News Details
CURTISS-WRIGHT EXPANDS SHARE REPURCHASE PROGRAM TO $300 MILLION
July 08, 2015
CHARLOTTE, N.C., July 8, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it is expanding its share repurchase program to $300 million, an increase of an additional $100 million available under the current authorization. The Company continues to execute on the prevailing $200 million repurchase program, initiated in January 2015 and expected to be completed this year under its existing 10b5-1 program. Any share repurchases executed under the supplemental $100 million program, which will be implemented as a more opportunistic approach effective August 1, 2015, will be announced at each quarter end.
"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 bolt-on acquisitions, and providing steady distributions to shareholders to drive long-term shareholder value," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "We have completed substantially all of our planned divestitures of non-core operations, and as a result of our current free cash flow expectations, we will allocate upwards of an additional $100 million in share repurchases over the balance of this year to provide a greater return to our shareholders. Overall, 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."
The Company's 2015 repurchase activity is expected to more than offset the potential dilution from compensation plans, which is estimated to be approximately one million shares, consistent with 2014. Through the date of this announcement, the Company has repurchased approximately 1.4 million shares in 2015 for an aggregate purchase price of $100.3 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 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
(704) 869-4621
[email protected]
Source: Curtiss-Wright Corporation