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First Quarter 2016 Investor Presentation
1.
1 | ©
2016 Curtiss-Wright Investor Overview First Quarter 2016 NYSE: CW
2.
2 | ©
2016 Curtiss-Wright Safe Harbor Statement Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this web site from one to twelve months following the initial presentation, but content will not be updated to reflect new information that may become available after the original presentation posting. The presentation contains forward-looking statements including, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations. We undertake no duty to update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at the SEC's website at www.sec.gov.
3.
3 | ©
2016 Curtiss-Wright Curtiss-Wright Corporation ~$2.2 billion in 2016E sales Leadership positions in growing markets Enhancing safety, reliability and performance 8,400 employees worldwide Global, diversified industrial company providing highly engineered products and services to Aerospace, Defense and Industrial Markets
4.
4 | ©
2016 Curtiss-Wright Leadership Position in Growing Markets Industrial: On- and off-road commercial vehicles; Industrial valves Commercial Aerospace: Leverage ramp up in OEM aircraft production rates Power Generation: Current and future generation nuclear operating reactors Defense: – Naval: Nuclear submarine and aircraft carrier programs – Aerospace: Embedded computing business supporting C4ISR and EW – Ground: International Armored Vehicles General Industrial (25%) Power Generation (20%) Defense (37%) Commercial Aerospace (18%) Note: Percentages in chart relate to 2016E sales as of February 24, 2016.
5.
5 | ©
2016 Curtiss-Wright AP1000 Program Highlights and Outlook Curtiss-Wright providing reactor coolant pump (RCP) technology on Westinghouse AP1000 power plant Successfully concluded final design modifications and reached full qualification of RCP design in 2015 Began shipping RCPs to China in 4Q’15 (2007 contract) Expect to begin shipping US RCPs later in 2016 (2008 contract) Secured new China AP1000 order on December 31, 2015 – Total revenue: $448M ($28M / reactor coolant pump) – Shipping to begin in 2019
6.
6 | ©
2016 Curtiss-Wright Long-Term Financial Goals Top Quartile Performance in our Peer Group 3-5% Organic Sales Growth >14% Operating Margin 12% Return on Invested Capital >100% Free Cash Flow Conversion
7.
7 | ©
2016 Curtiss-Wright Solid Margin Expansion Leveraging the benefits of ONE Curtiss-Wright – Lean/Supply Chain – Shared Services – Consolidations – Shift to Low Cost Economies – Segment Focus Operational and productivity improvement initiatives Steady organic sales growth 2013 Reported 2014 2015 Pro Forma 2016E 9.3% 14.0% - 14.2% 12.6% 13.3% Notes: 2015 Pro Forma results exclude the one-time China AP1000 fee of $20 million recognized in the fourth quarter of 2015 from sales and operating income. 2016 guidance as of February 24, 2016.
8.
8 | ©
2016 Curtiss-Wright Strong Free Cash Flow Generation Universal focus on FCF More efficient execution and cash flow management Goal to reduce working capital as a % of sales – tied to compensation Focus on highest return CapEx investments $ in millions $166 $265 $272 2013 2014 2015 2016E $280 - 300 Notes: Free cash flow is defined as cash flow from operations less capital expenditures. 2015 adjusted to remove the $145 million contribution to the Company’s corporate defined benefit pension plan. 2016 guidance as of February 24, 2016.
9.
9 | ©
2016 Curtiss-Wright Balanced Capital Allocation Based on expected annual Cash Flow from Operations Return of Capital Operational Requirements Acquisitions Committed to steady return of capital to shareholders – $300M in share repurchases in 2015 – At least $100M in total share repurchases expected in FY’16 Utilize free cash flow for bolt-on acquisitions Internal investment to support future growth
10.
10 | ©
2016 Curtiss-Wright FY2015 Pro Forma FY2016E (Current) Change vs. 2015 Sales $2,186M $2,170 - 2,220 Down 1% to Up 1% Operating Income CW Margin $291 13.3% $304 - 315 14.0% - 14.2% 5 - 8% +70 - 90 bps Diluted EPS $3.74 $4.00 - 4.15 7 - 11% Free Cash Flow $272M $280 - 300M 3 - 10% 2016E Financial Outlook (Guidance as of February 24, 2016) Notes: • 2015 Pro Forma results exclude the one-time China AP1000 fee of $20 million recognized in the fourth quarter of 2015 from sales and operating income. • Free cash flow is defined as cash flow from operations less capital expenditures. 2015 adjusted to remove the $145 million contribution to the Company’s corporate defined benefit pension plan. • 2016 guidance as of February 24, 2016.
11.
11 | ©
2016 Curtiss-Wright ONE Curtiss-Wright Delivering Long-Term Shareholder Value Earnings and Cash Flow Growth Organic Sales Growth Operating Margin Expansion Working Capital Management Balanced Capital Allocation
12.
12 | ©
2016 Curtiss-Wright Appendix
13.
13 | ©
2016 Curtiss-Wright 2015 Sales by Segment vs. End Market (1) Naval Defense 33% Power Generation 67% Defense Segment Power SegmentCommercial / Industrial Segment Aerospace Defense 9% Naval Defense 7% Power Generation 6% General Industrial 48% Commercial Aerospace 30% Aerospace Defense 44% Naval Defense 27% General Industrial 2% Commercial Aerospace 10% Ground Defense 17% Note: Percentages in chart relate to Full-Year 2015 sales
14.
14 | ©
2016 Curtiss-Wright 2015 Sales by Segment vs. End Market (2) Commercial / Industrial Segment General Industrial (48%): Industrial vehicles (on-highway, off-highway, medical mobility) Industrial valves (O&G, chemical, petrochemical) Surface Tech services (peening, coatings, analytical testing) Sensors and controls; Industrial automation Commercial Aerospace (30%): Primarily Commercial OEM Actuation, sensors and controls equipment Surface Tech services (peening, coatings) Aerospace Defense (9%): Actuation, sensors and controls equipment Surface Tech services (peening, coatings) Naval Defense (7%): Valves for nuclear submarines and aircraft carriers Power Generation (6%): Valves; Surface Tech services (peening, coatings) Aerospace Defense 9% Naval Defense 7% Power Generation 6% General Industrial 48% Commercial Aero 30% Oil & Gas 11% Note: Percentages in chart relate to Full-Year 2015 sales
15.
15 | ©
2016 Curtiss-Wright Aerospace Defense 44% Naval Defense 27% Ground Defense 17% Commercial Aero 10% General Industrial 2% 2015 Sales by Segment vs. End Market (3) Defense Segment Aerospace Defense (44%): Commercial Off-the-Shelf (COTS) embedded computing products Avionics and electronics; flight test equipment Aircraft data management solutions Naval Defense (27%): COTS embedded computing products Instrumentation and control systems Helicopter handling solutions Ground Defense (17%): COTS embedded computing products Refurbishment and upgrades (U.S. vehicles) Turret-drive stabilization systems (international vehicles) Commercial Aerospace (10%): Avionics and electronics; flight test equipment Aircraft data management solutions Note: Percentages in chart relate to Full-Year 2015 sales
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2016 Curtiss-Wright Naval Defense 33% Power Generation 67% 2015 Sales by Segment vs. End Market (4) Power Segment Power Generation (67%): Commercial nuclear aftermarket products and services AP1000 reactor coolant pumps (RCPs) and other new build equipment Small modular reactors (SMRs) Fossil power generation equipment Naval Defense (33%): Nuclear propulsion equipment (pumps and generators) for submarines and aircraft carriers Electromagnetic aircraft launching and advanced arresting gear systems Note: Percentages in chart relate to Full-Year 2015 sales
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2016 Curtiss-Wright 2016E End Market Sales Outlook* (Guidance as of February 24, 2016) FY2016E % of Total Sales Aero Defense 1 - 3% 14% Ground Defense 4 - 6% 4% Naval Defense 0 - 2% 18% Total Defense Including Other Defense Up 2% to 4% 37% Commercial Aero (2 - 4%) 18% Power Generation 4 - 6% 20% General Industrial (2 - 6%) 25% Total Commercial Down 1% to 3% 63% Total Curtiss-Wright Down 1% to Up 1% 100% * The Company’s full-year 2016 guidance reflects growth rates compared to 2015 Pro Forma results, which excludes the one-time China AP1000 fee of $20 million recognized in the fourth quarter of 2015. This affects 2016 growth rates for Power Generation, Total Commercial and Total Curtiss-Wright sales. Total Oil & Gas exposure: ~5% of CW sales
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2016 Curtiss-Wright 2016 End Market Sales Waterfall (Guidance as of February 24, 2016) Sensors and Controls: Sensors, controls and industrial automation equipment Non-Nuclear: Surface Technologies services (peening, coatings); Fossil power gen equipment ($ Millions) Naval Aerospace Industrial Vehicles Ground Industrial Valves Surface Tech Services Sensors and Controls 37% Defense Markets Total CW End Markets $2,170 - 2,220 35% Commercial Aerospace 4% 18% Aircraft Equipment 65% Surface Tech Services 35% 18% 20% 63% 25% Non-Nuclear 20% 20% 25% 14% Power Generation 13% Commercial Markets Aftermarket Nuclear 62% New Build / AP1000 General Industrial 25% Note: Percentages in chart relate to Full-Year 2016 sales
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