Curtiss-Wright Corporation reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Net sales for Q3 2024 reached $798.9 million, a 10% increase from $724.3 million in Q3 2023. For the nine months, net sales totaled $2.3 billion, up 12% from $2.1 billion in the prior year. This growth was driven by increases across all segments, particularly in Defense Electronics, which saw a 12% rise in sales for Q3 and a 19% increase for the nine-month period.
Gross profit for Q3 2024 was $298.3 million, compared to $281.5 million in Q3 2023, while gross profit for the nine months increased to $836.1 million from $762.4 million. Operating income also improved, with Q3 2024 operating income at $144.9 million, up from $132.5 million in Q3 2023, and a nine-month total of $373.8 million, compared to $323.9 million in the previous year. The operating margin for the nine months increased to 16.3%, reflecting improved efficiency.
Net earnings for Q3 2024 were $111.2 million, a rise from $96.8 million in Q3 2023, while net earnings for the nine months increased to $287.1 million from $234.6 million. Basic earnings per share for Q3 2024 were $2.91, up from $2.53, and for the nine months, they rose to $7.51 from $6.13.
The company’s total assets grew to $4.9 billion as of September 30, 2024, from $4.6 billion at the end of 2023. Current assets also increased, with cash and cash equivalents rising to $443.9 million from $406.9 million. Total liabilities increased to $986.7 million, while long-term debt decreased to $959.3 million.
Strategically, Curtiss-Wright completed the acquisition of WSC Inc. for $34 million, contributing $6 million in net sales during the nine months. Additionally, the company announced plans to acquire Ultra Energy for $200 million, pending regulatory approval. The company is also undergoing a restructuring program, incurring pre-tax charges of approximately $7.6 million, aimed at achieving annual operating cost savings of about $10 million by mid-2025.
Overall, the company’s performance reflects strong demand in the aerospace and defense sectors, with a total contract backlog of approximately $3.3 billion, 90% of which is expected to be recognized as sales over the next three years.
About CURTISS WRIGHT CORP
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