DAVIDSON, N.C.–(BUSINESS WIRE)–
Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of
Directors has authorized $200 million for future share repurchases. The
Company expects that it will repurchase at least $50 million in shares
in 2019 via an existing 10b5-1 program that began in January 2019 and
exhaust the remainder of its prior share repurchase authorization.
The Company’s Board of Directors also declared a 13% increase in the
quarterly dividend to seventeen cents ($0.17) per share, payable July 5,
2019, to stockholders of record June 20, 2019.
“We are pleased to announce this new share repurchase authorization and
the increase in our quarterly dividend, as they reflect our Board of
Directors’ continued confidence in the Company’s strong financial
position and ability to deliver solid earnings growth and free cash
flow,” said David C. Adams, Chairman and CEO of Curtiss-Wright
Corporation. “Curtiss-Wright remains committed to a disciplined capital
allocation strategy that consists of reinvesting in our business,
returning capital to shareholders through share repurchase and steady
dividends, and supplementing our organic growth with strategic
acquisitions to drive long-term shareholder value.”
Upon completion of the current $50 million share repurchase program
authorized for 2019, which is expected to offset potential dilution from
compensation plans, the Company expects to have approximately 43.3
million diluted shares outstanding as of December 31, 2019. Since early
2014, the Company has returned more than $850 million to its
shareholders through share repurchases and dividends, and reduced its
share count by more than 8.7 million shares.
About Curtiss-Wright Corporation
(NYSE:CW) is a global innovative company that delivers highly
engineered, critical function products and services to the commercial,
industrial, defense and energy markets. Building on the heritage of
Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long
tradition of providing reliable solutions through trusted customer
relationships. The company employs approximately 9,000 people worldwide.
For more information, visit www.curtisswright.com.
This press release contains forward-looking statements made pursuant
to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements, including statements, among other
things, statements regarding future events (such as statements regarding
dividends, the return of cash to shareholders, the impacts of share
repurchases, and Curtiss-Wright Corporation’s ability to deliver revenue
and margin growth, along with solid free cash flow generation) and the
future financial performance of Curtiss-Wright Corporation involve risks
and uncertainties that could cause actual results to differ materially
from those expressed or implied and could cause volatility in the
pricing of Curtiss-Wright’s common stock.
Such forward looking
statements are not considered historical facts or an indication of
future performance of the Corporation’s common stock. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Please refer to the
Company’s current SEC filings under the Securities Exchange Act of 1934,
as amended, for further information.
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Source: Curtiss-Wright Corporation