CHARLOTTE, 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, raising total authorized and available capital for share
repurchases to $200 million. The Company expects that it will repurchase
at least $50 million in shares in 2017 via a 10b5-1 program beginning in
January 2017, which is expected to offset potential dilution from
compensation plans estimated to be approximately 500,000 shares.
“Curtiss-Wright is committed to a disciplined and balanced capital
allocation strategy that consists of reinvesting in our business,
returning capital to shareholders through share repurchase and dividend
distributions, 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. “This new authorization
reflects our Board of Directors’ continued confidence in the Company's
ability to deliver solid margin expansion and free cash flow, and allows
us to continue to provide a significant return to our shareholders.
Furthermore, the share repurchase program ensures that we cover the
dilution from our compensation plans while also supplementing our
long-term earnings growth objectives.”
The Company expects to complete the current $100 million share
repurchase program in 2016, which is being executed via an existing
10b5-1 program, and have approximately 45.2 million diluted shares
outstanding as of December 31, 2016. Since early 2014, the Company has
repurchased approximately 6.5 million shares for an aggregate purchase
price of $455 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 8,400 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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Source: Curtiss-Wright Corporation