8-KOther Events

CURTISS WRIGHT CORP 8-K Report, Corporate Update (Dec 12, 2018)

Filed December 12, 2018For Securities:CW

Summary

Curtiss-Wright Corporation announced the adoption of two Rule 10b5-1 trading plans on December 12, 2018, to facilitate its previously authorized share repurchase program. These plans are designed to allow the company to buy back its stock even during periods when it might otherwise be restricted by trading blackouts or insider trading regulations. The first plan authorizes up to $50 million in share repurchases, with no specific timeline but subject to a price limit, meaning the company will not buy shares above a certain threshold. The second plan also authorizes $50 million in repurchases, to be executed evenly throughout calendar year 2019, commencing after January 2, 2019, and concluding on December 31, 2019. These actions signal management's continued confidence in the company's value and commitment to returning capital to shareholders.

Key Highlights

  • 1Adoption of two Rule 10b5-1 trading plans to execute share repurchases.
  • 2Total authorized repurchase amount across both plans is $100 million.
  • 3First plan allows up to $50 million in repurchases, subject to a price limit.
  • 4Second plan allocates $50 million for repurchases throughout calendar year 2019.
  • 5Purchases under the second plan will occur between January 2, 2019, and December 31, 2019.
  • 6These plans facilitate repurchases during potential trading blackout periods.
  • 7Repurchase program was authorized by the Board of Directors on November 14, 2018.

Frequently Asked Questions

The company has adopted two trading plans with a combined authorization of $100 million for share repurchases. The first plan allows for up to $50 million, and the second plan is also for $50 million.

The first plan's timing is variable and dependent on market conditions and a price limit. The second plan will commence on January 2, 2019, and conclude on December 31, 2019. The company may enter into subsequent plans after these expire.

Rule 10b5-1 plans allow companies to repurchase their shares at times when they might otherwise be prohibited from trading due to insider trading rules or self-imposed trading blackout periods. This enables a more consistent execution of the company's share repurchase program.

Information regarding share repurchases will be disclosed in Curtiss-Wright's periodic reports on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.