Curtiss-Wright Reports Fourth Quarter and Full Year 2012 Financial Results

Curtiss-Wright Reports Fourth Quarter and Full Year 2012 Financial Results

Company Reports Full Year Diluted EPS of $2.08, Excluding Fourth Quarter
Dilution From Recent Acquisitions; Fourth Quarter Net Sales Up 7% and
Operating Income Up 10%; Expects Strong, Double-Digit Sales, Operating Income
and EPS Growth in 2013

PARSIPPANY, N.J., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation
(NYSE:CW) today reports financial results for the fourth quarter and full year
ended December 31, 2012. All figures presented below, unless stated otherwise,
reflect results from continuing operations and exclude the impact of the first
quarter 2012 sale of the heat treating business from current and prior year
periods.

Fourth Quarter 2012 Operating Highlights from Continuing Operations

  *Net sales increased 7% to $590 million from $551 million in 2011;
    
  *Operating income increased 10% to $62 million from $56 million in 2011;
    
  *Net earnings increased 5% to $38 million, or $0.81 per diluted share, from
    $36 million, or $0.77 per diluted share, in 2011; Excluding the dilution
    from fourth quarter acquisitions, net earnings increased 23% to $45
    million, or $0.95 per diluted share; and
    
  *New orders totaled $507 million, up 2% from 2011, primarily based on solid
    demand in the commercial aerospace market due to production rate increases
    by Boeing and Airbus, and for higher aftermarket services in our power
    generation market.

Full Year 2012 Operating Highlights from Continuing Operations

  *Net sales increased 4% to $2.10 billion from $2.02 billion in 2011;
    
  *Operating income decreased 14% to $161 million from $187 million in 2011;
    Excluding the impact of the third quarter 2012 labor strike, AP1000
    strategic investments, and restructuring activities from both periods,
    operating income increased 5%;
    
  *Net earnings decreased 22% to $92 million, or $1.95 per diluted share,
    from $119 million, or $2.52 per diluted share, in 2011; Excluding the
    dilution from fourth quarter acquisitions, diluted earnings per share were
    $2.08; and
    
  *New orders totaled $1.98 billion, down 2% from 2011, due to the timing of
    funding on certain naval defense programs and lower demand for large
    international projects in our oil and gas market, partially offset by the
    solid demand in the commercial aerospace market. At December 31, 2012,
    backlog was $1.65 billion, down 2% from December 31, 2011.

"We experienced solid fourth quarter sales growth through a combination of
organic growth and the initial benefits from our recent acquisitions. We
continue to focus on expanding operating margins, which enabled us to generate
our largest quarterly profit in recent history and meet our full year earnings
per share expectations excluding the dilution from our fourth quarter
acquisitions," said Martin R. Benante, Chairman and CEO of Curtiss-Wright
Corporation.

"While 2012 was a challenging year for Curtiss-Wright, we continue to
transform the business for long-term, profitable growth and remain focused on
generating shareholder value with an optimistic outlook heading into 2013."

Fourth Quarter 2012 Operating Results

Sales

Sales of $590 million in the fourth quarter of 2012 increased $40 million, or
7%, compared to the prior year period. Acquisitions accounted for
approximately $29 million, or 5% of the sales growth.Sales expanded in all
three segments, with gains of 9% in Flow Control, 6% in Controls (previously
Motion Control) and 3% in Surface Technologies (previously Metal Treatment).
Foreign currency translation had a minimal impact on current quarter sales.

Fourth quarter 2012 sales to the commercial markets grew 22%, while the
defense markets declined 13%. Sales were higher in all of the commercial
markets, led by a 44% increase in the power generation market due to strong
aftermarket sales supporting existing nuclear reactors and higher revenues
from our AP1000 contracts in China. Elsewhere, sales to the commercial
aerospace market rose 26%, while sales to the general industrial and oil and
gas markets each increased 4%. Sales were lower in all of our defense
markets, due to reduced orders, the conclusion of certain development programs
across the aerospace and ground defense markets, as well as the timing of
production and various contract completions on certain naval defense
programs.

Operating Income

Operating income increased 10% to $62 million in the fourth quarter of 2012,
including approximately $8 million in initial transaction and purchase
accounting costs from our recent acquisitions, $6 million in restructuring
charges in the Surface Technologies segment and nearly $2 million in
unfavorable foreign currency translation.Excluding the effects of these
items, our operating income increased 38% with an operating margin of 13.8%, a
360 basis point improvement from the prior year quarter.

The increase in fourth quarter operating income was principally driven by a
strong 21% improvement in the Flow Control segment, based on the solid
performance in the power generation market, due to improved profitability on
our AP1000 technology transfer contract in China.Elsewhere, the Controls
segment posted a solid 10% increase in operating income overall, and was up
36% excluding the negative impact of recent acquisitions and foreign currency
translation.The fourth quarter improvement was primarily driven by higher
profitability from our 2011 acquisition, ACRA Controls, due to significant
operational improvements implemented and integration benefits realized in
2012.Meanwhile, in Surface Technologies, the decline in operating income was
driven by the remaining $6 million of the previously announced total
restructuring charges of $12 million related to the closure of some non-core,
low profitability businesses. Excluding the effects of restructuring, this
segment's operating income increased 18% compared to the prior year quarter.

Reported segment operating margin, which excludes corporate expenses, was
12.1% in the fourth quarter, slightly above the prior year quarter. Excluding
the negative effects of acquisitions, restructuring and foreign currency
translation, segment operating margin increased 340 basis points to 15.5%.

Non-segment operating costs were lower by nearly $1 million in the fourth
quarter of 2012 as compared with the prior year period, mainly due to lower
foreign exchange transaction losses and lower medical costs. 

Net Earnings

Fourth quarter net earnings increased 5% from the comparable prior year
period, reflecting higher operating income, partially offset by higher
interest expense as a result of our December 2011 private placement debt
offering, which led to higher average debt levels and borrowing rates compared
to the prior year period. Our effective tax rate for the current quarter was
31.2%, an increase from 29.3% in the prior year period.

Free Cash Flow 

Free cash flow was $72 million for the fourth quarter of 2012, compared to
$125 million in the prior year period. Net cash provided by operating
activities decreased $50 million to $99 million in the fourth quarter of 2012
compared to the prior year period, primarily due to lower advanced payments on
long-term contracts. Capital expenditures increased $3 million to $27
million, primarily due to additional capital investments being made in our
Surface Technologies segment.

Other Items

The Company repurchased approximately 674,000 shares of its common stock
during the fourth quarter of 2012 at an average price of $30.78 for $20.7
million. For full year 2012, repurchases totaled approximately 830,000 shares
at an average price of $30.98 for $25.7 million.

Fourth Quarter 2012 Segment Performance

Flow Control – Sales for the fourth quarter of 2012 were $317 million, an
increase of $27 million, or 9%, over the comparable prior year period, aided
by acquisitions as well as strength in several of their commercial markets.
Within the power generation market, segment sales rose 47% due to strong
aftermarket sales supporting existing nuclear reactors, particularly for our
NETCO SNAP-IN® product used in spent fuel management solutions and higher
revenues from the China and U.S. AP1000 programs.Sales to the oil and gas
market increased slightly in the fourth quarter, as higher MRO and
petrochemical sales, along with the benefit from our recent acquisition of
Cimarron Energy, offset continued softness in the international large projects
business.Elsewhere, general industrial sales were 18% lower in the quarter,
primarily due to slower orders from our global commercial heating,
ventilation, and air conditioning (HVAC) customers due to slowing economic
conditions.Meanwhile, sales were down 16% in the naval defense market, due to
timing of production on the Ford class aircraft carrier and Virginia class
submarine programs, and completion of production on the Advanced Arresting
Gear (AAG) program.This softness was partially offset by higher demand from
international customers, primarily for our aircraft and cable handling
systems.Additionally, the 2012 acquisitions of Cimarron and AP Services, and
the 2011 acquisitions of Anatec and LMT (Anatec), contributed approximately
$20 million to sales in the current quarter.

Operating income in the fourth quarter of 2012 was $40 million, an increase of
$7 million, or 21% from the comparable prior year period, while operating
margin was up 130 basis points to 12.8%.The increase in operating income and
operating margin is primarily due to the solid performance in the power
generation market, aided by our 2011 acquisition of Anatec, and lower cost
estimates on the AP1000 technology transfer contract. These improvements were
partially offset by the initial purchase accounting costs related to the
acquisition of Cimarron Energy and transaction costs for Phönix Group, which
reduced operating income by approximately $3 million in the current year
quarter.

Controls – Sales for the fourth quarter of 2012 were $206 million, an increase
of $11 million, or 6%, over the comparable prior year period. We experienced
strong sales growth of 34% in the commercial markets, which more than offset a
9% reduction in sales in the defense markets.Growth in the commercial markets
was largely driven by a strong 30% increase in commercial aerospace due to
increases on most major Boeing and Airbus platforms and to new sales being
generated by our emergent operations facility in support of the Boeing 787
program. In addition, demand was solid for sensor and control products
serving the regional jet and commercial helicopter markets. Meanwhile, the
decline in defense sales was due to reduced demand for various electronics and
controls technologies across the aerospace and ground defense markets.This
reduction included lower sales on the Triton unmanned aerial vehicle program
as it transitions from the development phase to the production phase, as well
as reduced sales to international ground defense customers. Partially
offsetting these declines were higher sales on certain military helicopter
programs, most notably the Black Hawk and Super Stallion
programs.Additionally, our 2012 acquisitions of PG Drives and Williams
Controls contributed approximately $8 million in sales in the current quarter,
primarily within the general industrial market.

Operating income for the fourth quarter of 2012 grew 10% over the prior year
period, resulting in operating margin expansion of 50 basis points to
13.2%.Fourth quarter acquisitions and unfavorable foreign currency
translation reduced operating income by approximately $5 million and $1
million, respectively.Excluding the effects of these items, operating income
increased 36%, and generated an operating margin of 17.0%, a 430 basis point
improvement from the prior year quarter.As previously noted, this improvement
was primarily driven by higher profitability from our 2011 acquisition, ACRA
Controls, as well as strong sales to the commercial aerospace market.

Surface Technologies – Sales for the fourth quarter of 2012 were approximately
$67 million, an increase of $2 million, or 3%, compared to the prior year
period, most notably for our highly engineered shot peening and coatings
services to commercial markets.We experienced strong 20% growth in the
commercial aerospace market, benefiting from the continued ramp up in OEM
production rates, and improved peening revenues from regional jet and
commercial helicopters, as well as ongoing contributions from two new
"shop-in-shop" facilities providing direct support for Rolls-Royce aerospace
manufacturing facilities. Increased sales of coating services to the oil and
gas market partially offset reduced peening activity in the aerospace defense
market.

Operating income in the fourth quarter of 2012, which was reduced by $6
million of previously announced restructuring charges, declined 57% to
approximately $4 million with an operating margin of 5.2%. Excluding
restructuring charges, operating income increased 18% and operating margin was
14.2%, up 190 basis points compared to the prior year quarter. These solid
improvements in operating income and margin were primarily driven by higher
sales volumes resulting in favorable absorption of fixed overhead costs, and
continued operational efficiencies across our operations.

Full Year 2013 Guidance

The Company is providing its full year 2013 financial guidance (including
acquisitions) as follows:

· Total Sales                $2.48 - $2.52 billion, up 18-20%
· Operating Income           $229 - $237 million, up 42-47%
· Interest Expense           $39 - $40 million, up $13 - $14 million
· Effective Tax Rate         32.0%
· Diluted Earnings Per Share $2.70 - $2.80, up 39-44%
· Diluted Shares Outstanding 47.6 million
· Free Cash Flow             $90 - $100 million

(Free cash flow is defined as cash flow from operations less capital
expenditures and includes estimated payments of approximately $35 million to
the Curtiss-Wright Pension Plan and $40 million of interest in 2013.)

Note: Full year 2013 guidance includes all six of the Company's previously
announced fourth quarter acquisitions, as well as our pending acquisition of
the Phönix Group announced on January 14, 2013.A more detailed breakdown of
our 2013 guidance by segment and by market can be found on the attached
accompanying schedules.

Mr. Benante concluded, "During the fourth quarter, our results reflected the
benefits of our focused restructuring and cost reduction measures previously
implemented that led to organic margin expansion in the quarter.

"Looking ahead, we expect this positive momentum to continue aided by our
recent acquisitions that have further expanded the breadth and depth of our
current product offerings and end markets. Although the pace of acquisitions
was more condensed than a typical quarter for Curtiss-Wright, I have the
utmost confidence that our capable management teams will successfully
integrate these businesses and we are expecting solid EPS accretion from these
acquisitions in 2013. The businesses that we acquired coincide with our
long-term strategic plan, as we strive to maintain a well-balanced and
diversified portfolio of products and services that provide consistent growth
in sales and profitability.

"Within our end markets, we expect strong growth of 30-34% in our commercial
markets in 2013, led by solid increases in the general industrial and oil and
gas markets, as well as the benefits from the continued ramp up in commercial
aircraft production rates. Due to the continued uncertain environment
regarding current and future years' defense spending, we expect our 2013
defense sales to be flat to down slightly from 2012, reflecting lower order
levels in the aerospace and ground defense markets.

"Based on our balanced end market portfolio across both commercial and defense
markets, Curtiss-Wright is effectively weighted to weather the downturn in the
defense cycle. Furthermore, our current defense guidance assumes that
Congress extends its Continuing Resolution and does not include any impact
from sequestration-related budget cuts, and we will adjust our guidance
accordingly should any budget cutting measures be implemented and their
impacts known. 

"Overall, we look forward to delivering solid results in 2013 with the
expectation of strong, double-digit growth in sales, operating income and
earnings per share, as we strive to build long-term shareholder value."

Additional Information

During the third quarter of 2012, the Company identified that a division
within its Controls segment had improperly accounted for certain costs in its
percentage-of-completion estimates for long-term contracts affecting periods
prior to and including 2007 through 2011. Additionally, certain other errors
were identified which have also been corrected.The adjustments to correct
the cumulative effect of these errors would be material if recorded in the
twelve months ended December 31, 2012, however, the effect of correcting the
error to any previously reported year is immaterial. The combined errors
resulted in a cumulative adjustment to retained earnings at December 31, 2011
of $24 million. The adjustments identified decreased net earnings for the
three months ended December 31, 2011 by $2 million and decreased net earnings
for the twelve months ended December 31, 2011 by $4 million and have been
reflected in this press release.

Conference Call Information

The Company will host a conference call to discuss the 2012 results and 2013
guidance at 10:00 a.m. EST on Thursday, February 21, 2013.A live webcast of
the call and the accompanying financial presentation 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)
(In thousands, except per share data)
                                                                                  
                                                                                  
              Three Months Ended                 Year Ended                           
              December 31,          Change         December 31,              Change
              2012       2011       $        %     2012         2011         $           %
                                                                                  
Net sales      $590,447 $550,475 $39,972  7%    $2,097,716 $2,016,742 $80,974     4%
Cost of sales  396,401   368,803   27,598  7%    1,438,973   1,359,795   79,178     6%
Gross profit   194,046   181,672   12,374  7%    658,743     656,947     1,796      0%
                                                                                  
Research and
development    15,747    15,684    63      0%    59,712      62,115      (2,403)    (4%)
expenses
Selling        31,823    29,361    2,462   8%    125,201     119,438     5,763      5%
expenses
General and
administrative 84,495    80,456    4,039   5%    312,384     288,540     23,844     8%
expenses
                                                                                  
Operating      61,981    56,171    5,810   10%   161,446     186,854     (25,408)   (14%)
income
                                                                                  
Interest       (6,673)   (5,713)   (960)   (17%) (26,329)    (20,834)    (5,495)    (26%)
expense
Other income,  132       820       (688)   NM    245         862         (617)      NM
net
                                                                                  
Earnings from
continuing
operations     55,440    51,278    4,162   8%    135,362     166,882     (31,520)   (19%)
before income
taxes
Provision for  17,271    14,998    2,273   15%   43,073      48,262      (5,189)    (11%)
income taxes
Earnings from
continuing     38,169    36,280    1,889   5%    92,289      118,620     (26,331)   (22%)
operations
                                                                                  
Discontinued
operations,                                                                        
net of taxes
Earnings
(loss) from    (16)      1,884     (1,900) NM    3,043       7,769       (4,726)    NM
discontinued
operations
Gain on        340       --        340     NM    18,512      --          18,512     NM
divestiture
Earnings from
discontinued   324       1,884     (1,560) NM    21,555      7,769       13,786     NM
operations
                                                                                  
Net earnings   $38,493  $38,164  $329   1%    $113,844   $126,389   $(12,545) (10%)
                                                                                  
Basic earnings                                                                     
per share
Earnings from
continuing     $0.82    $0.78                 $1.98      $2.56                 
operations
Earnings from
discontinued   --       0.04                   0.46        0.17                   
operations
Total          $0.82    $0.82                 $2.44      $2.73                 
                                                                                  
Diluted
earnings per                                                                       
share
Earnings from
continuing     $0.81    $0.77                 $1.95      $2.52                 
operations
Earnings from
discontinued   --       0.04                   0.45        0.17                   
operations
Total          $0.81    $0.81                 $2.40      $2.69                 
                                                                                  
Dividends per  $0.09    $0.08                 $0.35      $0.32                 
share
                                                                                  
Weighted
average shares                                                                     
outstanding:
Basic          46,664     46,520                  46,743       46,372                  
Diluted        47,246     47,133                  47,412       47,013                  
                                                                                  
NM- not                                                                            
meaningful


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except par value)
                                                                     
                                                                     
                                                                     
                                  December 31, December 31, Change
                                  2012         2011         $           %
Assets                                                                
Current assets:                                                       
Cash and cash equivalents          $112,023   $194,387   $(82,364) (42%)
Receivables, net                   578,313     543,009     35,304      7%
Inventories, net                   397,471     313,045     84,426      27%
Deferred tax assets, net           50,760      54,275      (3,515)     (6%)
Other current assets               37,194      45,955      (8,761)     (19%)
Total current assets               1,175,761    1,150,671    25,090      2%
Property, plant, and equipment,    489,593     442,728     46,865      11%
net
Goodwill                           1,013,300   759,442     253,858     33%
Other intangible assets, net       419,021     261,448     157,573     60%
Deferred tax assets, net           1,709       12,137      (10,428)    (86%)
Other assets                       15,204      9,121       6,083       67%
Total assets                       $3,114,588 $2,635,547 $479,041  18%
                                                                     
Liabilities                                                           
Current liabilities:                                                  
Current portion of long-term and   $128,225   $2,502     $125,723  NM
short-term debt
Accounts payable                   157,825     150,281     7,544       5%
Accrued expenses                   131,067     105,196     25,871      25%
Income taxes payable               7,793       4,161       3,632       87%
Deferred revenue                   171,624     206,061     (34,437)    (17%)
Other current liabilities          43,214      43,957      (743)       (2%)
Total current liabilities          639,748      512,158      127,590     25%
Long-term debt                     751,990     583,928     168,062     29%
Deferred tax liabilities, net      50,450      24,980      25,470      102%
Accrued pension and other          264,047     232,794     31,253      13%
postretirement benefit costs
Long-term portion of environmental 14,905      19,067      (4,162)     (22%)
reserves
Other liabilities                  80,856      57,645      23,211      40%
Total liabilities                  1,801,996    1,430,572    371,424     26%
                                                                     
Stockholders' equity                                                  
Common stock, $1 par value         49,190      48,879      311         1%
Additional paid in capital         151,883     143,192     8,691       6%
Retained earnings                  1,261,377   1,163,925   97,452      8%
Accumulated other comprehensive    (55,508)    (65,131)    9,623       15%
loss
                                  1,406,942    1,290,865    116,077     9%
Less:cost of treasury stock       (94,350)    (85,890)    (8,460)     10%
Total stockholders' equity         1,312,592    1,204,975    107,617     9%
                                                                     
Total liabilities and              $3,114,588 $2,635,547 $479,041  18%
stockholders' equity
                                                                     
NM- not meaningful                                                    

                                                                  
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
(In thousands)
                                                                  
                                                                  
                Three Months Ended           Year Ended
                December 31,                 December 31,
                                    Change                         Change
                2012       2011       %      2012         2011         %
Sales:                                                             
Flow Control     $317,172 $289,778 9%     $1,095,349 $1,060,774 3%
Controls         205,886   195,119   6%     726,678     709,159     2%
Surface          67,389    65,578    3%     275,689     246,809     12%
Technologies
                                                                  
Total sales      $590,447 $550,475 7%     $2,097,716 $2,016,742 4%
                                                                  
Operating                                                          
income:
Flow Control     $40,444  $33,421  21%    $78,779    $103,421   (24%)
Controls         27,269    24,796    10%    86,515      75,423      15%
Surface          3,501     8,090     (57%)  27,494      31,476      (13%)
Technologies
                                                                  
Total segments   71,214    66,307     7%     $192,788   $210,320   (8%)
Corporate and    (9,233)   (10,136)   9%     (31,342)    (23,466)    (34%)
other
                                                                  
Total operating  $61,981  $56,171  10%    $161,446   $186,854   (14%)
income
                                                                  
                                                                  
Operating                                                          
margins:
Flow Control     12.8%      11.5%            7.2%         9.7%         
Controls         13.2%      12.7%            11.9%        10.6%        
Surface          5.2%       12.3%            10.0%        12.8%        
Technologies
Total            10.5%      10.2%            7.7%         9.3%         
Curtiss-Wright
                                                                  
Segment margins  12.1%      12.0%            9.2%         10.4%        

                                                                  
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT NON-GAAP FINANCIAL INFORMATION (UNAUDITED)
(In thousands)
                                                                  
                                                                  
                Three Months Ended              Year Ended
                December 31                     December 31
                                      Change                       Change
                2012         2011       %       2012        2011       %
                                                                  
Reported
operating                                                          
income:
Flow Control     $40,444    $33,421  21%     $78,779   $103,421 (24%)
Controls         27,269      24,796    10%     86,515     75,423    15%
Surface          3,501       8,090     (57%)   27,494     31,476    (13%)
Technologies
                                                                  
Total segments   71,214      66,307     7%      $192,788  $210,320 (8%)
Corporate and    (9,233)     (10,136)   9%      (31,342)   (23,466)  (34%)
other
                                                                  
Total reported   $61,981    $56,171  10%     $161,446  $186,854 (14%)
operating income
                                                                  
                                                                  
Reported
operating                                                          
margins:
Flow Control     12.8%        11.5%             7.2%        9.7%       
Controls         13.2%        12.7%             11.9%       10.6%      
Surface          5.2%         12.3%             10.0%       12.8%      
Technologies
Total            10.5%        10.2%             7.7%        9.3%       
Curtiss-Wright
                                                                  
Segment margins  12.1%        12.0%             9.2%        10.4%      
                                                                  
Adjustments:                                                       
Flow Control *   $(10,454)  $--            $24,491   $4,940   
Controls         --         --              3,426      --       
Surface          6,043       --              12,085     --       
Technologies
Total            $(4,411)   $--            $40,002   $4,940   
Curtiss-Wright
                                                                  
Adjusted
operating                                                          
income:
Flow Control *   $29,990    $33,421  (10%)   $103,270  $108,361 (5%)
Controls         27,269      24,796    10%     89,941     75,423    19%
Surface          9,544       8,090     18%     39,579     31,476    26%
Technologies
Total segments   $66,803    $66,307  1%      $232,790  $215,260 8%
Corporate and    (9,233)     (10,136)  9%      (31,342)   (23,466)  (34%)
other
Total            $57,570    $56,171  2%      $201,448  $191,794 5%
Curtiss-Wright
                                                                  
Adjusted
operating                                                          
margins:
Flow Control *   9.9%         11.5%             9.4%        10.2%      
Controls         13.2%        12.7%             12.4%       10.6%      
Surface          14.2%        12.3%             14.4%       12.8%      
Technologies
Total            10.0%        10.2%             9.6%        9.5%       
Curtiss-Wright
                                                                  
Segment margins  11.6%        12.0%             11.1%       10.7%      
                                                                  
* Includes the impact of the additional investments on the AP1000 program, the
strike, and restructuring charges.

                                                             
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
(In thousands)
                                                             
                                                             
                     Three Months Ended           Year Ended
                     December 31,                 December 31,
                     2012          2011           2012          2011
                                                             
Net cash provided by  $98,536     $149,031     $152,474    $201,853
operating activities
Capital expenditures  (26,911)     (24,026)      (82,954)     (84,322)
Free cash flow ^(1)   $71,625     $125,005     $69,520     $117,531
                                                             
Cash conversion ^(1)  186%          328%           61%           93%
                                                             
(1) The Corporation discloses free cash flow and cash conversion because the
Corporation believes they are measurements of cash flow available for
investing and financing activities. Free cash flow is defined as net cash flow
provided by operating activities less capital expenditures. Free cash flow
represents cash generated after paying for interest on borrowings, income
taxes, capital expenditures, and working capital requirements, but before
repaying outstanding debt and investing cash or utilizing debt credit lines to
acquire businesses and make other strategic investments. Cash conversion is
defined as free cash flow divided by net earnings. Free cash flow, as we
define it, may differ from similarly named measures used by other entities
and, consequently, could be misleading unless all entities calculate and
define free cash flow in the same manner.


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
                                                           
                                                           
                                         Three Months Ended Year Ended
                                         December 31, 2012  December 31, 2012
Reported diluted earnings per share      $0.81            $1.95
                                                           
Adjustments:                                                
                                                           
Add: Dilution from 4Q'12 acquisitions and
transaction costs for the pending         $0.14            $0.13
acquisition of the Phönix Group
Adjusted diluted earnings per share       $0.95            $2.08
                                                           
Weighted average shares outstanding:                        
Diluted                                   47,246             47,412

                                                                                                                 
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($ in millions)
Three Months Ended December 31,
                                                                                                                 
           Flow Control             Controls                 Surface Technologies     Corporate & Other      Total Curtiss - Wright
           2012     2011     Chg   2012     2011     Chg    2012    2011    Chg     2012     2011      Chg 2012     2011     Chg
Sales                                                                                                             
Organic     $295.9 $289.8 2%     $197.9 $195.1 1%     $67.3 $65.6 3%       $--   $--       $561.1 $550.5 2%
Incremental 20.4    --           8.3     --           --     --            --     --         28.7    --     
^(1)        ^(2)                     ^(2)                     ^(2)                                            ^(2)
Foreign
Currency    0.9     --           (0.3)   --           0.1    --            --     --         0.7     --     
Fav (Unfav)
^(3)
Total       $317.2 $289.8 9%     $205.9 $195.1 6%     $67.4 $65.6 3%       $--   $--       $590.4 $550.5 7%
                                                                                                                 
Operating                                                                                                         
Income
Organic     $42.3  $33.4  27%    $33.7  $24.8  36%    $3.9  $8.1  (52%)    $(9.3) $(10.1) 9%  $70.6  $56.2  26%
OI Margin % 14.3%    11.5%    280bps 17.0%    12.7%    430bps 5.8%    12.3%   (650)bps                     12.6%    10.2%    240bps
Incremental (1.7)   --           (5.0)   --           (0.4)  --            --     --         (7.1)   --     
^(1)        ^(2)                     ^(2)                     ^(2)                                            ^(2)
Foreign
Currency    (0.2)   --           (1.4)   --           0.0    --            0.0     --         (1.5)   --     
Fav (Unfav)
^(3)
Total       $40.4  $33.4  21%    $27.3  $24.8  10%    $3.5  $8.1  (57%)    $(9.2) $(10.1) 9%  $62.0  $56.2  10%
OI Margin % 12.8%    11.5%    130bps 13.2%    12.7%    50bps  5.2%    12.3%   (710)bps                     10.5%    10.2%    30bps
                                                                                                                 
                                                                                                                 
                                                                                                                 
(1) The term incremental is used to highlight the impact acquisitions had on the current year results, for which there was no
comparable prior year data. Therefore, the results of operations for acquisitions are incremental for the first twelve monthsfrom the
date of acquisition and are removed from our organic results.Additionally, the results of operations for divestedbusinesses are
removed from the comparable prior year period for purposes of calculating organic results.The remaining businesses are referred to as
organic.

(2) Our organic growth calculations do not include the operating results for our November 1, 2012 acquisition of PG Drives Technology,
November 5, 2012 acquisition of AP Services, LLC, November 21, 2012 acquisition of Cimarron Energy, Inc., December 14, 2012
acquisition of Williams Controls, December 28, 2012 acquisition of Exlar Corp., December 31, 2012 acquisition of Gartner Thermal
Spraying, Ltd., transaction costs incurred in 2012 for the pending acquisition of the Phönix Group, and two months of operating
results for our December 2, 2011 acquisition of Anatec International, Inc. and Lambert, MacGill, Thomas, Inc. (LMT).

(3) Organic results exclude the effects of current period foreign currency translation.

Note: Amounts may not add due to rounding

                                                               
CURTISS-WRIGHT CORPORATION
2013 Earnings Guidance - As of February 20, 2013
(In millions, except per share data)
                                                               
                                                               
                                                   2013 Guidance
                                   2012 Actual     Low          High
Sales:                                                          
Flow Control                       $1,095         $1,300     $1,320
Controls                            727             865         875
Surface Technologies                276             315         325
Total sales                         $2,098         $2,480     $2,520
                                                               
Operating income:                                               
Flow Control                        $79            $116       $119
Controls                            87              102         105
Surface Technologies                27              52          54
Total segments                      $193           $270       $278
Corporate and other                 (31)            (41)        (41)
Total operating income              $162           $229       $237
                                                               
Interest expense                    $(26)          $(39)      $(40)
Earnings before income taxes        135             189         196
Provision for income taxes          (43)            (61)        (63)
Net earnings                        $92            $129       $133
                                                               
Reported diluted earnings per share $1.95          $2.70      $2.80
Diluted shares outstanding          47.4             47.6         47.6
Effective tax rate                  31.8%            32.0%        32.0%
                                                               
Operating margins:                                              
Flow Control                        7.2%             8.9%         9.0%
Controls                            11.9%            11.8%        12.0%
Surface Technologies                9.8%             16.5%        16.6%
Total operating margin              7.7%             9.2%         9.4%
                                                               
Operating margins excluding                                     
acquisition dilution:
Flow Control                                        9.6%         9.7%
Controls                                            13.4%        13.6%
Surface Technologies                                16.9%        17.0%
Total operating margin                              9.9%         10.1%
                                                               
Notes: Full year amounts may not add due to rounding.All data presented on a
continuing operations basis

                                      
CURTISS-WRIGHT CORPORATION
2013 Earnings Guidance - As of February 20, 2013
                                      
                                      
                          2013 Guidance % Change
                          Low          High
                                      
Defense Markets                        
Aerospace                  (9%)         (13%)
Ground                     (15%)        (19%)
Navy                       7%           11%
Total Defense                         
Including Other Defense   (4%)         0%
                                      
Commercial Markets                     
Commercial Aerospace       7%           11%
Oil and Gas                70%          74%
Power Generation           3%           7%
General Industrial         66%          70%
Total Commercial           30%          34%
                                      
Total Curtiss-Wright       18%          20%
                                      
                                      
Note: Full year amounts may not add due to rounding

About Curtiss-Wright Corporation

Curtiss-Wright Corporation is an innovative engineering company that provides
highly engineered, critical-function products, systems and services in the
areas of flow control, motion control and surface treatment technologies to
the defense, energy and commercial/industrial markets. The legacy company of
Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of
design and manufacturing innovation and prides itself on long-standing
customer relationships. The company employs approximately 9,700 people
worldwide.For more information, visit www.curtisswright.com.

The Curtiss-Wright Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7709

Certain statements made in this 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 our 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 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, 2011, and
subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at
www.curtisswright.com.

CONTACT: Jim Ryan
         (973) 541-3766
         Jim.Ryan@curtisswright.com

Curtiss-Wright Corporation Logo
 
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