First Quarter 2018 Highlights
Diluted earnings per share (EPS) of $0.98, up 35% compared with the prior year;
Net sales of $548 million, up 5%, including 3% organic growth;
Operating income of $64 million, up 35%;
Operating margin of 11.8%, up 270 basis points;
Backlog of $2.1 billion, up 2% from December 31, 2017; and
Share repurchases of approximately $12 million.
Full-Year 2018 Business Outlook
Full-year 2018 organic guidance reflects a $0.06 increase in full-year EPS driven by the benefit of solid first quarter performance and improved outlook in the Commercial/Industrial segment, which added $10 million to sales and approximately $3 million to operating income;
Full-year 2018 organic guidance reflects higher sales (up 3-5%), operating income (up 10-13%), operating margin (up 90-110 bps) and diluted EPS (up 19-22%);
Full-year 2018 guidance updated to include the acquisition of the Dresser-Rand government business (Dresser-Rand) within the Power segment, which added $70 million in sales and $10 million in free cash flow, but reduced operating income by approximately $14 million, operating margin by 100 basis points and diluted EPS by $0.24, due to first year purchase accounting costs associated with the acquisition. Excluding first year purchase accounting costs, the acquisition would otherwise be accretive to 2018 diluted EPS; and
Overall, we increased full-year 2018 sales guidance by $80 million; reduced operating income guidance by approximately $12 million, reduced operating margin guidance by 100 basis points, and reduced diluted EPS guidance by $0.18 to new range of $5.47 to $5.62 (up 14-17%).
Curtiss-Wright Corporation - Curtiss-Wright Reports First Quarter 2018 Financial Results; Raises Full-Year Organic Guidance
