Reuters: Global Markets: Curtiss-Wright cuts earnings outlook on charges

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Curtiss-Wright cuts earnings outlook on charges Jun 28th 2012, 14:22 Thu Jun 28, 2012 10:22am EDT (Reuters) - Curtiss-Wright Corp (CW.N) cut its second-quarter and full-year earnings outlook, citing costs related to the restructuring of a segment and unanticipated investments in China, sending its shares sliding 7 percent before the bell. The aerospace and defense component maker said it will take second-quarter non-cash charges of about 8 cents per share related to the restructuring of its metal treatment segment. The company also expects unanticipated investments in a China program to hurt earnings by 8 cents per share in the quarter. Higher labor costs for painting, disassembly, inspection and packaging have pushed up investments in China. The Parsippany, New Jersey-based company now expects second-quarter earnings of 44 cents to 48 cents per share, down from its prior outlook of 60 cents to 64 cents. Curtiss-Wright cut its full-year earnings outlook to $2.50 to $2.60 per share, from $2.58 to $2.68 per share. Curtiss-Wright shares were down 7 percent in trading before the bell. They closed at $30.66 on Wednesday on the New York Stock Exchange.

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