Curtiss-Wright Announces $300 Million Increase in Share Repurchase Authorization to $400 Million and 5% Dividend Increase to $0.21 Per Share for Common Stock
May 10 2024 - 9:15AM
Business Wire
Curtiss-Wright Corporation (NYSE: CW) today announced that the
Board of Directors has authorized an additional $300 million for
future share repurchases, increasing the total available
authorization to $400 million, and declared a 5% increase in the
quarterly dividend to twenty-one cents ($0.21) per share, payable
July 5, 2024 to stockholders of record as of June 17, 2024.
“We believe in providing consistent returns to our shareholders
through ongoing share repurchases and by steadily increasing our
dividend in alignment with our long-term sales growth,” said Lynn
M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “These
recent increases reflect our Board of Directors’ continued
confidence in the Company's strong financial position and our
ability to deliver solid free cash flow. Overall, we remain
committed to a disciplined capital allocation strategy that
consists of pursuing strategic acquisitions as an accelerator to
organic growth, seeking operational investments with the highest
returns, and returning capital to our shareholders to drive
long-term shareholder value.”
Since 2021, the Company has returned in excess of $450 million
via share repurchase activities. For 2024, the Company expects to
minimally repurchase $50 million in shares via an ongoing 10b5-1
program, which is anticipated to offset potential dilution from
compensation plans.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global integrated
business that provides highly engineered products, solutions and
services mainly to Aerospace & Defense markets, as well as
critical technologies in demanding Commercial Power, Process and
Industrial markets. We leverage a workforce of approximately 8,600
highly skilled employees who develop, design and build what we
believe are the best engineered solutions to the markets we serve.
Building on the heritage of Glenn Curtiss and the Wright brothers,
Curtiss-Wright has a long tradition of providing innovative
solutions through trusted customer relationships. For more
information, visit www.curtisswright.com.
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Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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