Curtiss-Wright CFO Glenn Tynan Sells $750,000 Worth in Company Stock

2/23/17

By Hailey Waller, NC BIZ News

The chief financial officer of Curtiss-Wright Corp. sold about $750,000 of his shares Tuesday, four trading days after the company released full-year earnings, according to a Securities and Exchange Commission filing.

Glenn Tynan, who also serves as vice president of Curtiss-Wright, sold 7,729 shares of the company’s stock at an average price of $98.05 for a total transaction amount of $757,828.45.

Tynan still owns 67,925 shares worth $6.6 million based on today’s closing price.

On Feb. 15, the company reported financial results for the fourth quarter and full year ended Dec. 31. Earnings per diluted share of $4.20 beat the high end of the company’s 2016 guidance of $4.15.

Earnings increased 13 percent to $4.04 per diluted share in 2015, from $3.46 per diluted share in 2014.

Net sales decreased 4.5 percent to $2.11 billion in 2016, from $2.21 billion in 2015. Net sales decreased 2 percent the year before.

Sales of $566 million in the fourth quarter decreased $23 million, or 4 percent, compared with the prior year. Sales to the defense markets increased 4 percent, while sales to the commercial markets decreased 8 percent.

“For 2017, we expect an improved sales performance, led by continued solid growth in our defense markets supplemented by the benefit of our recent acquisition of Teletronics Technology Corporation, partially offset by ongoing industry challenges impacting several of our commercial markets,” said Chief Executive Officer David Adams in a press release.

On Dec. 7, Curtiss-Wright announced that it entered into an agreement to acquire Teletronics Technology Corporation (TTC) for $233 million in cash. TTC, a private company, is in the aerospace and defense business.

Curtiss-Wright repurchased approximately 1.2 million shares for $100 million in 2016. That’s down from the 4.3 million shares for $300 million that the company repurchased in 2015.

Curtiss-Wright has diversified into three major segments: industrial/commercial, defense and energy. Its products range from generators and pumps that power nuclear submarines to controls for unmanned aircraft to metal coatings that reduce wear and maintenance costs.

Curtiss-Wright shares were trading around $97.64 Thursday, down about 0.6 percent.

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