Curtiss-Wright Announces New $100 Million Share Repurchase Authorization, Expansion of 2018 Share Repurchase Program, and Initial $50 Million Share Repurchase Program for 2019

DAVIDSON, 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. Of this authorization, the Company has elected to use $50 million for additional opportunistic share repurchases in 2018, to begin immediately via a 10b5-1 program. Beginning in January 2019, the Company expects to repurchase $50 million additional shares via a 10b5-1 program, which is expected to more than offset potential dilution from compensation plans.

Earlier in the fourth quarter of 2018, the Company repurchased more than $36 million of shares remaining under its prior opportunistic share repurchase authorization, raising total opportunistic repurchases to approximately $49 million in 2018. In addition, the Company expects to complete its two existing $50 million 10b5-1 share repurchase programs authorized for 2018 by the end of the year. As a result of these actions, the Company expects total 2018 share repurchases of nearly $200 million, and approximately 44.3 million diluted shares outstanding as of December 31, 2018.

“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 acquisitions, and returning capital to shareholders through share repurchase and dividend distributions,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “As a result of recent stock market conditions, we have elected to ramp up our share repurchase activity in 2018, which is expected to result in approximately $120 million in repurchases during the fourth quarter of 2018 alone. Since 2013, we have demonstrated this commitment to our shareholders by returning in excess of $710 million via share repurchase activities. Finally, this new authorization reflects our Board of Directors’ continued confidence in the Company's ability to deliver solid margin expansion and free cash flow, while also supplementing our long-term earnings growth objectives, to drive long-term shareholder value.”

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.

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Jim Ryan
(704) 869-4621
[email protected]

Source: Curtiss-Wright Corporation