2016 Financial Information

SEGMENT FINANCIAL INFORMATION

Year ended December 31 (Dollars in millions, except percentages; unaudited)	2016	2015	Change
Sales
Commercial/Industrial	$1,118.8	$1,184.8	(6%)
Defense	466.6	477.4	(2%)
Power	523.5	543.5	(4%)
TOTAL SALES	$2,108.9	$2,205.7	(4%)
Operating Income (Expense)
Commercial/Industrial	$156.5	$171.5	(9%)
Defense	98.3	98.9	(1%)
Power	76.5	75.0	2%
TOTAL SEGMENTS	$331.3	$345.4	(4%)
CORPORATE & OTHER	(23.2)	(34.8)	33%
TOTAL OPERATING INCOME	$308.1	$310.6	(1%)
Operating Margins
Commercial/Industrial	14.0%	14.5%
Defense	21.1%	20.7%
Power	14.6%	13.8%
SEGMENT MARGINS	15.7%	15.7%
TOTAL OPERATING MARGINS	14.6%	14.1%

Year ended December 31 (Dollars in millions, except percentages; unaudited)	2016	2015	2014
Performance⁽¹⁾
Net Sales	$2,108.9	$2,205.7	$2,243.1
Operating income	$308.1	$310.6	$282.4
Operating margin	14.6%	14.1%	12.6%
Net earnings	$189.4	$192.2	$169.9
EARNINGS PER SHARE
Basic	$4.27	$4.12	$3.54
Diluted	$4.20	$4.04	$3.46
Dividends per share	$0.52	$0.52	$0.52
YEAR-END FINANCIAL POSITION
Return on invested capital⁽²⁾	12.0%	11.5%	10.4%
New orders	$2,149.2	$2,585.0	$2,409.2
Backlog	$1,950.8	$1,928.7	$1,674.1
Working capital as % of sales⁽³⁾	21.0%	25.4%	23.4%
Total assets	$3,037.8	$2,989.6	$3,382.4
Total debt	$966.3	$953.2	$953.0
Stockholder’s equity	$1,291.2	$1,255.4	$1,478.4
OTHER YEAR-END
Cash flow from operations	$423.2	$162.5	$331.8
Capital expenditures	$46.8	$35.5	$67.1
Free cash flow⁽⁴⁾	$376.4	$272.0	$264.7
EBITDA	$404.1	$411.4	$401.3
Depreciation & amortization	$96.0	$100.8	$118.9
Shares of stock outstanding at December 31	44.2	44.6	47.9
Number of registered shareholders⁽⁵⁾	3,770	4,038	4,321
Number of employees⁽⁵⁾	7,946	8,421	8,911

Note: Amounts may not add due to rounding.
(1) Reported on a continuing operations basis.
(2) Return on invested capital is equal to net operating profit after-tax over two-year average net debt plus equity and excludes equity from discontinued operations.
(3) Working capital is equal to accounts receivable plus inventory minus accounts payable, deferred income and deferred development costs.
(4) 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.
(5) Actual number, not in millions.

Curtiss-Wright Corp

S&P Midcap 400 Index

Russell 2000

Peer Group

*Assumes $100 invested on December 31, 2011 in stock or index, including reinvestment of dividends.