BREA, Calif. - Curtiss-Wright Corporation (NYSE:CW), a global provider of highly engineered products and services, has entered into a Memorandum of Understanding (MoU) with Westinghouse Electric Company to collaborate on AP1000® and AP300™ nuclear reactor projects in Canada. This strategic partnership aims to combine Curtiss-Wright’s advanced nuclear power equipment and services with Westinghouse's experience in nuclear technologies.
Kurt Mitchell, Senior Vice President and General Manager of Curtiss-Wright’s Nuclear Division, expressed the company's commitment to supporting the decarbonization of energy infrastructure through the creation of clean, reliable, and affordable energy solutions. The MoU is a testament to Curtiss-Wright’s efforts to deliver innovative and safety-critical solutions in the nuclear power sector.
Westinghouse Electric Company, known for its contributions to carbon-free energy solutions, has a history of pioneering nuclear technologies, including the world’s first commercial pressurized water reactor in 1957. The company's technology forms the backbone for nearly half of the world's operating nuclear plants.
Curtiss-Wright, with a legacy rooted in the achievements of Glenn Curtiss and the Wright brothers, operates across Aerospace & Defense, as well as Commercial Power, Process, and Industrial markets. The corporation employs around 8,600 skilled professionals who specialize in developing and providing engineered solutions.
The collaboration is part of a broader initiative to advance nuclear reactor technologies in Canada and globally, aligning with both companies' focus on enhancing nuclear energy capabilities. It is based on a press release statement.
In other recent news, Curtiss-Wright Corporation has demonstrated strong financial performance, with a significant 11% increase in sales to $785 million, a 16% rise in operating income, and a 24% growth in diluted earnings per share to $2.67. These results have led to an expansion of the company's share repurchase program by $100 million, bringing the total anticipated buybacks for 2024 to $150 million. The company's Board of Directors also declared a quarterly dividend of $0.21 per share.
Moreover, Curtiss-Wright has secured a $26 million contract to modernize the Belgian Air Force's aircraft arresting systems, solidifying its relationship with NATO defense allies. This development coincides with the company's robust financial performance and the strategic acquisition of Ultra Energy.
In response to these developments, Baird analysts have raised the price target for Curtiss-Wright shares from $300 to $312, maintaining an Outperform rating. The company's Defense Electronics margins have notably surpassed market expectations, contributing to a record backlog of over $3.2 billion, with an 18% increase in the company's order book. These recent developments reflect Curtiss-Wright's strategy to deliver shareholder value while maintaining a focus on long-term growth.
InvestingPro Insights
As Curtiss-Wright Corporation (NYSE:CW) forges a significant partnership with Westinghouse Electric to drive forward nuclear reactor projects in Canada, the company's financial health and market performance remain key points of interest for investors. According to the latest data from InvestingPro, Curtiss-Wright has a robust market capitalization of $12.54 billion, reflecting investor confidence in its growth potential and stability within the industry. The company's commitment to innovation and safety in the nuclear sector is mirrored by a solid revenue growth of 10.45% over the last twelve months as of Q2 2024.
InvestingPro Tips highlight that Curtiss-Wright has maintained dividend payments for 51 consecutive years, a testament to its long-term financial resilience and commitment to shareholder returns. This consistent performance is further underlined by the company's high return over the last year, with a 66.45% price total return. Additionally, with a Price to Earnings (P/E) Ratio of 31.89, the company is trading at a high earnings multiple, which can be indicative of investors' high expectations for future earnings growth.
For investors seeking a deeper dive into the company's financials and performance metrics, InvestingPro offers additional tips and insights, providing a comprehensive analysis that can guide investment decisions. Currently, there are 17 additional tips listed on InvestingPro for Curtiss-Wright, available at https://www.investing.com/pro/CW.
The partnership with Westinghouse Electric signifies a strategic move for Curtiss-Wright, as it continues to contribute to the decarbonization of energy infrastructure and the advancement of nuclear technologies. With a strong financial base and positive market indicators, Curtiss-Wright is well-positioned to take on new challenges and opportunities in the evolving energy sector.
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