Curtiss-Wright Announces New $200 Million Share Repurchase Authorization & Declares 13% Dividend Increase to $0.17 Per Share ...
16 May 2019 - 6:15AM
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 CorporationCurtiss-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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Jim Ryan(704) 869-4621jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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