CW - Earnings call transcript Q2 2020 | Curtiss-Wright Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Curtiss-Wright Second Quarter 2020 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jim Ryan, Senior Director, Investor Relations. Thank you, and please go ahead sir.

Jim Ryan

Thank you, DJ [ph], and good morning, everyone. Quarter Conference Second Curtiss-Wright's to XXXX Call. Earnings Welcome

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

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

effects our entity. on a restructuring website. earnings are foreign available Any release unless and to of in of legal company's the the otherwise Reconciliations with the adjusted costs and business, onetime and prior divestitures references loss non-cash associated costs reminder, foreign year and non-GAAP foreign growth transition XXXX associated the of this currency of at with with currency current a for the year accounting in first excludes results the associated restructuring exclude presentation noted. periods relocation DRG purchase translation, As the substancial a that acquisitions liquidation acquisitions, organic view an costs translation include end

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

Dave Adams

full pandemic how our reinstated Chris of will well morning, with quarter begin today our review is provide our of performance, and second then our an Good then results. update the of Jim. a year as provide detailed quarter guidance. highlights some I'll more financial impacting second everyone. business, Thanks, as COVID-XX

greatly the up our challenging like we've wrap head Throughout the by affected we into employees our prepared remarks been keep to maintained Q&A. commitment I'll safe. Curtiss-Wright, this of pandemic. to many has so Finally, return unwavering before an environment, companies

follow actions sharp highly investments to including restructuring and our and minimize today. We of confidence to business. of and dynamic equipment mitigating health Further, I'm in protocols situation. have operational the resources our our necessary disruption markets, provides initial agility responding effective the measures austerity The acceleration in this reduction incremental our the to to continue commercial plans in full year comprehensive report across and that revenues. the facilities, proud of in to of XXXX are be guidance. been us to all strength will These of manufacturing continue our our safety defense I'm with our team's reinitiate along pleased to sites all

Turning to the adjusted second XXXX quarter results.

Although uninterrupted down our defense and overall growth our the remained were in by demand XX% both pandemic. markets for generally operations sales customer our were strong,

Overall, significantly However, well mandated XX% the margin in remainder XXX of closings, line quarterly income impacted in and and commercial be customer factory negatively year. was expectations, as of is our diluted we basis Adjusted sequential our lowest the results. for the government expected declined as $X points improvement markets, respectively. operating which with EPS quarter to experienced followed XX the XXXX, our by commercial within adjusted sales drove lower and demand, down

Curtiss-Wright Last our reinitiated overall, Regarding further guidance. stability growth our than growth orders, the week, X.X year-to-date, X% of in a quarter. book-to-bill drove times is we backlog secured experienced press release to more that issued we X% up announcing solid we providing defense, and for $XXX X.X which were The of million second in $XXX of and orders, in the times defense naval new orders in defense million received strong overall.

quarter. our significantly progress deeper activities and the we Although sequential orders in second coding some experienced both into as we markets commercial were challenged, improvements

from Our XXXX. in for second guidance our recovery anticipates growth slow between commercial April and July modest of and the the a in half pandemic recent businesses patterns provide optimism border

to in our cash cash conversion an XX% cash keeps $XXX Turning adjusted us drove for free on focus strong to free working flow flow, and track intense of expenditures. This due reduced performance on spending that XXX% of XXXX. year-over-year robust adjusted flow a increased million finish on capital capital free non-essential

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

Chris Farkas

begin experienced a everyone. defense would on And second sales There sales. year-over-year. you, our to few in XX% declined increase like quarter Thank I'll a I to morning, markets, our end are Dave. sales commercial items market or highlight X% with of this review a markets slide. we that good Overall, to our

we transition second major slowdowns all inorganic our growth second year. the the solid Naval programs Columbia commercial to partially Defense, this organic ramping aerospace, sales revenue and to the impacted performance Shifting was in platforms. our well markets, as was of the production the customer as business, driven within OEM leading experienced of in growth This quarter anticipate XXXD half on facility new to the we by commercial offset production our First, from the both where up in acquisition. reduced class submarine production Virginia growth by during completed timing on and DRG

market, a also American during Mexico, operations. MRO vehicle the industry we by sales since facilities we large reductions well as valve lower on Diving were pumps in A general projects, government to experienced shutdowns impacted valves, pullback work In market, industrial which were as recession. industrial capital due sales, Curtiss-Wright in North resumed to similar demand by wide industrial sales reduced mandated of and normal has on the and on-highway what impacted expenditures last Class particularly the industry into in quite industrial vehicles. experienced Our

partially In benefits the operating cost of actions. the second restructuring commercial on unfavorable industrial I'll our drivers quarter lower the by performance. of our key and segment, reflect XXXX containment results Next, discuss offset sales, initiatives our absorption

approximately the of which restructuring savings generation points. sales declines our defense operating a margin X% a prior segment, on generated increased million power the actions. a unfavorable generated headwind sales, onetime results of from performance restructuring revenues. as absorption the reflects well results In points. on income Partially well as addition, solid from XX% adjusted offsetting Power contribution reflect The our were the building benefits naval increase as actions, margin on acquisition. In lower operating XXXD again as the those timing revenue, XX improved a while our of XXX basis segment, included In in gain basis defense $X adjusted of the both

on remains balance positioned. very I'll sheet Next, focus strong our where Curtiss-Wright well

with our more note advantage pricing than took the a leverage for with rates yet investment intend to private maturities. In strategy. flexible downturn. navigate year to by have of ratios us May capital million XX provides additional our mid-May, we some proceeds circled We in offering draw placement X% capital months flexibility up in the delayed structure, further and strong allocation our term remain a this at ability XX, our near to short with through feature conservative and opportunity support balanced We very remain line which pleased use our grade attractive excellent market. successfully and these we the XX sheet to to three On taking further rating. sufficient opted Overall, we liquidity dollar balance confidence very strengthen provide in XXX to for for

X% increased unchanged XXXX prior to with guidance. reinstating solid decline As of our the from XXXX markets, Defense, to we Aerospace unchanged. X% actuation the we've This expect test Defense, Ground acquisition. growth higher backlog for expect at impact today, in XX% we end on to F-XX. strong driven In quarter by In from market class overall, and expect organically. start now is reflecting on expect to we sales market defense our This X% the delays organic demand are and the reduced Dave outlook as principally and guidance. of remains key by we our overall reflects flight to programs, and our guidance outlined pandemic. equipment on XXXD this strong of we CVN-XX be the programs the the outlook and Naval revenue our X% Starting call, the our In sales following In and sales guidance, funding the driven up submarine second carrier ground And Defense, revenues. higher Virginia we've X% and ramp outlook contribution orders aircraft growth expect international to the CVN-XX growth our continue sales platforms.

commercial down to sales expect XX% where to the to Moving overall. we XX% now markets, be

for and by actuation widespread Our is on surface in services. updated treatment aerospace and reductions guidance Boeing commercial sensors equipment, Airbus OEM production rates based

sales Meanwhile, delays maintenance as principally guidance reflects to updated of in remain are this expected market Generation, flat to in largely and delays. expected international Next recovered aftermarket due related project distancing sales half year. our Power the be second lower to after domestic are social

specific although CAPXXXX, delays we will expect In to program trends market improved major project of activity. of distancing. projecting are principally increase year. caused reflecting that second to our we order revenue revenues the and declines on increased We year, the sales XXXX, half slowly all global million lowest anticipate have views drivers $XX our categories, as social in continue in reductions into the revenue shift and both to a in the the we're general due Regarding next expected economic by be industrial, throughout second quarter

compared the segments XX while defense the our In industrial end appendix margin income XX% implemented of offset improved operating the XXXX, in in solid reduced commercial Continuing actions revenues our to COVID-XX. XXXX expected Further, down we X% points of in see, our be segment. despite to due adjusted XX% XXXX, with to for in increased for commercial now we and you our defense basis power to in our our the now were updates market markets. accelerated collective our more financial additional presentation, restructuring waterfall growth on our based Overall, in than segment. overall decline and markets X%, sales you'll expect by to costs to and As to defense the anticipate operating is response sales find to XX XXXX guidance, be expected profitability expectations we've sales can to chart. end guidance that market is

total expect margin our the have half result, XXXX segment, outlook to to expect our with savings full to estimate XX%, profitability absorption operating the those to of and down due to XX.X%. accelerated our than change, restructuring in are to Both to that detrimental range in This XX% remain XXXX growth sales in while to reduced restructuring ramp expected margins with response year defense, revenues. of guidance and and industrial February second range outlook benefit basis naval In to Power now are reflects the the commercial restructuring our our solid but market second guidance deep XX.X% remainder to to XX%. increase in outlook international operating provided represent offset top original expected expect guidance our a the $XXX have upon favorable cost defense This after the we've we starting range XX.X% year. to earlier continue be savings XX% sales revenue weakness. the of growth half of that are expected Despite will expense aggressive benefits cost Segment, points to excludes in XX.X%. end is Continuing note expect will third in in from ground mitigate mentioned ranges to we expected our R&D. few close now reduction aerospace actions million and higher quarter. overall due please experienced power principally To year from declines, to higher XXXX adjustments non-operational we Higher additional that now segment, in in which year made they from the containment income for guidance. generation of a the industrial sequential by savings strong $XX aftermarket on we these benefit pandemic. We and lower more offset the a defense. in mostly achieve guidance reflects to to our half and in that while the million, trimmed margin slightly Continuing In implemented segment year. operating outlook, increases the Despite interest measures a greatest with the projecting XXXX at commercial has in impact costs restructuring of to in annualized segment, this XX% and sales financial initiatives full the naval reduction grow line senior savings adjusted which anticipate XX $XX XXXX, million prior reflects overall of strong improving likely As XX R&D. to defense to adjusted line revenues restructuring Our and is a now XX% accelerated notes reduction, we the full the we significant slightly,

also in share by guidance In based X taken XXX the loss repurchases, including currency March. non-deductible in a on full nearly translation this XX.X% quarter increased program addition, XX tax and foreign to our reflects non-cash million legal for We've effective million full rate million shares, entity. lowered liquidation the our account related million share year to our the year of opportunistic executed a $XXX in of second principally expectations

from expect diluted XXXX full $X.XX. we $X.XX year range to result, a EPS to guidance As

the of our quarter. and recognized quite approximately our per the in cadence sequential also We year the our to of Of diluted production Factors XXXX year. weighted XX% share is power revenues to in industrial quarterly savings quarter. when this new second of ramp contributing per of we expect similar improvements sequential in recognized adjusted DRG the in note, pattern recession for our full share XX% this from generation half for and timing XXXX, fourth earnings rebound restructuring year EPS last and to the CAPXXXX the to of the our facility XXXX market, this full earnings of remainder be fourth include

conversion improve aggressive to Next to manage our results cash working cash the of our flow Now expect I'd free call all XXX%. Dave now expenditures the are XXXX XXXX over implemented well approximately our cash The an adjusted above free we million and is free very February with year This Dave? and our flow non-essential of free rate positive where outlook, prepared preserve XXX strong XXX% range flow with remarks. guide capital solid At and level projecting very we XXX back expected to continue been to similar from date to cash approximately to plans full the to capital to a suspended like flow results. have million initial to pandemic, to onset turn liquidity. our of we

Dave Adams

Thanks, Chris.

to demand restructuring As launched initiatives margin our we address recession expansion. in drive anticipated enter company-wide reductions leveraging we playbook XXXX, several and

the As increased due scope Chris of to restructuring reviewed the actions earlier, the we've pace since expanded and pandemic. our

aerospace declined. has of like As the ended we drive a our suggested pandemic, restructuring that OEMs expect share particularly the previous within an several result, to targeting significant years of have levels. industry of the the savings, within commercial industrial initiatives. We production returned to one segment. aerospace year to example onset those commercial Since take actions significantly commercial projections before could commercial Recent demand business. aerospace it I'd

to of asked align how recognize delicate impact priorities. in We these needs, this growth necessary on workforce are through the represents a customer we MAX between hand. only with implementing aerospace reductions rate will coming actuation of $XX headwind commercial our including the of and This have where understand continually of Regardless are XXX Our currently year. were our up next XXXX. anticipated contract Many may consolidations, the of future supporting you demand. production be facility program, year. to satisfying current sustaining includes XXXX of business million projected and at Curtiss-Wright align XX% the to work on we balance inventory and performing profitable our We a sales additional end our steady we contract faced two status the to contract,

total gap that the both XX% stability visibility We're challenging potentially growth acquisition. are actively cash to well sales, performance. working remains of our and taking this or actions and cost representing continued maintain strong half through revenues, second growth. via flow. defense solid our mix a revenue defense and weather provides continued and business environment markets anticipate align cover with free our diversified which positioned for profitable we We a to Curtiss-Wright prudent required to structure We position Curtiss-Wright to and

are proactively and We improvement. have and an margin driving of track flexible record we business, strong a agile

flow further expect to In generate to XXXX capital cash support we in allocation our addition, strategy. strong balanced free

At remains questions. long-term call sheet for capacity investors. acquisition time, profitable strong our like including sufficient pursuit with based to support and remain our open summary, this to of pipeline. healthy, on balance restructuring solid our business, today's actions, Our execution ensuring for I'd goal and to new In conference M&A, we continued our growth up of committed

Operator

first Our Instructions] Baird. from Arment Peter question of [Operator comes

open. is line Your

Peter Arment

David, morning, Chris. Good Yes.

Dave Adams

Hi, morning. Peter, good

Peter Arment

to just of you second on giving Commercial/Industrial circle the down wanted just on some year for some comments -- that down What versus half? with for the there just XX%. second XX% are back are Chris, did lift drivers the in the guidance to quarter, your XX% the what you in

Chris Farkas

Yes.

So I of in be our mean, expecting point the lowest was year. our I mean, year. were to this the QX point we weakest

into May, We did reductions dug with down In low orders service in that basically us general, half orders, but for and a in and from increase categories June. in do a prices and pandemic, we pressure orders some second of the recovery severe -- improvements Industrial, the We more which pushouts the OEM X oil low early provides customer in saw XX%. and production Class mark we sequential at saw point across vehicle platforms. orders product saw trough sequential the market, production the we Valves, experienced all If in than -- disruptions. April, May, in major more reached you and we look May, in activity commercial since coating levels, aerospace, just small some we case. a trough reached with As year. was reduced all experience optimism

far, in We So this Europe. in have slight improvement July, cautiously. slow our seeing patterns, third we're order and a quarter that, despite in thus we're watching GI. typically But improvement in

Defense the about side, ramp-up in we in capacity. CAPXXXX the production the the talked the as program facility naval the well year On comes of to our half back a bit little full script defense DRG up on ramp-up in the as new as

Peter Arment

on just your viewing on talk has are like? just somewhat terms about And the looks M&A. but in ability is the helpful. in process, assume, your M&A I COVID, -- Dave, your slowed -- down what to follow-up That's of pipeline a you How Thanks. tied interest just, Okay. maybe comment and

Dave Adams

Yes.

the open everybody. the some the just talking hit. in hit have since relatively we pandemic, that come with pretty it this given with us we pause we a we the then, of felt reinstated Before the in all that that keeping run But see process. it We've to pretty might underway for pipeline was confidence that looking before it the get through and as make the fact were company, we could that -- we've should -- reinstate these. been is basically did pandemic our that filled those on the fairly few that right, some heavy-duty we're was there this door the because And along of it line scrutiny our took XX, all is -- now conservative every manner at. pandemic have the finish past, really and had back we COVID right you alive. of making and plan hit, been for then -- nicely a everything regroup course were where And And good the that, and to and

got on the can I'd So that. tell. dry We've we that certainly execute to powder say

and to that that us valuations, just of visibility an can acquisitions the certainly, of executions, And in since of have were where some the up they this what process. some those grips think they are, of is have we opening expectations chasing for on we us. if headed with Now are come fared during idea pandemic terms I given how

performed conclude puts sort make you I'd how you you where and warm when that a certainly a M&A say, warm started feeling visibility. back see point different And of have of feeling they you to good that how or it to kind where an can about side, kind a little of you at to how pretty duress, great very look from under pretty we feeling it decision. about get it's And some of we're can get this a so point gives bit either these. to So far, we

M&A So going I feel pretty about forward. good

think I up going it's to opening across the board. start

Peter Arment

Thanks for that. Thanks.

Operator

comes question from next UBS. Our Myles Walton of

open. is line Your

Myles Walton

morning. Good Thanks.

Dave Adams

Myles. Hey,

Chris Farkas

morning. Good

Myles Walton

Maybe CAPXXXX talk from Could first sequentially the the got quarter, I segment. ramp a talked know and pretty much of of a as that you about looks into off being fourth the that like XQ year, XQ big a you in into back of implied XQ? particular. Power piece just how about into versus half you've on ramp in the

Chris Farkas

talk million, that Yes. levels to I ramp the revenue we going we're in -- it, is have million expecting about to program in as Myles, steep above be QX. highest. but we're mean it of ramp We're but going numbers, of for look year, and being still specific QX steep not QX you and $XX about essentially sequentially at QX a very $XX the on a the which will XXXX very

Myles Walton

it will I consider out maybe Dave, new be or sounds a $XX at then, you CAPXXXX up XXXX, a slightly of there And the commercial And things to $XX like point, headwind nuclear XXXX headwind to aero. at or look idiosyncratic $XX in million or as it this million. in guess, Is $XX XXXX? just from overall kind now million on million Okay. in you -- other called any lower

Dave Adams

don't I No, so. think

on able early us all to bit we that get it out, XXXX the work I pushout a mean process. Myles, for to you February. little more And that of very And clarity were in the hoping on we're happy think actually to we offer guidance for here quarter be the XXXX, provide be as that as the second here think we million we closer to budget here It's still $XX I a to I still gather could do. were beneficial lot XXXX. to information in we're to able pointed of very able with have

Myles Walton

$XX Okay. cleanups. is And million then savings. from restructuring the One the benefit just a on couple more

So second So so benefit benefit to look standing you quarter? then up plus underlying from that's picking million second from in clear might just And or expansion? points be year, $XX amortization? XXX next if even did here similarly, you the you are benefit half -- I'm to the as combine basis revenue benefit benefit amortization, I still the restructuring lower still on even you a from margin

Chris Farkas

Yes.

For restructuring, we annualized right in are I million recognized $X second in projecting $XX now. roughly the million quarter. we savings say, would

of that So is savings to recognized be half going annualized in XXXX.

another you've a the got confidence the the of here for of our in second some in So of lot reinstating have reason that half guidance. uplift here we year,

For to XXXX, little go here, but half where XXXX. comment a soon see slide -- we too of we into again, that probably a little on will savings can annualized out

Myles Walton

Okay. right. All

$XX maybe you more. that's a anything like help guidance. as looks think capital with to on into there working the versus The about -- move capital next you sorry, one had million year? Is think working I prior

Chris Farkas

No. think I so. don't

sales. position. of to continuing full collections at in working down There's lot had their there and a we we're the how improve half is million, talk the a first going of looking the $XXX $XXX out very as know year. of year for than we've pressures in think I cash anyone. some way of drive a mean, terms our of guys the I back that guide million mean everyone to strong capital half expecting to better percentage about we're you kind I of are

some to million, bit that $XXX there million to $XXX the trying in guide a we So little collections. take we're the a conservative expecting of here be to will position as headwinds

into the look the to out deeper we continue XXXX, As pencil as we'll get mean, I march our year. we will we -- quartile, into we and are top sharpen

Myles Walton

Thanks great. That's Alright. guys.

Operator

have We Ciarmoli Instructions] Michael from Securities. of a [Operator question Truist

Michael Ciarmoli

with And know I this Thanks taking questioning well. stay questions guys pretty the framed margins Nice speak I definitively here. to Myles, and of something those headwind for and on you're to to you MAX that bit you the see little these that be continue it that general not you've Or headwind, margins? Hey. results. might industrial of think be going thorn guidance, say $XX be got year-over-year in restructuring. Dave, Is it the restructuring improvements prove line to of able on just MAX Maybe Commercial we a segment? in to the you and XXXX million. grow should fair Good kind morning. will but pressure if margins do XXX to to said that

Dave Adams

longer right? are and I mean, The off certainly, business. the you year actions as additional you to at a to margin with have decremental decisions make investments I nature. focused those as started it -- in here, is balancing it, headwind tough is short it in be, provided and achieving and cost Mike, as and margins temporary cuts more script permanent more in call we're mean, We're and nature. achieving very going as term incremental The in we the changes responses of look -- started actions our the on for on and beating year in containment and restructuring in term restructuring objectives, the are we've And to we then in the containment implemented we cost measures. volumes. the it Both may focused

XXXX, I and to focused, you XX% management margin. a to little but that comment is still driving that it's us too can assure we're for So on team the early

more based that we'll $XXX year. the little commercial bit know I later the still think in in but a -- be in may million be headwinds, XX% revenue goal, achieving may delayed we driving upon and we're there towards that

Michael Ciarmoli

on sense how get of a profitability business smaller commercial the below Just industrial that the general a the again, it. profile those even in segment? revenues it's aerospace, at with those are segment, and look as flow revenues, And line Got those products or through realizing now, aerospace versus just margin of your -- to on are trying commercial we of above? -- commercial some look they the those the other piece

Dave Adams

business we're to is probably diverse, to Mike, as a specific seeing the with say Yes. I be there. bit a provide answer you to able what would too little

here, be I to into as to going mitigate rationale actions think we're place headwinds. to and restructuring those the to we able be in what really that are do XXXX, ahead the is we margins look putting are in going that business with

So information I regarding point two. in the provide won't really at differences this any

look I'd I as think it's just -- bucket. it one big at

Michael Ciarmoli

margins just below that that if average sort Okay. a segment on basis, average? to were were in above segment or at last trailing look Even year, a get I aero sense to of line,

Chris Farkas

I you of yes. pinpoint by can Yes. product wouldn't -- that program that. kind and by program say It's product,

Michael Ciarmoli

shorter-cycle you whether Got give saw it give where you it. like Was more the controls, us most Just can end What orders detail on April think detail side? maybe the -- on frame? flow? defense any little those some you industrial the out bit the strength? any order it of more sounded a valves, you time of order more orders, it's commentary, you more pumps, Can up on the bottomed strength, called in I kind color, about

Chris Farkas

-- and see steady while And in longer the inventory that surface to Yes. I improvement demand, the markets consider were they that. of think April [ph], there. our they commercial wrestling with for aero economic And side, seen and that billweather pretty the I was they Vehicles, of in. changes know, we've since we've it some as say in they're OEMs, little the us had diverse mean bit they that and of on the they tech, the is you took a that some as the trough seen also improvement participate facing. markets to well, point I drop some participate were their the in slow would really And and April. low commercial sequential kind

really but saw those So we hit seen in also then improvement May, June in we've and again. July

I sequential trough July. So saw in commercial then and pickup also in we've the we kind think valves, like May. orders, aero But recovery slight June some of in here a again, seen

second us some of the So year. markets is our the trajectory cautious providing right. it's commercial we as in enter And with half optimism the

Michael Ciarmoli

Any those got treatment. tech current -- as there? sense that economic a of surface I And you've customer Got I those it. know close you just on facilities, that, lot to to surface bellwether, proximities. mentioned then capacity and mean

seen low had the was you maybe you've to overall gauge capacity improve to? and at If where what it point,

Chris Farkas

Yes.

actions in businesses I very we're and containment. cost targeted. we're the I being If the temporary if mean resources with And the restructuring that that's we we're term, going as there of our based think long are appropriate. see that as are get more footprint. headwinds in, in then really structurally those what adjusting the that's upon a changes is our problem we're the restructuring kick is, to we being within doing, very market, facing Mike, longer-term cost there that's more anything are where

Dave Adams

of are ebb and flexibility agility going profile sometimes within high what's door XX are a have and/or the across I'd shop there, a they street, of nature we and now. There and given flexibility tech them that go of to of Mike, degree United to their business, States how ton down of units. very the in add their And the business is or surface one on those of flow abroad. next the that within customer the

So they'll all flex the over place.

down And down because sometimes of then, place or and and vice close miles facilities say, our one versa. to road that we'll XX there let's not work and other move it, enough way the the there's

can easily. to then put we very If another grow, on shift you need

sort that business. got with we've that ability So of

Michael Ciarmoli

it. the Got guys. turn back helpful. in That's Thanks queue here. I'll

Chris Farkas

Thanks Mike.

Operator

Officer. now Dave [Operator back like Executive to turn Adams, Instructions] Chief the to I call and would Chairman

Dave Adams

today. for third us day. again a earnings you XXXX have call. and talking and thanks quarter on great look safe, to joining Thanks, We our Bye. Stay [Indiscernible], everybody, with forward

Chris Farkas

Thank you.

Operator

And Ladies call. participating. now for may disconnect. this today's you conference and concludes you Thank gentlemen,

Curtiss-Wright (CW) 8 Aug 202020 Q2 Earnings call transcript