Curtiss-Wright(CW) - 2025 Q1 - Quarterly Report

Financial Performance - Total sales for the three months ended March 31, 2025, increased by $92 million, or 13%, to$ 805.6 million compared to the prior year period[93] - Operating income for the same period rose by $29 million, or 29%, to$ 129.2 million, with an operating margin increase of 200 basis points to 16.0%[94] - Net earnings increased by $24.8 million, or 32%, to$ 101.3 million compared to the prior year period[93] - Comprehensive income for the three months ended March 31, 2025, was $120 million, compared to$ 61 million in the prior year[98] Orders and Sales Growth - New orders for the three months ended March 31, 2025, totaled $1,018 million, an increase of$ 116 million, or 13%, from the prior year[93] - Sales in the Aerospace & Industrial segment increased by $8 million, or 4%, to$ 227.2 million, driven by higher demand for actuation equipment[100] - Defense Electronics segment sales rose by $33 million, or 16%, to$ 245.2 million, primarily due to increased demand for embedded computing equipment[110] - Naval & Power segment sales increased by $51 million, or 18%, to$ 333.2 million, reflecting strong performance in naval defense orders[93] - Sales for the three months ended March 31, 2025, increased by $51 million, or 18%, to$ 333 million compared to the prior year period[115] - Sales in the Naval Defense market increased by $34 million, attributed to higher demand and timing of sales on submarine programs[115] - Total sales in Aerospace & Defense markets rose by$ 73 million, or 15%, to $563 million, with notable increases across all segments[122] - Sales in the Power & Process market increased by$ 20 million, or 15%, primarily due to acquisitions and higher commercial nuclear aftermarket sales[123] Operating Income and Margins - Operating income in the Defense Electronics segment increased by $19 million, or 40%, to$ 67.4 million, with an operating margin of 27.5%[111] - Operating income rose by $7 million, or 19%, to$ 42 million, with an operating margin of 12.6%, up 10 basis points from the previous year[118] Tax and Cash Flow - The effective tax rate for the three months ended March 31, 2025, was 19.0%, down from 22.7% in the prior year period[98] - Net cash used in operating activities decreased by $7 million from the prior year, reflecting higher cash earnings[127] - Net cash used in investing activities increased by$ 13 million, mainly due to additional consideration for the Ultra Energy acquisition[128] Debt and Credit Facilities - As of March 31, 2025, the Corporation had approximately $22 million in letters of credit and$ 728 million in unused credit available under its credit facility[130] - The Corporation's average debt outstanding was $1,021 million for the three months ended March 31, 2025, with a consistent average interest rate of 3.8%[129]