Curtiss-Wright Issues Details of New Segment Structure; Reaffirms FY13 Outlook, Sees FY14 EPS $3.20-3.35 vs $3.28 Est, Sales $2.65-2.7B vs $2.64B Est.
Curtiss-Wright Corporation (NYSE: CW) announced today the transition to a new segment structure for a more strategically aligned, market-facing Curtiss-Wright. The Company will be comprised of Commercial/Industrial, Defense and Energy segments effective January 1, 2014.
A summary of the 2013 and 2014 guidance is provided below:
2013E Guidance 2014E Guidance % Growth Total Sales $2.48 - $2.52 billion $2.65 - $2.70 6 - 8% billion Operating Income $232 - $240 million $267 - $278 million 13 - 18% Interest Expense $39 - $40 million $39 - $40 million Effective Tax Rate 32.0% 32.0% Diluted Earnings per Share $2.75 - $2.85 $3.20 - $3.35 14 - 20% Diluted Shares Outstanding 47.6 million 48.4 million Free Cash Flow $110 - $120 million $140 - $150 million 22 - 30%
Note: All figures presented on a continuing operations basis
"I am pleased to announce the new 'One Curtiss-Wright' vision and our transition to the future segment structure as an integrated, market-facing global diversified industrial company," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "We are at an inflection point in our history whereby Curtiss-Wright has the ability to significantly expand shareholder value, as we take the Company to heights of performance in margin expansion and operational excellence, along with a balanced capital deployment strategy."
Once instituted, this new segment structure will replace the current segment structure, as follows:
* Flow Control segment: The oil and gas and nuclear aftermarket businesses will become the new Energy segment. The Naval defense, new build power generation and general industrial businesses will move to the new Defense segment. The commercial aerospace business will move to the new Commercial/Industrial segment. * Controls segment: The commercial aerospace and general industrial businesses will shift to the Commercial/Industrial segment and the defense business will shift to the new Defense segment. * Surface Technologies segment: All businesses will move to the new Commercial/Industrial segment.
Investor Day 2013
Beginning at 8:00 am EST this morning, Curtiss-Wright is hosting an Investor Day and conducting a live webcast to discuss the Company's strategic overview and future vision. The live webcast will conclude at approximately 11:45 am.
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