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Curtiss-Wright Announces Plan for $200 Million in Share Repurchases Under Newly Authorized Program

CHARLOTTE, N.C., Nov. 4, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced it will repurchase at least $200 million in shares under its newly authorized $300 million share repurchase program beginning in January 2015. The Company will complete the balance of its prior $100 million authorization in 2014 and expects to have approximately 49.0 million shares outstanding as of December 31, 2014. The repurchase plan for 2015 is expected to more than offset the potential dilution from compensation plans, which is estimated to be approximately one million shares, consistent with 2014.

"Curtiss-Wright remains committed to a balanced capital allocation strategy, including meaningful distributions to its shareholders, and this level of share repurchases will ensure that we cover the dilution from our compensation plans and also supplement our long-term earnings growth objectives," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "We previously noted that the steady divestment of non-core operations fueled our expectations for a solid cash position heading into 2015. We intend on utilizing a portion of the proceeds from divestitures to fund the repurchases, providing a significant return to our shareholders. Furthermore, this substantial share repurchase program reflects our continued confidence in the Company's ability to deliver strong revenue and profitability growth, along with solid free cash flow generation.

"Overall, we remain committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business, supplementing our organic growth with strategic bolt-on acquisitions, and distributions to shareholders in the form of share repurchases and dividends to drive long-term shareholder value."

In addition, following the recently issued third quarter 2014 earnings press release on October 29, 2014, the Company is releasing supplemental quarterly financials from continuing operations for the first and second quarters of 2014 as well as quarterly financials for all 2013 periods. Please see tables 1 and 2 attached. This information also will be available in the Investor Relations section of the Company's website at www.curtisswright.com.

Table 1: Supplemental 2014 quarterly financials

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
(In thousands)
Nine Months
Three Months Ended Ended
3/31/2014 6/30/2014 9/30/2014 9/30/2014
Sales:
Commercial/Industrial $ 265,100 $ 274,517 $ 273,107 $ 812,724
Defense 173,705 181,413 182,790 537,908
Energy 105,246 114,479 103,597 323,322
Total sales $ 544,051 $ 570,409 $ 559,494 $ 1,673,954
Operating income:
Commercial/Industrial $ 30,436 $ 36,083 $ 40,096 $ 106,615
Defense 22,406 24,173 26,974 73,553
Energy 15,529 18,274 17,491 51,294
Total segments $ 68,371 $ 78,530 $ 84,561 $ 231,462
Corporate and other (7,521) (6,458) (10,421) (24,400)
Total operating income $ 60,850 $ 72,072 $ 74,140 $ 207,062
Operating margins:
Commercial/Industrial 11.5% 13.1% 14.7% 13.1%
Defense 12.9% 13.3% 14.8% 13.7%
Energy 14.8% 16.0% 16.9% 15.9%
Total Curtiss-Wright 11.2% 12.6% 13.3% 12.4%
Segment margins 12.6% 13.8% 15.1% 13.8%
Diluted earnings per share * $ 0.74 $ 0.87 $ 0.90 $ 2.52

Table 2: Supplemental 2013 quarterly financials

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SEGMENT INFORMATION (UNAUDITED)
(In thousands)
Three Months Ended
3/31/2013 6/30/2013 9/30/2013 12/31/2013 FY 2013
Sales:
Commercial/Industrial $ 218,789 $ 240,637 $ 240,184 $ 255,688 $ 955,298
Defense 176,592 182,302 175,728 232,877 767,499
Energy 100,211 102,476 96,497 100,700 399,884
Total sales $ 495,592 $ 525,415 $ 512,409 $ 589,265 $ 2,122,681
Operating income:
Commercial/Industrial $ 18,644 $ 25,735 $ 31,145 $ 28,792 $ 104,316
Defense 16,853 29,434 25,521 44,880 116,688
Energy 14,774 15,752 15,102 11,612 57,240
Total segments $ 50,271 $ 70,921 $ 71,768 $ 85,284 $ 278,244
Corporate and other (9,755) (12,077) (6,138) (13,974) (41,944)
Total operating income $ 40,516 $ 58,844 $ 65,630 $ 71,310 $ 236,300
Operating margins:
Commercial/Industrial 8.5% 10.7% 13.0% 11.3% 10.9%
Defense 9.5% 16.1% 14.5% 19.3% 15.2%
Energy 14.7% 15.4% 15.7% 11.5% 14.3%
Total Curtiss-Wright 8.2% 11.2% 12.8% 12.1% 11.1%
Segment margins 10.1% 13.5% 14.0% 14.5% 13.1%
Diluted earnings per share * $ 0.47 $ 0.71 $ 0.79 $ 0.92 $ 2.90
* May not add due to rounding

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, the impacts of share repurchases, 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

Source:Curtiss-Wright Corporation