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K. Christopher Farkas, who has served as Chief Financial Officer since 2020, informed the company on October 5 that he will retire at the end of the year. He has already stepped down from the CFO role but will remain an Executive Vice President until December 31 to help hand over his duties. Gary A. Ogilby, the company’s current controller, took over as interim CFO on October 6 while the board searches for a permanent replacement.
While a change in the person who manages a company's money is always notable, this looks like an orderly exit. Mr. Farkas has been with the firm for 17 years, and the company is using an internal veteran to bridge the gap. For a business like this that relies on long-term defense contracts and steady engineering work, a smooth transition in the front office is exactly what you want to see to keep operations on track.
Source: 8-K filing
The company has named Kevin Rayment as its next President and CEO, effective January 1, 2027. Rayment has been with the firm since 2004 and currently serves as Chief Operating Officer. He will take over for Lynn Bamford, who is retiring from the top job after more than two decades at the company but will remain as Executive Chair.
This is a planned and orderly transition from within the ranks, which usually suggests the company intends to stick with its current strategy. Rayment’s deep experience in the nuclear and defense segments is a natural fit for a business that relies on long-term government and energy contracts.
Source: 8-K filing
Guggenheim set its price target at 786 dollars, which is slightly below the 792 dollar average across all analysts who cover the company. This move follows a similar target set by Piper Sandler last week as analysts weigh the company's strong position in nuclear and defense engineering against its current stock price.
Source: Guggenheim
The board authorized a large increase to its share repurchase program, which is when a company uses its own cash to buy back its stock from the market. This reduces the total number of shares and makes each remaining share own a larger piece of the company.
Beyond the higher total limit, management will start buying 100 million dollars of stock right away through a pre-set trading plan. This move suggests the company has plenty of cash on hand and believes its shares are a good value at current prices, even as it continues to pay its regular quarterly dividend.
Source: Business Wire
Piper Sandler set its price target for the engineering firm at 665 dollars on Wednesday. This is notably lower than the average target of 793 dollars from other analysts, though it is still above where the stock trades today. While the company continues to win defense contracts, some analysts are weighing its high stock price against its expected growth in the nuclear and aerospace markets.
Source: Piper Sandler
Management has cleared its own profit targets for eight straight quarters, showing a reliable pattern of setting conservative bars that the business consistently outruns.
| Expectation | |
|---|---|
| EPS | $3.74 |
| Revenue | $935M |
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