Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of Directors has authorized the Company to repurchase $50 million of shares via a 10b5-1 program beginning in January 2020, which is expected to more than offset potential dilution from compensation plans. The Company has $200 million available under the current share repurchase authorization, $50 million of which will be allocated to the 10b5-1 program mentioned above and $100 million of which will be available to repurchase additional shares opportunistically through a supplemental 10b5-1 program.
“Curtiss-Wright remains committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business, returning capital to shareholders and supplementing our organic growth with strategic acquisitions to drive long-term shareholder value,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “Our continued dedication to share repurchase, along with our dividend increase announced earlier this year, reflects our Board of Directors’ confidence in the Company’s strong financial position and our ability to deliver solid earnings growth and free cash flow.”
As previously disclosed, the Company expects to complete the existing $50 million share repurchase program authorized for 2019 and have approximately 43.1 million diluted shares outstanding as of December 31, 2019. Since early 2014, the Company has repurchased approximately 9 million shares for an aggregate purchase price of $760 million.
About Curtiss-Wright Corporation
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.