Curtiss-Wright Announces $50 Million Share Repurchase Program for 2018
November 30 2017 - 9:15AM
Business Wire
Curtiss-Wright Corporation (NYSE: CW) today announced that its
Board of Directors has authorized the Company to repurchase $50
million of shares via a 10b5-1 program beginning in January 2018,
which is expected to offset potential dilution from compensation
plans estimated to be approximately 400,000 shares. The Company has
approximately $148 million remaining under the current share
repurchase authorization, $50 million of which will be allocated to
the 10b5-1 program mentioned above and $98 million will be
available to repurchase additional shares opportunistically through
a supplemental program in 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. “This share
repurchase program ensures that we cover the dilution from our
compensation plans while also supplementing our long-term earnings
growth objectives. Furthermore, this program reflects our Board of
Directors’ continued confidence in the Company's ability to deliver
solid margin expansion and free cash flow to drive long-term
shareholder value.”
As previously disclosed, the Company expects to complete the
current $50 million share repurchase program authorized for 2017
and have approximately 44.8 million diluted shares outstanding as
of December 31, 2017. Since early 2014, the Company has repurchased
approximately 7 million shares for an aggregate purchase price of
$510 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 8,000 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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version on businesswire.com: http://www.businesswire.com/news/home/20171130005540/en/
Curtiss-Wright CorporationJim Ryan,
704-869-4621jim.ryan@curtisswright.com
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