Curtiss-Wright Corporation has announced that its board of directors has authorised US$200 million for future share repurchases. The company expects that it will repurchase at least US$50 million in shares in 2019 via an existing 10b5-1 programme that began in January 2019 and exhaust the remainder of its prior share repurchase authorisation.
The company’s board of directors also declared a 13% increase in the quarterly dividend to US$0.17/share, payable 5 July 2019, to stockholders of record 20 July 2019.
“We are pleased to announce this new share repurchase authorisation and the increase in our quarterly dividend, as they reflect our board of directors’ continued confidence in the company’s strong financial position and ability to deliver solid earnings growth and free cash flow,” said David Adams, chairman and CEO of Curtiss-Wright Corporation. “Curtiss-Wright remains committed to a disciplined capital allocation strategy that consists of reinvesting in our business, returning capital to shareholders through share repurchase and steady dividends, and supplementing our organic growth with strategic acquisitions to drive long-term shareholder value.”
Upon completion of the current US$50 million share repurchase programme authorised for 2019, which is expected to offset potential dilution from compensation plans, the company expects to have approximately 43.3 million diluted shares outstanding as of 31 December 2019. Since early 2014, the company has returned more than US$850 million to its shareholders through share repurchases and dividends, and reduced its share count by more than 8.7 million shares.
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