Curtiss-Wright Announces $400 Million Increase in Share Repurchase Authorization to $550 Million, and Expansion of 2021 Share Repurchase Program
Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of Directors has authorized an additional $400 million for future share repurchases, increasing the total available authorization to $550 million.
Of this new authorization, the Company will immediately begin the repurchase of $200 million in additional shares via a 10b5-1 program, which is expected to be completed by the end of the year. This will be conducted in concurrence with the existing $50 million share repurchase program being executed this year, which is now expected to result in total 2021 share repurchases of $250 million.
For 2022 and 2023, the Company expects to minimally repurchase $50 million in shares per year via a 10b5-1 program, which is anticipated to more than offset potential dilution from compensation plans.
"Curtiss-Wright remains committed to a healthy and balanced capital allocation strategy to support our top- and bottom-line growth and to drive the greatest long-term returns to our shareholders," said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. "Since 2016, we have demonstrated this commitment by returning in excess of $630 million via share repurchase activities, while continuing to reinvest in our business and supplement our organic growth with strategic acquisitions. In addition, our continued dedication to share repurchase, along with our dividend increase announced earlier this year, reflects our Board of Directors' confidence in the Company's strong financial position and our ability to deliver solid earnings growth and free cash flow."
The Company also announced that the Board of Directors declared a dividend of eighteen cents ($0.18) per share on Curtiss-Wright Common Stock, payable October 14, 2021 to stockholders of record as of September 30, 2021.
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 Aerospace and Defense markets, and to the Commercial markets including Power, Process and General Industrial. 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 8,200 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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