Company Information

Segment Information

Flow Control

Specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics, systems and related products that regulate the flow of liquids and gases in severe service environments in power generation, oil and gas processing, naval defense and general industrial applications. Divisions include:

Electro-Mechanical Systems

High-performance pumps, motors, generators, power conditioning electronics, electronic control integration and protection solutions.

Nuclear Group

Engineered solutions supporting critical components, systems integration, qualification/dedication and related services that set the standard for safety, quality and high performance on operating reactors and for new plant construction.

Oil & Gas Systems

Design and manufacture of valves, vessel products, valve automation and control systems, coke unheading systems and fluidic catalytic cracking unit components. Specialized valve solutions and web-enabled software that control the flow of liquids and gases and prevent over-pressurization of vessels, pipelines and equipment.

Marine & Power Products

Specialized valves that control the flow of liquids and gases and prevent over-pressurization of equipment. Shipboard helicopter and cable handling systems. Electronic instrumentation and control equipment, including custom and commercial off-the-shelf electronic circuit boards and systems.

Flow Control Electro-Mechanical Systems Reactor Coolant Pump Nuclear Group Performance Hardware and Software Oil & Gas Systems Fractionator Marine & Power Products Shipboard Helicopter Handling System

Flow Control Sales

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Motion Control

Integrates complex elements for use in flight control, mechanical actuation and drive systems, sensing and electronic computing system applications. Divisions include:

Embedded Computing

Rugged deployed commercial off-the-shelf (COTS) open standards based electronics boards and subsystems for demanding computing, networking and data processing applications, as well as custom software design and hardware manufacturing for aerospace, ground and naval defense markets.

Electronic Systems

Rugged, integrated electronics for defense, aerospace and general industrial markets. Product and service expertise includes motion control, network-centric computing, vehicle management, sensor management, power management, high-speed data recording and storage, electro-mechanical solutions, electronic contract manufacturing and engineered packaging solutions.

Flight Systems

Electro-mechanical, electro-hydraulic and hydro-mechanical actuation control components and systems for defense and commercial aerospace applications such as trailing and leading-edge flap actuators for passenger aircraft, weapons handling systems, weapons bay door drive systems, lead edge flight controls and canopy actuators for military fighter aircraft.

Integrated Sensing

Position, pressure and temperature sensors; smoke and ice detection sensors; solenoids and solenoid valves; air data computers; flight data recorders and joysticks for defense and commercial aerospace, along with general industrial markets.

Motion Control Embedded Computing Rugged COTS Boards and Subsystems Electronic Systems Network-Centric Computing Products Flight Systems Commercial Aircraft High-Lift Actuation Components Integrated Sensing Linear Displacement Transducers

Motion Control Sales

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Metal Treatment

Provides services that enhance the performance and extend the life of critical components utilized in aerospace, automotive/transportation, power generation and general industrial markets. Its four primary surface treatment technologies include:

Shot Peening

Spherical metallic, ceramic or glass balls are directed at a metal component in a controlled manner to impart a beneficial compressive stress layer on the surface that improves the fatigue resistance and durability of the part. Shot peening is also used to shape the complex aerodynamic curvatures of the wing skins of commercial and business aircraft.

Laser Peening

A high-energy laser beam generates shock waves at the surface of a metal component to induce beneficial compressive stresses that are four times deeper than can be achieved by traditional metal treatment processes. This technology provides the highest level of fatigue protection for mission-critical components.

Specialty Coatings

Solid film lubricant and zinc-rich coating services provide sliding wear, anti-seizing and corrosion resistance in automotive/transportation, commercial aerospace and defense applications. Parylene coating services provide lubricity, moisture barrier resistance and biocompatibility in medical device and electronic applications.

Thermal Treatment

Air, inert gas and vacuum furnaces are utilized to heat treat metal parts in controlled heating and cooling cycles to improve overall strength, ductility and other mechanical properties.

Metal Treatment Controlled Shot Peening Laser Peening Solid Film Lubricant Coatings Vacuum Heat Treating

Metal Treatment Sales

Company Information

Segment Financial Information

Year ended December 31, (In millions; unaudited)	2010	2009	Change
Sales
Flow Control	$1,024.8	$985.2	4.0%
Motion Control	647.0	621.0	4.2%
Metal Treatment	221.3	203.5	8.7%
Total Sales	$1,893.1	$1,809.7	4.6%
Operating Income
Flow Control	104.4	92.7	12.6%
Motion Control	80.4	80.9	(0.7%)
Metal Treatment	25.8	19.9	29.9%
Total Segments	210.6	193.6	8.8%
Corporate and Other	(30.8)	(24.2)	27.1%
Total Operating Income	$179.8	$169.3	6.2%
Operating Margins
Flow Control	10.2%	9.4%	80 bps
Motion Control	12.4%	13.0%	(60) bps
Metal Treatment	11.7%	9.8%	190 bps
Total Segments	11.1%	10.7%	40 bps
Consolidated Margin	9.5%	9.4%	10 bps
Note: Amounts may not add to the total due to rounding.

Company Information

Historical Financial Performance

For the years ended December 31, (In millions, except per share data; unaudited)	2010	2009	2008	2007	2006
Performance
Net sales	$1,893.1	$1,809.7	$1,830.1	$1,592.1	$1,282.2
Earnings before interest, taxes, depreciation and amortization	260.3	246.8	272.4	244.3	191.3
Net earnings	106.6	95.2	109.4	104.3	80.6
Cash flow from operations	171.7	196.6	179.8	139.1	143.9
Earnings per share(1)
Basic	$2.33	$2.10	$2.45	$2.35	$1.84
Diluted	2.30	2.08	2.41	2.32	1.82
Dividends per share(1)	0.32	0.32	0.32	0.28	0.24
Return on sales	5.6%	5.3%	6.0%	6.6%	6.3%
Return on invested capital(2)	8.3%	8.1%	9.5%	10.3%	9.9%
New orders	$1,918.5	$1,730.5	$2,232.1	$1,870.4	$1,333.0
Backlog at year end	$1,670.0	$1,626.9	$1,679.2	$1,303.8	$875.5
Year-end financial position
Working capital	$472.1	$313.2	$350.0	$359.6	$330.5
Current ratio	2.1 to 1	1.6 to 1	1.8 to 1	1.9 to 1	2.1 to 1
Total assets	$2,242.0	$2,142.0	$2,042.0	$1,985.6	$1,592.2
Total debt	$396.6	$465.1	$516.7	$511.9	$364.9
Stockholders' equity	$1,160.1	$1,026.8	$866.8	$914.8	$762.1
Stockholders' equity per share(1)	$25.15	$22.50	$19.23	$20.51	$17.31
Other year-end data
Free cash flow(3)	$118.7	$120.9	$76.2	$84.7	$103.7
Depreciation and amortization	$79.9	$76.5	$74.3	$62.7	$50.8
Capital expenditures	$53.0	$75.6	$103.7	$54.4	$40.2
Shares of stock outstanding at December 31,(1)	46,134	45,624	45,065	44,593	44,023
Number of registered shareholders		5,797	6,193	6,331	6,762
Number of employees	7,588	7,572	7,968	7,471	6,233
Note: Amounts may not add to the total due to rounding. (1) Per share data for all years have been adjusted to reflect a 2-for-1 stock split on April 21, 2006. (2) Return on invested capital is net operating profit after tax over average net debt plus equity. (3) Free cash flow is defined as net cash flow provided by operating activities less capital expenditures. The Corporation discloses free cash flow because the Corporation believes that it is a measurement of cash flow that is available for investing and financing activities. Free cash flow represents cash generated after paying for interest on borrowings, income taxes, capital expenditures and working capital requirements but before repaying outstanding debt and investing cash or utilizing debt credit lines to acquire businesses and make other strategic investments.

Stock Price Range

Common	2010			2009
	High	Low		High	Low
First quarter	$36.48	$28.32		$36.06	$22.62
Second quarter	37.54	28.92		33.20	27.33
Third quarter	31.49	26.11		36.67	27.52
Fourth quarter	34.01	28.78		35.20	27.97

Dividends per Share

Common	2010	2009
First quarter	$0.08	$0.08
Second quarter	0.08	0.08
Third quarter	0.08	0.08
Fourth quarter	0.08	0.08

Company Information

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Curtiss-Wright Corporation

Parsippany, New Jersey

We have audited the consolidated balance sheets of Curtiss‑Wright Corporation and subsidiaries (the "Company") as of December 31, 2010 and 2009, and the related consolidated statements of earnings, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2010. Such consolidated financial statements and our report thereon dated February 24, 2011, expressing an unqualified opinion (which are not included herein), appear under Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2010. The accompanying condensed consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on such condensed consolidated financial statements in relation to the complete consolidated financial statements.

In our opinion, the information set forth in the accompanying condensed consolidated balance sheets as of December 31, 2010 and 2009, and the related condensed consolidated statements of earnings and of cash flows for each of the three years in the period ended December 31, 2010, is fairly stated in all material respects in relation to the consolidated financial statements from which it has been derived.

Parsippany, New Jersey
February 24, 2011

Company Information

Condensed Consolidated Statements of Earnings

For the years ended December 31, (In thousands, except share and per share data)	2010	2009	2008
Net sales	$1,893,134	$1,809,690	$1,830,140
Cost of sales	(1,271,381)	(1,214,159)	(1,214,061)
Gross profit	621,753	595,531	616,079
Research and development expenses	(54,131)	(54,645)	(49,615)
Selling expenses	(111,773)	(106,187)	(107,308)
General and administrative expenses	(276,026)	(265,380)	(262,594)
Operating income	179,823	169,319	196,562
Interest expense	(22,107)	(25,066)	(29,045)
Other income	579	1,006	1,585
Earnings before income taxes	158,295	145,259	169,102
Provision for income taxes	(51,697)	(50,038)	(59,712)
Net earnings	$106,598	$95,221	$109,390
Net earnings per share:
Basic earnings per share	$2.33	$2.10	$2.45
Diluted earnings per share	$2.30	$2.08	$2.41
Weighted average shares outstanding:
Basic	45,823	45,237	44,716
Diluted	46,322	45,695	45,374

Company Information

Condensed Consolidated Balance Sheets

At December 31, (In thousands, except share data)	2010	2009
Assets
Current assets
Cash and cash equivalents	$68,119	$65,010
Receivables, net	461,632	404,539
Inventories, net	281,103	285,608
Deferred tax assets, net	48,568	48,777
Other current assets	40,605	33,567
Total current assets	900,027	837,501
Property, plant and equipment, net	397,280	401,149
Goodwill	693,572	648,452
Other intangible assets, net	240,197	242,506
Deferred tax assets, net	1,033	1,994
Other assets	9,909	10,439
Total assets	$2,242,018	$2,142,041
Liabilities
Current liabilities
Current portion of long-term and short-term debt	$2,602	$80,981
Accounts payable	133,180	129,880
Accrued expenses	99,966	90,855
Income taxes payable	3,111	4,212
Deferred revenue	146,770	167,683
Other current liabilities	42,310	50,708
Total current liabilities	427,939	524,319
Long-term debt	394,042	384,112
Deferred tax liabilities, net	26,815	25,549
Accrued pension and other postretirement benefit costs	166,591	120,930
Long-term portion of environmental reserves	19,091	18,804
Other liabilities	47,437	41,570
Total liabilities	1,081,915	1,115,284
Contingencies and Commitments
Stockholders' equity
Common stock, $1 par value, 100,000,000 shares authorized at December 31, 2010 and 2009; 48,557,638 and 48,213,472 shares issued at December 31, 2010 and 2009, respectively; outstanding shares were 46,133,766 at December 31, 2010 and 45,624,179 at December 31, 2009	48,558	48,214
Additional paid in capital	130,093	111,707
Retained earnings	1,072,459	980,590
Accumulated other comprehensive loss	(2,813)	(19,605)
	1,248,297	1,120,906
Less: Common treasury stock, at cost (2,423,872 shares at December 31, 2010 and 2,589,293 shares at December 31, 2009)	(88,194)	(94,149)
Total stockholders' equity	1,160,103	1,026,757
Total liabilities and stockholders' equity	$2,242,018	$2,142,041

Company Information

Condensed Consolidated Statements of Cash Flows

For the years ended December 31, (In thousands)	2010	2009	2008
Cash flows from operating activities
Net earnings	$106,598	$95,221	$109,390
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	79,946	76,480	74,251
Net loss on sales and disposals of long-lived assets	1,446	1,917	804
Gain on bargain purchase	–	(1,937)	–
Deferred income taxes	2,828	(6,470)	(6,370)
Share-based compensation	13,378	15,264	13,663
Changes in operating assets and liabilities, net of businesses acquired and disposed of:
(Increase) decrease in receivables	(60,208)	9,250	(20,230)
Decrease (increase) in inventories	10,640	17,819	(46,564)
Increase (decrease) in progress payments	6,493	(8,573)	8,227
Increase (decrease) in accounts payable and accrued expenses	9,925	(30,565)	8,582
(Decrease) increase in deferred revenue	(20,913)	28,724	33,332
Decrease in income taxes payable	(1,122)	(11,326)	(4,044)
Increase in net pension and postretirement liabilities	24,528	19,654	11,416
Decrease in other current and long-term assets	1,205	2,319	2,250
Decrease in other current and long-term liabilities	(3,304)	(11,198)	(4,886)
Total adjustments	65,112	101,358	70,431
Net cash provided by operating activities	171,710	196,579	179,821
Cash flows from investing activities
Proceeds from sales and disposals of long-lived assets	744	3,789	8,143
Acquisitions of intangible assets	(1,608)	(673)	(311)
Additions to property, plant and equipment	(52,980)	(75,643)	(103,657)
Acquisition of businesses, net of cash acquired	(42,200)	(68,623)	(48,557)
Net cash used for investing activities	(96,044)	(141,150)	(144,382)
Cash flows from financing activities
Borrowings of debt	513,100	711,059	598,000
Principal payments on debt	(581,771)	(762,759)	(622,580)
Proceeds from exercise of share-based payments	10,560	10,557	9,905
Dividends paid	(14,729)	(14,559)	(14,381)
Excess tax benefits from share-based compensation	985	378	1,544
Net cash used for financing activities	(71,855)	(55,324)	(27,512)
Effect of exchange-rate changes on cash	(702)	4,200	(13,742)
Net increase (decrease) in cash and cash equivalents	3,109	4,305	(5,815)
Cash and cash equivalents at beginning of year	65,010	60,705	66,520
Cash and cash equivalents at end of year	$68,119	$65,010	$60,705
Supplemental disclosure of investing activities
Fair value of assets acquired from current-year acquisitions	$49,939	$81,103	$133,159
Additional consideration paid (received) on prior year acquisitions	1,153	1,835	(1,447)
Liabilities assumed from current year acquisitions	(8,206)	(12,102)	(75,156)
Cash acquired	(686)	(276)	(7,999)
Gain on bargain purchase	–	(1,937)	–
Acquisition of businesses, net of cash acquired	$42,200	$68,623	$48,557

Company Information

Shareholder Information

Corporate Headquarters

10 Waterview Boulevard, 2nd Floor
Parsippany, New Jersey 07054
www.curtisswright.com
Tel: (973) 541-3700

Annual Meeting

The 2011 annual meeting of stockholders will be held on May 6, 2011 at 10:00 a.m. at the Parsippany Sheraton Hotel, 199 Smith Road, Parsippany, New Jersey 07054.

Stock Exchange Listing

The Corporation's common stock is listed and traded on the New York Stock Exchange under the symbol CW.

Common Shareholders

As of December 31, 2010 the approximate number of holders of record of common stock, par value of $1.00 per share of the Corporation, was 5,470.

Forward-Looking Statements

This brochure contains not only historical information, but also forward-looking statements regarding expectations of future performance of the Corporation. Forward-looking statements involve risk and uncertainty. Please refer to the Corporation's 2010 Annual Report on Form 10-K for a discussion relating to forward-looking statements contained in this brochure and risk factors that could cause future results to differ from current expectations.

Stock Transfer Agent and Registrar

For services such as changes of address, replacement of lost certificates or dividend checks and changes in registered ownership or for inquiries as to account status, write to American Stock Transfer & Trust Company at 59 Maiden Lane, New York, New York 10038. Please include your name, address and telephone number with all correspondence. Telephone inquiries may be made to (800) 937-5449 or (212) 936-5100 internationally. Internet inquiries should be directed to www.amstock.com. Hearing-impaired shareholders are invited to log on to the website and select the Live Chat option.

Direct Stock Purchase Plan/Dividend Reinvestment Plan

A plan is available to purchase or sell shares of Curtiss-Wright common stock. The plan provides a low-cost alternative to the traditional methods of buying, holding and selling stock. The plan also provides for the automatic reinvestment of Curtiss-Wright dividends. For more information, contact our transfer agent, American Stock Transfer & Trust Company toll free at (800) 416-3743.

Investor Information

Investors, stockbrokers, security analysts and others seeking information about Curtiss-Wright Corporation should contact James M. Ryan, Director of Investor Relations, at the Corporate Headquarters.

Shareholder Communications

Any stockholder wishing to communicate directly with our Board of Directors should write to Dr. William W. Sihler at Southeastern Consultants Group, Ltd., P.O. Box 5645, Charlottesville, Virginia 22905.

Financial Reports

This brochure includes some of the periodic financial information required to be on file with the Securities and Exchange Commission. The Corporation also files an Annual Report on Form 10-K, a copy of which may be obtained free of charge. These reports, as well as additional financial documents such as quarterly shareholder reports, proxy statements and quarterly reports on Form 10-Q, may be obtained by written request to James M. Ryan, Director of Investor Relations, at the Corporate Headquarters or at the Corporation's website: www.curtisswright.com.