Curtiss-Wright Corp. (CW) Wednesday reported a decline in first-quarter net income to $20.9 million from $41.3 million a year ago. On a per share basis, earnings for the quarter was $0.44, down from $0.87 in the comparable quarter last year.
Excluding dilution from acquisitions and transaction costs for the pending acquisition of the Phonix Group, adjusted earnings for the reporting quarter were $0.50 per share.
Net sales for the quarter increased 18% to $592.68 million from $501.66 million last year.
Analysts polled by Thomson Reuters estimated earnings of $0.41 per share on revenues of $565.31 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the full-year 2013, the company continues to see revenue in the range of $2.48 billion to $2.52 billion. Analysts currently expect revenues of $2.50 billion for 2013.
Curtiss-Wright Corp. provides highly engineered, critical-function products, systems in the areas of flow control, motion control and surface treatment technologies.
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