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Curtiss-Wright Announces $100 Million Expansion of 2021 Share Repurchase Program
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
buyback
Rhea-AI Summary
Curtiss-Wright Corporation (NYSE: CW) announced a significant expansion of its share repurchase program, now totaling $350 million for 2021, marking the highest annual commitment in company history. The new $100 million buyback, set to complete by year-end, complements a $50 million program already underway. Additionally, the Board declared a dividend of $0.18 per share, payable on December 2, 2021. These initiatives reflect the company's robust financial position and commitment to returning capital to shareholders.
Positive
Expansion of share repurchase program to $350 million in 2021, highest ever.
Declaring a dividend of $0.18 per share indicates strong financial health.
Return of capital to shareholders through disciplined capital allocation.
Negative
None.
Declares Dividend Of $0.18 Per Share For Common Stock
DAVIDSON, N.C.--(BUSINESS WIRE)--
Curtiss-Wright Corporation (NYSE: CW) today announced an expansion of its 2021 share repurchase program, which is now expected to result in record annual share repurchases of $350 million in 2021.
The Company expects to complete the repurchase of $100 million in additional shares via a 10b5-1 program by the end of the year. This program will be conducted in concurrence with the existing $50 million share repurchase program being executed this year, and follows the completion of the recent $200 million opportunistic program that was executed earlier this year. Upon completion of this new $100 million share repurchase program, the Company will have remaining open authorization of $250 million.
“We are pleased to announce this additional $100 million share buyback program, which is expected to expand our total 2021 share repurchases to $350 million and represent the highest level of annual share repurchase commitment in Curtiss-Wright’s history,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “Share repurchase continues to be a very meaningful part of our disciplined capital allocation strategy, and reflects our strong financial position and steady dedication to returning capital to shareholders.”
The Company also announced that the Board of Directors declared a dividend of eighteen cents ($0.18) per share on Curtiss-Wright Common Stock, payable December 2, 2021 to stockholders of record as of November 24, 2021.
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 Aerospace and Defense markets, and to the Commercial markets including Power, Process and General Industrial. 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 8,200 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.
