Curtiss-Wright Corporation (NYSE:CW) Morgan Stanley’s 13th Annual Laguna Conference September 11, 2025 5:35 PM EDT
Company Participants
Lynn Bamford – CEO & Chairman
K. Farkas – VP & CFO
Conference Call Participants
Kristine Liwag – Morgan Stanley, Research Division
Presentation
Kristine Liwag
Executive Director, Head of Aerospace & Defense Equity Research and Equity Analyst
Hi. Good afternoon, everyone. I’m Morgan Stanley’s aerospace defense analyst, Kristine Liwag. I’m very excited to have with us today Curtiss-Wright for this session. So welcome, Lynn Bamford, she’s the Chair, President and CEO of Curtiss-Wright. And we also have Chris Farkas, who’s CFO. So welcome, both of you. Thank you for being here.
Lynn Bamford
CEO & Chairman
Thank you for having us.
Question-and-Answer Session
Kristine Liwag
Morgan Stanley, Research Division
Well, great. So maybe kicking off on the historical DoD budget. We’re seeing the fiscal year ’26 budget for the modernization accounts maybe up a little more than 20%. So a pretty robust number. Historically, your defense business has outgrown the overall DoD top line and the overall DoD modernization accounts. Can you give us an idea in terms of like how these higher funding flows will affect your business and what kind of growth rate you’re looking at with your portfolio?
Lynn Bamford
CEO & Chairman
Sure. So just for those in the room and maybe online that are less familiar, I might just take a second and introduce Curtiss-Wright real briefly. And today’s statements may contain forward-looking statements that contain risks and uncertainties. Curtiss-Wright is a 95-year-old company. We are over 50% defense business. So your question is right on to the biggest portion of our business.
But broadly speaking, we’re an engineering and manufacturing company who builds highly engineered systems that operate in critical must not fail applications. And they’re often safety critical to
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