CHARLOTTE, N.C., Sept. 25, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that the Board of Directors approved a $300 million authorization to repurchase the Company's outstanding common stock beginning in January 2015. This new authorization follows the Company's previously authorized share repurchase program, whereby management expects to utilize the remaining $66 million balance of its prior $100 million authorization in 2014.
"As we have readily communicated, Curtiss-Wright remains committed to a balanced capital allocation strategy that focuses on significant distributions to our shareholders," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "The steady paring of non-core operations continues to support expectations for a solid cash position in 2015, and both the management team and the Board believe it is appropriate to reward our shareholders. Furthermore, this announcement clearly reflects the Board's confidence in the Company's ability to continue to execute our strategic plan, aided by our solid balance sheet and expectations for strong free cash flow generation. Overall, we remain committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business and supplementing our organic growth with strategic bolt-on acquisitions, combined with increased distributions in the form of share repurchases and dividends to drive long-term shareholder value."
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 commercial, industrial, defense and energy markets. 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 10,000 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 a dividend, the return of cash to shareholders, and Curtiss-Wright Corporation's ability to deliver strong revenue and profitability 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. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.
CONTACT: Jim Ryan (973) 541-3766