October 6, 2016 7:31 AM EDT

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Washington, D.C. 20549



Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 6, 2016
(Exact Name of Registrant as Specified in Its Charter)

State or Other
Jurisdiction of
Incorporation or
Commission File
IRS Employer
Identification No.
13925 Ballantyne Corporate Place, Suite 400
Charlotte, North Carolina                                                28277
Address of Principal Executive Offices                         Zip Code

Registrant's telephone number, including area code: (704) 869-4600
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

      Curtiss-Wright Corporation will deliver an investor and securities analyst presentation on Thursday, October 6, 2016 beginning at 8:30 am EDT in conjunction with its 2016 Investor Day event in Cheswick, PA to provide a strategic update and an overview of its commercial nuclear power business.   A copy of this press release and slide presentation are attached hereto as Exhibits 99.1 and 99.2.  Access to the webcast, the press release, and the presentation will be posted on Curtiss-Wright's website at A webcast replay will be available on the Company's website beginning three hours after the end of the conference.
     This information is not “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing made pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. The furnishing of these slides is not intended to constitute a representation that such information is required by Regulation FD or that the materials they contain include material information that is not otherwise publicly available.


         (a)  Not applicable.

         (b)  Not applicable.

         (c)  Exhibits.
99.1   Press Release dated October 6, 2016

99.2   Presentation shown during investor and securities analyst webcast on October 6, 2016.


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 /s/ Glenn E. Tynan
Glenn E. Tynan
Vice-President and
Chief Financial Officer
Date:  October 6, 2016



Press Release dated October 6, 2016
  99.2    Presentation shown during investor and securities analyst webcast on October 6, 2016 

Exhibit 99.1

Curtiss-Wright Reaffirms 2016 Guidance and Offers Initial 2017 Outlook

Company to Webcast Investor Day Presentation Live at 8:30 am EDT

CHARLOTTE, N.C.--(BUSINESS WIRE)--October 6, 2016--Curtiss-Wright Corporation (NYSE: CW) today announced in conjunction with its 2016 Investor Day event in Cheswick, PA, that it is reaffirming full-year 2016 guidance and providing its initial 2017 outlook.

Business Outlook

  • Company reaffirms full-year 2016 guidance for Sales, Operating Income, Operating Margin, Diluted EPS and Free Cash Flow;
  • Operating margin to range from 14.2% to 14.4% in 2016, which is expected to be in the top quartile compared to the peer group;
  • Maintaining full-year 2016 expectations for diluted earnings per share (EPS) of $4.00 to $4.15;
  • Expecting modest, sequential improvement in third quarter diluted EPS ranging from $0.95 to $1.00, followed by a strong fourth quarter;
  • Maintaining outlook for strong free cash flow generation of $300 million to $320 million in 2016; and
  • Expecting full-year 2017 sales to be in-line with 2016, with continued operating margin expansion and solid free cash flow generation.

“Looking to the balance of 2016, we continue to anticipate sequential margin improvement as we execute against our operational initiatives and advance to top-quartile financial performance versus our peer group,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “We are maintaining our full-year operating margin guidance for a 90 to 110 basis point improvement compared with pro forma 2015 results. In addition, we are maintaining our full-year free cash flow guidance and expect to deliver strong, double-digit growth in 2016.

“For 2017, we expect our sales to be in-line with 2016, as solid organic growth on the AP1000 program and within our defense businesses is expected to be offset by ongoing headwinds in our industrial and nuclear aftermarket businesses. We also expect moderate operating margin improvement, with a goal to achieve top quartile status compared with our peer group, as well as to generate solid free cash flow in 2017.

“Longer-term, we believe Curtiss-Wright is well positioned for future organic growth, which will further drive our profitability and cash flow. In addition, our strong balance sheet provides us with the flexibility to augment our growth through acquisition and we continue to actively evaluate potential opportunities that fit our stringent strategic and financial criteria.”

Investor Day 2016

Beginning at 8:30 am EDT this morning, Curtiss-Wright is hosting an Investor Day and conducting a live webcast to provide a strategic update and an overview of the commercial nuclear power business. A 15-min break has been scheduled for approximately 9:30 am, and the live webcast will conclude at approximately 11:00 am.

The event features presentations by David C. Adams, Chairman and Chief Executive Officer, and Glenn E. Tynan, Vice President and Chief Financial Officer. Presentations on the Company’s nuclear end markets will be conducted by the Senior VP/General Managers of the operating divisions. The Company also will provide a tour of its facility in Cheswick, PA showcasing the AP1000 Reactor Coolant Pump (RCP).

Access to the webcast and the accompanying slide presentations will be posted under ‘Events and Webcasts’ in the Investor Relations section of Curtiss-Wright’s website at For those unable to participate in the live event, a webcast replay will be available on the Company’s website beginning approximately three hours after the conclusion of the event.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE: CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,400 people worldwide. For more information, visit

Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at

Curtiss-Wright Corporation
Jim Ryan, 704-869-4621

Exhibit 99.2
 Investor Day 2016 Nuclear Power Overview  NYSE: CW 

 Today’s Agenda  8:30 – 8:50 AM  Welcome & Logistics – Jim RyanSenior Director, Investor Relations    Strategic Overview – Dave AdamsChairman and Chief Executive Officer  8:50 – 9:10 AM   Nuclear Aftermarket – Jim LeachmanSVP and General Manager, Nuclear Division  9:10 – 9:25 AM  AP1000 RCP Update – Greg HempflingSVP and General Manager, EMS Division  9:25 – 9:50 AM  Question & Answer Session (25 Min)  9:50 – 10:05 AM  Break   10:05 – 10:25 AM  Financial Update – Glenn TynanVP Finance and Chief Financial Officer  10:25 – 10:35 AM  Closing Remarks – Dave AdamsChairman and Chief Executive Officer   10:35 – 11:00 AM  Question & Answer Session (25 Min)  11:00 – 11:45 AM   AP1000 RCP Plant Tour (Two simultaneous groups) 

 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 website 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. This presentation also includes certain non-GAAP financial measures with reconciliations being made available in today’s press release that is posted to our website and furnished with the SEC. 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 

 Strategic Overview  David C. Adams, Chairman and CEO 

 Delivering on the Vision  Briefed at CW Investor DayDecember 11, 2013  One Curtiss-WrightSet aggressive targets Total team effort across the enterpriseMuch different todayLeanerMore profitableMore focusedPoised to capitalize on opportunityReached $4B market capAdded to S&P MidCap 400 IndexReturned $450M via share repurchases 

 On Path to Top Quartile Performance  Target Metric  Original 5-Year Target*  Current  2013 Reported  *Issued December 11, 2013 

 How We Got Here  MARGIN EXPANSION  CASH FLOW GENERATION  CAPITAL ALLOCATION        Lowering our Cost BasePortfolio Rationalization / ConsolidationsSupply Chain / Lean Leverage / Low Cost EconomiesShared Services – Finance, IT, HR  Executing our Balanced Capital Allocation Strategy$450 Million of Shares RepurchasedSteady DividendsAggressive CAPEX Targets – 2% Sales  Focus on Reducing Working Capital across CWInventory Reduction ProgramsAggressive AR / AP ManagementRenewed Emphasis on Contract Negotiations 

       We compete and win by adapting our core competencies and technologies to deliver solutions that leverage our deep technical expertise and address global market trends    Aligning our Portfolio with Market Trends  CW Technologies  End-Market Trends   Comm. Aero.   Industrial   Emissions RegulationsDevice / Platform ConnectivityDecreasing Operator Workload  Worldwide Air Traffic GrowthEfficiency RequirementsEmissions and Noise Regulations  ActuationExtreme Environment SensorsSurface Treatments  Sensors and ControlsPower ElectronicsSevere-Service Applications  25%  18% 

         Aligning our Portfolio with Market Trends (cont.)  Strategically Positioned for Sales Growth  Ruggedized, High Performance ElectronicsGround Defense SubsystemsNuclear Navy Propulsion Components  Increased Naval Defense Spending GloballyInternational Ground Defense SpendingAirspace Dominance: EW, UAVs  CW Technologies  Global Construction PlansOperating Plants O&M / Life ExtensionsPlant Operational Efficiencies and Cost Reductions  Reactor Coolant PumpsReactor Control SystemsUpgrades / Refurbishments  End-Market Trends   Defense    Power Gen.  20%  37% 


 Well Positioned for Growth  Consistently Increasing Shareholder Value  SALES VOLUME      O.I.    EPS    FCF  Rebounds in Core Markets….  ….will Drive Strong Profitability and Free Cash Flow 

 Nuclear Aftermarket  Jim Leachman, SVP and General Manager, Nuclear Division 

 Overview  Nuclear Aftermarket BusinessWorldwide TrendsMarket DynamicsChallenges and Opportunities 

 Trends in Worldwide Commercial Nuclear Power Market  Aging global reactor baseReduced spend and early plant retirements (U.S.)Supply base consolidation (U.S.)Global new build and life extensionPost-Fukushima responseIndustry regulationEfficiency innovations  Insert Picture(s)    Operating reactors spend approximately $80M/ year on equipment and services.  New reactors cost between $5B to $10B and take approx. 6.5 years to construct.  

 Market Dynamics – U.S. Commercial Nuclear    Gas Prices  Electricity Prices    2008  2016            100 Operating Reactors4 New in 2020 

 Track Record of Capitalizing During Market Down-cycle  We Are Executing the Same Strategies Today  From 1988 thru 1998, the number of operating U.S. reactors declined from 115 to 104Suppliers fled; CW filled the gap with new teaming agreements and obsolescence solutionsPlants invested to prolong life; CW invested in product development and supplied robust new designs Efficiency needed to increase; CW reduced plant costs through innovative supply chain  MARKET INFLUENCES 

 CW’s Diversified Portfolio    Mechanical systems   OEM teaming partnerships  Spent fuel products   Outage services  Fasteners and precision machined parts  Plant performance monitoring  $2 - $3B Addressable Utility Spend 

 What Will Drive Our Growth?  Addressing Plant Efficiency and Reliability RequirementsCapitalizing on Supplier ConsolidationLeveraging Global Plant Aging TrendsIncreasing Content on New Build Reactors 

 Addressing Plant Efficiency and Reliability Requirements  U.S. Operating Reactors are Investing in:Innovations to reduce staffNew process/technology development to reduce preventative maintenance spendPlant upgrades to enhance equipment reliability and safetyProcess improvements to streamline operations  Renewed Focus on Innovation and Technology 

 Capitalizing on Supplier Consolidation  Provides Opportunity for:License agreements for OEM productsCapturing newly outsourced component manufacturing Teaming agreements to distribute products  Market Disruptions Are Creating New Opportunities  Companies with N-stamps 

 Leveraging Global Plant Aging Trends  Growing Demand for Component Replacements, Upgrades  Age of 447 Reactors in Operation in the World  Worldwide Operating Reactors   0 10 20 30 40    Number of Reactors  Mean Age: 28.8 years200 are 25 – 35 years old100 are > 35 years old  Age of Reactor (years) 

 Increasing Content on New Build Reactors  Potential of $10 - $30M (non-RCP content) Per Reactor  Doors and airlocks  Custom-designed valves  Bolting Solutions  Spent fuel pool gates  Electrohydraulic valve actuators  Cable tray assemblies  Harsh-environment electrical connectors                                 

 Strategically Aligned with Changing Market Landscape  “Delivering the Nuclear Promise” relies on adopting new technology and innovationSupply chain consolidation creates opportunity for growthAddressing vibrant worldwide nuclear market  Positioned to Capitalize on Growth Opportunities 

 AP1000 RCP Update  Greg Hempfling, SVP and General Manager, EMS Division 

 Overview  Benefits of the AP1000 Reactor Coolant Pump (RCP)Status and key milestones on existing RCP contractsFuture outlook for the nuclear new build marketHow Curtiss-Wright is strategically positioned for growth 

 Key Benefits of AP1000 (Generation III+)   AP1000 design reduces construction time and costStandard design and modular constructionSmaller footprint 45% less safety equipment requiredLonger refueling intervals creates higher efficiency Dramatic safety improvements in “passive” systemRelies on “laws of nature” (gravity, natural circulation and condensation)Minimal operator interventionNo offsite power required to operate safety systems   Sanmen 1 AP1000 Site 

 AP1000 Reactor / Reactor Coolant Pump Relationship  Heart of Reactor System  Each plant site includes two reactors4 RCPs per reactor8 RCPs per plant siteRCPs pump primary coolant through the reactor coreThe RCP provides a “life of the plant” solutionCanned motor RCPs improve reliability  AP1000 Reactor core  AP1000 Reactor Coolant Pump  The RCP is in the Heart of the AP1000 Reactor System      Reactor Coolant Pumps 

 AP1000 RCP Key Components  AP1000 RCP Design Features60-year design life basis with no maintenance 7000 horsepower motor; 1800 RPM machinePumps 78,750 gallons per minute Water lubricated bearings2235 PSIG pressure at 537o FTwo large flywheels weighing 5.9 tons total  Fully Assembled RCP  

 China’s Nuclear Energy Priority – Improved Air Quality  China is committed to new nuclear plants to meet clean energy needs The need is real:China’s National Energy Administration says that “China will make nuclear energy the foundation of its power-generation system for the next 10 to 20 years.”  Sources:      

 AP1000 RCP Program History  2007: China Contract (16 RCPs) RCP Design 8 RCPs for Sanmen 1&2 Reactors8 RCPs for Haiyang 1&2 Reactors2008: Domestic Contract (16 RCPs) 8 RCPs for Vogtle 3&4 Reactors8 RCPs for VC Summer 2&3 Reactors 2015: China Direct Contract (16 RCPs)4 RCPs for Sanmen 3 Reactor4 RCPs for Haiyang 3 Reactor4 RCPs for LuFeng 1 Reactor 4 RCPs for Xudapu 1 Reactor  $1 billion of booked orders   TEST Facility and Machining in-place  AP1000 RCP Test Facility  Large machining capacity supports 24 RCPs per year  

 RCP Shipments (Initial Contracts)  Contract (Site)  # of Pumps  Shipped  Current Status  China (Sanmen 1)  4  Q4-15  Installed in plant  China (Haiyang 1)  4  Q1-16  Installed in plant  Domestic (Vogtle 3)  4  Q2-16  Delivered to site  China (Sanmen 2)  4  Q4-16  Delivered to site    First Domestic RCP Arrives at Vogtle Site  RCP Installed in Sanmen 1 Plant  Total DELIVERED To-Date:  16 

 Remaining RCP Shipments (Initial Contracts)  Contract (Site)  # of Pumps  Estimated Ready for Shipment Dates  China (Haiyang 2)  4  Q4-16  Domestic (VC Summer 2)  4  Q1-17  Domestic (Vogtle 4)  4  Q2-17  Domestic (VC Summer 3)  4  Q3-17  Shipment of the AP1000 RCPs  Total REMAINING To Ship:  16 

 Key Milestones to Achieve China AP1000 Startup (Initial Contracts) 

 Curtiss-Wright Awarded 2nd China AP1000 Contract (2015)  Received new China AP1000 order on December 31, 2015Providing 16 RCPs for four reactors (four RCPs per reactor)Production to accelerate 2017 - 2019Shipping in 2019 - 2020  Total production revenue: $448M 

 Potential AP1000 China Opportunity  CW’s share of this market expected to be significant  Source: World Nuclear Association  8-10 Year Horizon  Long-term Proposed AP1000 Construction  18  Reactors  72  RCPs  $2B  Potential  >110  Reactors  >440  RCPs 

 Other Potential Worldwide AP1000 Opportunities  India  NON-CHINA AP1000 RCPs PLANNED AND PROPOSED        Location  Planned  Proposed  India  24  24  United Kingdom  0  12  Turkey  0  8  Bulgaria  4  0  Other countries (estimated)*  40-80   100-140     Rest of THE WORLD  6 reactors (24 RCPs) designated to be AP1000Westinghouse and India government working to address nuclear liability issues Targeting to sign a contract by June 2017  UK: decision not anticipated before 2018Turkey: plant dates not specified, indicating further outBulgaria: planned but questionable with no dates specified  Specific country data derived from *Other country data derived from  

 Unique AP1000 Technology Positions CW for Success  AP1000 is the first NRC licensed Generation III+ design being constructed throughout the worldCW has the only designed, tested, qualified, produced and installed AP1000 RCPCW AP1000 RCP successfully going through initial plant start-up  Curtiss-Wright Competitive Advantage is Real and the Market Opportunities are Significant 


 BREAKTentatively Resume ~10:00am ET 

 Financial Update Glenn E. Tynan, VP Finance and CFO 

 Agenda   AP1000 financial projectionsInitial orders (2007 China / 2008 U.S.)China Direct order (2015)Progress on long-term financial objectivesReview of 2016 financial guidance Preview of 2017 financial outlook 

 AP1000 Revenue Projection – Initial Orders in 2007/2008  $ in millions  $0  Concluding initial China (2007) and U.S. (2008) order All learning curve costs (testing, design changes), were charged to the initial China order (2007)China RCP deliveries to conclude in 2016U.S. RCP deliveries to conclude in 2017 

 AP1000 Revenue Projection – China Direct Order 2015  $ in millions  Total production revenue: $448M (16 reactor coolant pumps @ $28M apiece)  Revenue recognition cadence expected to generally resemble bell curveRCP production to accelerate 2017 - 2019Revenue/margin recognition mainly driven by production progressNot by shipping RCP deliveries to begin in 2019 and continue into 2020 

 AP1000 Margin Projection – China Direct Order 2015  Accounting Treatment  Contract Margin(1)  Revenue and margin recognition based on percentage of completion (POC) accounting methodInitially anticipate steady margin, unless cost estimates changeIf cost estimates change, a cumulative adjustment to margin is recorded, based upon the current percentage of completion Initial production to begin in 4Q’16Revenue recognition essentially completed by end of 2021  23%+  The margin represented in this slide is based upon certain assumptions, risks and uncertainties. These assumptions, risks and uncertainties may differ from actual performance that could change our anticipated results. 

 $ in millions  AP1000 Free Cash Flow Projection – China Direct Order 2015  Note: Free cash flow is defined as cash flow from operations less capital expenditures  Expect to generate ~$70M in FCF  

 On Path to Top Quartile Performance  Target Metric  Original 5-Year Target*  Current  2013 Reported  *Issued December 11, 2013 

 Driving Significant Margin Improvement  Note: Peer group per CW 2016 proxy and estimates per FactSet projections  500 BP Improvement  Key Drivers to DateOne Curtiss-WrightCompensation plans aligned with key metricsPortfolio rationalization ConsolidationsOngoingLow cost economiesShared servicesFuture Focus Supply chain managementLean  Top Quartile 2016  Top Quartile 2013 

Solid Improvement in Return On Invested Capital (ROIC) 7.4% 11.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2013 Reported 2016E ROIC* Note: Peer group per CW 2016 proxy and estimates per FactSet projections *ROIC = NOPAT / two-year average net debt plus equity, and excludes equity from discontinued operations Key Drivers  Strong operational performance Efficient capital management  Strong cash generation  Focus on high return investment opportunities Adopted ROIC as standard  etric for:  Capital investments  Acquisitions  Compensation 48 October 6, 2016 Proprietary 2016 Curtiss-Wright

 Rigorous Working Capital Management  *Working Capital = Accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs.   Note: Peer group per CW 2016 proxy and estimates per FactSet projections  Key Drivers Company-wide (BU level) drive to reduce working capitalKey element of short-term compensation plan Trained >250 key business leaders on efficient working capital management   Top Quartile 2013 & 2016  890 BP Improvement 

 Stringent Discipline of Capital Expenditures  Note: Peer group per CW 2016 proxy and estimates per FactSet projections  Top Quartile 2013  Top Quartile 2016  Key Drivers More disciplined approach to management of CapEx Focus on high return projects and/or businessesInvestments reflect combination of growth and efficiency CapEx  200 BP Improvement 

 Strong Free Cash Flow Generation  $300 - 320  Notes: Free cash flow is defined as cash flow from operations less capital expenditures. 2015 adjusted to remove the $145 million contribution to the Company’s corporate defined benefit pension plan. FCF conversion is defined as free cash flow divided by net earnings from continuing operations.  >165%  Free cash flow ($ in millions)  2013 Target  Free cash flow conversion (%)  New 2016 Target 

 Balanced Capital Allocation        Return of Capital  Operational Investments  Acquisitions  Committed to steady return of capital to shareholdersAt least $100M share repurchases expected in 2016Nearly $450M in share repurchases since early 2014Steady dividend payoutGrowth through strategic acquisitions  

   2016E Financial Outlook* (Guidance as of October 6, 2016)   ($ in millions, except EPS)  FY2015 Pro Forma  FY2016E(Current)  Change vs. 2015  Sales   $2,186  $2,120 - 2,170   (1 - 3%)  Operating IncomeCW Margin  $291 13.3%  $301 - 313 14.2 - 14.4%   4 - 8% +90 - 110 bps  Diluted EPS    $3.74  $4.00 - 4.15   7 - 11%  Free Cash Flow   $272  $300 - 320   10 - 18%  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.  

 2016E EPS Guidance Update  Expect strong second half 2016 EPS performanceHigher sales driving increased overhead absorptionMajority of AP1000 China direct program revenue occurs in 4QNet savings from H1 restructuring activityBenefit of ongoing margin improvement initiatives3Q’16 EPS guidance range: $0.95 - 1.00Maintaining FY’16 EPS guidance range of $4.00 - 4.15 

 Preliminary 2017 Outlook  Sales in-line with 2016Headwinds continue in near-termIndustrial production slowly improvingDelayed nuclear aftermarket reboundTailwinds in our favorAP1000 Defense – strong positions on key platformsOperating margin expansion to remain top-quartileIncreased investment in R&D for long-term growthFree cash flow generation remains solid Beyond 2017, well positioned for solid organic growth 

 Curtiss-Wright Remains a Solid Investment  Delivering Long-Term Shareholder Value  Financial transparencyDelivering top-quartile performance vs. peer groupRigorous working capital managementDriving free cash flow generationCommitted to balanced capital allocation strategy 

 Closing Remarks  David C. Adams, Chairman and CEO 

 Key Positions on Exciting, Growing Programs  Medical mobility platforms  Sophisticated control systems connected to the Internet of ThingsMeets needs of aging population  $200  Million over 5 years  Hybrid AND ELECTRIC commercial vehicles  Power electronics – inverters, distribution centersCritical to emissions reduction  $150  Million over 5 years 

 Key Positions on Exciting, Growing Programs  New aircraft carriers and submarines  F-35 Joint strike fighter  Valves, pumps, motors, generators, secondary propulsionStrong single-source positions  $1.0+  Billion over 5 years  Flap drive system, motors, sensors, solenoids, rugged processors> $380k per average shipset  $270  Million over 5 years 

 Key Positions on Exciting, Growing Programs  Commercial aircraft programs (737, A320, etc)  Flap transmissions, sensors, solenoids, surface treatmentsStrong production forecast  $600  Million over 5 years  C4isr electronics  Urgency from air superiority rqts., cyber security, unmanned systemsOver 200 new programs in pursuit  $800  Million over 5 years 

 Why Invest in CW?  Solid Returns in an Uncertain Market  We have critical mass in the right markets  We generate strong cash flow and deploy it strategically  We are structured for profitability        We increase shareholder value          Return of Capital  Operational Investments  Acquisitions  CW 59% TSR since ‘13 



 Appendix - Use of Non-GAAP Financial Information  The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these non-GAAP measures provide investors with additional insight into the Company’s ongoing business performance. 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. The following definitions are provided:Organic Revenue and Organic Operating Income The Corporation discloses organic revenue and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic revenue and organic operating income are defined as revenue and operating income excluding the impact of foreign currency fluctuations and contributions from acquisitions made during the last twelve months.  Free Cash Flow and Free Cash Flow ConversionThe Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as cash flow provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by net earnings from continuing operations. 

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