Curtiss-Wright Corporation Reports 10% Sales Growth to $3.12 Billion for Fiscal Year 2024

Curtiss-Wright Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total sales reaching $3.12 billion, a 10% increase from $2.85 billion in 2023. The company's net earnings also rose by 14% to $405 million, compared to $355 million in the previous year. This growth was driven by strong performances across all three of its reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power, which saw sales increases of 5%, 12%, and 12%, respectively.

The company experienced notable changes in its operational metrics compared to the previous fiscal period. New orders surged by 20% to $3.70 billion, reflecting increased demand particularly in naval defense and avionics. The backlog also grew significantly, reaching $3.45 billion, a 20% increase from $2.87 billion in 2023. This robust order intake and backlog position indicate a strong pipeline for future revenue generation.

Strategically, Curtiss-Wright made two acquisitions in 2024, totaling $226 million, which are expected to enhance its capabilities in the Naval & Power segment. The company continues to focus on its "Pivot to Growth" strategy, which emphasizes both organic and inorganic growth through acquisitions and investments in research and development. The company’s employee headcount stood at approximately 8,800 at the end of 2024, reflecting its commitment to expanding its workforce to support growth initiatives.

Operationally, the company reported that approximately 57% of its total net sales were derived from U.S. government contracts, highlighting its strong position in defense markets. The company also noted that its foreign operations contributed 38% of pre-tax earnings, indicating a solid international presence. The effective tax rate for the year was 22.4%, slightly lower than the previous year's rate of 23.4%, primarily due to a legal entity restructuring and lower foreign withholding taxes.

Looking ahead, Curtiss-Wright anticipates continued growth driven by favorable market conditions in defense spending, particularly in naval shipbuilding and aerospace defense. The company is well-positioned to capitalize on emerging trends in electrification and decarbonization within the aerospace and industrial sectors. However, it remains cautious about potential economic headwinds, including inflation and geopolitical uncertainties, which could impact its operations and financial performance in the future.