DAVIDSON, N.C. - Curtiss-Wright Corporation (NYSE:CW) has announced an increase in its share repurchase authorization by $300 million, raising the total available funds for buybacks to $400 million. Additionally, the company has declared a 5% increase in its quarterly dividend, now set at twenty-one cents ($0.21) per share, which will be payable to shareholders on record as of June 17, 2024, with the payment date scheduled for July 5, 2024.
The Chair and CEO of Curtiss-Wright Corporation, Lynn M. Bamford, expressed the Board's confidence in the firm's financial health and its ability to maintain robust free cash flow. Bamford highlighted that these financial moves align with the company's strategy to consistently reward shareholders and are indicative of the company's commitment to a disciplined capital allocation strategy.
This strategy includes strategic acquisitions to supplement organic growth, high-return operational investments, and returning capital to shareholders to enhance long-term shareholder value.
Since 2021, Curtiss-Wright has returned over $450 million to its shareholders through share repurchases. In 2024, the company plans to repurchase at least $50 million in shares through an ongoing 10b5-1 program, which is expected to counterbalance potential dilution resulting from employee compensation plans.
Curtiss-Wright Corporation operates globally, offering engineered products, services, and solutions primarily to the Aerospace & Defense sectors, as well as to Commercial Power, Process, and Industrial markets.
The company prides itself on its workforce of approximately 8,600 employees who are dedicated to delivering what it believes to be the most effectively engineered solutions to its customers.
The information for this report is based on a press release statement from Curtiss-Wright Corporation.
InvestingPro Insights
As Curtiss-Wright Corporation (NYSE:CW) reinforces its commitment to shareholder returns through increased share repurchase authorization and a higher quarterly dividend, the company's financials and market performance provide a broader context. The latest data from InvestingPro shows a Market Cap of $10.71B USD, with a P/E Ratio of 28.22, which is slightly above the adjusted P/E Ratio for the last twelve months as of Q1 2024, sitting at 28.63. This valuation comes in the face of a solid Revenue Growth of 11.39% for the same period, indicating the company's ability to increase its earnings.
The dividend increase is in line with one of the InvestingPro Tips that highlights Curtiss-Wright's impressive track record of raising its dividend for 7 consecutive years. This speaks to the company's financial stability and its focus on providing consistent returns to its shareholders. Another notable InvestingPro Tip is the company's stock trading near its 52-week high, with a price percentage of 99.57% of the peak, suggesting strong market confidence in Curtiss-Wright's performance.
Investors looking to delve deeper into Curtiss-Wright's financials and market potential can find additional InvestingPro Tips by visiting https://www.investing.com/pro/CW. With a total of 17 tips available, these insights can help refine investment strategies. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more value from the InvestingPro platform.
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