(RTTNews) - Curtiss-Wright Corp. (CW) reported second quarter adjusted earnings per share of $1.31 compared to $1.90, previous year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.28, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating income was $79 million, a decline of 27% from last year.
Second quarter net sales were $550 million, down 14% from prior year. Analysts expected revenue of $542.32 million for the quarter. Sales were down 17% organic.
"Looking ahead to the remainder of 2020, we expect continued overall growth in our defense markets, which remain strong, along with sequential improvement in our commercial markets, as we slowly rebound from lower second quarter demand resulting from the COVID-19 pandemic," said David Adams, CEO of Curtiss-Wright Corp.
The company now anticipates $35 million in restructuring costs in 2020 to generate $40 million in annualized savings, which is expected to benefit its performance for the remainder of 2020 and in 2021.
Curtiss-Wright reinitiated its full-year 2020 guidance. Adjusted earnings per share is projected in a range of $6.60 to $6.85, and overall sales are anticipated to be down 4% to 6%.
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