Curtiss-Wright Corp. Files 2024 Annual Report

Ticker: CW · Form: 10-K · Filed: 2025-02-13T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

CW's 2024 10-K is in. Full financials and biz details for the year.

AI Summary

Curtiss-Wright Corp. filed its 10-K for the fiscal year ending December 31, 2024. The company, headquartered in Davidson, NC, operates in the industrial machinery and equipment sector. Key financial data and operational details for the fiscal year 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Curtiss-Wright's financial performance and business operations for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and does not inherently indicate new risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Curtiss-Wright Corp. according to the SIC code?

The Standard Industrial Classification (SIC) code 3590 indicates the company operates in MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT.

Where is Curtiss-Wright Corp. headquartered?

Curtiss-Wright Corp. is headquartered at 130 Harbour Place Drive, Suite 300, Davidson, NC 28036.

What is the filing date of this 10-K report?

This 10-K report was filed on February 13, 2025.

What fiscal year does this 10-K filing cover?

This 10-K filing covers the fiscal year ending December 31, 2024.

What is the SEC file number for Curtiss-Wright Corp.?

The SEC file number for Curtiss-Wright Corp. is 001-00134.

Filing Stats: 4,353 words · 17 min read · ~15 pages · Grade level 14.3 · Accepted 2025-02-13 16:00:37

Key Financial Figures

Filing Documents

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

Cybersecurity

Item 1C. Cybersecurity 22

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 25

[Reserved]

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Controls and Procedures

Item 9A. Controls and Procedures 79

Other Information

Item 9B. Other Information 79

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 80

Executive Compensation

Item 11. Executive Compensation 80

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 80

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 80 PART IV

Exhibits, Financial Statement Schedule

Item 15. Exhibits, Financial Statement Schedule 81

Form 10-K Summary

Item 16. Form 10-K Summary 85 Schedule II – Valuation and Qualifying Accounts 86

Signatures

Signatures 87 3 PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for historical information, this Annual Report on Form 10-K may be deemed to contain "forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance, (d) impacts on our business related to ongoing supply chain delivery disruptions, significant inflation, higher interest rates or deflation, labor shortages, the imposition or threat of imposition of additional tariffs by the Trump Administration, and measures taken by governments and private industry in response, as well as related to the ongoing conflict between Russia and Ukraine, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f) statements of assumptions, such as economic conditions underlying other statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates," "believes," "continue," "could," "estimate," "expects," "intend," "may," "might," "outlook," "potential," "predict," "should," "will," as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. No assurance may be given that the future results described by the forward-looking statements will be achieved. While we believe these forward-looking statements are reasonable, they are only predictions and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, which

Business

Item 1. Business. BUSINESS DESCRIPTION Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets. We expect that the breadth of our portfolio strengthens our competitive positions in core markets, mitigates the impact of business cycles or economic volatility, and allows us to drive growth in new products. We believe we are well positioned in the growing markets in which we operate and seek to grow our critical mass while expanding our global manufacturing capabilities, sales channels and customer relationships. Through One Curtiss-Wright, we continuously leverage the inherent synergies and cross-market technologies that exist throughout our portfolio of defense and commercial applications in support of continued profitable growth. Curtiss-Wright maintains a unique presence on high-performance platforms and critical applications that require our technical sophistication, and we benefit from decades of engineering expertise and knowledge transfer. Curtiss-Wright has been involved in a number of "firsts" in industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were in the first commercial nuclear power plant) and defense electronics (use of commercial off-the-shelf (COTS) electronics in military applications). We have built upon those long-standing customer relationships and are deeply embedded in our customers workflows today. We hold competitive positions where we are a leader in the majority of our key defense and commercial end markets through engineering and technological l

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