News Details
CURTISS-WRIGHT ANNOUNCES PLAN FOR $200 MILLION IN SHARE REPURCHASES UNDER NEWLY AUTHORIZED PROGRAM
November 04, 2014
ISSUES SUPPLEMENTAL QUARTERLY DATA
CHARLOTTE, N.C., Nov. 4, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced it will repurchase at least $200 million in shares under its newly authorized $300 million share repurchase program beginning in January 2015. The Company will complete the balance of its prior $100 million authorization in 2014 and expects to have approximately 49.0 million shares outstanding as of December 31, 2014. The repurchase plan for 2015 is expected to more than offset the potential dilution from compensation plans, which is estimated to be approximately one million shares, consistent with 2014.
"Curtiss-Wright remains committed to a balanced capital allocation strategy, including meaningful distributions to its shareholders, and this level of share repurchases will ensure that we cover the dilution from our compensation plans and also supplement our long-term earnings growth objectives," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "We previously noted that the steady divestment of non-core operations fueled our expectations for a solid cash position heading into 2015. We intend on utilizing a portion of the proceeds from divestitures to fund the repurchases, providing a significant return to our shareholders. Furthermore, this substantial share repurchase program reflects our continued confidence in the Company's ability to deliver strong revenue and profitability growth, along with solid free cash flow generation.
"Overall, we remain committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business, supplementing our organic growth with strategic bolt-on acquisitions, and distributions to shareholders in the form of share repurchases and dividends to drive long-term shareholder value."
In addition, following the recently issued third quarter 2014 earnings press release on October 29, 2014, the Company is releasing supplemental quarterly financials from continuing operations for the first and second quarters of 2014 as well as quarterly financials for all 2013 periods. Please see tables 1 and 2 attached. This information also will be available in the Investor Relations section of the Company's website at www.curtisswright.com.
Table 1: Supplemental 2014 quarterly financials
| CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||
| SEGMENT INFORMATION (UNAUDITED) | ||||
| (In thousands) | ||||
| Nine Months | ||||
| Three Months Ended | Ended | |||
| 3/31/2014 | 6/30/2014 | 9/30/2014 | 9/30/2014 | |
| Sales: | ||||
| Commercial/Industrial | $ 265,100 | $ 274,517 | $ 273,107 | $ 812,724 |
| Defense | 173,705 | 181,413 | 182,790 | 537,908 |
| Energy | 105,246 | 114,479 | 103,597 | 323,322 |
| Total sales | $ 544,051 | $ 570,409 | $ 559,494 | $ 1,673,954 |
| Operating income: | ||||
| Commercial/Industrial | $ 30,436 | $ 36,083 | $ 40,096 | $ 106,615 |
| Defense | 22,406 | 24,173 | 26,974 | 73,553 |
| Energy | 15,529 | 18,274 | 17,491 | 51,294 |
| Total segments | $ 68,371 | $ 78,530 | $ 84,561 | $ 231,462 |
| Corporate and other | (7,521) | (6,458) | (10,421) | (24,400) |
| Total operating income | $ 60,850 | $ 72,072 | $ 74,140 | $ 207,062 |
| Operating margins: | ||||
| Commercial/Industrial | 11.5% | 13.1% | 14.7% | 13.1% |
| Defense | 12.9% | 13.3% | 14.8% | 13.7% |
| Energy | 14.8% | 16.0% | 16.9% | 15.9% |
| Total Curtiss-Wright | 11.2% | 12.6% | 13.3% | 12.4% |
| Segment margins | 12.6% | 13.8% | 15.1% | 13.8% |
| Diluted earnings per share * | $ 0.74 | $ 0.87 | $ 0.90 | $ 2.52 |
Table 2: Supplemental 2013 quarterly financials
| CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | |||||
| SEGMENT INFORMATION (UNAUDITED) | |||||
| (In thousands) | |||||
| Three Months Ended | |||||
| 3/31/2013 | 6/30/2013 | 9/30/2013 | 12/31/2013 | FY 2013 | |
| Sales: | |||||
| Commercial/Industrial | $ 218,789 | $ 240,637 | $ 240,184 | $ 255,688 | $ 955,298 |
| Defense | 176,592 | 182,302 | 175,728 | 232,877 | 767,499 |
| Energy | 100,211 | 102,476 | 96,497 | 100,700 | 399,884 |
| Total sales | $ 495,592 | $ 525,415 | $ 512,409 | $ 589,265 | $ 2,122,681 |
| Operating income: | |||||
| Commercial/Industrial | $ 18,644 | $ 25,735 | $ 31,145 | $ 28,792 | $ 104,316 |
| Defense | 16,853 | 29,434 | 25,521 | 44,880 | 116,688 |
| Energy | 14,774 | 15,752 | 15,102 | 11,612 | 57,240 |
| Total segments | $ 50,271 | $ 70,921 | $ 71,768 | $ 85,284 | $ 278,244 |
| Corporate and other | (9,755) | (12,077) | (6,138) | (13,974) | (41,944) |
| Total operating income | $ 40,516 | $ 58,844 | $ 65,630 | $ 71,310 | $ 236,300 |
| Operating margins: | |||||
| Commercial/Industrial | 8.5% | 10.7% | 13.0% | 11.3% | 10.9% |
| Defense | 9.5% | 16.1% | 14.5% | 19.3% | 15.2% |
| Energy | 14.7% | 15.4% | 15.7% | 11.5% | 14.3% |
| Total Curtiss-Wright | 8.2% | 11.2% | 12.8% | 12.1% | 11.1% |
| Segment margins | 10.1% | 13.5% | 14.0% | 14.5% | 13.1% |
| Diluted earnings per share * | $ 0.47 | $ 0.71 | $ 0.79 | $ 0.92 | $ 2.90 |
| * May not add due to rounding | |||||
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 10,000 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 a dividend, the return of cash to shareholders, the impacts of share repurchases, and Curtiss-Wright Corporation's ability to deliver strong revenue and profitability 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. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.
CONTACT: Jim Ryan
(973) 541-3766
Source: Curtiss-Wright Corporation