September 16, 2021
Declares Dividend Of $0.18 Per Share For Common Stock
DAVIDSON, N.C.–(BUSINESS WIRE)– Curtiss-Wright Corporation (NYSE: CW) today announced that its Board of Directors has authorized an additional $400 million for future share repurchases, increasing the total available authorization to $550 million.
Of this new authorization, the Company will immediately begin the repurchase of $200 million in additional shares via a 10b5-1 program, which is expected to be completed by the end of the year. This will be conducted in concurrence with the existing $50 million share repurchase program being executed this year, which is now expected to result in total 2021 share repurchases of $250 million.
For 2022 and 2023, the Company expects to minimally repurchase $50 million in shares per year via a 10b5-1 program, which is anticipated to more than offset potential dilution from compensation plans.
“Curtiss-Wright remains committed to a healthy and balanced capital allocation strategy to support our top- and bottom-line growth and to drive the greatest long-term returns to our shareholders,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “Since 2016, we have demonstrated this commitment by returning in excess of $630 million via share repurchase activities, while continuing to reinvest in our business and supplement our organic growth with strategic acquisitions. In addition, our continued dedication to share repurchase, along with our dividend increase announced earlier this year, reflects our Board of Directors’ confidence in the Company’s strong financial position and our ability to deliver solid earnings growth and free cash flow.”
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 October 14, 2021 to stockholders of record as of September 30, 2021.
