Curtiss-Wright Announces $100 Million Expansion of 2021 Share Repurchase Program
November 18 2021 - 8:00AM
Business Wire
Declares Dividend Of $0.18 Per Share For
Common Stock
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211118005813/en/
Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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