8-KEarnings & ResultsOther EventsExhibits & Filings

CURTISS WRIGHT CORP 8-K Report, Financial Results (Oct 29, 2020)

Filed October 29, 2020For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed an 8-K on October 29, 2020, to announce its third-quarter 2020 financial results and provide forward-looking guidance. The company also disclosed a new $200 million stock repurchase authorization approved by its Board of Directors on October 26, 2020. Investors should note that the attached press release and webcast presentation, which contain detailed financial performance and outlook, are furnished and not deemed 'filed' with the SEC, meaning they do not carry the same regulatory implications as formally filed documents. The key takeaway for investors is the dual announcement of financial performance alongside a significant capital return initiative through share buybacks. While the specific Q3 results are detailed in the furnished exhibits, the authorization of a substantial repurchase program signals management's confidence in the company's financial health and its commitment to enhancing shareholder value. Investors should review the accompanying materials for a comprehensive understanding of the company's recent operational performance and future expectations.

Key Highlights

  • 1Curtiss-Wright announced its third-quarter 2020 financial results via press release on October 28, 2020.
  • 2A conference call and webcast were scheduled for October 29, 2020, to discuss Q3 performance and 2020 financial expectations.
  • 3The Board of Directors authorized a new stock repurchase plan of up to $200 million on October 26, 2020.
  • 4The stock repurchase program offers flexibility in timing, price, and volume, with repurchases executed through various market mechanisms.
  • 5The company is providing detailed Q3 results and forward-looking guidance through furnished exhibits (Press Release and Webcast Presentation).
  • 6The furnished information is not deemed 'filed' with the SEC under Section 18 of the Exchange Act.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce Curtiss-Wright's third-quarter 2020 financial results, which were detailed in a press release issued on October 28, 2020, and to inform investors about a new $200 million stock repurchase authorization.

Investors should refer to the furnished Exhibits 99.1 (Press Release) and 99.2 (Webcast Presentation) attached to this 8-K. These documents contain the detailed financial performance for the third quarter ended September 30, 2020, and the company's expectations for the remainder of 2020. It's important to note this information is furnished, not filed, under SEC rules.

The $200 million stock repurchase plan, authorized by the Board of Directors, indicates management's confidence in the company's financial position and its commitment to returning value to shareholders. It may lead to a reduction in the number of outstanding shares, potentially boosting earnings per share and signaling a positive outlook.

More detailed information can be found in the press release (Exhibit 99.1) and the webcast presentation (Exhibit 99.2) attached to this 8-K filing. These materials will be available on Curtiss-Wright's investor relations website and were presented during a conference call on October 29, 2020.