DAVIDSON, N.C.--(BUSINESS WIRE)--
Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of
Directors has authorized an additional $100 million for future share
repurchases. Of this authorization, the Company has elected to use $50
million for additional opportunistic share repurchases in 2018, to begin
immediately via a 10b5-1 program. Beginning in January 2019, the Company
expects to repurchase $50 million additional shares via a 10b5-1
program, which is expected to more than offset potential dilution from
compensation plans.
Earlier in the fourth quarter of 2018, the Company repurchased more than
$36 million of shares remaining under its prior opportunistic share
repurchase authorization, raising total opportunistic repurchases to
approximately $49 million in 2018. In addition, the Company expects to
complete its two existing $50 million 10b5-1 share repurchase programs
authorized for 2018 by the end of the year. As a result of these
actions, the Company expects total 2018 share repurchases of nearly $200
million, and approximately 44.3 million diluted shares outstanding as of
December 31, 2018.
“Curtiss-Wright remains committed to a disciplined and balanced capital
allocation strategy that consists of reinvesting in our business,
supplementing our organic growth with strategic acquisitions, and
returning capital to shareholders through share repurchase and dividend
distributions,” said David C. Adams, Chairman and CEO of Curtiss-Wright
Corporation. “As a result of recent stock market conditions, we have
elected to ramp up our share repurchase activity in 2018, which is
expected to result in approximately $120 million in repurchases during
the fourth quarter of 2018 alone. Since 2013, we have demonstrated this
commitment to our shareholders by returning in excess of $710 million
via share repurchase activities. Finally, this new authorization
reflects our Board of Directors’ continued confidence in the Company's
ability to deliver solid margin expansion and free cash flow, while also
supplementing our long-term earnings growth objectives, to drive
long-term shareholder value.”
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 8,600 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181212005429/en/
Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com
Source: Curtiss-Wright Corporation