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Curtiss-Wright

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Ticker cw
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Sector Industrials
Industry Aerospace & Defense
Employees 5001-10,000
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FY2021 Annual Report · Curtiss-Wright
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2021 
ANNUAL 
REPORT

 
 
Our vision for long-term 
profitable growth is 
focused on driving greater 
collaboration between our 
people and our partners.

Headquartered in Davidson, N.C., Curtiss-Wright Corporation is a global integrated 
business that provides highly engineered products, solutions and services mainly 
to Aerospace & Defense markets, as well as critical technologies in demanding 
Commercial Power, Process and Industrial markets. 

Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright 
has a long tradition of providing innovative solutions through trusted customer 
relationships. Today, we leverage a workforce of 7,800 highly skilled employees who 
develop, design and build what we believe are the best engineered solutions to the 
markets we serve. 

$350M
RECORD  
SHARE REPURCHASE

11%
GROWTH IN  
DILUTED EPS

17.0%
RECORD  
OPERATING MARGIN

7%
GROWTH IN 
SALES

116%
FREE CASH FLOW  
CONVERSION

11

2 0 2 1   A N N U A L   R E P O R T
2 0 2 1   A N N U A L   R E P O R T

Curtiss-Wright’s integrated portfolio of businesses 

enables the crossover of critical technologies between 

our Aerospace & Defense (A&D) and Commercial 

markets to accelerate our future growth.

TOTAL AEROSPACE & DEFENSE (A&D) MARKETS

56%  DEFENSE

11%  COMMERCIAL AEROSPACE

TOTAL COMMERCIAL MARKETS

18%  POWER & PROCESS

15%  GENERAL INDUSTRIAL

67%

33%

C U R T I S S - W R I G H T   C O R P O R A T I O N 

2

To my Fellow 
Shareholders 
and Employees

3

2 0 2 1   A N N U A L   R E P O R T

“Curtiss-Wright delivered impressive results and 

exhibited tremendous operational agility in 2021.

The initiation and execution of our new Pivot to Growth 

strategy was successful in its first year, and I am excited 

about this next phase of Curtiss-Wright’s journey.”

Having recently completed my first year as President and 
Chief Executive Officer of this iconic company, I believe 
Curtiss-Wright is truly at an inflection point that will drive 
long-term value for our shareholders.

Over the course of this past year, we have increased our 
focus on collaboration and innovation, while leveraging 
the critical mass of One Curtiss-Wright across the 
enterprise, to identify and unlock new sources of value 
for our customers. 

Since the onset of the COVID-19 pandemic, our 
unwavering focus has been on striking a balance 
between doing everything we can to maintain a safe and 
healthy workplace and adapting our business for the 
unprecedented challenges facing global economies.

Further, our team has proven extremely capable of 
managing through the global supply chain challenges and 
inflationary impacts on our business, strengthening our 
leading market positions and driving increased efficiency 
across our global operations which remain critical to the 
Company’s long-term success.

As evidenced by our strong financial performance in 
fiscal year 2021, we continue to build upon on our strong 
foundations of operational excellence and financial 
discipline, which enabled us to achieve a record 17% 
adjusted operating margin in 2021 and deliver record 
returns to our shareholders.

Curtiss-Wright remains well-positioned to drive 
tremendous value for all of our stakeholders, and we 
look forward with confidence to deliver on the next 
phase of our journey.

Pivot to Growth Strategy

Our new Pivot to Growth strategy presented during our May 
2021 Investor Day focuses on maximizing revenue and 
operating income growth for our shareholders. Since early 
2021, we have implemented numerous steps under this 
new strategy, including the simplification of our story and 
business model where we transitioned to a new and more 

cohesive segment and end market structure. This, in turn, 
positions us to further unlock shareholder value.

Curtiss-Wright is an integrated business that provides 
highly engineered products, solutions and services with 
two-thirds of our sales to Aerospace & Defense (A&D) 
markets, as well as critical technologies in demanding 
Commercial Power, Process and Industrial markets.

Importantly, Curtiss-Wright is differentiated because we 
have strength in the combined portfolio benefitting from 
long-term stability in our defense businesses and agility in 
our commercial businesses.

Our Pivot to Growth strategy is centered on a renewed drive 
for top line acceleration through both organic and inorganic 
sales growth, building on the strengths across our A&D 
and Commercial markets, deepening and expanding our 
customer relationships by driving One Curtiss-Wright to 
the customer, and maintaining our disciplined approach to 
acquisitions.

We see strong growth opportunities in each of our 
segments, not simply in the short-term, but for years 
to come, given the significant potential to build upon 
crossover technologies that leverage the strength of our 
combined portfolio where, for example, we have critical 
technologies in our commercial markets which can be 
pulled through into our defense markets to meet our 
customers’ future needs. 

We have continued opportunities within our new 
Operational Growth Platform for margin expansion 
while driving continued investments in Research and 
Development (R&D) to fuel the innovation engine. Further, 
this new platform builds upon our strong track record 
of operational excellence and financial discipline, and 
refocuses our efforts to drive profitable growth which will 
continue to play a key role in driving Curtiss-Wright’s robust 
cash flow generation.

It’s truly been exciting to see that team members 
across Curtiss-Wright have embraced the strategy and 
collaborative efforts to increase the innovation across 

C U R T I S S - W R I G H T   C O R P O R A T I O N 

4

“In support of our new strategy, we remain focused on 

driving our operations to achieve financial excellence 

and will utilize our strong balance sheet to execute 

disciplined capital allocation which, in turn, will enhance 

shareholder value.”

the company, while our leadership team focuses on our 
alignment to critical technologies and directing those R&D 
investments towards the highest and best use.

initiatives, as we continued to reinvest into our innovation 
pipeline, to the tune of $14 million, or 60 basis points, in 
incremental R&D this past year.

At our 2021 Investor Day event, we also established new 
long-term targets for the three-year period ending in 2023:

•  5 - 10% Total Revenue CAGR  

(inclusive of 3 - 5% organic growth)

•  Operating Income Growth > Revenue Growth  

(which implies continued Operating Margin expansion) 

•  Maintaining Top Quartile Operating Margin  

(relative to our peers)

•  10% (or Greater) Adjusted diluted EPS CAGR, and

•  Greater than 110% average Free Cash Flow conversion

In support of our new strategy, we remain focused on driving 
our operations to achieve financial excellence and will utilize 
our strong balance sheet to execute disciplined capital 
allocation, to achieve top quartile performance as compared 
to our peer group and enhance shareholder value.

Delivering Strong 2021 Financial Performance 

Adjusted sales increased 7% to $2.5 billion, as we leveraged 
the strength and resilience of our combined portfolio 
to minimize the impact of the challenging supply chain 
environment. This performance was driven by solid growth 
in our A&D markets, including the contribution from our 
PacStar acquisition, as well as growth in our Commercial 
markets, most notably within General Industrial which 
rebounded to pre-pandemic levels in 2021, one year ahead 
of expectations. Order activity was particularly strong in the 
second half of 2021, driving full-year orders up 11% overall 
and providing confidence in our future growth outlook. 

Adjusted operating income improved 12% to $420 million, 
while adjusted operating margin increased 70 basis points 
to a record 17.0% as we achieved our margin objective one 
full year ahead of schedule. This performance reflects our 
continued strong execution on higher sales and the benefits 
of our ongoing company-wide operational excellence 

We achieved adjusted diluted earnings per share of 
$7.34, up 11%, reflecting our overall strong operational 
performance, as well as the benefit of our ongoing share 
repurchase activity.

Our operational execution has also played a key role in 
driving solid free cash flow generation. In addition, based on 
our strong profitability and our continued efforts to reduce 
working capital, we generated $347 million in adjusted free 
cash flow, driving an adjusted free cash flow conversion of 
116%. This represented our ninth consecutive year achieving 
more than 100% free cash flow conversion.

Our strong full year 2021 results and share price 
performance are early proof points that our Pivot to Growth 
strategy is working.

Disciplined and Balanced Capital Allocation Strategy

We continue to utilize our strong and healthy balance 
sheet to implement a disciplined and balanced approach to 
capital allocation.

As we stated at our investor day, acquisitions have been 
and will continue to remain our highest priority for capital 
allocation under our Pivot to Growth strategy, supplemented 
by continued steady distributions to our shareholders, 
most often through share repurchases, as well as steady 
reinvestment in our business.

We have a strong track record of successful acquisitions, 
supplementing our existing portfolio with critical adjacent 
technologies to enhance our customer offering, with five of 
our last six transactions primarily serving our A&D markets. 
We utilize a stringent process whereby each property must 
be the right strategic and financial fit to help grow our top- 
and bottom-line faster – while not allowing for long-term 
deterioration of our financial metrics. 

5

2 0 2 1   A N N U A L   R E P O R T

In 2021, we firmly delivered on our commitment to 
drive returns to our shareholders by completing record 
annual share repurchases of $350 million, including 
opportunistically deploying our capital to buybacks, while 
also maintaining a consistent pace of dividend payouts, 
including a 6% increase in the quarterly dividend during 
2021.

With our continued focus on working capital and strong 
free cash flow generation, we concluded last year with 
approximately $1.6 billion of borrowing capacity, providing 
the financial flexibility that will enable us to pursue our long-
term growth strategies.

In early 2022, we announced our pending acquisition of 
Safran’s aerospace arresting systems business for $240 
million, which will increase the breadth and market leading 
position of our global defense portfolio . Additionally, we 
are continuing to invest in organic growth, with another $8 
million incremental increase in research and development 
investment planned in 2022. Lastly, we expect to repurchase 
a minimum of $50 million in shares in 2022. 

Our continued ability to deliver solid earnings growth and 
free cash flow have enabled us to consistently provide a 
steady and solid return to our shareholders. 

Promoting Corporate Sustainability

We believe that a commitment to positive Environmental, 
Social and Governance (ESG) related business practices 
strengthens our operations, increases our connection with 
all stakeholders, and helps us better serve our customers 
and the communities in which we operate. On the following 
pages, we will provide a few examples of how Curtiss-
Wright’s technologies are supporting the drive for clean, 
carbon-free energy.

As a global company, we are committed to reducing our 
environmental impact, and I would highlight that Curtiss-
Wright has achieved an MSCI ESG rating of A based on 
our continuous improvement in sustainability. We strive to 
protect the environment by conserving energy and water, 

minimizing waste and emissions, and promoting recycling 
and renewable energy to reduce adverse environmental 
impacts. We continue to establish an energy baseline 
from which to track energy usage and spend; this data will 
be used to calculate greenhouse gas (GHG) emissions 
in accordance with industry standards. We anticipate 
disclosing such climate change data by the end of 2023, 
once we have compiled three full years of energy data.

We are putting greater emphasis on diversity, equity and 
inclusion, talent acquisition and development, and the 
overall employee experience at Curtiss-Wright, which in turn, 
creates a richer culture, enhances performance and attracts 
the best talent.

Looking Ahead with Confidence

As always, I would like to thank our approximately 7,800 
employees for their unwavering focus and commitment 
for making this past year a strong success, as well as our 
stakeholders for your continued support of Curtiss-Wright. 

Our team has displayed tremendous resiliency and 
execution over the past few years while faced with 
continued global challenges, providing me with confidence 
in our ability to deliver strong operational and financial 
performance in 2022. 

Looking ahead, we remain on track to achieve our 3-year 
financial targets for 2023, and through our Pivot to Growth 
strategy, we will deliver exceptional, long-term value to all of 
our stakeholders.

Lynn M. Bamford 
President and Chief Executive Officer

C U R T I S S - W R I G H T   C O R P O R A T I O N 

6

Accelerating Growth 
through Innovation  
& Collaboration

Curtiss-Wright has established a 
leadership role in delivering the 
numerous benefits of MOSA solutions 
to its customers, including our rugged 
COTS processor and networking 
modules on the U.S. Air Force C-130J 
Special Operations Aircraft.

At Curtiss-Wright, we are embracing a renewed focus, 
with greater leadership oversight, on our most critical 
growth investments, including opportunities in R&D and 
Innovation. We are driving increased collaboration of 
ideas and best practices across all of our segments and 
divisions, leveraging our employees’ strong engineering, 
technical knowledge and creativity to unlock crossover 
technological applications that could benefit both A&D 
and commercial markets. This, in turn, allows us to provide 
better value to our customers, while enhancing Curtiss-
Wright’s long-term value creation. 

Through the efforts of our innovation council and our 
new Innovation Operating System, we are maximizing 
both the opportunity and visibility across the organization 
to generate new ideas. From Ideation and Research 
through to the Development and Launch of new ideas, 
our Innovation Operating System enables an enterprise-
wide view of critical initiatives to explore and enhance our 
avenues for growth, along with a “fail fast” mentality to 
ensure that we are spending our resources wisely. 

We continually evaluate our R&D investments in relation to 
potential growth opportunities in technology or program 
pursuits, and competitive market positions, while ensuring 
that we protect our intellectual property and technical 
leadership. In the past five years, we have steadily grown 
these investments, spending approximately 70% on our 
core, 20% on expanding markets or technology and 10% on 
breakthrough ideas.

Over the course of the next few pages, we’d like to share 
a few examples of the investments, innovative ideas, and 
collaboration taking place across Curtiss-Wright, from 
advancing our capabilities in defense electronics to our 
support for clean, carbon-free energy across several of our 
major end markets.

Curtiss-Wright is a Leader in Bringing 
Innovative MOSA Solutions to the Aerospace  
& Defense Industry

In a typical year, more than half of our R&D investments 
are directed to defense electronics to ensure that we 
continue to provide innovative, leading-edge technological 
capabilities to our customers. 

Curtiss-Wright’s offerings are based on the DoD mandated 
Modular Open Systems Approach (MOSA), which calls 
for open architecture solutions that eliminate proprietary 
interfaces through the use of widely supported consensus-
based standards for the major system interfaces between 
systems and components. From rugged Commercial-
off-the-Shelf (COTS) components and modules (such 
as the card shown on the cover which adheres to the 
OpenVPX standard) to ready-to-integrate subsystems, 
our comprehensive suite of defense electronics solutions, 
and our product road maps, all embrace MOSA principles. 
Further, we maintain a close partnership with government 
and industry, helping guide the development of innovative 
MOSA-related open standards to enable new capabilities 
while expanding system interoperability, with modules 
designed to align with leading technical standards, such 
as The Open Group Sensor Open Systems Architecture™ 
(SOSA) and U.S. Army’s C5ISR/EW Modular Open Suite of 
Standards (CMOSS). 

Whether in the air, on the ground, or at sea, Curtiss-
Wright MOSA technologies deliver high reliability and 
performance to the warfighter for the most demanding 
deployed applications.

7

2 0 2 1   A N N U A L   R E P O R T

From Ideation and Research through to the Development 

and Launch of new ideas, our Innovation Operating System 

enables an enterprise-wide view of critical initiatives to explore 

and enhance our avenues for growth, along with a “fail fast” 

mentality to ensure that we are spending our resources wisely. 

We are encouraged by the U.S. government’s 
continued support for innovation to develop 
advanced nuclear plant designs. These 
nuclear plants will become zero-emissions, 
clean energy sources with the capability to 
effectuate global climate change and reduce 
greenhouse gas emissions as we drive 
towards a carbon-free future. 

Advancing Green Technologies to Support the 
Future of Nuclear Power

Curtiss-Wright maintains a highly regarded and long-
standing presence in the commercial nuclear power 
generation market for the support of existing Generation III 
reactors operating across the globe.

As a result, Curtiss-Wright is well-positioned to benefit 
from the expected global growth in the development 
and construction of Generation III+ Large Light Water 
Reactors such as the Westinghouse AP1000 reactor, as 
well as Generation IV Advanced Reactors (ARs) and Small 
Modular Reactors (SMRs), that will provide safe, clean and 
affordable energy.

In addition, the development of SMRs and ARs have 
received strong support, most recently from the 
Department of Energy (DOE) through its $3.2 billion 
Advanced Reactor Demonstration Program (ARDP) as well 
as the Carbon Free Power Project (CFPP). Beyond the U.S., 
the future construction of nuclear reactors will help boost 

long-term energy independence for many nations in need. 
These reactors in development across the globe represent 
a variety of sizes (from tens of megawatts up to hundreds 
of megawatts) and technology options, along with a 
smaller physical footprint, providing an opportunity for 
construction in locations not suited for Large Light Water 
Reactors or possibly within the footprint of existing coal 
plants scheduled for closure. 

Curtiss-Wright continues to work closely with numerous 
SMR and AR designers to ensure our presence in the 
future growth of this market, and we have an opportunity 
to secure $10 million to $100 million in content per 
location. In 2021, Curtiss-Wright was selected by X-energy 
to develop the Reactivity Control and Shutdown System 
(RCSS) for its Xe-100 Generation IV High-Temperature 
Gas-cooled Reactor. Our selection was the direct outcome 
of various Curtiss-Wright teams working collaboratively to 
leverage their vast experience and unique capabilities to 
deliver critical solutions to the nuclear industry. 

C U R T I S S - W R I G H T   C O R P O R A T I O N 

8

Innovation &  
Collaboration
Continued

Growing Our Electrification Footprint 

We are leading the way in the electrification of vehicles 
with core technologies and services that not only have 
near-term applications in the industrial and commercial 
aerospace markets, but are also transferable to defense 
applications. Electrification involves the change in 
drivetrains from mechanical to hybrid or fully electrified 
drivetrains, and our products are engineered to improve 
efficiency, connectivity and operator ergonomics, and also 
to reduce vehicle emissions and maintenance.

Within our industrial markets, our state-of-the-art 
technology and innovative designs uniquely position 
Curtiss-Wright to capture share in the growing electric and 
hybrid vehicle markets, including trucks and buses. Our 
World Traction Inverter (WTI) family of products, used to 
drive an electric vehicle’s motors, is agnostic to both hybrid 
and full electric vehicles – as both approaches require our 
products. 

Meanwhile, within our A&D markets, we continue to make 
critical investments to support the breakthrough of the 
electrification of commercial aircraft, while also aligning to 
future military demand to improve the safety of our armed 
forces on the battlefield.

In commercial aerospace, our proven electro-mechanical 
actuation technology and associated electronics for 
primary flight controls are supporting emerging technology 
trends on business jets and all-electric aircraft. We are also 
supporting the growing demand for more efficient engines 
which requires our high temperature and high accuracy 
sensor products.

Leveraging the Company’s strong footprint with its 
defense customers, teams across Curtiss-Wright are 
working together to develop opportunities to utilize our 
electrification capability, such as our WTI products, to 
provide solutions that will support future military vehicle 
electrification and modernization programs. This is 
yet another great example of the strong collaboration 
taking place across Curtiss-Wright which will drive our 
future growth. 

Curtiss-Wright’s World 
Traction Inverter (WTI) 
family of products – utilized 
in both on- and off-highway 
vehicle markets - converts 
DC (direct current) power 
from a high voltage onboard 
battery into AC (alternating 
current) power to drive an 
electric vehicle’s motors. 

9

2 0 2 1   A N N U A L   R E P O R T

Commitment 
to Technical 
Excellence

Curtiss-Wright’s Technical Fellows Program recognizes 
the top 1-2% of our engineering colleagues who exhibit 
the pinnacle of capability and expertise, reinforcing the 
company’s commitment to technical excellence, as well 
as an avenue to recognize employees that go above and 
beyond in their field of expertise.

In addition to adding the designation “Technical Fellow” 
to their professional signature, recipients of the Technical 
Fellow honor also receive appropriate training funds 
to support their ongoing professional development 
as they continue to promote inter-company technical 
collaboration.

2021 represented the 9th year of this Company-wide 
program, as five new colleagues were recognized this year, 
increasing our total to 37 active Technical Fellows (with an 
additional 4 Emeritus retirees).

C U R T I S S - W R I G H T   C O R P O R A T I O N 

10

Segment Financial Information

Years ended December 31 (Dollars in millions, except percentages; unaudited)

SALES

Aerospace & Industrial

Defense Electronics

Naval & Power

Total Sales

OPERATING INCOME (EXPENSE)

Aerospace & Industrial

Defense Electronics

Naval & Power

Total Segments

Corporate and Other

Total Operating Income

OPERATING MARGINS

Aerospace & Industrial

Defense Electronics

Naval & Power

Segment Margins

Total Operating Margins

Note: Amounts may not add to the total due to rounding.

2021

2020

CHANGE

$

 786.3 

$

 805.7 

 724.3 

 995.3 

 608.8 

 976.9 

$

2,505.9 

$

 2,391.3 

$

 121.8 

$

 99.7 

 159.1 

 141.7 

 422.6 

 (39.9)

 382.7 

$

$

 118.7 

 108.2 

 326.6 

 (37.8)

 288.8 

$

$

(2%)

19%

2%

5%

22%

34%

31%

29%

(6%)

32%

15.5%

22.0%

14.2%

16.9%

15.3%

12.4%

19.5%

11.1%

13.7%

12.1%

11

2 0 2 1   A N N U A L   R E P O R T

Historical Financial Performance 

Years ended December 31 (Dollars in millions, except percentages and per share data; unaudited)

PERFORMANCE 

Net Sales

Operating Income

Operating Margin

Net Earnings

Basic Earnings Per Share

Diluted Earnings Per Share

Dividends Per Share

YEAR-END FINANCIAL POSITION

Return on Invested Capital (1)

New Orders

Backlog

Working Capital as % of Sales (2)

Total Assets

Total Debt

Stockholder’s Equity

OTHER YEAR-END DATA

Cash Flow from Operations

Capital Expenditures

Free Cash Flow (3)

EBITDA

Depreciation & Amortization

Shares of Stock Outstanding at December 31

Number of Registered Shareholders (4)

Number of Employees (4)

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

2021

 2,505.9 

 382.7 

15.3%

 267.2 

 6.61 

 6.58 

 0.71 

10.8%

 2,579.9 

 2,228.9 

23.1%

 4,103.5 

 1,050.6 

 1,826.5 

 387.7 

 41.1 

 346.6 

 497.1 

 114.4 

 38.5 

 2,785 

 7,813 

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

2020

 2,391.3 

 288.8 

12.1%

 201.4 

 4.83 

 4.80 

 0.68 

9.2%

 2,321.5 

 2,163.8 

23.0%

 4,021.3 

 1,058.3 

 1,787.6 

 261.2 

 47.5 

 213.7 

 404.8 

 115.9 

 40.9 

 2,977 

 8,173 

2019

 2,488.0 

 404.0 

16.2%

 307.6 

 7.20 

 7.15 

 0.66 

15.1%

 2,579.6 

 2,166.8 

20.0%

 3,764.3 

 760.6 

 1,774.4 

 421.4 

 69.8 

 351.7 

 506.4 

 102.4 

 42.7 

 3,150 

 9,125 

Note: Amounts may not add due to rounding. 
(1) Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity. 
(2) Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs, and excludes first 
year impact from acquisitions. 
(3) Free cash flow is defined as cash flow from operations less capital expenditures.  
(4) Actual number, not in millions. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
C U R T I S S - W R I G H T   C O R P O R A T I O N 

12

Directors

Officers

DAVID C. ADAMS
Executive Chairman and former Chief Executive Officer of  
Curtiss-Wright Corporation; Director, Snap-On Incorporated

DAVID C. ADAMS
Executive Chairman

LYNN M. BAMFORD
President and Chief Executive Officer of  
Curtiss-Wright Corporation

DEAN M. FLATT
Former President and Chief Operating Officer of  
Honeywell International’s Defense and Space Business;  
Director, Ducommun, Inc. 

LYNN M. BAMFORD
President and Chief Executive Officer

K. CHRISTOPHER FARKAS
Vice President and Chief Financial Officer

KEVIN M. RAYMENT
Vice President and Chief Operating Officer

S. MARCE FULLER
Former President and Chief Executive Officer of Mirant Corporation 
(formerly known as Southern Energy, Inc.)

PAUL J. FERDENZI
Vice President, General Counsel,  
and Corporate Secretary

ROBERT F. FREDA
Vice President and Treasurer

GARY A. OGILBY
Vice President and Corporate Controller

BRUCE D. HOECHNER
President and Chief Executive Officer, and a  
Director, of Rogers Corporation

GLENDA J. MINOR
Chief Executive Officer and Principal of Silket Advisory Services; 
Director, Albemarle Corporation and  
Schnitzer Steel Industries, Inc.

ANTHONY J. MORACO
Former Chief Executive Officer and Director of Science 
Applications International Corporation (SAIC)

JOHN B. NATHMAN
Admiral, U.S. Navy (Ret.), Former Vice Chief of Naval Operations

ROBERT J. RIVET
Former Executive Vice President, Chief Operations and 
Administrative Officer of Advanced Micro Devices, Inc.

PETER C. WALLACE
Former Chief Executive Officer and Director of  
Gardner Denver Inc.; Director, Applied Industrial Technologies, Inc. 
and Rogers Corporation

Shareholder Information

CORPORATE HEADQUARTERS
130 Harbour Place Drive, Suite 300 
Davidson, NC 28036
www.curtisswright.com
Tel: (704) 869-4600

ANNUAL MEETING
The 2022 annual meeting of stockholders will be held on Thursday, 
May 5, 2022, at the Homewood Suites by Hilton, 125 Harbour Place 
Drive, Davidson, NC, 28036, commencing at 1:00 p.m. local time.

STOCK EXCHANGE LISTING
The Corporation’s common stock is listed and traded on the New 
York Stock Exchange (NYSE) under the symbol CW.

COMMON SHAREHOLDERS
As of December 31, 2021, the approximate number of registered 
holders of record of common stock, par value of $1.00 per share of 
the Corporation, was 2,785.

FORWARD-LOOKING STATEMENTS
This brochure contains not only historical information, but also 
forward-looking statements regarding expectations of future 
performance of the Corporation. Forward-looking statements involve 
risk and uncertainty. Please refer to the Corporation’s 2021 Annual 
Report on Form 10-K for a discussion relating to forward-looking 
statements contained in this brochure and risk factors that could 
cause future results to differ from current expectations.

STOCK TRANSFER AGENT AND REGISTRAR
For services such as changes of address, replacement of lost 
certificates or dividend checks, and changes in registered ownership, 
or for inquiries as to account status, write to: Broadridge Corporate 
Issuer Solutions, Inc., P.O. Box 1342, Brentwood, NY 11717 or 
overnight to 1155 Long Island Avenue, Brentwood, NY 11717. 
Please include your name, address and telephone number with 
all correspondence. Telephone inquiries may be made toll-free 
to (855) 449-0995, or to (720) 864-4772 internationally. Internet 
inquiries should be directed to http://shareholder.broadridge.
com/curtisswright and by email to shareholder@broadridge.com. 
Hearing-impaired shareholders are invited to log on to the website 
and select the Live Chat option.

DIRECT STOCK PURCHASE PLAN/DIVIDEND  
REINVESTMENT PLAN
A plan is available to purchase or sell shares of Curtiss-Wright 
common stock. The plan provides a low-cost alternative to the 
traditional methods of buying, holding and selling stock. The plan 
also provides for the automatic reinvestment of Curtiss-Wright 
dividends. For more information, contact our transfer agent, 
Broadridge Corporate Issuer Solutions, Inc., P.O. Box 1342, 
Brentwood, NY 11717, toll-free at (855) 449-0995.

INVESTOR INFORMATION
Investors, stockbrokers, security analysts and others seeking 
information about Curtiss-Wright Corporation should contact James 
M. Ryan, Vice President, Investor Relations, at (704) 869-4600 or 
investor@curtisswright.com.

SHAREHOLDER COMMUNICATIONS
Any stockholder wishing to communicate directly with our  
Board of Directors should write to S. Marce Fuller, c/o  
Curtiss-Wright Corporation, 130 Harbour Place Drive, Suite 300, 
Davidson, NC 28036.

FINANCIAL REPORTS
This brochure includes some of the periodic financial information 
required to be on file with the Securities and Exchange Commission. 
The Corporation also files an Annual Report on Form 10-K, a copy of 
which may be obtained free of charge from the Corporation, or may 
be downloaded from the SEC’s or the Corporation’s websites. These 
reports, as well as additional financial documents such as quarterly 
shareholder reports, proxy statements, and quarterly reports on 
Form 10-Q, may be obtained by written request to James M. Ryan, 
Vice President, Investor Relations, at the Corporate Headquarters or 
through the Investor Relations section of the Corporation’s website: 
www.curtisswright.com.

FINANCIAL RECONCILIATIONS
The Corporation supplements its financial information determined 
under U.S. generally accepted accounting principles (GAAP) with 
certain non-GAAP financial information contained within this 
document. Curtiss-Wright believes that these Adjusted (non-GAAP) 
measures provide investors with improved transparency in order 
to better measure Curtiss-Wright’s ongoing operating and financial 
performance and better comparisons of our key financial metrics to 
our peers. These non-GAAP measures should not be considered in 
isolation or as a substitute for the related GAAP measures, 
and other companies may define such measures differently. 
Curtiss-Wright encourages investors to review its financial 
statements and publicly filed reports in their entirety and not to rely 
on any single financial measure. Reconciliations of “As Reported” 
GAAP amounts to “Adjusted” non-GAAP amounts are furnished on 
the Company’s website.

Curtiss-Wright Corporation  

130 Harbour Place Drive, Suite 300 

Davidson, N.C. 28036

C U R T I S S W R I G H T . C O M

Cover image: The representative rugged single board computer module shown 
adheres to the OpenVPX™ standard, one of the key technical standards that 
support the Modular Open Systems Approach (MOSA), which mandates the 
use of open architecture solutions for defense electronic systems.