Curtiss-Wright Corp (CW) will raise its quarterly dividend by 5.9 percent to 18 cents per share in 2021. The industrial company did not announce a dividend last year with a 13.3 percent increase to $0.17 per share announced as the last dividend hike in 2019. CW has now raised the dividend for 5 consecutive years.

The next dividend is payable July 2, 2021, to stockholders of record June 18, 2021. A new annualized rate of 72 cents per share yields 0.6% at a stock price of $123. CW will now pay shareholders an estimated $30 million in dividends annually. The ex-dividend date for the next payment of 18 cents by Curtiss-Wright is June 17, 2021.

“This dividend increase reflects our Board of Directors’ confidence in the Company's strong financial position and continued ability to deliver solid earnings growth and free cash flow, while also allowing us to provide a consistent return to our shareholders,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “Curtiss-Wright remains committed to a disciplined and balanced capital allocation strategy that consists of reinvesting in our business to drive organic growth, pursuing strategic acquisitions and returning capital to shareholders through share repurchase and steady dividend distributions to drive long-term shareholder value.”

Curtiss-Wright Corporation is a manufacturing and service company that designs, manufactures, and overhauls precision components and provides engineered products and services to the aerospace, defense, power generation and general industrial markets. The Company operates through three segments: Commercial/Industrial, Defense and Power. The Commercial/Industrial segment's products include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services. The Defense segment's products include commercial off-the-shelf (COTS) embedded computing board level modules, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions. The Power segment's products include a range of hardware, pumps, valves, fastening systems, specialized containment doors, airlock hatches and spent fuel management products. 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. Curtiss-Wright has paid a dividend to shareholders every year since at least 1974.