Charlotte-based Curtiss-Wright Corp. on Thursday said its board has authorized the company to buy back $300 million of its own stock starting in January.
The manufacturing company with roots to the Wright brothers said it expects to spend the remaining $66 million of a previously authorized $100 million buyback program this year. Buying back stock can increase earnings per share for stockholders by reducing the number of shares outstanding.
“The steady paring of non-core operations continues to support expectations for a solid cash position in 2015, and both the management team and the Board believe it is appropriate to reward our shareholders,” chief executive David Adams said in a statement.
After decades in New Jersey, the company’s headquarters officially shifted to Charlotte at the beginning of this year. Adams, who became CEO last year, is based here.
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The company’s shares rose 1.24 percent to $68.61 in morning trading.