CW - Earnings call transcript Q1 2019 | Curtiss-Wright Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Curtiss-Wright First Quarter 2019 Financial Results Conference Call. [Operator Instructions] As a reminder, this call will be recorded. I would now like to introduce your host for today's conference, Jim Ryan, Senior Director of Investor Relations. Please go ahead.

Jim Ryan

Thank you, Chris, and good morning, everyone. Quarter Conference First Curtiss-Wright's to XXXX Call. Earnings Welcome

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

uncertainties website. webcast being copy webcast certain defined www.curtisswright.com. through expectations projections note, A website the financial in statements statements Please Litigation of forward-looking those guarantees and the is today filings Relations today's associated are on public statements SEC. can that call and press be our of and performance. well of for release are These available and are will in this at Reform the section with discussion are as replay future our XXXX. also current Securities the detailed include the found of Private forward-looking presentation management's Investor of as with as download the today's not based on company Our our We Act risks

business company's the recent TCG including accounting segment. this transition the including reminder, and first excludes adjusted acquisition, also cost in associated a the purchase guidance excludes that results XXXX acquisition Defense year As one-time view with non-GAAP guidance, the are and specifically adjusted and on website. in costs the of presentation earnings end for this in IT security the and release our Reconciliations relocation the prior of segment. associated available with Power periods DRG current year at the

the growth of otherwise, acquisitions organic addition, currency exclude divestitures effects noted. any to references In unless and foreign translation,

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

Dave Adams

full and of highlights an I'll performance Good quarter morning, year everyone. the outlook. key Jim. the Thanks, XXXX with overview of our first begin

million mid-March first review and in the acquisition strategic which to more Communications detailed to of recent quarter full acquired Then or $XX to Tactical and I'll cash. turn provide our discuss I'll of it in over rationale for we financial our to approximately guidance. year Glenn behind Group performance return Next, updates a TCG, our

off up great with Finally, as move in defense. performance. was drove perspective, sales before in sales X% Q&A. higher wrap From to operational markets, higher of increase effective a prepared our remarks profitability a we to in XX%, year, primarily by defense growth and We're three our in start the experienced Naval driven double-digit we strong improved organic all net The which Starting I'll diluted tax Adjusted performance a highlights. share rate segments. quarter both adjusted segment first led XX% the activity. income sales of the This over resulted segment. margin increase strong lower prior benefits of repurchase operating also the in $X.XX, improvement Power EPS improved by principally included and

and which new current of defense We benefit strong X.X. which carriers of at also higher future growth and experienced order submarines, was on XX%, robust to aircraft majority organic, led naval orders sales. expect we years' by a was Book-to-bill

flow the our of the the better a are capital already ongoing presents operations, cash believe of we DRG is related adjusting that in guidance. since it adjustment relocation contribution our to to an and the expected from are guidance the raised full TCG year adjusted earnings Turning increases diluted XXXX improved We per These based highlights. Commercial/Industrial segment, income, margin for our upon in exclusion share. operating outlook and sales, investment of one-time DRG view free costs the guidance our facility. and appropriate We related

provides In for remainder continued in rate conversion generate and All expect addition, cash XXX%. confidence XXXX. start of to the a flow year, to increased guidance which the our a approximately strong free of we all, adjusted

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

Glenn Tynan

sales Virginia-class mixed to we results programs. sales Defense, X% and the good sales our slightly as and also for morning, reduction international aftermarket vehicle Overall, our nuclear the sales. to platforms, CVN-XX electronic Defense, by Gas were experienced increased aircraft industrial quarter a markets, aftermarket of on domestic was demand UAV reduced higher defense industrial we Power year-over-year. with including sales which reduced increase programs. & valve end sales experienced Aerospace up sales sales market, defense In the year in Ground mainly finally full we on in markets. review with helicopters, increased of were the core strong begin for products X% higher due of Thank our In our our slight market guidance first revenues equipment Aerospace, on in market reflects and increase primarily in OEM off-highway while X% growth of the In offset were in offset as XX%, the for sales. various sales grew in a on Apache submarine everyone. experienced remains target. timing And Commercial you, down various Dave, Naval on experienced sales the commercial defense, Oil will a In and to to I carrier organic, were the the markets In higher Generation, sensors on as XXXX by and XX% we electronics quarter. general the products

which actuation Commercial/Industrial in was XX.X%. which acquisition. basis our overall cost In on associated in accounting This and first quarter absorption operating margin Defense unfavorable sensor segment, favorable the business. Curtiss-Wright, businesses, of increased up drivers our points industrial presenting offset the and the adjusted key X% both excludes to the valve discuss mainly income XX reflects absorption for performance the operating are purchase year XXXX an performance, first we I'll basis with in segment Next, operating TCG by

X%, from declined XX.X%. results by margin segment the the our partially ongoing impact decreased tariffs. adjusted initiatives, in income operating segment, points while offset operating also In basis improvement savings this Our margin include XXX generated net to adjusted from Defense

systems This while margin of In Power As this income XX%, percentage defense for our segment, reflects primarily well on the profitability was a lower-margin expected, absorption sales. to XX%, performance defense to the increased by notably performance due sales CAPXXXX operating driven operating products in higher mix unfavorable program. of on electronics increased surged points business Naval most as favorable our growth XX.X%. basis XXX strong as

summary, adjusted to to XX%, in income So, of points led improvement XX.X%. Curtiss-Wright operating XX which basis solid a increased overall first quarter margin

end-market XXXX where sales high of our highlighted total guidance sales increased made $XX reflect onto we low we the to our the million million as have the Moving and to ends both ranges. guidance on Curtiss-Wright slide several blue increase in changes $XX in

from we to result, grow to prior guidance a between an and sales expect X%. X% now As X%, Curtiss-Wright improvement our of overall X%

sales of XX% our the by orders, In generates defense increased between the XX%. we have to raised and we million We market. our is guidance Defense of the prime sales Air expect Aerospace market $XX portion in continue which Virginia-class we result to Defense X% growth in of Naval markets. and now between and and TCG, due to guidance our expected expect market. sales sales in growth $X this X% market, turn significant This market, Force and to to XX% of overall contractors growth million US In primarily this sales all due million, higher by submarine to $XX end in now X% addition from its expect a in the growth

And commercial will XXXX waterfall our the find presentation, X% outlook our finally, sales remains appendix in for chart. end-market you unchanged overall sales at the updated growth Our market of growth. X% to

Next sales. to outlook our beginning financial XXXX with the

to the our you to solid segment, all to sales Naval the segments, overall increase of across expect on be aforementioned Defense X%. guidance In three see, Commercial/Industrial sales. operating our guidance, X% guidance $X As million X% to now can X%. reflects Segment increased income up by based driving market we due sales higher growth segment to growth this the

projecting we XX.X% In reminder, while adjusted segment, is operating our basis a ranging range margin to increase year-over-year in unchanged, X% impact and to income $X segment to market increase Defense XX.X%. as to XX.X% segment for net we this guidance margin XX.X%. a from year-over-year XX expected $X R&D. as to operating to our result, for a million, grow And And to new our Defense a reminder, includes are million of while Aerospace to also points tariffs the remains $X now in based X% now million $X expected increase guidance this XX increased guidance, up to R&D. a As income million by operating million for expect TCG's be X%. to operating We've segment this on segment a $XX guidance sales adjusted increase guidance XX%, includes

related million segment to margin the We remains a investment, guidance top by the reflected point would increased increase exclusion operating guidance to segment, of increased results. the the In one-time XXXX to unchanged. have DRG income business. of costs guidance $X line adjusted our R&D compared reflect XX the operating Power relocation adjusted Excluding basis

expected income are XX a now grow to increase X%, adjusted to X% margin a operating As to we is to XX while XX%. basis to XX.X% points range of result, to segment-adjusted projecting operating

Curtiss-Wright As expected XXXX ongoing $X result to activity, XX.X% a these driven Based earnings diluted adjusted a includes range a margin range To of segment over updates, point of all we for increase to $X.XX a increased to while on including to XX% per as XXXX income X% this results. repurchase R&D. up by count new XX aforementioned full slight operating reminder, adjusted increase operating now guidance a share changes, now reduction $X.XX, have adjusted to million up, X% of the guidance $X to guidance reflects year of is adjusted sum all our our to XX.X%. year-over-year our basis to guidance to share in by XX% XX share a total a grow

that be our our XX% EPS as the historically. to full sequentially with of year modeling anticipate each XXXX quarter note strongest For we year XX% have the EPS first being fourth the quarter and approximately done your we to to expect increase of please in half purposes,

new flow free approximately an range equipment our raising flow $XX free capital $XXX of conversion XXXX from expected for addition million XXX%. guidance, adjusted which is our rate also are Commercial/Industrial to of DRG investment on capital million by our working excludes million adjusted guidance increased our a the free management. flow focus million with in and XXXX for to to TCG, earnings and cash $XX business full $XXX cash machinery segment, due year continued We cash

put to to Before wanted our over I order I Dave, pass call perspective. into activity the back

this can which multi-year quarter seen our backlog. provides you've and orders receive periodically and visibility be build the solid past, we in lumpy As because large orders, our

our book-to-bill the of in the led and XXXX, strength We similar defense large drove this defense orders. half X.Xx in X.Xx also in first experienced and quarter received of quarters overall. Curtiss-Wright we a for Defense strong we subsequent XXXX by ship in book-to-bill well bill orders The when Xx in do, north order. and However, against the lower when of is quarterly orders

strong Following at XXXX similar those XXXX starts, and in concluded we Xx, the expect pattern and we both XXXX.

I'd to prepared over the our Dave? continue back Dave turn call to Now like to with remarks.

Dave Adams

Glenn. Thanks,

leading to like Similar of what accretive Curtiss-Wright wireless free to cash communications. objectives business TCG military organic software two our and for essentially, we that are generation. will electronics flow, some Datalink similar accretive to growth margin it TCG. is operating to XX produce I'd recent we years, above within our our our transmission acquisition flow of the for past be real drive to and TCG edge adjusted long-term solutions approximately to exchange expect is portfolio, million contribute historically in customers. by XXX% positioned paid. margin we've Further, support EPS. previous thoughts accretive meet during military criteria on ROIC. paid our EBITDA, months In next XXXX, and avenues to TCG free the secured expect $X.XX TCG's that our our increased the $XX of share generating provide acquisition revenues, long-term and and tactical acquisitions times overall cross-selling rate defense adjusted financial We for an used time conversion Next, for expect with this cash growth, expansion XX completed be will to overall we to line support and

strong. our strategy, allocation is capital balance overall sheet our Regarding very

a have $XXX billion agreement and accordion million ample a million We to revolving with up to meaningful capacity $XXX in acquisitions. spend untapped $X.X credit

consider summary, returns. ensure will we strong is in Of activity expect course, results then we've as years In to and past share few done should not acquisitions to repurchase in we materialize as performing Curtiss-Wright XXXX. maximum expected, well, deliver the additional

generating are X% sales We growth. to deliver markets, positioned all overall across growth X% to

despite we expect We an investments these are continuing additional it by expect are drive margin margins, to our points expected this accomplish organic strategic results sales to future to and year, initiatives. in to XX Further, to growth. up be expand improvement R&D year basis $XX our XX ongoing higher which this driven million

EPS with remain we growth by a reflects $X adjusted addition, end of our midpoint this diluted In outlook north confident of we share, $X.XX in solid of reach that XXXX. our target and the per year can

nearly our of adjusted to flow strong generate cash and approximately XXX%. $XXX free rate Lastly, million we expect a remains conversion as

We stockholders. call to on and At to would long-term to open our deliver up questions. for executing for our today's I expect significant like value are strategy conference this time, continue

Operator

Instructions] our from Baird. with And comes of Arment [Operator question line the first Peter

Peter Arment

kind your Dave, the longer-range what context Could -- upon get you your how pull-forward schedule you talk XXXX of maybe maybe -- just just targets. if just touch Virginia-class in the on that forecast? an 'XX impacts or submarine to Ford, mentioned of regarding you the incremental

Dave Adams

we've to pretty as two haven't in so are then forecast, the got We've year Virginias further. orders linear. talked we the a bit per our out the possible on little carriers and Columbia haven't -- of Yes, is those before, included just and build X-year stretched bump then any and we the

but into shipset But like in So with the as going what take anything terms sort of don't is our going said, could Huntington Glenn, we want we in Ingalls this that that? talking where from standpoint, and year, in going. if to what's others happen do some a from in anything upside a think not result our gain later. coming. of content of I add you estimation, there estimate this hear haven't numerical we any about sales forecast it's We of you it's and year could to terms are to we estimate built it

Glenn Tynan

No.

XXX that to a just class you content Virginia-class is numerically, our is million. aircraft XX on carrier and Columbia again, million Just, XXX million is remind and

our bill, another see couple space not only do valves in but the going So bill, little phases at some we said, at how in beginning the in over electronics is across point at another different we're to We in the the not some the sales know the to valve yet one point are order out because tell to you it's start, the all when pumps that's business. at to point But as expecting years. XXXX. going of Dave very our The in we're bill. are XXXX, all of in businesses, next have really hard

we're be certainly to So in nothing that, able is do in yet but know and there we'll XXXX. 'XX to probably more

Peter Arment

to APXXXX, Appreciate that. And then feedback from just as a quick follow-up, Dave, shut any in you update any related on occurred down -- this the the that got China?

Dave Adams

No, position both with released got were little Westinghouse release and we in a And, of we've that pretty much as the when the ago. while press we're Chinese we at our agreement same an progressing And customers, shutdown, well. bottom fairly not can us have as and the root asked they get of to information we're until it's you engaged disclose imagine. of that, cause in to any the we actively the the

on anything going but really that we can't long point. at just not be information we it's have some before disclose it, to this So

Operator

next question comes Stifel. of Nathan Jones our with line And the from

Nathan Jones

the the guidance. you Just $X.XX, just on put can this there are is couple of talk I color increase end that DRG cost $X.XX you C&I, any range? offsetting that? a being $X.XX paid, you the bit did Can about, higher some conservative, were of just high from together that guys a give If bias a the all, questions $X.XX other it pieces Are us at of to you before. maybe get where things acquisition around I little of $X.XX from here and from exclusion, $X.XX about all of

Dave Adams

Sure.

quarter. really segment the of in segment quarter know, the you items, for and are okay? happened was that the Power first Power are based some the adjustment DRG other tactics of and on the than we increase benefit didn't in performance items the timing our one-time issues which So us, guidance for discreet taxes As the

So raised, is that's to in happen the future. going the our first what quarter. we guidance what's And

but raised for the going valves, the higher of business in So three across based first Commercial/Industrial also TCG, quarter level and we which the of defense, in our guidance our Navy next benefit certainly which orders quarters. is in all on had the valves to

So time two it's really different periods.

going to and So going is what's happen was back on first on the the prior really forward based quarter to guidance looking the based year.

Nathan Jones

Okay.

I think that sense. makes

You pulled XQ in some hit? expected into versus it profit expected the segment Power where forward you'd to

Dave Adams

Correct. Exactly.

Nathan Jones

any the the segment forward, hit that really were quarter? give mix you about That of in strong Can performance Power actually talk us in to it revenue good later quarter. the second lays on things drove was in expected, the you of what some such what just that, question, on, segment you'd those which information into drove coming can on which was my that was had timing margins, first

Dave Adams

the higher so $XX the for it's our that of sales, to It’s most last quarter our of two absorption on in impact Obviously, so but items. program, organic, the sales Yes. sales favorably first we segment driven the a higher on year-over-year piece which continues million, part. it's and also profitability that good were favorable had remainder was was which up of year, margins, was DRG, combination CAPXXXX those a

Nathan Jones

up been Okay. And you position. in still to these aggressive guys your that X.X able how billion balance you a what of targets? XXXX think sheet strong are you talk Last done spend would able is, of Obviously, Can or more $X.X M&A that is And being a to reach about be fraction bit to M&A. the then. would ideas one on before what to you very have billion for posture funnel talked we the on spend funnel your taking you get about on publically having acquisitions. an

Dave Adams

kind looking of the we're regard revenue get closely, pretty at specific revenue what looking of what in interest. we're it have to for, to with pay to of price we’d Nathan, Yes, such kind areas

And us to looks those a reviewing accommodate be in point, basically, got for accretive spend, $X don't a high M&A, if pretty able criteria, for to there various we've with letters it M&A -- spearheading comes we level wanted there put opportunities on so tight and from I'm as -- of pretty pretty it's my and and we're and complementary too about good opportunistically. over pay because out this certain very I daily that about meaningful And as the talking little meaningful are team now, And acquisition a it in much. to means, personally a long But indicated, we're not and large talked effort. right billion talking basis folks on want weekly I our always time. discussed to but have them vantage we that. watermark is terms on with our the decent basis, to the acquisitions we've be funnel and But money, it's opportunities in to we to and story IP making meet to

some so I that the too now, high comfortable we've let's multiples. with so or some what far. But the we've very much good we've that I in gotten are So quality probably about it. pretty surfacing month at And like and we're feel seen in say, is paying ranges opportunities last, been feel so

fits ideal, small a we last looks we're but two January, if really March doing. could what do be March we perfectly in with would the TCG one like that one, Now years, was did nice, every or it

level bolt-ons incrementally if can with add to the the stick of about to or we the smaller up the the We results have terms to revenue but get to us, do so So business. that want will it yields go that route, we cost our to we we've benchmarks bigger same all when the then it of about same that we if the forward. to in ones, set for out netting with comes build

Nathan Jones

years? size here widened you a the in aperture as some M&A larger little taken Is last of at the that on you've or X looking and have say that aggressive maybe to X it would in posture fair deals little than more a terms bit are you've

Dave Adams

bit -- We've dog how much to and the sort meaty. many to you like those looked that are to of most in didn't of maybe But a with ones require focused sure. becomes everybody perspective, have aperture or with several more is that want of for okay at get, For or ones the in very first regard on much ones work got we that size when the lens I probably and/or that that's are some It little too. opened said, that, of big it’s Along shed ones, as with pans, -- acquisitions the hair some on they there looking do because they how things place. the tend how we same larger amount pots larger they warts has come the the about the a of does it part, it for want of take smaller and the to big yes, little them ones. does to couple and

Operator

line of question SunTrust. our the from And comes Michael Ciarmoli next with

Michael Ciarmoli

nice quarter, just I we're elaborate margin Maybe can the on -- results. the on have story. kind here. in you innings would later Dave, of improvement thought Nice

and by color market, are facility, little by maybe much savings, and efficiency just whether still by got it's there left. additional runway product us on more how You're elaborate a where gains margin you line, you've bit just finding expansion. Can the maybe driving you give capturing

Dave Adams

years see with We doing supply chain still we're week three last a ago, set supply it was that was can the to council chain of we goal in getting here how we and and fact -- I -- people? years, X but -- that like, was, far. to asked 'XX from achieve the over office subject, said, you achieve group want my forward us, me of least the look Yes, very our primary them that. is mean, chain supply well, of pick this off and from what X% And years, what runway was, are dollars. we approximately have XX, of first as we said, and call, side, of out to we X our some about we're in I and I next have headway still you group what that's X, And I at matter get that. were talking foremost over out XX said that the a so what making to ago, yet And that easier billion to and I our to someone the fruit a XX% plus spend goals?

we've opportunities it So they and know on there capitalize got to take advantage of that. it and

about they then some what the dollars they're that a from and that really as few for don't expect, some then you do big that talked much one. a So talk consolidations, the those, of ones, going do other meaningful get done Then we've but a few right to the and smaller, the job. pick that to X-to-X know chain always marching that a get we've the And is big and you a after, ones mouth, some line. to adds orders, to some things bottom there, side here acquisitions. you about the are talked time, to they about growth we and and up dollars and long certain they're I of supply so were we and horse's here's those going in meeting then fantastic We

performers goals You have. a we do are that aren't that, -- out, to not you with very up few you bottom that get meeting let's dollars the the there, they maybe and march say, cut

years them just we oil that you ago did like of cut so, adds some therefore, and and up. And then with gas

into story, there. And we're So just incentivizing long It's with. I everybody ones that short. mixed that basically came approach, those get account all you a to taking really mentioned, things up the

that our it's incentives that. want have into anything? Glenn, you the So the years, we'll to we for X margin on got do as you and to know, baked worked, and side, continue add we've X, last and

Glenn Tynan

XXXX, program. for restructuring, I'd XXXX. example, in QX big spent not and annualized an it's heard us we'll margin that mostly, an to our And Yes, couple for of million last a just ongoing QX entirely part of and the quarter $X example, the you’ve we've million in through if first improvement still as talk over $X savings, about say see years, yield

kind that's that may of give margin that's just on some the But stuff And our continues. we an improvement example ongoing guidance. help we scenes to when of the we better than leads us of going do activity So increase it behind the planned, that that's if that. maybe

Michael Ciarmoli

going helpful. it. maybe love target out the assuming, I margin 'XX. about, the revenue expansion, that you the are -- changed, China expansion to fill the but the year, hasn't segment. managing revenues, APXXXX are are That's the to decline Got mean, which I so the XXX into million smoothed target in I chunk year. guys what's face revenues on XX XXX that that in of pretty Power recognition drop million of you you thinking how income staying And mean, you've operating in million is about you're sort guys that margin going on knowing higher-margin that's the then program? thinking if mean, I you out know guys at on doing have, this a 'XX, in how seeing XX%-plus, be But topic, a I'm program, that the mean, XX% big I I to from margins still to of

Dave Adams

that's of Yes. our know our I it. coming which plan. plan. year obviously, in We the in mean, that's three XXXX, I'll comment on is

the businesses, blah, march lean, blah. on It's above So to categories, XX%. performing restructuring, activity XX bottom part and all all blah, we that, have it’s focus the plan chain, consolidations, improvement our that around supply to of margin of our

Navy going I Including big be, I improvement remember without about ongoing margin think if will February, again, in a program. have to going albeit and it. said, gap we but our should I So -- chart, also it's gap, because a step particularly, going it back shown be but you and think, that you we that business, not is than bit little plans same margins, at to of a is increased filled to chunk fill by the margins, quite might gap the smaller be healthy so

Michael Ciarmoli

on end wildly at are about Got to Dave, that are it. suppliers the know you but are I be aero, know you a Are exposure? and implications you guidance, XXX, you commercial Commercial Aerospace? about. platform the last of guys how but not thinking production you then kept thinking about thinking guys you XX one, month, to that seeing how are -- from how And market lot any I sustained a continues exposed

Dave Adams

point. that, thing, XX seen we're -- to haven't holding at same this and month, Yes, but change It's any Mike. don't a at any anticipate

good is So as just continue our guess any, but as looks and it's we going to mine to like going onward as if your modify -- holding own, have. we're we're that's

Operator

[Operator comes King. George from next of CL Godfrey line our Instructions] And the question with

George Godfrey

I the of you Dave, to annual the $XXX within acquisition, million $XX revenue annual want that you recognize talked I are it, -- M&A to $XX run how quantify sizes put with, team. projected keep an to pipeline Deal and can that. run number rate. about deals, opportunities have I'd your this do needle. move million, like contact and in acquisition due like how you many the the rates million. recent specifically ask looks a and more diligence it pipeline wanted or like I of finer XX% so that [indiscernible] that really legitimate say Deal or And on on the call Can many with larger or about sizes target year, revenue

deal at get that to size quantity larger trying is what really there? sizes I'm in are the So

Dave Adams

Yeah.

close the mill of of the TCG, the as can we'll let's the that as as the changed very on have they of $XXX they’re of going we that we're, we above. put some and call just million, quantity in. are ourselves on small continue $XXX knocking were and high real holding between, say, and large. the maybe get be to interested, the the others up tend million which not the with going corporate that million And run do opportunities sort and big let's door not once range to on some to million But PE or smaller the corporate those. are to Certainly, that often. do see basis, sort $XX robust sweet of it's million, to with not to at that wedge privately-held, a imagine, not we say, in is the number corporate got like to And deal. their line I mill. from a while, very pursue don't maybe Every But a that in that carve-outs, that continuous we frequency be -- of range, groups one We've run I'm million, don't can if $XXX have to and seems spot chase they're spinoffs, I that come that you either companies a them some $XX of $XXX never not As see in strategies. of sight we ones. on

on forth, be of so like we mentioned, fairly around, way. pans to done all who in and lot as then our me groups either I to just or forth. likely, gives they're all over outlook out those and criteria be our guessing -- I'd math it to consider I make fun, deals in But I'm have part So a really the million what guess or I'm $XXX way that dollars and or love that because spending up of said, achieve all go objectives so and think staff $XXX add X amongst carefully that financially done It continuation after and to we going maybe smaller executive see million -- will like same the all of it, a will our acquisitions, my are a it at didn't the that would end we of call an would to mean comes small, the does kind just would more the some ones it is to the meets -- that, XXX so of something money -- we difference those I big ones, the I we've spend pots our just segments part large said, -- nuances will more us smaller these well, is and let's kinds not that revenue. and -- us unless that that we've lot million really or of, more then years, and than want one with interesting to withstanding of a enjoy up like get the share to spot. for integration

to So at make we are But we our over desire it. them is we happen can. I there. this can when and that only point up, it try If for then come they wish all

George Godfrey

then for Got you And the Do bookings Commercial/Industrial? number question have in okay. you, Thank one it, Dave. Glenn.

Glenn Tynan

about round Commercial/Industrial, $XXX million. numbers, Booking

George Godfrey

in million $XXX Commercial/Industrial.

Operator

next the with of line UBS. Walton from Our comes question Myles

Lou Raffetto

for Raffetto Myles. Lou on It's

see about $XX we So or just do If I higher that, spending of but I getting which the completely talked of margins XX%? real is you up mean, to forward, or you big, that Glenn, you back R&D this to million. know, an actually think part business that guys quick. you have investment maybe the is got getting stabilizing backup you've is year

Glenn Tynan

is to technologies for electronics, Commercial/Industrial, subsea growth. bit on is is Well lead the take World leading one, future focus our XX us, Cybersecurity that's focus item based inorganic And which should multiple organic is products, also encryption, instance which to for it's our edge, organic Inverter probably the a Power in obviously really off R&D and is a our each segment, In growth. across looking I the starting -- differential opportunities in type the hybrid is we have growth, with defense highly but is, at APXXXX, of segment, focus for R&D area is increased Defense products which supplementing biggest number -- to there's now. on one. all little future anti-tamper our right the hertz we're us. which are the Traction a electronics the pumps, power, But increased and mean

Operator

the Chief further that question-and-answer for any Executive now today's call would Dave to remarks. I to conclude And turn back and Chairman Officer like session. Adams, does

Dave Adams

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

Glenn Tynan

Bye-bye.

Operator

gentlemen, for does and conference. in This conclude program. thank Ladies today's participating you today's

great may now Everyone, a day. You have disconnect.

Curtiss-Wright (CW) 10 May 192019 Q1 Earnings call transcript