Curtiss-Wright Q1 adj EPS $1.31 beats expectations; sales $559M down 5%; reaffirms FY2022 guidance

CURTISS WRIGHT CORP

2022-Q1 EPS reported $1.05 revenue$559,461,000

Reported EPS $1.05, adjusted EPS $1.31; revenue $559M, down 5% adjusted YoY.
New orders $634M, up 12%; backlog $2.3B, up 3% from Dec 31, 2021.
Defense Electronics sales fell 22% on timing, supply chain, delayed FY22 budget; A&I sales rose 8%.
Adjusted free cash flow -$112M included $15M Westinghouse payment; full-year FCF guidance $345-$365M.
Full-year guidance maintained: sales growth 3-5%, adj EPS $8.05-$8.25, operating margin ~17.1-17.3%.

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