Curtiss-Wright Corporation (NYSE: CW) has announced a significant expansion of its 2024 share repurchase program. The company plans to complete a $100 million expansion via a 10b5-1 program by the end of the year, in addition to the existing $50 million share repurchase program being executed in 2024. This move follows the completion of a $100 million opportunistic program in the third quarter, resulting in an expected total annual share repurchases of $250 million in 2024.
Furthermore, starting in January 2025, Curtiss-Wright Corporation anticipates repurchasing $60 million in shares via a 10b5-1 program, reflecting an increase from the previous $50 million annual plan. This increase is aimed at offsetting potential dilution from compensation plans.
Lynn M. Bamford, Chair and Chief Executive Officer of Curtiss-Wright Corporation, highlighted that these increases are made possible by the company's healthy balance sheet and are in line with their expectations for strong growth in profitability and free cash flow. The company remains committed to disciplined capital allocation, focusing on strategic acquisitions, reinvesting in the business, and returning capital to shareholders through share repurchases and dividend distributions.
Curtiss-Wright Corporation, a global integrated business, provides highly engineered products, solutions, and services primarily to aerospace & defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets. With approximately 8,600 highly skilled employees, the company emphasizes developing, designing, and building what they believe are the best-engineered solutions for the markets they serve. The market has reacted to these announcements by moving the company's shares 4.5% to a price of $383.47. For more information, read the company's full 8-K submission here.
