Curtiss-Wright Corporation reported a significant increase in financial performance for the first quarter of 2025, with total net sales reaching $805.6 million, a 13% rise from $713.2 million in the same period of 2024. The growth was driven by higher product and service sales, which amounted to $679.0 million and $126.7 million, respectively. The company's gross profit also saw an increase, climbing to $292.5 million from $253.8 million year-over-year. Operating income surged by 29% to $129.2 million, reflecting an operating margin improvement of 200 basis points to 16.0%.
In terms of profitability, net earnings for the quarter were reported at $101.3 million, up from $76.5 million in the prior year, resulting in diluted earnings per share of $2.68 compared to $1.99. The increase in earnings was attributed to favorable absorption on higher sales across all segments and operational excellence initiatives. The effective tax rate decreased to 19.0% from 22.7% in the previous year, primarily due to tax benefits associated with legal entity restructuring.
Curtiss-Wright did not complete any acquisitions during the first quarter of 2025, but it continued to benefit from previous acquisitions, contributing $19 million in net sales and $5 million in net losses from its 2024 acquisitions. The company reported a total backlog of approximately $3.7 billion, with expectations to recognize about 90% as net sales over the next 36 months. The company’s workforce remained stable, with no significant changes in employee headcount reported.
Operationally, the company experienced a 15% increase in sales within the Aerospace & Defense markets, totaling $563 million, driven by demand for embedded computing equipment and actuation systems. The Naval & Power segment reported an 18% increase in sales to $333 million, bolstered by higher demand for submarine programs and nuclear aftermarket services. However, new orders decreased in the Defense Electronics segment, primarily due to timing issues related to ground and naval defense equipment.
Looking ahead, Curtiss-Wright remains optimistic about its growth trajectory, with expectations of continued demand in its core markets. The company is focused on leveraging its operational efficiencies and strategic initiatives to enhance profitability. Management anticipates that ongoing supply chain challenges and geopolitical factors may impact operations, but they are confident in their ability to navigate these challenges effectively.
About CURTISS WRIGHT CORP
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