News Details
CURTISS-WRIGHT ANNOUNCES NEW $200 MILLION SHARE REPURCHASE AUTHORIZATION
December 09, 2015
CHARLOTTE, N.C., Dec. 9, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced it will repurchase at least $100 million in shares in 2016 under a newly authorized $200 million share repurchase program. The Company expects to initiate the new $100 million share repurchase program by utilizing a 10b5-1 program beginning in January 2016. The repurchase program for 2016 is expected to more than offset the potential dilution from compensation plans, which is estimated to be approximately one million shares, consistent with 2015.
"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 bolt-on acquisitions, and returning capital to shareholders through share repurchase and dividend distributions 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 profitability growth and free cash flow, thereby providing a significant return to our shareholders. Furthermore, the new share repurchase program ensures that we cover the dilution from our compensation plans and also supplement our long-term earnings growth objectives."
The Company expects to complete the balance of its prior $300 million authorization in 2015 and have approximately 47.6 million diluted shares outstanding as of December 31, 2015. Under the 2015 share repurchase program, $200 million is being executed via an existing 10b5-1 program, with the remaining $100 million being conducted opportunistically through a supplemental program. Through the date of this announcement, the Company has repurchased approximately 3.8 million shares in 2015 for an aggregate purchase price of $260 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 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 a dividend, the return of cash to shareholders, the impacts of share repurchases, and Curtiss-Wright Corporation's ability to deliver strong revenue and profitability 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. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.
CONTACT: Jim Ryan
(704) 869-4621
[email protected]
