CW - Earnings call transcript Q2 2018 | Curtiss-Wright Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Curtiss-Wright Second Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. I would now like to turn the conference over to Senior Director of Investor Relations, Jim Ryan. begin. may you Sir,

Jim Ryan

Good conference Welcome call. Shelby. quarter Curtiss-Wright's XXXX earnings morning, you, to everyone. second Thank

Glenn President Joining Dave and and Adams, on our our me the Chairman Chief call Executive Officer. Chief Financial and today are Tynan, Vice Officer;

as Curtiss-Wright's currency our can future noted. guidance are the defined being financial risks please at the this Our of today's references section of end and the company We associated otherwise press approach as organic the provide associated today's the prior release copy with on are change of quarter, release business at found Reform believe including to Investor operating www.curtisswright.com. are change Relations available the of calling growth this detail with peers. its for We any Securities be Litigation now unless and uncertainties foreign available year our financial this translation, presentation and based the quarter-over-quarter in as of this statements call company DRG, and core excludes measure acquisition that Beginning for webcast, Dresser-Rand also period our Reconciliations elected certain website. and and with improved non-GAAP Act the coinciding of in to website of will divestitures as reporting A management's the filings current are well well financials replay note earnings forward-looking website. purchasing comparisons which current in government with Please are effects call had to view our comparisons initial performance. adjusted on acquisitions, will the These show and the accounting SEC. cost today exclude discussion a Also and as the projections of public company better we are to performance is transparency and presentation that statements statements in of those on XXXX. and download through year including expectations forward-looking note, Private guarantees presentation first this of not to include acquisition.

to turn things Dave Now to to I'd get call started. the over like Dave?

Dave Adams

morning Good Jim. Thanks, everyone.

guidance. agenda of begin our highlights well over I'll for Then I'll second full-year as a key outlook. update For and our our the on performance today, quarter an to the with second as provide XXXX detailed updates Glenn XXXX review it more turn to quarter our to

then return on wrap and Finally, Q&A. I will to move up to

talking great come. wanted introduction. few start in will I accretive about solid, I strategic, have the Before, quarter; to acquisitions found to to for story our to Jim's fortunate years benefits years two two that be provide last a remarks and financial the add that We're to

organization, we our in all As adhering fact and take disclosures of clear information an that presentation tried to transparent with the of standard GAAP we've pride a guidance. very to and financial be our

non-GAAP with numerous and investors research view quarter. beginning we provide to better performance. first information time of this investment community, Curtiss-Wright's to extensive after the So adjusted necessary core understand our financial our conducting elected provides the and an believe discussions of for view our operational performance peers We the this financial

key sales, full-year improved cash exceeding the particularly adjusted Now profitability generating expectations our providing outlook XX% income and higher quite compared sales, performance to margin, were Defense a on for all we operating of and optimism EPS XXX operating also in free improvement metrics and flow. the prior led strong This results. point Adjusted cash Free performance strong in increased orders strong a drove $X.XX, quarter to diluted income, XX.X%. on including to increase the quarter, operational results flow our XX% rose adjusted in a year's X% basis to diluted Commercial/Industrial, new second operating where strong delivered adjusted segments. as and EPS, operating margin we sales up

result operational the for a and core of performance year-to-date by second half $X.XX. EPS increased through momentum the we outlook our year, our As guidance diluted strong of our continued

for XX%. expansion full-year We this to XX% free representing we EPS also performance cash and overall growth another continued flow introduced $X an year-over-year adjusted expect year guidance by XXXX range our of deliver of diluted to robust $X.XX operating finally, drive margin generation. to led And

to Glenn? financial call our and second to over to of for more review like the I'd turn Now XXXX. outlook thorough performance quarter Glenn provide a

Glenn Tynan

markets year. I the Thank acquisition. including defense increased second increase you, we three equipment of ground actuation across gains flight XX% program. reflect the demand increased most solid all X% F-XX of on half computing this while and In systems in revenues as originally program Starting our notably solid commercial with reflect in markets, CVN-XX carrier due In morning our naval as organic end review notably contribution on our well we programs. defense markets, our reflect timing benefited sales second defense, DRG market products to defense, of to results higher for strong year-over-year. sales from quarter on of our and of the test our And sales with sales good from Overall, X% international a our aerospace a to expected aircraft embedded results experienced growth everyone. Dave, finally, will various partly with fighter jets markets the begin defense, in most sales. results

directives core beginning markets, the were quarter Moving a by in services products FAA XX% aerospace, winding over but are offset commercial Power our of largely revenues that reduced were In from to commercial which as in little up the nuclear quarter revenues the half second year OEM and down. decline with as expected substantially sales results APXXXX last of as reflect following XXXX. seasonally outages strong lower the aftermarket a in was in second completed on program of domestic well the generation, the sales

increase essentially finally, And a expecting half growth second demand of the in sharp second applications. industrial XX%, industrial revenues the reflects XXXX are was in general direct year-over-year. sales the China and program, on energy increased APXXXX a across flat of of quarter market, XX% which number we strong in the of While organic were

This increased key I'll our business Next, first and and XXXX points with TTC the income Please growth $X exclude on XXXX. while on first naval accounting note was restructuring year from points the XXXX from on contract margin the basis adjusted while business. excludes reflects margin on the drivers second operating the our DRG X% purchase benefit strong purchase favorable sales. APXXXX improvement XXX adjusted on noted the adjustments in for segment that operating the XX.X%. TTC. our XX% defense of reflects XX%, points as This year solid In and sales with quarter operating will the discuss in This margin XX.X%. absorption in well naval XX to increased for as basis to XX%, and direct cost generated increased XX.X%. Starting of the performance increased associated operating favorable income industrial of solid margin prior I the as and refer operating that operating In the approximately segment, XXX initiatives. of of acquisition and year the initiatives growth performance to slide China increased sales prior favorable commercial segment, adjusted ongoing XX% despite million accounting operating order current sales growth in operating costs profitability absorption adjusted the income to performance adjusted Power which our savings up segment, adjusted performance. defense basis favorable increased results absorption defense income the note includes Also year flat

benefits adjusted acquisition revenues and aftermarket lower in were first business program. excludes the partially operating income approximately of Power million and current the segment note these costs However DRG. the APXXXX with for our offset underabsorption $X year year purchase nuclear of Also that accounting associated domestic by

overall margin Curtiss-Wright's to basis quarter in So second income XX.X%. XXX improvement driving XX% adjusted adjusted in operating point operating a summary, strong increased

market total XXXX sales. several where on highlighted blue to $XX our reflect we've a changes guidance to Curtiss-Wright Next the million slide in increase sales end made in net

expect growth quarter. which drove budget grow X%. we've defense X% As markets, strong $XXX between Starting the the XXXX and now than stemming overall to in second order part new a in defense Curtiss-Wright year in sales we more from seen in result, million fiscal the orders

for a As to an programs. XX% and we and defense better instrumentation grow fighter sales test and result, flight driven jets now between computing supporting XX% demand products, increased ISR expect by aerospace

overall drive we changes XX% market aforementioned now recent order of all grow to addition, is by XX% XX% sales led the between to defense impact The market growth defense sales combined expected XX%. activity. now and to of naval In of expect defense

sales X% generation grow to now Moving and Power the are projected markets, to X%. commercial between

progress coolant of the China on production Direct We program. our continue the to make reactor pumps good APXXXX for

are on of and accounting in performing changes but increased in a profitability or of Lower revenue percentage to of profile contract. continue deferral and profitability. recognition cost margin also result increase impact currently revenue profitability POC result can the in the We schedule ahead of program. completion estimates Under the can

XXXX. direct decline are will which our originally expected $XX that out to sharp deferring We APXXXX lessen we projected revenue in China this see million from XXXX help of to

to this guidance operating also have Power in the change APXXXX XXXX China income We this in increased program. the the due with direct partially segment full-year

to we this are So remain long-term regarding recap, execution our of program. schedule and ahead optimistic of

in finalize guidance. the direct We China will revisit APXXXX we as our XXXX XXXX early forecast

XX% services. widespread products increased as sales are surface flow growth and industrial well presentation Moving chart X% general Overall XXXX market and X%. our will of this industrial remains projected on be to and The valves, available updated at at to between treatment demand due to available commercial as grow on X% for now sales unchanged vehicle sales is website. the end controls, order

and we sales, our to on segment increases sales sales the outlook, by respectively the market while end based with starting remain Power million sales, in million aforementioned and raised financial unchanged. segment Commercial/Industrial, $XX Defense XXXX $XX Moving

guidance Regarding all improvement points million reported higher reflecting XX and sales our XXXX by basis operating operating as reported profitability, our in we segments. operational income as $XX increased margin well by three

accounting introduced million costs. income XX first operating year basis and reflects operating an $XX DRG's increase guidance also of purchase exclusion improvement additional point full-year margin the reflecting to We adjusted XXXX to which

Commercial/Industrial Curtiss-Wright's XX of guidance total guidance XX%, increase As basis general compared be market. improved adjusted reflects now with with point starting outlook of the a to industrial XXXX outlook updates, margin adjusted while is XX% to grow a we segment, expected due result now expect X% XX.X% our results. by to sales the XX.X% operating income of the primarily X% XX to up to Continuing to operating all to segment, to overall adjusted these in

reflect to to operating million higher $X range by segment XX XX.X%. increased this sales, guidance in of basis guidance while the a points income operating increased new to have We margin XX.X%

to income expansion guidance segment segment the increased this compared income defense segment, unchanged. up basis now guidance to As XX margin prior to XX on expect points to XX million In in segment top-line our the adjusted new with increase, year-to-date guidance segment now to X% the In Power with this a $X grow operating the sales improvement by results. a strong compared to prior reflect to of we X%. result, X% point XX.X%, year XX% the a the to primarily operating remains XX is operating results. XX.X% We based in XX points to basis generating performance, range be margin year adjusted expected basis sales while increased

our intangible to guidance and program long-term APXXXX due income amortization segment to in on higher million $X to by China related partially the the operating this we lower partially profitability DRG However acquisition. due estimates direct increased the

reflects Our for segment million the this adjusted $XX adjustment. guidance also aforementioned

on XX result, adjusted increase XX% operating XX%, of in addition lower with increased guidance of XXXX levels our the to by XX.X% operating based operating new run expected to points income, margin adjusted expected income. $X income pension to range $X and to financial the aforementioned As by debt million to to expense to is rate due we other interest is a our reduced Continuing basis to increases a outlook, while in XX.X%. full-year expected grow income XX million

as This XX% performance XX% purchase adjustment well EPS EPS consists diluted results. the growth reflect total, also to share $X.XX increase to adjusted range XXXX our adjusted strong activity. accounting $X year repurchase diluted operational an changes guidance reported driven associated in of $X.XX by full-year second This resulted In for $X.XX. a first over XXXX to We lowered of guidance count a new quarter the EPS range costs our core with DRG as in adjusted strong of represents share the slightly acquisition. these additional

third purposes, adjusted to both quarter we EPS reported impact still on your be cost quarter basis. to purchase remaining a accounting modeling expect strongest the fourth and the the expect our For and

cash management. the to continue generate strong free driven capital efficient free cash by Next working continued focus our we flow, flow on

this by $XX guidance contribution flow million begun via million of from range adjusted core that on opportunity be the was flow now XXbX-X cash flow previously we approximately to of shown share operational free cash XXXX fund free foreign has XXX%. million full-year the not mention $XXX million that $XX slide, outlook, raised XXXX. which $XXX underway. Although quarter is expected is million with expected repatriated collected adjusted approximately of our made We repurchases take remainder which free which additional XXX%. million the cash program an year, second to to flow June announced to $XX XXth. by as end pension of repatriating from strong the our rate of in early wanted improved free million. I XXXX a plans cash on to this have been $XX and received to Based cash utilize generating excludes second first $XXX subsidiaries free cash is of The the flow conversion performance million to voluntary conversion we our also $XXX our cash

two share $XX program. to in XXbX-X we are repurchase programs addition opportunistic As a available result, our deploying currently million

have to Curtiss-Wright disciplined disclose strategy. repatriated balanced the that will we uses the for reiterate remains and allocation committed cash, remaining to While yet a I capital

conclude Dave? prepared Now turn to I call our would the like over Dave to remarks. back to

Dave Adams

Glenn. Thanks,

China closing wanted reactor connected program. I through before Sanmen nuclear APXXXX to Westinghouse are working in few that the my power Unit recently Commercial grid testing. APXXXX its Before provide has partners start and expected to announced on updates a is the to the the X remarks, operations and been year-end. on

and start In at been this reactor plant reaching heat-up been completed plant expected are addition loading fuel also by has X Commercial high-end year-end. operations has prior to for the criticality. initiated to

of our the RCPs. to APXXXX continue open operation APXXXX that commercial in the We additional expect and for successful Curtiss-Wright reactors new Chinese door plant interest should

program. report which issued direct to-date APXXXX Regarding current no order, of the have impact China I'm our pleased to tariffs tariffs on China been that impact this

have the of of We tariffs U.S. XXXX. first impact our waves the tariffs on margin also and impact not we second do to and assessed these expect have a in material

continue summary, will to and well and we positioned we're ahead, Looking in strong potential In XXXX. the assess changing results impacts. any performing deliver is landscape to Curtiss-Wright

margin We're improvement range and markets by an growth We operating and expect led end XX.X% in growth all X% margin sales continued our driving X% growth generating X% to increased XX.X% ongoing synchronized X% to organic including DRG. to guidance initiatives. XXXX sales expansion overall adjusted with from

more adjusted diluted growth double-digit strong deliver adjusted in earnings to than flow. and free per million cash expect also $XXX We share at

strategy questions. deliver financial conference and We our to call drive stockholders. for our produce to up long-term time, like open solid on results I'd this today's value continue At to for

Operator

you. Kristine Instructions]. our of first from from comes Thank America. Liwag [Operator question And Bank

Your line is open. now

Kristine Liwag

forward XX%, When at adjusted operating I for it the past should and we compare that was the cost to business cutting upside XXXX look results in going that years, good the your to operating incremental XX%? a XXXX, XX% achieved juristic looks expect and you've like see is margin few with considering

Dave Adams

is incremental on because business has with some every see put -- continue kind own what there so have a their and that hard their that profile to we're but own the said in our businesses overall margin number fair one you be to I've many there for company you'll segments the has within very for could whole now think of is I say, that number enterprise. sure. XX% yes, I'll upside of it's diverse, And

Kristine Liwag

fuel and pumps loading transfer. development How technology this is a APXXXX, China set correctly did coolant them, producer well doing on congratulations parallel you after I APXXXX, Sanmen volume to for Chinese be if to maybe Chinese doing the power for by was a get that X, the there point the would And a the Great. recall of manufacturer not you get follow-up also able for as expect to at if they're from of that when orders plants? to the more you then incremental would and next reactor

Dave Adams

and necessary start do We're believe as that we've narrative will we'll not -- when really sure We in indicated with to for on orders. while that's rolling. the talked set a that grid now the next the going the excitement that produce of the I ball get

can from to before gestation so. year time the of the end or a those it hatched chickens around. eggs counting year the kind These So maybe of and programs not any so happen time this long we're are

be point at get as of unit of So could the took in than by long still come RCPs a supplier you it followed soon they relatively and produce any Company, other long qualified this indigenous know to don't production other could us working it National Chinese ourselves a regard build we saw you to on how after us Kristine time, little we the to for With but there. heard, power. while hand, it that last they're a

are years a those believe this come. to that of things. they So perform statement will to successful past mainly they will will the And for be there be in the unit so -- go there nuances build should ours, lot in process of we years one identical do is look partner will and that do identically and there I believe into but -- a we’ll

regard have competitor not in call we’re anyone and basically let's plant. we plant the there in the don't looking it shoulder competitors So over that but our

are the through that either. so through see the people passed like testing we and at as do is nothing really relative point qualified ground progress, in anything we to over hear to said, as gone I there far unable narrative has we're there if this what is and our China as don't on the know around yet of So

Operator

next question from from comes And our Nathan Jones Stifel.

now Your line is open.

Nathan Jones

I slide Obviously, into some partly to to could quantify of a very, second that's been you like been that of on quarter that for things have coupled couple expecting is is low nature be XXXX, wondering very make on strong were some us the into of it the if bit what color catch-up in just it will you one-time would color have and was pulled is to adjustments if timing, the that nature your little timed wondering forward I'm I'm defense of and might profitability to refer or naval were that out something performance you the business, things give XQ estimated get favorable a may sales that? you can like one-time had later that; I any the or in that that that little a are bit and from highest specifically bullets deck here. in something up too adjust where and something contract it

Dave Adams

and Nathan certainly wouldn't the some is segment defense don't, have onetime impacted I sales margin. timing it that in issues don't but I we a call good question, it's their not, did

and contract were and earlier million sales both So adjustments the but the naval was adjustment the to first OI. $X contracts close-out than planned on a on couple these defense favorable

defense our out of also million OI it’s margin margin take OI, it now their OI But in sales the on TTC more the of in half which contract still timing also to the materials million not and on the lines planned in of favorable certain that receipt higher were not produced part that $X of early adjustments $X contract part of their due is $XX had that is contracts higher was costs and product -- the of second like absorption about -- and too So in if improvement. year, million savvy. helped XX% out, of they sales you benefit take

Nathan Jones

you I information transparency on appreciate of I defense you the as this still accelerated outlook The affect expected. the bit originally half of might the some maybe bit XXXX XH proceeding the some in Okay, be XQ timing always. was here of and but segment a on us of revenue Is parts some Does that’s just little of it there still can think than these more higher has into had we'd back a into that like stuff the faster give XXXX, any quite contracts, expected. your revenue volume not the acceleration sounds there? helpful. JSF accelerating in than

Dave Adams

far I so know particular embedded XXXX don't -- know anyone don't that, can't one, see remember I I don't like has schedule I I sounds don't of -- defense I right, of I of faster moving that. But don't -- anyone so -- computing the particular know know. see but know like don't don't as I I than any thousands the the any JSF programs as about normal

Nathan Jones

material Paris that where cost do in the XXXX? is to be out you Okay, industrials, one day expect is margins in you additional in which inflation last of for that don't do from there one Curtiss-Wright market, just still on out said neutral price expect any price the that the of on topic negative, guys I positive, and remainder on the you impact there cost have know we

Dave Adams

it have team and Yes, chain to with we for our XXXX. supply deemed immaterial checked impact be

customers pass are to would any to able where our cost we However we of course. along increases

some the cost like that's so passive also what all have most we applications. so in expedite some is we've of electronic and However input of the little throughout spreading to we more which -- and is electronics shortage is that's arena deliveries seen businesses supply components delay need. primarily get increase and have components and our capacitors we what the a in demand bit of resistors and seen cost -- the embedded industrial In to pay our It’s causing mostly customers industrial but in cost side. money computing in smartphone because automotive some to increased due it's and and where use to on activity fast the

Nathan Jones

said like improved, you've also you along? cost sounds profitability that being able but to have said it inflation you’re some so pass there, So

Dave Adams

Right.

Operator

And Baird. from Carey Asher from comes our question next R. W.

now line Your is open.

Asher Carey

profitability related turn the sales I which it bit you’ve could to a should carry back expect the about segment? aftermarket, I'm just difficult. talk Power is been headwind far year-to-date in to and on here to the you aftermarket so wanted to segment, in the visibility nuclear challenges Hey, wondering the a facing half timing persist the or naval year-to-date, of has and defense we the this for in year the second in

Dave Adams

No, APXXXX the in second -- both and segment do to both aftermarket each be is going to well nuclear the the half. one I the will going up

seasonally So new for to the year -- in down outages expected compared the prior because quarter the was aftermarket in industry. as the the XXXX QX second was because the highest

So this expect quarterly the business to what the sequential of in happened second outages improvement which to there. is significant that's heavily in HX weighted due XXXX. timing we half

you're So there. timing in is what a issue and way that’s the seeing it

second the program Direct I quarter, revenues think were said China APXXXX APXXXX the we flat. in On

was but by the the China domestic XXXX. of profitability million under we Year adjustment the we APXXXX absorption two, in APXXXX increase the However sharp did we Direct made out $XX improve lower expect it offset sales. the sales despite on

good see segment, a you’re second So half strong. going Power from to

Operator

Thank from from comes next SunTrust. Michael you. question And our Ciarmoli

Your line now open. is

Michael Ciarmoli

year-to-date. guys. morning Nice results good Hey,

Dave Adams

Thanks.

Michael Ciarmoli

sort I it about mean back no earnings split, applicable. something of like still on pull-forward, that's Glenn, here sounds we split? that earnings of split, this thinking be the thinking so guys of sort laid balance you or out the a obviously Should XX:XX cadence obviously half, you the and Maybe the XX% in longer XX:XX just

Glenn Tynan

I XX, something changed it on more No, to has it’s want that. obviously say like I the based -- XX quarter. think second It's

Michael Ciarmoli

Okay.

Glenn Tynan

changed. I And that's was that It's It think -- definitely -- has closer. yes

Michael Ciarmoli

Okay.

any the the seems XX% sort the up be guys segment like segment think came second quarter that with more is incremental forecast, that commercial you to obviously it XX%, would on reason relegate any margins you the of the bit raised why segment pedestrian incremental half, second were of margins incrementals would you based that XX% Commercial/Industrial for that profitability in little On sub I mean in there changes is any topic that the margin mean those continue, a there in for can I close margin outlook for I incremental half the that earlier, mean segment? below a to second the mix, I

Dave Adams

strong the past no themselves seeing cost restructuring solid structure, segment incremental No, it’s any from a has in up be you're been they've current and and they going and year set with that that in good very this the to in a get margin tailwinds revenues, But a quarter. half the any I flat, continue They there's trend. see somewhat will tailwind be will second sales anything, be now their to I again it in the don't get could second think they good will but sign, continue margin sales be up. good to

Michael Ciarmoli

defense $XXX out going changing you really, in mean I comps is tougher really down there to forecast predicate about of defense think ground I you slowdown bit here, continue seems think we there or I a yet of? but like any double-digit the past, it continue any you dynamics I little the think tougher your market a potential is unchanged, it Okay, that's to that I and million up I to mean flat in tempo that defense follow-through, would is ground get dynamic implies. asked strong aware should Then get lack to in I have put orders, called that the mean, to be growth Again but fair. X% there but comps that got

Dave Adams

well system, know we have they’re future finally vehicles that are strikers the to combat we ground have the to been domestic, going -- starting we and modernization. Well, more they the -- GCB hear these I -- and deals and in we've and have around these now more all modernizing about

market. that that So dynamic certainly a will would in us that improve be we help

Michael Ciarmoli

right? changing to half, the the Is in second Okay. nothing though negative

Dave Adams

No, not my to knowledge. no,

Michael Ciarmoli

Okay.

Dave Adams

No.

Michael Ciarmoli

Okay. Last me. one from

was more orders, can broad-based? on or was million on to you defense, million I a $XXX any you other a pretty they concentration particular I any orders, give color the of think color were there product $XXX orders, in the Just talked on that mean multi-year high, segments

Dave Adams

of It's most defense large -- all pretty because them broad-based although, of and defense-related. almost are them

had for subs pumps CVN-XX So million and we Block for Power in the V and of segment $XX orders valves.

in And We the part that DRG items those also that, are the the for had specifically were like ticket for $XX Those and and navies CVN-XX defense big, organically; orders I segment, order up the test announced part million orders equipments Power the the they of it right $XX XX%. million big of we international on of because that’s flight of for in after had F-XX. believe. we addition bought the segment

Michael Ciarmoli

-- have you segment commercial commercial that Okay, number? orders,

Dave Adams

flat. it's think I

Michael Ciarmoli

Flat.

Glenn Tynan

That's just year-over-year. million slightly couple dollars down that's of all

Operator

our [Operator George from And from question Instructions]. CL Godfrey comes next King.

Your open. line now is

George Godfrey

very you quarter. morning Good gentlemen, Thank nice much.

Dave Adams

Good morning, George.

Glenn Tynan

George. morning, Good

George Godfrey

I order make that DRG you. in quarter $XX just Glenn right; just heard million the wanted on was book? to new sure I Thank

Glenn Tynan

$XX.

George Godfrey

$XX that million and to wanted just get orders were clear. up XX% I organic,

Glenn Tynan

Yes.

George Godfrey

That’s cyclical smoothing more year earnings you Do XX:XX then both that more think of takes and a the in at great. being and I you going a as split. evens split cadence out? revenue place XX:XX bottom-line on the And and well in said of top quarter-to-quarter less of is basis earnings a the pattern heard about XXXX from to the

Dave Adams

to basically quite because mentioned all on bill when ship second in now that want revenue time what the and when stuff, don’t we where and weeds in record ship deep material of get know happening of was that receipts, frankly and bill, we and but you don’t rules see some I We quarter. too some we I recognition it to and cases recorded some in used over the revenue

defense, sales fourth fourth have we on in the in quarter some you would have those revenue used now. humongous So quarter, of material reported we received for instance, that to

we start over So report would time. to

know yet too we in tell is it's it, our might it year to first new don’t be this profile our for So but but me that. early

George Godfrey

in nuclear sense That’s a great, China and you. monitoring been heard okay, your plant that's and closely might Dave be running perhaps could power us up that great, looking then comments give that on very I you and plants? move to do forward officials have their be India thank about And

Dave Adams

it in very is the the kind that safest the that from it generated watching being getting we closely, I George power are world think believe greatest I reports watching nuclear plant from of are do extremely buzz world. the all had that latest that closely, they

that like So though I think Indians going it regard Chinese are there is it’s take not don’t hurry question, right quite to going moving in to a them the while that and on I along up believe it's the yet, early did great the right to are are to their good, so I can that it things know contribute very these closely. they and do recognition working can on plan they iron they will is Westinghouse built, infrastructure but be built it be that given active, the certainly

have been fact expectations might in working now Westinghouse we pricing the have and with language. dialogue right of India Indians and and Curtiss-Wright In involved we’re what both with indemnification still on we’re sort through

are they -- there what in India in the the orders So is, all activity it’s Haiyang these said the reinforcing just think out reinforcing China, China. is and in are to orders I Sanmen we've going and it along follow-on follow but

So be opportunities strong we out for a forecast years of very us. it it certainly before but see some there couple might

Operator

any I’m further remarks. Adams questions. to now showing I back Executive for the no would Chief closing Dave call turn and Officer, Chairman like to

Dave Adams

Thanks, you and We great during earnings forward day. you XXXX for a to Have call. to of speaking third Shelby, quarter joining us today. all look again thanks with our

Operator

participating Ladies in you conference. This and gentlemen, concludes today’s thank program. for today’s

all You may Everyone disconnect. day. a have great

Curtiss-Wright (CW) 26 Jul 182018 Q2 Earnings call transcript