Curtiss-Wright (CW) Adds $200M to Stock Buyback Plan

Curtiss-Wright Corporation (NYSE: CW) announced that its Board of Directors has authorized an additional $100 million for future share repurchases, raising total authorized and available capital for share repurchases to $200 million. The Company expects that it will repurchase at least $50 million in shares in 2017 via a 10b5-1 program beginning in January 2017, which is expected to offset potential dilution from compensation plans estimated to be approximately 500,000 shares.

“Curtiss-Wright is committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business, returning capital to shareholders through share repurchase and dividend distributions, and supplementing our organic growth with strategic acquisitions 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 margin expansion and free cash flow, and allows us to continue to provide a significant return to our shareholders. Furthermore, the share repurchase program ensures that we cover the dilution from our compensation plans while also supplementing our long-term earnings growth objectives.”

The Company expects to complete the current $100 million share repurchase program in 2016, which is being executed via an existing 10b5-1 program, and have approximately 45.2 million diluted shares outstanding as of December 31, 2016. Since early 2014, the Company has repurchased approximately 6.5 million shares for an aggregate purchase price of $455 million.

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