Curtiss-Wright (NYSE:CW) Corporation's stock has reached an unprecedented peak, marking an all-time high at $380.61. This milestone underscores a period of robust performance for the diversified engineering company, which has seen its stock value surge by an impressive 85.29% over the past year. Investors have shown increasing confidence in Curtiss-Wright's market position and growth prospects, propelling the stock to new heights and reflecting a strong bullish sentiment in the company's financial health and future outlook.
In other recent news, Curtiss-Wright Corporation has reported solid financial results for the third quarter of 2024, with a 10% year-over-year sales increase to nearly $800 million, primarily driven by the Defense Electronics and Naval & Power segments. Operating income and margins also improved, marking a 17% increase in diluted EPS and a 19% rise in free cash flow. The company's order book expanded by 2%, reaching a record backlog of $3.3 billion, prompting Curtiss-Wright to raise its full-year 2024 guidance. They now anticipate sales growth of 7% to 9% and diluted EPS growth of 12% to 15%.
Stifel, a financial services firm, has raised its price target for Curtiss-Wright shares from $361 to $370, maintaining a Buy rating, while Truist Securities has increased the price target to $333.00, retaining its Hold rating. Stifel anticipates some potential softness in the fourth quarter of 2024 and possibly extending into the first quarter of 2025 but notes that Curtiss-Wright's order book remains strong and its backlog is on an upward trajectory.
In addition, Stifel forecasts a significant increase in commercial nuclear revenue for Curtiss-Wright and projects that this revenue stream will double by 2028. Despite challenges in the general industrial and process sectors, the company's defense electronics segment performed strongly. The upcoming Ultra Energy acquisition and a completed $100 million share buyback also contribute to the company's positive long-term outlook.
InvestingPro Insights
Curtiss-Wright Corporation's recent stock performance aligns with several key metrics and insights from InvestingPro. The company's market capitalization stands at $14.39 billion, reflecting its significant presence in the diversified engineering sector. Notably, Curtiss-Wright has demonstrated strong financial performance, with a revenue of $3.08 billion in the last twelve months as of Q3 2023, representing a 9.42% growth.
InvestingPro Tips highlight that Curtiss-Wright has maintained dividend payments for an impressive 51 consecutive years, showcasing its commitment to shareholder returns. This consistency in dividend payments, coupled with a 5% dividend growth in the last twelve months, may contribute to investor confidence and the stock's recent surge.
The stock's remarkable performance is further evidenced by its 81.7% total return over the past year, corroborating the 85.29% increase mentioned in the article. Additionally, Curtiss-Wright is trading near its 52-week high, with its current price at 99.56% of that peak, reinforcing the bullish sentiment described.
For investors seeking more comprehensive analysis, InvestingPro offers 20 additional tips for Curtiss-Wright, providing a deeper understanding of the company's financial position and market outlook.
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