Curtiss-Wright Reports First Quarter 2013 Financial Results

Curtiss-Wright Reports First Quarter 2013 Financial Results

Company Reports First Quarter Net Sales Up 18% and Diluted EPS of $0.44,
Exceeding Guidance by $0.08; Maintains Guidance for Strong, Double-Digit
Sales, Operating Income and EPS Growth in 2013

PARSIPPANY, N.J., May 1, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation
(NYSE:CW) today reports financial results for the first quarter ended March
31, 2013. 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.

First Quarter 2013 Operating Highlights from Continuing Operations

  *Net sales increased 18% to $593 million from $502 million in 2012; the
    seven recent acquisitions contributed $90 million in first quarter sales;
    
  *Operating income increased 7% to $38 million from $36 million in 2012;
    
  *Operating margin increased 40 basis points to 7.5%, compared to 7.1% in
    the prior year period, excluding 110 basis points of dilution from recent
    acquisitions;
    
  *Net earnings increased 6% to $21 million, or $0.44 per diluted share, from
    $20 million, or $0.42 per diluted share, in 2012; Net earnings increased
    19% to $24 million, or $0.50 per diluted share, excluding $0.06 of
    dilution from recent acquisitions; and
    
  *New orders totaled $617 million, up 20% from 2012, primarily from the
    recent acquisitions and higher demand for embedded computing products
    supporting a new radar system in our defense market.At March 31, 2013,
    backlog was approximately $1.7 billion and our book-to-bill was slightly
    above 1.0x.

"Overall, our first quarter results exceeded our initial expectations, as we
generated diluted earnings per share of $0.44, which includes a better than
expected operating performance from both our organic businesses and our recent
acquisitions," said Martin R. Benante, Chairman and CEO of Curtiss-Wright
Corporation.

"We produced solid sales growth of 18%, driven by double-digit gains across
all three segments.This growth is primarily based on sales contributions from
our recent acquisitions and expansion in our commercial markets.Furthermore,
we continue to focus on improving profitability and operating margin
expansion, as first quarter 2013 organic operating income grew 7% on flat
organic sales growth, which led to a 40 basis point improvement in organic
operating margins.Finally, our net earnings grew nearly 20% to $0.50 per
diluted share, removing the $0.06 of dilution associated with our recent
acquisitions."

First Quarter 2013 Operating Results

Sales

Sales of $593 million in the first quarter of 2013 increased $91 million, or
18%, compared to the prior year period, nearly all of which was generated by
our recent acquisitions.Sales expanded in all three segments, with gains of
24% in Controls, 16% in Flow Control, and 11% in Surface Technologies.
Foreign currency translation had a minimal impact on current quarter sales.

Sales to the commercial markets increased 34%, while the defense markets
declined 8%. Sales were higher in all commercial markets, led by a 68%
increase in the oil and gas market primarily due to contributions from our
acquisition of Cimarron as well as higher demand for our Maintenance, Repair
and Overhaul (MRO) products. We also experienced a 56% increase in the general
industrial market, primarily due to the recent acquisitions of PG Drives and
Williams Controls that broadened our industrial exposure through expansion of
our sensors and controls products and systems capabilities.Elsewhere, sales
to the power generation and commercial aerospace markets rose 18% and 11%,
respectively. Sales were mainly lower across the defense markets, due to the
timing of production and various contract completions on certain naval defense
programs, and a decline in aerospace defense that more than offset a slight
uptick in ground defense.

Operating Income

Operating income in the first quarter of 2013 was $38 million, an increase of
7% compared to the prior year period, principally driven by solid increases in
the Flow Control and Surface Technologies segments.These gains were partially
offset by lower operating income in the Controls segment, primarily resulting
from purchase accounting costs from recent acquisitions, and higher
non-segment costs. Excluding 110 basis points in margin dilution from
acquisitions, operating margin increased 40 basis points to 7.5% compared to
the prior year period.Foreign currency translation had a minimal impact on
current quarter operating income.

Within our segments, first quarter 2013 operating income in the Flow Control
segment increased 30%, primarily driven by a solid sales performance and
improved profitability in the power generation market, as well as the
contribution from the recent acquisitions.Elsewhere, the Controls segment
reported a 6% decline in operating income overall, but excluding the impact
from recent acquisitions, Controls' operating income increased 5% on flat
sales. The improvement was primarily due to higher overall profitability in
our defense business stemming from the benefits of our cost reduction
initiatives and operational improvements implemented in the prior year. The
Surface Technologies segment produced a solid 23% increase in operating income
that was driven by higher sales volumes and improved profitability in our
coatings businesses, most notably due to the recently acquired Gartner thermal
spray coatings business, as well as the benefits of prior year restructuring
actions.

Reported segment operating margin, which excludes corporate expenses, was 8.2%
in the first quarter, in-line with the prior year quarter. Excluding the
effects of recent acquisitions and foreign currency translation, segment
operating margin increased 140 basis points to 9.6%.

Non-segment operating costs increased by nearly $5 million in the first
quarter of 2013 as compared with the prior year period, mainly due to higher
pension and legal costs and higher foreign currency transactional losses.

Net Earnings

First quarter net earnings increased 6% from the comparable prior year period,
reflecting higher operating income, partially offset by higher interest
expense as a result of our February 2013 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 29.8%,
a decrease from 32.0% in the prior year period, due to the retroactive
application of the research and development tax credit that was part of the
American Taxpayer Relief Act of 2012 and signed into law during the first
quarter of 2013.

Free Cash Flow 

Free cash flow was ($16 million) for the first quarter of 2013, compared to
($25 million) in the prior year period, or a $9 million improvement.Net cash
provided by operating activities improved by nearly $4 million from the prior
year period, primarily due to higher net income, partially offset by higher
working capital requirements. Capital expenditures decreased $5 million to
$15 million, as compared to the prior year period, primarily due to lower
expenditures across our business units.

First Quarter 2013 Segment Performance

Flow Control – Sales for the first quarter of 2013 were $311 million, an
increase of $44 million, or 16%, over the comparable prior year period, aided
by recent acquisitions as well as strength in several of the commercial
markets. Within the power generation market, sales rose sharply due to strong
aftermarket demand and technology upgrades supporting existing nuclear
operating reactors as a result of a growing installed base, higher
instrumentation and controls orders and solid sales of our NETCO SNAP-IN®
product used in spent fuel management. We also experienced higher revenues on
the domestic AP1000 program. Sales to the oil and gas market were strong in
the first quarter, primarily due to the benefit from our recent acquisition of
Cimarron, which fueled Curtiss-Wright's expansion into upstream oil and gas
operations and further diversified our product offering in this end market.We
also experienced higher MRO and petrochemical sales, which more than offset
continued softness in the international large projects business. General
industrial sales were lower in the quarter, primarily due to slower orders
from our global commercial heating, ventilation, and air conditioning (HVAC)
customers. Naval defense sales were down 10%, primarily due to timing of
production on the Virginia class submarine program and completion of
production on the Advanced Arresting Gear (AAG) program, despite higher sales
on the Ford class aircraft carrier and a new contract for our shipboard
helicopter handling systems. The recent acquisitions of Phönix Group, Cimarron
and AP Services contributed approximately $44 million to sales in the current
quarter.

Operating income in the first quarter of 2013 was $24 million, an increase of
approximately $6 million, or 30% from the comparable prior year period, while
operating margin was up 90 basis points to 7.8%.First quarter operating
income from recent acquisitions was positive overall; however they were 100
basis points dilutive to operating margin.Excluding the effects of
acquisitions, segment operating income increased 27%, while operating margin
increased 190 basis points to 8.8% compared to the prior year period. The
increase in operating income and operating margin is primarily due to higher
volumes and improved profitability in the power generation business serving
existing U.S. operating reactors as well as savings generated from prior year
restructuring initiatives.

Controls – Sales for the first quarter of 2013 were $205 million, an increase
of $39 million, or 24%, over the comparable prior year period.The majority of
the sales growth was due to our recent acquisitions of Exlar, PG Drives and
Williams Controls, which favorably contributed to the sales increase in the
general industrial market.As a result, we experienced strong sales growth of
63% in the commercial markets, which more than offset a 5% reduction in sales
in the defense markets.Growth in the commercial markets was also driven by a
solid 14% increase in commercial aerospace due to increases on all major
Boeing platforms and continued sales generated by our Emergent Operations
facility in support of the Boeing 787 program. The decline in defense sales
was due to lower year-over-year production revenues across several aerospace
defense platforms.

Operating income for the first quarter of 2013 was $12 million, a decrease of
approximately $1 million, or 6%, compared to the prior year period, while
operating margin fell 190 basis points to 5.9%.Fourth quarter 2012
acquisitions reduced operating income by more than $1 million and were
approximately 230 basis points dilutive to operating margin in the first
quarter of 2013. Excluding the impact from acquisitions, operating income
increased 4% and generated an operating margin of 8.2%, a 40 basis point
improvement over the prior year.This improvement was primarily driven by
higher profitability in our defense business resulting from the cost reduction
initiatives and operational improvements implemented in the prior year, which
offset additional investments in long-term development contracts.

Surface Technologies – Sales for the first quarter of 2013 were approximately
$78 million, an increase of nearly $8 million, or 11%, compared to the prior
year period, most notably for our highly engineered coatings and laser peening
services to commercial markets.The majority of the first quarter growth in
our coatings business resulted from our recent acquisition of Gartner, which
contributed solid sales to both the oil and gas and general industrial
markets.We also experienced solid 11% growth in the commercial aerospace
market for our highly critical shot and laser peening services, as our Surface
Technologies business continues to benefit from the continued ramp up in OEM
production rates, as well as ongoing support for Rolls-Royce aerospace
manufacturing facilities. The 2012 acquisition of Gartner contributed
approximately $7 million to sales in the current quarter.

Operating income in the first quarter of 2013 was $12 million, an increase of
$2 million, or 23% from the comparable prior year period, while operating
margin was up 150 basis points to 15.6%.First quarter operating income
included a positive contribution from the Gartner acquisition, although it was
approximately 50 basis points dilutive to operating margin.Excluding the
effects of acquisitions, segment operating income increased 15%, while
operating margin increased 200 basis points to 16.1% compared to the prior
year period.These improvements were primarily driven by higher sales volumes
resulting in favorable absorption of fixed overhead costs, particularly in our
coatings business, savings generated from our 2012 restructuring initiatives
and by continued improvements in operational efficiency across our
operations.

Full Year 2013 Guidance

The Company is maintaining its previously issued 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: A more detailed breakdown of our 2013 guidance by segment and by market
can be found on the attached accompanying schedules.

Mr. Benante concluded, "We are pleased that our first quarter results exceeded
our guidance and that our recent acquisitions are performing ahead of our
expectations, which we expect will provide positive momentum in our commercial
markets in 2013.Furthermore, our results reflect the benefits of our previous
actions to improve profitability, particularly our focused restructuring and
cost reduction measures, which led to organic margin expansion of 40 basis
points in the first quarter of 2013. 

"We are maintaining our full year 2013 guidance that reflects strong,
double-digit sales, operating income and EPS growth this year. Although our
expectations are based on flat organic sales growth, we anticipate our base
businesses will generate healthy organic margin expansion as we realize the
benefits from previous restructuring and cost reduction initiatives, and move
past the one-time items that impacted our 2012 results.

"Within our end markets, we expect strong growth of 30-34% in our commercial
markets in 2013, led by acquisitions that will contribute significant growth
in each of 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 overhanging defense markets, we
expect 2013 defense sales to remain flat to down slightly from 2012,
reflecting lower order levels in the military aerospace and ground defense
markets. At this time, we await further clarity from Congress as to the
extent of Sequestration-related budget cuts, at which time we will adjust our
guidance accordingly.

"Overall, the strength of our business model positions us well heading into
the future, based on our well-balanced and diversified end market portfolio
across both commercial and defense markets. In addition, I remain confident
that our management teams will continue to successfully integrate the
newly-acquired businesses, as we expect the positive momentum exhibited by our
recent acquisitions to deliver solid sales growth and EPS accretion in 2013."

Conference Call Information

The Company will host a conference call to discuss the first quarter 2013
results and guidance at 10:00 a.m. EDT on Thursday, May 2, 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    
                                      March 31,             Change
                                      2013       2012       $           %
                                                                     
Net sales                              $592,687 $501,661 $91,026   18%
Cost of sales                          408,980    342,387    66,593     19%
Gross profit                          183,707    159,274    24,433      15%
                                                                     
Research and development expenses      17,608     15,347     2,261       15%
Selling expenses                       36,796     32,481     4,315       13%
General and administrative expenses    91,277     75,887     15,390      20%
                                                                     
Operating income                      38,026     35,559     2,467       7%
                                                                     
Interest expense                       (8,659)    (6,482)    (2,177)     (34%)
Other income, net                      474        102        372         NM
                                                                     
Earnings from continuing operations    29,841     29,179     662         2%
before income taxes
Provision for income taxes             8,898      9,337      (439)       (5%)
Earnings from continuing operations   20,943     19,842     1,101       6%
                                                                     
Discontinued operations, net of taxes:                                
Earnings from discontinued operations  0          3,059      (3,059)     NM
Gain on divestiture                    0          18,411     (18,411)    NM
Earnings from discontinued operations 0          21,470     (21,470)    NM
                                                                     
Net earnings                           $20,943  $41,312  $(20,369) (49%)
                                                                     
Basic earnings per share                                              
Earnings from continuing operations    $0.45    $0.42               
Earnings from discontinued operations  --       0.46                 
Total                                  $0.45    $0.88               
                                                                     
Diluted earnings per share                                            
Earnings from continuing operations    $0.44    $0.42               
Earnings from discontinued operations  --       0.45                 
Total                                  $0.44    $0.87               
                                                                     
Dividends per share                    $0.09    $0.08               
                                                                     
Weighted average shares outstanding:                                  
Basic                                 46,615     46,687                
Diluted                               47,483     47,571                
                                                                     
NM-not meaningful                                                     

                                                                     
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except par value)
                                                                     
                                                                     
                                             March 31,    December 31, Change
                                             2013         2012         %
Assets                                                                
Current assets:                                                       
Cash and cash equivalents                     $118,797   $112,023   6%
Receivables, net                              593,232     578,313     3%
Inventories, net                              427,424     397,471     8%
Deferred tax assets, net                      49,909      50,760      (2%)
Other current assets                          43,494      37,194      17%
Total current assets                          1,232,856    1,175,761    5%
Property, plant, and equipment, net           495,631     489,593     1%
Goodwill                                      1,038,483   1,013,300   2%
Other intangible assets, net                  442,780     419,021     6%
Deferred tax assets, net                      2,278       1,709       33%
Other assets                                  14,646      15,204      (4%)
Total assets                                  $3,226,674 $3,114,588 4%
                                                                     
Liabilities                                                           
Current liabilities:                                                  
Current portion of long-term and short term   $126,396   $128,225   (1%)
debt
Accounts payable                              146,266     157,825     (7%)
Dividends payable                             4,212       --         100%
Accrued expenses                              119,231     131,067     (9%)
Income taxes payable                          9,586       7,793       23%
Deferred revenue                              171,701     171,624     0%
Other current liabilities                     42,532      43,214      (2%)
Total current liabilities                     619,924      639,748      (3%)
Long-term debt                                861,524     751,990     15%
Deferred tax liabilities, net                 64,216      50,450      27%
Accrued pension and other postretirement      270,609     264,047     2%
benefit costs
Long-term portion of environmental reserves   15,162      14,905      2%
Other liabilities                             84,761      80,856      5%
Total liabilities                             1,916,196    1,801,996    6%
                                                                     
Stockholders' equity                                                  
Common stock, $1 par value                    49,341      49,190      0%
Additional paid in capital                    157,420     151,883     4%
Retained earnings                             1,278,108   1,261,377   1%
Accumulated other comprehensive loss          (84,527)    (55,508)    (52%)
                                             1,400,342    1,406,942    (0%)
Less:cost of treasury stock                  (89,864)    (94,350)    (5%)
Total stockholders' equity                    1,310,478    1,312,592    (0%)
                                                                     
Total liabilities and stockholders' equity    $3,226,674 $3,114,588 4%
                                                                     
NM-not meaningful                                                     

                                          
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
(In thousands)
                                          
                      Three Months Ended
                      March 31,
                                          Change
                      2013       2012       %
Sales:                                     
Flow Control           $310,615 $266,791 16%
Controls               204,572   165,086   24%
Surface Technologies   77,500    69,784    11%
                                          
Total sales            $592,687 $501,661 18%
                                          
Operating income:                          
Flow Control           $24,134  $18,527  30%
Controls               12,097    12,929    (6%)
Surface Technologies   12,093    9,856     23%
                                          
Total segments         $48,324  $41,312  17%
Corporate and other    (10,298)  (5,753)   (79%)
                                          
Total operating income $38,026  $35,559  7%
                                          
                                          
Operating margins:                         
Flow Control           7.8%       6.9%       
Controls               5.9%       7.8%       
Surface Technologies   15.6%      14.1%      
Total Curtiss-Wright   6.4%       7.1%       
                                          
Segment margins        8.2%       8.2%       

                                                          
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
(In thousands)
                                                          
                                        Three Months Ended
                                        March 31,
                                        2013               2012
                                                          
Net cash used for operating activities    $(1,080)         $(4,719)
Capital expenditures                    (15,010)          (20,167)
Free cash flow ^(1)                      $(16,090)        $(24,886)
                                                          
Cash conversion ^(1)                     (77%)              (60%)
                                                          
(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
                                               March 31, 2013
Reported diluted earnings per share            $0.44
Adjustments:                                    
Add: Dilution from 4Q'12 and 1Q'13 acquisitions $0.06
Adjusted diluted earnings per share             $0.50
                                               
Weighted average shares outstanding:            
Diluted                                        47,483

                                                                                                                   
            CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
            NON-GAAP FINANCIAL DATA (UNAUDITED)
            ($ in millions)
            Three Months Ended March 31,
            Flow Control             Controls                  Surface Technologies   Corporate & Other        Total Curtiss - Wright
            2013     2012     Chg   2013     2012     Chg     2013    2012    Chg   2013      2012     Chg   2013     2012     Chg
Sales                                                                                                               
Organic     $267.5 $266.8 0%     $165.3 $165.1 0%      $70.8 $69.8 1%     $--    $--        $503.7 $501.7 0%
Incremental 43.5    --           39.4    --            6.8    --          --      --          89.7    --     
^(1)         ^(2)                     ^(2)                      ^(2)                                            ^(2)
Foreign
Currency Fav (0.5)   --           (0.1)   --            (0.1)  --          --      --          (0.7)   --     
(Unfav) ^(3)
Total      $310.6 $266.8 16%    $204.6 $165.1 24%     $77.5 $69.8 11%    $--    $--        $592.7 $501.7 18%
                                                                                                                   
Operating                                                                                                           
Income
Organic     $23.8  $18.5  29%    $13.1  $12.9  1%      $11.4 $9.9  16%    $(10.4) $(5.8) (82%) $38.0  $35.6  7%
OI Margin % 8.9%     6.9%     200bps 7.9%     7.8%     10bps   16.2%   14.1%   210bps                       7.5%     7.1%     40bps
Incremental 0.7     --           (1.4)   --            0.7    --          0.2      --          0.1     --     
^(1)         ^(2)                     ^(2)                      ^(2)                                            ^(2)
Foreign
Currency Fav (0.4)   --           0.4     --            (0.1)  --          (0.0)    --          (0.1)   --     
(Unfav) ^(3)
Total       $24.1  $18.5  30%    $12.1  $12.9  (6%)    $12.1 $9.9  23%    $(10.3) $(5.8) (79%) $38.0  $35.6  7%
OI Margin % 7.8%     6.9%     90bps  5.9%     7.8%     -190bps 15.6%   14.1%   150bps                       6.4%     7.1%     -70bps
                                                                                                                   
                                                                                                                   
(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., and
February 28, 2013 acquisition of the Phönix Group.
(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 May 1, 2013
(In millions, except per share data)
                                 
                                 
                                 2012           2013 Guidance
                                 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            $161         $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     $1.95        $2.70        $2.80
share
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              10.0%          16.5%          16.6%
Total operating margin            7.7%           9.2%           9.4%
                                                             
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 May 1, 2013

                                                
                                     2013 Guidance % Change
                                     Low         High
                                                
Defense Markets                                  
Aerospace                             (9%)        (13%)
Ground                                (15%)       (19%)
Navy                                  7%          11%
Total DefenseIncluding 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 10,000 people
worldwide.For more information, visit www.curtisswright.com.

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, 2012, 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

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