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Curtiss - Wright Corporation , Page 1 CURTISS- WRIGHT NEWS RELEASE CW LISTED NYSE CURTISS - WRIGHT REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS ; RAISES FULL - YEAR 2021 GUIDANCE FOR SALES , OPERATING INCOME , OPERATING MARGIN AND DILUTED EPS DAVIDSON , N.C. – May 5 , 2021 - Curtiss - Wright Corporation ( NYSE : CW ) reports financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights : • • • Reported results include sales of $ 597 million , operating income of $ 85 million , operating margin of 14.2 % and diluted earnings per share ( EPS ) of $ 1.45 ; Adjusted diluted EPS of $ 1.51 , up 18 % ; Adjusted net sales of $ 590 million , up 2 % , led by strong 8 % growth in our Aerospace & Defense markets ; • Adjusted operating income of $ 89 million , up 15 % ; • • • • • Adjusted operating margin of 15.0 % , up 160 basis points , principally reflecting savings generated by our prior year restructuring initiatives ; New orders of $ 571 million , up 3 % , led by a strong 1.2x book to bill in our commercial markets ; Reported free cash flow ( FCF ) up 83 % ; Adjusted FCF up 34 % ; and Share repurchases of approximately $ 12 million . Full - Year 2021 Business Outlook ( compared with Adjusted full - year 2020 results ) : Increased Adjusted sales guidance to new range of 7 to 9 % growth ( previously 6 to 8 % ) and Adjusted operating income guidance to new range of 9 to 11 % growth ( previously 7 to 10 % ) ; • • Increased Adjusted operating margin guidance to new range of 16.6 % to 16.7 % , up 30 to 40 basis points compared with the prior year ( previously 16.5 % to 16.6 % , up 20 to 30 basis points ) ; and Increased Adjusted diluted EPS guidance by $ 0.10 to new range of $ 7.10 to $ 7.30 , up 8 to 11 % , mainly due to expectations for higher sales and profitability in the Defense Electronics segment and stronger profitability in the Naval & Power segment . " We delivered a strong start to the year , which has positioned us to increase our full - year Adjusted guidance for sales , operating income , operating margin and diluted EPS , " said Lynn M. Bamford , President and CEO of Curtiss - Wright Corporation . “ First quarter Adjusted diluted EPS of $ 1.51 exceeded expectations , as we delivered strong organic defense market sales and improved profitability in the Defense Electronics and Naval & Power segments . In addition , our solid financial performance reflects the continued execution of our cost containment efforts and savings generated by our restructuring actions , as well as investments in strategic research and development projects to drive long - term organic growth . "