Woodward Increases Quarterly Dividend by 14 Percent and Authorizes $600 million Stock Repurchase Program
January 25 2024 - 8:00AM
Woodward, Inc. (NASDAQ: WWD) today announced that its Board of
Directors approved a dividend of $0.25 per share, an increase of
approximately 14 percent from the prior quarter’s dividend of $0.22
per share. The dividend will be payable on March 5, 2024, for
stockholders of record as of February 20, 2024. Woodward also
announced that its Board of Directors authorized a three-year stock
repurchase program, under which up to $600 million in Woodward
stock may be repurchased in the open market and private
transactions. This new program replaces the previously authorized
two-year $800 million repurchase program, which was initially
authorized in January 2022, and under which the company repurchased
approximately $572 million in stock.
“These announcements reflect Woodward’s strong balance sheet,
ability to generate cash flow, and our balanced capital allocation
strategy, which includes returning cash to shareholders through
dividends and stock repurchases,” said Chip Blankenship, Chairman
and CEO.
About Woodward, Inc.
Woodward is the global leader in the design, manufacture, and
service of energy conversion and control solutions for the
aerospace and industrial equipment markets. Together with our
customers, we are enabling the path to a cleaner, decarbonized
world. Our innovative fluid, combustion, electrical, propulsion and
motion control systems perform in some of the world’s harshest
environments. Woodward is a global company headquartered in Fort
Collins, Colorado, USA. Visit our website at www.woodward.com.
Notice Regarding Forward-Looking Statements
The statements in this release contain forward-looking
statements that involve risks and uncertainties, including
statements concerning the company’s quarterly cash dividend, the
amount and timing of any future dividend payments, the amount and
timing of any potential repurchase of shares under the Company’s
newly authorized stock repurchase program, as well as the Company’s
strong balance sheet, ability to generate cash flow, and balanced
capital allocation strategy. Actual results could differ materially
from projections, or any other forward-looking statements, and we
have no obligation to update our forward-looking statements.
Factors that could affect performance and could cause actual
results to differ materially from projections and forward-looking
statements are described in Woodward's Annual Report and Form 10-K
for the year ended September 30, 2023, and any subsequently filed
Quarterly Report on Form 10-Q.
CONTACT: Dan ProvaznikDirector, Investor Relations
970-498-3849Dan.Provaznik@woodward.com
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