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.
The company’s shares rose 1.24 percent to $68.61 in morning trading.