Curtiss-Wright Corp (CW) will raise its quarterly dividend by 5.6 percent to 19 cents per share in 2022, marking 6 consecutive years of dividend growth by the aerospace and defence manufacturer. CW last hiked the dividend by 5.9 percent to 18 cents per share in 2021.
The next dividend is payable July 1, 2022 to stockholders of record as of June 17, 2022. A new annualized rate of 76 cents per share yields 0.5% at a stock price of $139. CW will now pay shareholders an estimated $30 million in dividends annually. This is unchanged from last year and is the result of buybacks by CW, with a 5.5 percent reduction in shares outstanding in 2021 according to calculations by dividendhike.com.
“Curtiss-Wright remains committed to driving long-term shareholder value through a disciplined and balanced capital allocation strategy that consists of pursuing strategic acquisitions, reinvesting in our business to drive organic growth, and returning capital to our shareholders through share repurchase and dividend distributions,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “We believe in steadily increasing our dividend in alignment with our long-term sales growth, and this recent increase reflects our Board of Directors’ confidence in the Company's strong financial position while also allowing us to provide a consistent return to our shareholders.”
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.