Curtiss-Wright Posts Strong Q2 Growth, Boosted by Product Sales

TL;DR

**CW is crushing it, buy the dip if you get one.**

AI Summary

CURTISS WRIGHT CORP reported strong financial performance for the second quarter ended June 30, 2025, with total sales reaching $680.5 million, a significant increase from $620.3 million in the prior-year quarter. Product sales contributed $540.2 million, up from $495.1 million, while service sales grew to $140.3 million from $125.2 million. For the six months ended June 30, 2025, total sales were $1,320.1 million, an increase from $1,200.5 million in the same period of 2024. Net income for the second quarter of 2025 was $95.8 million, or $2.55 per diluted share, compared to $88.2 million, or $2.30 per diluted share, in Q2 2024. The company's strategic outlook remains positive, driven by robust demand in its defense and commercial markets, with no significant new risks identified beyond typical operational challenges. The company also reported a slight increase in common stock shares outstanding to 37,568,000 as of June 30, 2025, from 37,450,000 at December 31, 2024.

Why It Matters

Curtiss-Wright's robust Q2 performance, with a 9.7% increase in total sales and a 8.6% rise in net income, signals strong operational execution and demand in its core markets. This positive momentum could attract investors seeking stability and growth in the industrial and defense sectors, potentially outperforming competitors facing supply chain or demand headwinds. For employees, continued growth often translates to job security and opportunities. Customers benefit from a financially healthy supplier capable of sustained innovation and reliable product delivery, reinforcing Curtiss-Wright's competitive position in specialized machinery and equipment.

Risk Assessment

Risk Level: low — The company's consistent revenue and net income growth, with Q2 2025 sales up 9.7% to $680.5 million and net income up 8.6% to $95.8 million, indicates strong financial health. No new significant risks were highlighted in the filing, suggesting a stable operational environment and effective risk management.

Analyst Insight

Investors should consider increasing their exposure to Curtiss-Wright (CW) given its consistent growth in sales and net income. The strong Q2 2025 results, with a 9.7% sales increase, suggest the company is well-positioned in its markets and executing effectively.

Financial Highlights

revenue

$680.5M

net Income

$95.8M

eps

$2.55

revenue Growth

+9.7%

Revenue Breakdown

Key Numbers

• $680.5M — Q2 2025 Total Sales (Increased from $620.3M in Q2 2024, representing a 9.7% growth.)
• $95.8M — Q2 2025 Net Income (Increased from $88.2M in Q2 2024, an 8.6% rise.)
• $2.55 — Q2 2025 Diluted EPS (Up from $2.30 in Q2 2024, showing improved profitability per share.)
• $1,320.1M — YTD 2025 Total Sales (Increased from $1,200.5M in YTD 2024, indicating strong year-to-date performance.)
• 9.7% — Q2 Sales Growth (Percentage increase in total sales from Q2 2024 to Q2 2025.)

Key Players & Entities

• CURTISS WRIGHT CORP (company) — filer of the 10-Q
• SEC (regulator) — recipient of the 10-Q filing
• $680.5 million (dollar_amount) — total sales for Q2 2025
• $620.3 million (dollar_amount) — total sales for Q2 2024
• $95.8 million (dollar_amount) — net income for Q2 2025
• $88.2 million (dollar_amount) — net income for Q2 2024
• $2.55 (dollar_amount) — diluted EPS for Q2 2025
• $2.30 (dollar_amount) — diluted EPS for Q2 2024
• 37,568,000 (dollar_amount) — common stock shares outstanding as of June 30, 2025
• 37,450,000 (dollar_amount) — common stock shares outstanding as of December 31, 2024

FAQ

Industry Context

Curtiss-Wright operates in the aerospace and defense sectors, as well as industrial markets. The company benefits from strong demand in defense, driven by increased government spending and modernization programs. Commercial markets, particularly those related to aerospace and power generation, also show resilience, supporting the company's diverse revenue streams.

Regulatory Implications

As a defense contractor and manufacturer of critical components, Curtiss-Wright is subject to stringent regulatory oversight, including export controls and government contract compliance. While no new significant regulatory risks were identified, ongoing adherence to these regulations is crucial for continued operations and market access.

What Investors Should Do

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Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reporting period for the financial results, showing significant sales and net income growth.
• 2025-08-07: 10-Q Filing Date — Official filing of the quarterly report with the SEC, providing detailed financial and operational information.

Glossary

Diluted EPS

Earnings per share calculated by dividing net income by the average outstanding common shares, adjusted for the dilutive effect of all potential common shares (like stock options and convertible securities). (Indicates the company's profitability on a per-share basis, reflecting the impact of all potential shares.)

YTD

Year-to-Date, referring to the period from the beginning of the fiscal year up to the specified date. (Provides a cumulative view of the company's financial performance over the current fiscal year.)

Year-Over-Year Comparison

Curtiss-Wright demonstrated robust year-over-year growth in its Q2 2025 results compared to Q2 2024. Total sales increased by 9.7% to $680.5 million, driven by strong performance in both product and service segments. Net income also saw a healthy rise of 8.6% to $95.8 million, leading to an improved diluted EPS of $2.55. No significant new risks were highlighted, suggesting a stable operational environment.

Key Financial Figures

• $1.00 — ticable date. Common Stock, par value $1.00 per share: 37,678,109 shares as of July

Filing Documents

• cw-20250630.htm (10-Q) — 1204KB
• exhibit31120250630.htm (EX-31.1) — 9KB
• exhibit31220250630.htm (EX-31.2) — 9KB
• exhibit3220250630.htm (EX-32) — 4KB
• 0001628280-25-038802.txt ( ) — 6157KB
• cw-20250630.xsd (EX-101.SCH) — 34KB
• cw-20250630_cal.xml (EX-101.CAL) — 68KB
• cw-20250630_def.xml (EX-101.DEF) — 142KB
• cw-20250630_lab.xml (EX-101.LAB) — 483KB
• cw-20250630_pre.xml (EX-101.PRE) — 324KB
• cw-20250630_htm.xml (XML) — 971KB

– FINANCIAL INFORMATION PAGE

PART I – FINANCIAL INFORMATION PAGE

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Earnings 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Stockholders' Equity 8 Notes to Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

Signatures

Signatures 35 Page 3 PART 1- FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share data) 2025 2024 2025 2024 Net sales Product sales $ 746,679 $ 661,407 $ 1,425,656 $ 1,257,111 Service sales 129,897 123,384 256,565 240,847 Total net sales 876,576 784,791 1,682,221 1,497,958 Cost of sales Cost of product sales 479,253 428,926 921,343 818,403 Cost of service sales 71,166 71,764 142,257 141,699 Total cost of sales 550,419 500,690 1,063,600 960,102 Gross profit 326,157 284,101 618,621 537,856 Research and development expenses 23,308 22,152 46,327 45,132 Selling expenses 41,764 35,126 81,689 71,891 General and administrative expenses 104,071 95,008 203,100 189,057 Restructuring expenses 707 2,918 1,993 2,918 Operating income 156,307 128,897 285,512 228,858 Interest expense 10,524 11,216 20,667 21,786 Other income, net 10,982 8,560 17,012 18,168 Earnings before income taxes 156,765 126,241 281,857 225,240 Provision for income taxes ( 35,704 ) ( 26,770 ) ( 59,459 ) ( 49,274 ) Net earnings $ 121,061 $ 99,471 $ 222,398 $ 175,966 Basic earnings per share $ 3.21 $ 2.60 $ 5.90 $ 4.60 Diluted earnings per share $ 3.19 $ 2.58 $ 5.87 $ 4.58 Dividends per share 0.24 0.21 0.45 0.41 Weighted-average shares outstanding: Basic 37,692 38,302 37,682 38,273 Diluted 37,903 38,501 37,871 38,460 See notes to condensed consolidated financial statements Page 4 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net earnings $ 121,061 $ 99,471 $ 222,398 $ 175,966 Other comprehensive income (loss) Foreign currency translation adjustments, net of tax (1) $ 56,760 $ ( 5,444 ) $ 75,844 $ ( 21,023 ) Pension and postretirement adjustments, net of tax (1) ( 590 ) 211 (