DAVIDSON, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of Directors has authorized an additional $50 million for share repurchases in 2018, to begin immediately via a 10b5-1 program, by using cash that the Company has begun repatriating from its foreign subsidiaries. This repurchase activity will be conducted concurrently with the Company’s ongoing $50 million share repurchase program for 2018, which began in January and is being executed via an existing 10b5-1 program.
“We have begun repatriating cash from our foreign subsidiaries and I’m pleased to announce that our first action is to return $50 million in capital to our shareholders through additional share repurchases,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “As a result, this recent buyback authorization, along with our recent opportunistic share repurchases, will raise our total 2018 share repurchase activity to more than $100 million. Curtiss-Wright remains committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business, complementing our organic growth with strategic acquisitions, and returning capital to shareholders to drive long-term shareholder value.”
Earlier this month, the Company repurchased more than $12 million in shares opportunistically through a supplemental share repurchase program and has approximately $36 million remaining under the current share repurchase authorization. Since early 2014, the Company has repurchased more than 7 million shares for an aggregate purchase price of nearly $550 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 8,600 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.