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Curtiss - Wright Corporation , Page 1 CURTISS- WRIGHT NEWS RELEASE CW LISTED NYSE CURTISS - WRIGHT REPORTS STRONG THIRD QUARTER 2021 RESULTS AND RAISES MIDPOINT OF FULL - YEAR 2021 ADJUSTED EPS GUIDANCE DAVIDSON , N.C. - November 3 , 2021 – Curtiss - Wright Corporation ( NYSE : CW ) reports financial results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Highlights : Reported sales of $ 621 million , operating income of $ 98 million , operating margin of 15.7 % , diluted earnings per share ( EPS ) of $ 1.70 , and free cash flow ( FCF ) of $ 97 million ; Adjusted sales of $ 614 million , up 12 % ; • • Adjusted operating income of $ 108 million , up 12 % ; • Adjusted operating margin of 17.5 % , up 10 basis points ; Adjusted diluted EPS of $ 1.88 , up 6 % ; • New orders of $ 617 million , up 13 % ; and • Adjusted FCF of $ 97 million , up 76 % , with 127 % free cash flow conversion . Expansion of Company's Share Repurchase Authorization : • • • In September , the Company's Board of Directors authorized an additional $ 400 million for future share repurchases , increasing the total available authorization to $ 550 million ; The Company immediately and opportunistically began the repurchase of $ 200 million in additional shares via a 10b5-1 program , conducted in concurrence with its existing $ 50 million share repurchase program being executed this calendar year ; and As of November 3 , the Company has completed its $ 200 million opportunistic share repurchase program , buying back approximately 1.5 million shares , and remains on track to repurchase a total of $ 250 million in shares in 2021 . Full - Year 2021 Adjusted Guidance : • • Raised bottom end of Adjusted diluted EPS guidance to new range of $ 7.20 to $ 7.35 ( previously $ 7.15 to $ 7.35 ) ; Maintained sales growth of 7 % to 9 % , Adjusted operating income growth of 9 % to 12 % , and Adjusted operating margin range of 16.7 % to 16.8 % , up 40 to 50 basis points compared with the prior year ; and Maintained Adjusted FCF range of $ 330 to $ 360 million , representing a free cash flow conversion rate of approximately 116 % . " We delivered strong third quarter results , with double - digit growth in sales and operating income , despite supply chain headwinds , which produced Adjusted diluted EPS of $ 1.88 and generated strong free cash flow of approximately $ 100 million , ” said Lynn M. Bamford , President and CEO of Curtiss - Wright Corporation . “ Our results reflect the continued execution of our operational excellence initiatives and savings generated by our prior year restructuring actions , which drove