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.