DAVIDSON, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of Directors has authorized $200 million for future share repurchases. The Company expects that it will repurchase at least $50 million in shares in 2019 via an existing 10b5-1 program that began in January 2019 and exhaust the remainder of its prior share repurchase authorization.
The Company’s Board of Directors also declared a 13% increase in the quarterly dividend to seventeen cents ($0.17) per share, payable July 5, 2019, to stockholders of record June 20, 2019.
“We are pleased to announce this new share repurchase authorization and the increase in our quarterly dividend, as they reflect our Board of Directors’ continued confidence in the Company’s strong financial position and ability to deliver solid earnings growth and free cash flow,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “Curtiss-Wright remains committed to a disciplined capital allocation strategy that consists of reinvesting in our business, returning capital to shareholders through share repurchase and steady dividends, and supplementing our organic growth with strategic acquisitions to drive long-term shareholder value.”
Upon completion of the current $50 million share repurchase program authorized for 2019, which is expected to offset potential dilution from compensation plans, the Company expects to have approximately 43.3 million diluted shares outstanding as of December 31, 2019. Since early 2014, the Company has returned more than $850 million to its shareholders through share repurchases and dividends, and reduced its share count by more than 8.7 million shares.
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 9,000 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.