Curtiss-Wright Q4 Profit Rises

(RTTNews) - Curtiss-Wright Corp. (CW) reported that its net earnings for the fourth quarter ended December 31, 2021 was $76.58 million or $1.94 per share up from $53.99 million or $1.30 per share in the prior year.

Adjusted earnings per share were $2.40 compared to $2.27 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.36 er share for the quarter. Analysts' estimates typically exclude special items.

Total net sales for the quarter declined to $666.76 million from $668.44 million in the prior year. Analysts expected revenue of $ 675.08 million for the quarter.

The company also declared a quarterly dividend of $0.18 a share, unchanged from the previous quarter.

Looking to 2022, the company projects total sales growth of 3% to 5% driven by growth in all of A&D and Commercial markets, continued operating margin expansion, and double-digit adjusted earnings per share growth of 10% to 12%.

The company said it remains on track to achieve its 3-year financial targets for 2023 that it communicated at last year's investor day and successfully execute on its Pivot to Growth strategy to drive long-term shareholder value.

For 2022, the company projects non-GAAP earnings per share to be in the range of $8.05 - $8.25 and non-GAAP total sales of $2.53 billion - $2.58 billion. Wall Street currently is looking for fiscal year 2022 earnings of $8.03 per share on annual revenues of $2.59 billion.