflect lower domestic and international aftermarket revenues; and

  • Reported operating income was $21 million, with Reported operating margin of 12.8%; and

  • Adjusted operating income was $28 million, down 16%, while Adjusted operating margin decreased 100 basis points to 16.7%, reflecting unfavorable overhead absorption on lower naval defense and power generation revenues, partially offset by the benefits of our cost containment actions.

**********

A more detailed breakdown of the Company’s 2020 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.

Conference Call & Webcast Information

The Company will host a conference call to discuss its second quarter financial results and business outlook at 10:00 a.m. ET on Tuesday, August 4, 2020. A live webcast of the call and the accompanying financial presentation, as well as a 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,

 

Change

 

June 30,

 

Change

 

 

2020

 

2019

 

$

 

%

 

2020

 

2019

 

$

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

466,445

 

 

$

532,253

 

 

$

(65,808)

 

 

(12

%)

 

$

964,374

 

 

$

1,003,852

 

 

$

(39,478)

 

 

(4

%)

Service sales

 

83,602

 

 

106,743

 

 

(23,141)

 

 

(22

%)

 

186,904

 

 

213,458

 

 

(26,554)

 

 

(12

%)

Total net sales

 

550,047

 

 

638,996

 

 

(88,949)

 

 

(14

%)

 

1,151,278

 

 

1,217,310

 

 

(66,032)

 

 

(5

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sales

 

309,152

 

 

342,726

 

 

(33,574)

 

 

(10

%)

 

639,965

 

 

654,682

 

 

(14,717)

 

 

(2

%)

Cost of service sales

 

54,869

 

 

66,226

 

 

(11,357)

 

 

(17

%)

 

124,708

 

 

135,711

 

 

(11,003)

 

 

(8

%)

Total cost of sales

 

364,021

 

 

408,952

 

 

(44,931)

 

 

(11

%)

 

764,673

 

 

790,393

 

 

(25,720)

 

 

(3

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

186,026

 

 

230,044

 

 

(44,018)

 

 

(19

%)

 

386,605

 

 

426,917

 

 

(40,312)

 

 

(9

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

18,269

 

 

18,900

 

 

(631)

 

 

(3

%)

 

36,576

 

 

36,141

 

 

435

 

 

1

%

Selling expenses

 

25,193

 

 

30,693

 

 

(5,500)

 

 

(18

%)

 

56,781

 

 

62,170

 

 

(5,389)

 

 

(9

%)

General and administrative expenses

 

76,606

 

 

74,766

 

 

1,840

 

 

2

%

 

153,264

 

 

150,876

 

 

2,388

 

 

2

%

Restructuring expenses

 

10,609

 

 

 

 

10,609

 

 

NM

 

12,189

 

 

 

 

12,189

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

55,349

 

 

105,685

 

 

(50,336)

 

 

(48

%)

 

127,795

 

 

177,730

 

 

(49,935)

 

 

(28

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

8,515

 

 

7,960

 

 

555

 

 

7

%

 

16,004

 

 

15,232

 

 

772

 

 

5

%

Other income, net

 

(4,105)

 

 

5,871

 

 

(9,976)

 

 

(170

%)

 

1,427

 

 

11,349

 

 

(9,922)

 

 

(87

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

42,729

 

 

103,596

 

 

(60,867)

 

 

(59

%)

 

113,218

 

 

173,847

 

 

(60,629)

 

 

(35

%)

Provision for income taxes

 

(11,711)

 

 

(23,524)

 

 

11,813

 

 

(50

%)

 

(30,439)

 

 

(38,182)

 

 

7,743

 

 

(20

%)

Net earnings

 

$

31,018

 

 

$

80,072

 

 

$

(49,054)

 

 

(61

%)

 

$

82,779

 

 

$

135,665

 

 

$

(52,886)

 

 

(39

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.75

 

 

$

1.87

 

 

 

 

 

 

$

1.97

 

 

$

3.17

 

 

 

 

 

Diluted earnings per share

 

$

0.74

 

 

$

1.86

 

 

 

 

 

 

$

1.95

 

 

$

3.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.17

 

 

$

0.17

 

 

 

 

 

 

$

0.34

 

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

41,629

 

 

42,758

 

 

 

 

 

 

42,092

 

 

42,776

 

 

 

 

 

Diluted

 

41,855

 

 

43,024

 

 

 

 

 

 

42,362

 

 

43,038

 

 

 

 

 

 

NM - not meaningful

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

($'s in thousands, except par value)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

Change

 

 

 

 

2020

 

2019

 

%

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

155,383

 

 

$

391,033

 

 

(60)

%

 

 

Receivables, net

 

598,340

 

 

632,194

 

 

(5)

%

 

 

Inventories, net

 

461,902

 

 

424,835

 

 

9

%

 

 

Other current assets

 

51,584

 

 

81,729

 

 

(37)

%

 

 

Total current assets

 

1,267,209

 

 

1,529,791

 

 

(17)

%

 

Property, plant, and equipment, net

 

381,226

 

 

385,593

 

 

(1)

%

 

Goodwill

 

1,197,194

 

 

1,166,680

 

 

3

%

 

Other intangible assets, net

 

489,208

 

 

479,907

 

 

2

%

 

Operating lease right-of-use assets, net

 

157,526

 

 

165,490

 

 

(5)

%

 

Prepaid pension asset

 

123,695

 

 

 

 

NM

Other assets

 

26,613

 

 

36,800

 

 

(28)

%

 

 

Total assets

 

$

3,642,671

 

 

$

3,764,261

 

 

(3)

%

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

171,842

 

 

222,000

 

 

(23)

%

 

 

Accrued expenses

 

128,800

 

 

164,744

 

 

(22)

%

 

 

Income taxes payable

 

7,177

 

 

7,670

 

 

(6)

%

 

 

Deferred revenue

 

263,110

 

 

276,115

 

 

(5)

%

 

 

Other current liabilities

 

91,049

 

 

74,202

 

 

23

%

 

 

Total current liabilities

 

661,978

 

 

744,731

 

 

(11)

%

 

Long-term debt

 

834,802

 

 

760,639

 

 

10

%

 

Deferred tax liabilities, net

 

92,941

 

 

80,159

 

 

16

%

 

Accrued pension and other postretirement benefit costs

 

90,004

 

 

138,635

 

 

(35)

%

 

Long-term operating lease liability

 

137,213

 

 

145,124

 

 

(5)

%

 

Long-term portion of environmental reserves

 

15,271

 

 

15,026

 

 

2

%

 

Other liabilities

 

97,167

 

 

105,575

 

 

(8)

%

 

 

Total liabilities

 

1,929,376

 

 

1,989,889

 

 

(3)

%

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, $1 par value

 

49,187

 

 

49,187

 

 

%

 

Additional paid in capital

 

118,467

 

 

116,070

 

 

2

%

 

Retained earnings

 

2,565,727

 

 

2,497,111

 

 

3

%

 

Accumulated other comprehensive loss

 

(342,681)

 

 

(325,274)

 

 

(5)

%

 

Less: cost of treasury stock

 

(677,405)

 

 

(562,722)

 

 

(20)

%

 

 

Total stockholders' equity

 

1,713,295

 

 

1,774,372

 

 

(3)

%

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

3,642,671

 

 

$

3,764,261

 

 

(3)

%

 

 

 

 

 

 

 

 

 

 

NM - not meaningful

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

SEGMENT INFORMATION (UNAUDITED)

($'s in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

Change

 

 

 

 

 

Change

 

 

2020

 

2019

 

%

 

2020

 

2019

 

%

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial/Industrial

 

$213,648

 

$292,900

 

(27%)

 

$478,016

 

$562,758

 

(15%)

Defense

 

169,955

 

158,492

 

7%

 

336,066

 

292,275

 

15%

Power

 

166,444

 

187,604

 

(11%)

 

337,196

 

362,277

 

(7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total sales

 

$550,047

 

$638,996

 

(14%)

 

$1,151,278

 

$1,217,310

 

(5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Commercial/Industrial

 

$14,366

 

$51,376

 

(72%)

 

$49,353

 

$86,581

 

(43%)

Defense

 

27,872

 

32,607

 

(15%)

 

56,576

 

53,339

 

6%

Power

 

21,259

 

31,983

 

(34%)

 

41,881

 

57,364

 

(27%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segments

 

$63,497

 

$115,966

 

(45%)

 

$147,810

 

$197,284

 

(25%)

Corporate and other

 

(8,148)

 

(10,281)

 

21%

 

(20,015)

 

(19,554)