Q3 2025 Curtiss-Wright Corp Earnings Call Transcript
Key Points
- Curtiss-Wright Corp (CW) reported a 9% year-over-year increase in sales, with 6% organic growth, indicating strong operational performance.
- Operating income increased by 14% year over year, surpassing sales growth and contributing to a 90 basis point expansion in operating margin to 19.6%.
- Free cash flow rose by 8% year over year to $176 million, reflecting a 140% conversion rate due to higher cash earnings and lower tax payments.
- The company raised its full-year 2025 guidance, expecting sales to increase by 10% to 11% and operating income to grow by 16% to 19%.
- Curtiss-Wright Corp (CW) has a strong backlog, up 14% year-to-date, reaching a record of over $3.9 billion, providing confidence in future growth.
- The timing of orders within the aerospace defense and ground defense markets was affected by the extended continuing resolution, causing some delays.
- The Defense Electronics segment experienced a pushout of over $50 million in orders due to the government shutdown and continuing resolution.
- Despite strong performance, the general industrial market sales remained flat, reflecting ongoing macroeconomic challenges affecting global industrial vehicle markets.
- The company anticipates a sequential decline in naval defense revenues in the fourth quarter due to the timing of material receipts.
- Curtiss-Wright Corp (CW) faces potential impacts from a government shutdown, which could delay order processing and affect short-cycle businesses.
Welcome to the Curtiss-Wright third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Jim Ryan, Vice President of Investor Relations
Thank you, Erica, and good morning, everyone. Welcome to Curtiss-Wright's third quarter 2025 earnings conference call. Joining me on the call today are Chair and Chief Executive Officer, Lynn Bamford; and Vice President and Chief Financial Officer, Chris Farkas. A copy of today's financial presentation and the press release are available for download through the Investor Relations section of our website at curtisswright.com. A replay of this webcast will also be available on the website.
Our discussion today includes certain projections and forward-looking statements that are based on management's current expectations and are not guarantees of future performance.
We detail those risks and uncertainties associated with our forward-looking statements in our public filings with the SEC. As a
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