Woodward, Inc. (NASDAQ:WWD) today reported financial results for
its second quarter of fiscal year 2020 ended March 31, 2020. (All
amounts are presented on an as reported (U.S. GAAP) basis unless
otherwise indicated. All per share amounts are presented on a fully
diluted basis. All comparisons are made to the same periods of the
prior year unless otherwise stated.)
Second Quarter
Highlights
- Net sales were $720 million, compared to $759 million, a
decrease of 5 percent
- Net earnings were $91 million, compared to $78 million
- Adjusted net earnings1 were $104 million, compared to $90
million
- Earnings per share increased to $1.41, up from $1.20
- Adjusted earnings per share1 were $1.61, up from $1.40
- For the first six months of fiscal 2020, cash from operations
was $52 million; free cash flow1 was $23 million, adjusted free
cash flow1 was $55 million
“While our second quarter performance was largely in line with
our expectations, we started to see degradation during the quarter
due to the COVID-19 global pandemic. As a result, we have already
taken significant actions to protect the health and safety of our
global employee base, preserve our financial strength and
flexibility, strictly manage our cash flow, and maintain our
longer-term growth position within the Aerospace and Industrial
markets,” said Thomas A. Gendron, Chairman and Chief Executive
Officer of Woodward. “As we look at our 150-year history, Woodward
has withstood the test of time and weathered numerous economic
cycles. Our management team is well-equipped to further that legacy
by navigating our business through these unprecedented times of
uncertainty. As in past downturns, we remain committed to investing
in technology and driving operational excellence initiatives
through these challenging times.”
COVID-19
Impacts
Woodward has taken the following actions to address the economic
challenges resulting from the coronavirus (COVID-19) pandemic:
- Workforce management through a combination of hiring freeze,
layoffs and furloughs
- Reduction of company officers’ salaries and directors’ base
retainers through 2020 (25% reduction for CEO and independent
directors; 10% for all non-CEO officers)
- Implementation of a company-wide wage freeze
- Elimination of annual bonus payments for 2020
- Reduction of quarterly dividend
- Reduction of non-essential costs
- Increased focus on reducing working capital
- Limiting capital expenditures to business-critical items
Second Quarter Company
Results
Net sales were $720 million for the second quarter of fiscal
2020, compared to $759 million for the prior year quarter. Net
earnings were $91 million, or $1.41 per share, compared to $78
million, or $1.20 per share, for the prior year quarter.
Adjusted net earnings were $104 million, or $1.61 per share,
compared to $90 million, or $1.40 per share, for the prior year
quarter. Earnings for the quarter benefited from our decision to
eliminate annual bonus payments for 2020, which resulted in the
reversal this quarter of the annual bonus expense recorded in the
first quarter of 2020.
The effective tax rate for the second quarter of 2020 was 14.8
percent, compared to 14.0 percent in the prior year. The adjusted
effective tax rate1 was 16.2 percent for the quarter, compared to
16.7 percent for the second quarter of 2019.
Segment
Results
Aerospace Aerospace segment net sales for the
second quarter of fiscal 2020 were $474 million, compared to $483
million for the second quarter a year ago, a 2 percent
decrease.
The decline in Aerospace segment sales in the second quarter was
driven primarily by the Boeing 737 MAX production halt and related
lower initial provisioning. Defense continued to perform well in
both OEM and aftermarket due to strong demand for Woodward
programs.
Segment earnings for the second quarter of 2020 were $118
million, compared to $102 million for the same quarter last year.
Segment earnings as a percent of segment net sales were 24.8
percent for the second quarter of 2020, compared to 21.1 percent in
the same quarter of the prior year. Segment earnings benefited from
the elimination of the annual bonus for 2020, which was partially
offset by the lower sales volume.
Industrial Industrial segment net sales for the
second quarter of fiscal 2020 were $246 million, compared to $276
million for the second quarter a year ago, an 11 percent
decrease.
Industrial segment net sales for the second quarter of 2020
declined as a result of continued weakness in oil and gas markets
and the impact of COVID-19 on China natural gas trucks, which was
partially offset by improvements in gas turbines and renewable
power compared to the prior year quarter.
Industrial segment earnings for the second quarter of 2020 were
$26 million, or 10.6 percent of segment net sales, compared to $27
million, or 9.8 percent of segment net sales, for the second
quarter of the prior year. Adjusted Industrial segment earnings1
for the second quarter of 2020 were also $26 million, or 10.6
percent of segment net sales, compared to $36 million, or 13.1
percent of segment net sales, for the second quarter of 2019. The
decrease in adjusted Industrial segment earnings was primarily due
to the lower sales volume, partially offset by the elimination of
the annual bonus for 2020.
On April 30, 2020, we closed on the previously announced
divestiture of our renewable power systems and related
businesses.
Nonsegment Nonsegment expenses totaled $28
million for the second quarter of fiscal 2020, compared to $27
million for the same period of the prior year. Adjusted nonsegment
expenses1 for the second quarter of 2020 were $11 million, compared
to $18 million for the same quarter last year. Adjusted nonsegment
expenses for the second quarter of 2020 exclude transaction costs
related to the now terminated merger agreement with Hexcel
Corporation, and adjusted nonsegment expenses for the second
quarter of 2019 exclude Duarte move related costs. Reported and
adjusted nonsegment expenses benefited from the elimination of the
annual bonus for 2020.
Year-to-Date
Results
Net sales for the first half of 2020 were $1.44 billion,
compared to $1.41 billion for the same period last year. Net
earnings for the first half of 2020 were $145 million, or $2.24 per
share, compared to $127 million, or $1.97 per share, for the same
period of last year.
Adjusted net earnings for the first half of 2020 were $175
million, or $2.71 per share, compared to adjusted net earnings of
$152 million, or $2.36 per share, for the same period last
year.
The effective tax rate for the first half of 2020 was 14.3
percent, compared to 16.5 percent for the same period of the prior
year. The adjusted effective tax rate for the first half of 2020
was 16.6 percent, compared to an adjusted effective tax rate of
18.5 percent for the same period last year.
Aerospace segment net sales for the first half of 2020 were $948
million, an increase of 8 percent, compared to $876 million for the
same period last year. Aerospace segment earnings as a percent of
segment net sales for the first half of 2020 was 22.2 percent,
compared to 19.9 percent for the same period last year.
Industrial segment net sales for the first half of 2020 were
$492 million, compared to $536 million for the same period last
year, a decrease of 8 percent. Industrial segment earnings and
adjusted Industrial segment earnings for the first half of 2020
were $54 million, or 11.0 percent of segment net sales, compared to
Industrial segment earnings of $56 million, or 10.5 percent of
segment net sales, for the same period last year. Adjusted
Industrial segment earnings for the first half of 2019 were $75
million, or 14.0 percent of segment net sales.
Nonsegment expenses totaled $79 million for the first half of
2020, compared to $56 million a year ago. Adjusted nonsegment
expenses were $38 million for the first half of 2020, compared to
adjusted nonsegment expenses of $40 million for the first half of
the prior year.
Cash Flow and Financial
Position
Net cash provided by operating activities for the first half of
fiscal 2020 was $52 million, compared to $141 million for the same
period of the prior year. Payments for property, plant, and
equipment for the first half of 2020 were $29 million, compared to
$54 million in the same period of 2019. Free cash flow for the
first half of 2020 was $23 million, compared to free cash flow of
$87 million for the first half of 2019. Adjusted free cash flow was
$55 million for the first half of 2020. The decrease in adjusted
free cash flow for the first half of 2020, compared to free cash
flow in the first half of 2019, was primarily related to higher
working capital in the first half of 2020.
Total debt was $1.07 billion at March 31, 2020, compared to
$1.08 billion at September 30, 2019. Debt-to-EBITDA1 leverage at
March 31, 2020 was 1.9 times EBITDA, compared to 2.0 times EBITDA
at December 31, 2019.
Fiscal Year 2020
Outlook
Due to the significant global uncertainty, Woodward has
withdrawn full-year 2020 guidance as communicated on April 6,
2020.
Mr. Gendron concluded, “The unpredictable economic impacts
related to the COVID-19 crisis on Woodward, as well as on our
customers and suppliers, has made accurate forecasting extremely
difficult. Woodward has a strong balance sheet and substantial
available liquidity, primarily through cash on hand and existing
revolver capacity, to weather these unprecedented conditions. Our
focus will continue to be on cash flow as we manage through this
challenging operating environment. We currently anticipate positive
free cash flow in the second half of fiscal 2020 and throughout
this downturn. In addition, as we have done in the past, we are
strategically prioritizing our investments and intend to emerge
stronger as a result.”
Conference
Call
Woodward will hold an investor conference call at 4:30 p.m. EDT,
May 4, 2020, to provide an overview of the financial performance
for the first half of fiscal year 2020, business highlights, and
outlook for fiscal 2020. You are invited to listen to the live
webcast of our conference call, or a recording, and view or
download accompanying presentation slides at our website,
www.woodward.com.
You may also listen to the call by dialing 1-877-231-2582
(domestic) or 1-478-219-0714 (international). Participants should
call prior to the start time to allow for registration; the
Conference ID is 3655204. An audio replay will be available by
telephone from 7:30 p.m. EDT on May 4, 2020 until 11:59 p.m. EDT on
May 18, 2020. The telephone number to access the replay is
1-855-859-2056 (domestic) or 1-404-537-3406 (international),
reference access code 3655204.
A webcast presentation will be available on the website by
selecting “Investors/Events & Presentations.” The call and
presentation will remain accessible at the website for 14 days.
About Woodward, Inc.
Woodward is an independent designer, manufacturer, and service
provider of control solutions for the aerospace and industrial
markets. The company’s innovative fluid, combustion, electrical,
and motion control systems help customers offer cleaner, more
reliable, and more efficient equipment. Our customers include
leading original equipment manufacturers and end users of their
products. Woodward is a global company headquartered in Fort
Collins, Colorado, USA. Visit our website at www.woodward.com, and
connect with us at www.facebook.com/woodwardinc.2
Cautionary Statement
Information in this press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties, including,
but not limited to, statements regarding our position within our
markets and ability to compete effectively, including statements
about the effect of the Boeing 737 MAX grounding, COVID-19 pandemic
on our business and our customers and suppliers, expectations
related to the performance of our segments and specific markets
within those segments, our strategies and investments, the sale of
our Duarte real estate, the sale of our renewable power systems
portfolio, and our outlook and plans regarding our net sales,
expenses, including capital expenditures, cash flows and working
capital, and the factors that may affect that outlook, including
COVID-19 and volatility in economy and financial markets. Readers
are cautioned that these forward-looking statements are only
predictions and are subject to risks, uncertainties, and
assumptions that are difficult to predict. Factors that could cause
actual results and the timing of certain events to differ
materially from the forward-looking statements include, but are not
limited to, the COVID-19 pandemic and related volatility in
financial, commodities (including oil and gas) and other markets
and industries (including the aviation industry), a decline in our
customers’ business, or our business with, or financial distress
of, Woodward’s significant customers; global economic uncertainty
and instability in the financial markets; Woodward’s ability to
manage product liability claims, product recalls or other
liabilities associated with the products and services that Woodward
provides; Woodward’s ability to obtain financing, on acceptable
terms or at all, to implement its business plans, complete
acquisitions, or otherwise take advantage of business opportunities
or respond to business pressures; Woodward’s long sales cycle,
customer evaluation process, and implementation period of some of
its products and services; Woodward’s ability to implement and
realize the intended effects of any restructuring and alignment
efforts; Woodward’s ability to successfully manage competitive
factors, including prices, promotional incentives, competitor
product development, industry consolidation, and commodity and
other input cost increases; Woodward’s ability to manage expenses
and product mix while responding to sales increases or decreases;
the ability of Woodward’s subcontractors to perform contractual
obligations and its suppliers to provide Woodward with materials of
sufficient quality or quantity required to meet Woodward’s
production needs at favorable prices or at all; Woodward’s ability
to monitor its technological expertise and the success of, and/or
costs associated with, its product development activities;
consolidation in the aerospace market and our participation in a
strategic joint venture with General Electric Company may make it
more difficult to secure long-term sales in certain aerospace
markets; Woodward’s debt obligations, debt service requirements,
and ability to operate its business, pursue its business strategies
and incur additional debt in light of covenants contained in its
outstanding debt agreements; Woodward’s ability to manage
additional tax expense and exposures; risks related to Woodward’s
U.S. Government contracting activities, including liabilities
resulting from legal and regulatory proceedings, inquiries, or
investigations related to such activities; the potential of a
significant reduction in defense sales due to decreases in the
amount of U.S. Federal defense spending or other specific budget
cuts impacting defense programs in which Woodward participates;
changes in government spending patterns, priorities, subsidy
programs and/or regulatory requirements; future impairment charges
resulting from changes in the estimates of fair value of reporting
units or of long-lived assets; future results of Woodward’s
subsidiaries; environmental liabilities related to manufacturing
activities and/or real estate acquisitions; Woodward’s continued
access to a stable workforce and favorable labor relations with its
employees; physical and other risks related to Woodward’s
operations and suppliers, including natural disasters and COVID-19
related impacts, which could disrupt production; Woodward’s ability
to successfully manage regulatory, tax, and legal matters; changes
in accounting standards that could adversely impact our
profitability or financial position; risks related to Woodward’s
common stock, including changes in prices and trading volumes;
impacts of tariff regulations; risks from operating
internationally, including the impact on reported earnings from
fluctuations in foreign currency exchange rates, and compliance
with and changes in the legal and regulatory environments of the
United States and the countries in which Woodward operates; fair
value of defined benefit plan assets and assumptions used in
determining Woodward’s retirement pension and other postretirement
benefit obligations and related expenses; industry risks, including
increases in natural gas prices, unforeseen events that may reduce
commercial aviation, such as diseases, epidemics, pandemics and
natural disasters, and increasing emissions standards; any adverse
effects on Woodward’s operations due to information systems
interruptions or intrusions; certain provisions of Woodward’s
charter documents and Delaware law that could discourage or prevent
others from acquiring the company; and other risk factors described
in Woodward's filings with the Securities and Exchange Commission,
including its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020, which we expect to file shortly, and its Annual
Report on Form 10-K for the year ended September 30, 2019, and
other risks described in Woodward’s filings with the Securities and
Exchange Commission.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward,
Inc. and Subsidiaries |
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS |
|
|
(Unaudited -
in thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
$ |
720,220 |
|
|
$ |
758,844 |
|
|
|
$ |
1,440,575 |
|
|
$ |
1,411,655 |
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
|
|
517,514 |
|
|
|
566,841 |
|
|
|
|
1,052,431 |
|
|
|
1,059,015 |
|
|
|
Selling, general, and administrative expenses |
|
|
57,629 |
|
|
|
54,857 |
|
|
|
|
119,674 |
|
|
|
106,784 |
|
|
|
Research and development costs |
|
|
|
|
34,661 |
|
|
|
43,831 |
|
|
|
|
71,507 |
|
|
|
82,698 |
|
|
|
Impairment of assets held for sale |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
37,902 |
|
|
|
- |
|
|
|
Interest expense |
|
|
|
|
8,756 |
|
|
|
11,480 |
|
|
|
|
17,765 |
|
|
|
23,358 |
|
|
|
Interest income |
|
|
|
|
(476 |
) |
|
|
(294 |
) |
|
|
|
(963 |
) |
|
|
(665 |
) |
|
|
Other (income) expense, net |
|
|
|
|
(5,063 |
) |
|
|
(8,039 |
) |
|
|
|
(26,488 |
) |
|
|
(11,218 |
) |
|
|
Total costs and expenses |
|
|
|
|
613,021 |
|
|
|
668,676 |
|
|
|
|
1,271,828 |
|
|
|
1,259,972 |
|
|
|
Earnings before income taxes |
|
|
|
|
107,199 |
|
|
|
90,168 |
|
|
|
|
168,747 |
|
|
|
151,683 |
|
|
|
Income taxes |
|
|
|
|
15,881 |
|
|
|
12,589 |
|
|
|
|
24,056 |
|
|
|
24,984 |
|
|
|
Net earnings |
|
|
|
$ |
91,318 |
|
|
$ |
77,579 |
|
|
|
$ |
144,691 |
|
|
$ |
126,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
$ |
1.47 |
|
|
$ |
1.25 |
|
|
|
$ |
2.33 |
|
|
$ |
2.04 |
|
|
|
Diluted earnings per share |
|
|
|
$ |
1.41 |
|
|
$ |
1.20 |
|
|
|
$ |
2.24 |
|
|
$ |
1.97 |
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
62,266 |
|
|
|
62,175 |
|
|
|
|
62,128 |
|
|
|
61,995 |
|
|
|
Diluted |
|
|
|
|
64,564 |
|
|
|
64,564 |
|
|
|
|
64,622 |
|
|
|
64,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per share paid to Woodward common
stockholders |
|
$ |
0.2800 |
|
|
$ |
0.1625 |
|
|
|
$ |
0.4425 |
|
|
$ |
0.3050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward,
Inc. and Subsidiaries |
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
(Unaudited -
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
$ |
102,849 |
|
|
$ |
99,073 |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
601,224 |
|
|
|
591,529 |
|
|
|
|
|
|
|
|
Inventories |
|
|
|
|
530,906 |
|
|
|
516,836 |
|
|
|
|
|
|
|
|
Income taxes receivable |
|
|
|
|
37,406 |
|
|
|
8,099 |
|
|
|
|
|
|
|
|
Other current assets |
|
|
|
|
67,421 |
|
|
|
55,691 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
|
|
1,339,806 |
|
|
|
1,271,228 |
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
|
1,019,078 |
|
|
|
1,058,775 |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
792,024 |
|
|
|
797,853 |
|
|
|
|
|
|
|
|
Intangible assets, net |
|
|
|
|
596,190 |
|
|
|
611,992 |
|
|
|
|
|
|
|
|
Deferred income tax assets |
|
|
|
|
17,905 |
|
|
|
18,161 |
|
|
|
|
|
|
|
|
Other assets |
|
|
|
|
295,273 |
|
|
|
198,517 |
|
|
|
|
|
|
|
|
Total assets |
|
|
|
$ |
4,060,276 |
|
|
$ |
3,956,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
|
$ |
100,000 |
|
|
$ |
220,000 |
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
|
101,643 |
|
|
|
- |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
218,721 |
|
|
|
240,460 |
|
|
|
|
|
|
|
|
Income taxes payable |
|
|
|
|
19,911 |
|
|
|
18,849 |
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
|
|
154,559 |
|
|
|
228,127 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
|
594,834 |
|
|
|
707,436 |
|
|
|
|
|
|
|
|
Long-term debt, less current portion |
|
|
869,223 |
|
|
|
864,899 |
|
|
|
|
|
|
|
|
Deferred income tax liabilities |
|
|
153,904 |
|
|
|
151,362 |
|
|
|
|
|
|
|
|
Other liabilities |
|
|
|
|
534,621 |
|
|
|
506,088 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
2,152,582 |
|
|
|
2,229,785 |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
1,907,694 |
|
|
|
1,726,741 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,060,276 |
|
|
$ |
3,956,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
|
|
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six-Months Ended |
|
|
|
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
52,179 |
|
|
$ |
140,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Payments for property, plant, and equipment |
|
|
(29,361 |
) |
|
|
(54,341 |
) |
|
|
|
|
|
|
|
Net proceeds from sale of assets |
|
|
18,831 |
|
|
|
271 |
|
|
|
|
|
|
|
|
Proceeds from sales of short-term investments |
|
|
12,684 |
|
|
|
10,259 |
|
|
|
|
|
|
|
|
Payments for purchases of short-term investments |
|
|
(23 |
) |
|
|
(970 |
) |
|
|
|
|
|
|
|
Net cash provided by (used in) investing
activities |
|
|
2,131 |
|
|
|
(44,781 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid |
|
|
|
|
(27,526 |
) |
|
|
(18,914 |
) |
|
|
|
|
|
|
|
Proceeds from sales of treasury stock |
|
|
|
|
12,726 |
|
|
|
24,150 |
|
|
|
|
|
|
|
|
Payments for repurchases of common stock |
|
|
(13,346 |
) |
|
|
(39,049 |
) |
|
|
|
|
|
|
|
Borrowings on revolving lines of credit and short-term
borrowings |
|
|
788,306 |
|
|
|
865,617 |
|
|
|
|
|
|
|
|
Payments on revolving lines of credit and short-term
borrowings |
|
|
(807,869 |
) |
|
|
(844,262 |
) |
|
|
|
|
|
|
|
Payments of long-term debt and capital lease obligations |
|
|
(754 |
) |
|
|
(100,265 |
) |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
|
|
(48,463 |
) |
|
|
(112,723 |
) |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(2,071 |
) |
|
|
(1,741 |
) |
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
3,776 |
|
|
|
(18,291 |
) |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
|
99,073 |
|
|
|
83,594 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
102,849 |
|
|
$ |
65,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
SEGMENT NET SALES AND EARNINGS |
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
474,236 |
|
|
$ |
482,954 |
|
|
|
$ |
948,161 |
|
|
$ |
875,841 |
|
|
|
Industrial |
|
|
|
|
245,984 |
|
|
|
275,890 |
|
|
|
|
492,414 |
|
|
|
535,814 |
|
|
|
Total consolidated net sales |
|
|
|
$ |
720,220 |
|
|
$ |
758,844 |
|
|
|
$ |
1,440,575 |
|
|
$ |
1,411,655 |
|
|
|
Segment earnings*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
117,638 |
|
|
$ |
101,722 |
|
|
|
$ |
210,549 |
|
|
$ |
174,576 |
|
|
|
As a percent of segment net sales |
|
|
24.8 |
% |
|
|
21.1 |
% |
|
|
|
22.2 |
% |
|
|
19.9 |
% |
|
|
Industrial |
|
|
|
|
25,972 |
|
|
|
27,128 |
|
|
|
|
54,202 |
|
|
|
56,297 |
|
|
|
As a percent of segment net sales |
|
|
10.6 |
% |
|
|
9.8 |
% |
|
|
|
11.0 |
% |
|
|
10.5 |
% |
|
|
Total segment earnings |
|
|
|
|
143,610 |
|
|
|
128,850 |
|
|
|
|
264,751 |
|
|
|
230,873 |
|
|
|
Nonsegment expenses |
|
|
|
|
(28,131 |
) |
|
|
(27,496 |
) |
|
|
|
(79,202 |
) |
|
|
(56,497 |
) |
|
|
EBIT |
|
|
|
|
115,479 |
|
|
|
101,354 |
|
|
|
|
185,549 |
|
|
|
174,376 |
|
|
|
Interest expense, net |
|
|
|
|
(8,280 |
) |
|
|
(11,186 |
) |
|
|
|
(16,802 |
) |
|
|
(22,693 |
) |
|
|
Consolidated earnings before income taxes |
|
$ |
107,199 |
|
|
$ |
90,168 |
|
|
|
$ |
168,747 |
|
|
$ |
151,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*This schedule reconciles segment earnings, which exclude certain
costs, to consolidated earnings before taxes. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for property, plant and equipment |
|
$ |
12,129 |
|
|
$ |
22,995 |
|
|
|
$ |
29,361 |
|
|
$ |
54,341 |
|
|
|
Depreciation expense |
|
|
|
$ |
23,177 |
|
|
$ |
20,164 |
|
|
|
$ |
45,723 |
|
|
$ |
41,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
RECONCILIATION OF NONSEGMENT EXPENSES TO ADJUSTED
NONSEGMENT EXPENSES 1 |
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Nonsegment expenses (U.S. GAAP) |
|
$ |
28,131 |
|
|
$ |
27,496 |
|
|
|
$ |
79,202 |
|
|
$ |
56,497 |
|
|
|
Gain on sale of Duarte property |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
13,522 |
|
|
|
- |
|
|
|
Impairment of assets held for sale |
|
|
- |
|
|
|
- |
|
|
|
|
(37,902 |
) |
|
|
- |
|
|
|
Duarte move related costs |
|
|
- |
|
|
|
(9,161 |
) |
|
|
|
- |
|
|
|
(16,124 |
) |
|
|
Merger and divestiture transaction costs |
|
|
(16,922 |
) |
|
|
- |
|
|
|
|
(16,922 |
) |
|
|
- |
|
|
|
Adjusted nonsegment expenses (Non-U.S. GAAP) |
|
$ |
11,209 |
|
|
$ |
18,335 |
|
|
|
$ |
37,900 |
|
|
$ |
40,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
RECONCILIATION OF INDUSTRIAL SEGMENT EARNINGS TO ADJUSTED
INDUSTRIAL SEGMENT EARNINGS 1 |
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Industrial segment earnings (U.S. GAAP) |
|
$ |
25,972 |
|
|
$ |
27,128 |
|
|
|
$ |
54,202 |
|
|
$ |
56,297 |
|
|
|
Purchase accounting impacts* |
|
|
- |
|
|
|
8,985 |
|
|
|
|
- |
|
|
|
18,496 |
|
|
|
Adjusted Industrial segment earnings (Non-U.S.
GAAP) |
|
$ |
25,972 |
|
|
$ |
36,113 |
|
|
|
$ |
54,202 |
|
|
$ |
74,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the purchase accounting impact related to the
amortization of the Woodward L'Orange backlog intangible. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
RECONCILIATION OF NET EARNINGS TO EBIT
1 AND ADJUSTED EBIT
1 |
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Net earnings (U.S. GAAP) |
|
|
|
$ |
91,318 |
|
|
$ |
77,579 |
|
|
|
$ |
144,691 |
|
|
$ |
126,699 |
|
|
|
Income taxes |
|
|
|
|
15,881 |
|
|
|
12,589 |
|
|
|
|
24,056 |
|
|
|
24,984 |
|
|
|
Interest expense |
|
|
|
|
8,756 |
|
|
|
11,480 |
|
|
|
|
17,765 |
|
|
|
23,358 |
|
|
|
Interest income |
|
|
|
|
(476 |
) |
|
|
(294 |
) |
|
|
|
(963 |
) |
|
|
(665 |
) |
|
|
EBIT (Non-U.S. GAAP) |
|
|
|
|
115,479 |
|
|
|
101,354 |
|
|
|
|
185,549 |
|
|
|
174,376 |
|
|
|
Non-U.S. GAAP adjustments* |
|
|
|
|
16,922 |
|
|
|
18,146 |
|
|
|
|
41,302 |
|
|
|
34,620 |
|
|
|
Adjusted EBIT (Non-U.S. GAAP) |
|
|
|
$ |
132,401 |
|
|
$ |
119,500 |
|
|
|
$ |
226,851 |
|
|
$ |
208,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes, as applicable, (i) Merger and divestiture transaction
costs (ii) the gain on sale of the Duarte property, (iii) the
impairment of assets held for sale, (iv) Duarte move related costs,
and (v) purchase accounting impact related to the amortization of
the Woodward L'Orange backlog intangible. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
RECONCILIATION OF NET EARNINGS TO EBITDA
1 AND ADJUSTED EBITDA
1 |
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Net earnings (U.S. GAAP) |
|
|
|
$ |
91,318 |
|
|
$ |
77,579 |
|
|
|
$ |
144,691 |
|
|
$ |
126,699 |
|
|
|
Income taxes |
|
|
|
|
15,881 |
|
|
|
12,589 |
|
|
|
|
24,056 |
|
|
|
24,984 |
|
|
|
Interest expense |
|
|
|
|
8,756 |
|
|
|
11,480 |
|
|
|
|
17,765 |
|
|
|
23,358 |
|
|
|
Interest income |
|
|
|
|
(476 |
) |
|
|
(294 |
) |
|
|
|
(963 |
) |
|
|
(665 |
) |
|
|
Amortization of intangible assets |
|
|
|
|
9,848 |
|
|
|
16,693 |
|
|
|
|
19,753 |
|
|
|
34,165 |
|
|
|
Depreciation expense |
|
|
|
|
23,177 |
|
|
|
20,164 |
|
|
|
|
45,723 |
|
|
|
41,333 |
|
|
|
EBITDA (Non-U.S. GAAP) |
|
|
|
|
148,504 |
|
|
|
138,211 |
|
|
|
|
251,025 |
|
|
|
249,874 |
|
|
|
Non-U.S. GAAP adjustments* |
|
|
|
|
16,922 |
|
|
|
9,161 |
|
|
|
|
41,302 |
|
|
|
16,124 |
|
|
|
Adjusted EBITDA (Non-U.S. GAAP) |
|
|
|
$ |
165,426 |
|
|
$ |
147,372 |
|
|
|
$ |
292,327 |
|
|
$ |
265,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes, as applicable, (i) Merger and divestiture transaction
costs (ii) the gain on sale of the Duarte property, (iii) the
impairment of assets held for sale, and (iv) Duarte move related
costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS
1 |
(Unaudited - in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Three-Months Ended |
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
Before IncomeTax |
|
Net of IncomeTax |
|
Per Share, Net ofIncome Tax |
|
|
Before IncomeTax |
|
Net of IncomeTax |
|
Per Share, Net ofIncome Tax |
Earnings (U.S. GAAP) |
|
$ |
107,199 |
|
|
$ |
91,318 |
|
|
$ |
1.41 |
|
|
|
$ |
90,168 |
|
|
$ |
77,579 |
|
|
$ |
1.20 |
Non-U.S. GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Duarte move related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
9,161 |
|
|
|
6,829 |
|
|
|
0.11 |
Purchase accounting impacts1 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
8,985 |
|
|
|
5,849 |
|
|
|
0.09 |
Merger and divestiture transaction costs2 |
|
16,922 |
|
|
|
12,734 |
|
|
|
0.20 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
Total non-U.S. GAAP adjustments |
|
|
16,922 |
|
|
|
12,734 |
|
|
|
0.20 |
|
|
|
|
18,146 |
|
|
|
12,678 |
|
|
|
0.20 |
Adjusted earnings (Non-U.S. GAAP) |
|
$ |
124,121 |
|
|
$ |
104,052 |
|
|
$ |
1.61 |
|
|
|
$ |
108,314 |
|
|
$ |
90,257 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the purchase accounting impacts related to the
amortization of the Woodward L’Orange backlog intangible.(2) Merger
and divestiture transaction costs include, as applicable, (i)
merger-related transactions costs associated with the
now-terminated merger with Hexcel and (ii) divestiture-related
transaction costs associated with the renewable power systems
portfolio. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS
1 |
(Unaudited - in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six-Months Ended |
|
|
Six-Months Ended |
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
|
Before IncomeTax |
|
Net of IncomeTax |
|
Per Share, Net ofIncome Tax |
|
|
Before IncomeTax |
|
Net of IncomeTax |
|
Per Share, Net ofIncome Tax |
Earnings (U.S. GAAP) |
|
$ |
168,747 |
|
|
$ |
144,691 |
|
|
$ |
2.24 |
|
|
|
$ |
151,683 |
|
|
$ |
126,699 |
|
|
$ |
1.97 |
Non-U.S. GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of Duarte property |
|
|
(13,522 |
) |
|
|
(10,175 |
) |
|
|
(0.16 |
) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
Impairment of long-lived assets held for sale |
|
|
37,902 |
|
|
|
28,016 |
|
|
|
0.43 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
Duarte move related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
16,124 |
|
|
|
12,123 |
|
|
|
0.19 |
Purchase accounting impacts1 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
18,496 |
|
|
|
13,081 |
|
|
|
0.20 |
Merger and divestiture transaction costs2 |
|
|
16,922 |
|
|
|
12,734 |
|
|
|
0.20 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
Total non-U.S. GAAP adjustments |
|
|
41,302 |
|
|
|
30,575 |
|
|
|
0.47 |
|
|
|
|
34,620 |
|
|
|
25,204 |
|
|
|
0.39 |
Adjusted earnings (Non-U.S. GAAP) |
|
$ |
210,049 |
|
|
$ |
175,266 |
|
|
$ |
2.71 |
|
|
|
$ |
186,303 |
|
|
$ |
151,903 |
|
|
$ |
2.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the purchase accounting impacts related to the
amortization of the Woodward L’Orange backlog intangible.(2) Merger
and divestiture transaction costs include, as applicable, (i)
merger-related transactions costs associated with the
now-terminated merger with Hexcel and (ii) divestiture-related
transaction costs associated with the renewable power systems
portfolio. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO
FREE CASH FLOW AND ADJUSTED FREE CASH
FLOW1 |
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
Six-Months Ended |
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities (U.S. GAAP) |
|
|
|
$ |
24,734 |
|
|
$ |
56,242 |
|
|
|
$ |
52,179 |
|
|
$ |
140,954 |
|
|
|
Payments for property, plant, and equipment |
|
|
|
|
(12,129 |
) |
|
|
(22,995 |
) |
|
|
|
(29,361 |
) |
|
|
(54,341 |
) |
|
|
Free cash flow (Non-U.S. GAAP) |
|
|
|
|
12,605 |
|
|
|
33,247 |
|
|
|
|
22,818 |
|
|
|
86,613 |
|
|
|
Cash proceeds from the sale of the Duarte facility |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
18,767 |
|
|
|
- |
|
|
|
Cash paid for merger and divestiture transaction costs |
|
|
|
|
13,074 |
|
|
|
- |
|
|
|
|
13,074 |
|
|
|
- |
|
|
|
Adjusted free cash flow (Non-U.S. GAAP) |
|
|
|
$ |
25,679 |
|
|
$ |
33,247 |
|
|
|
$ |
54,659 |
|
|
$ |
86,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Adjusted and Non-U.S. GAAP Financial
Measures: Adjusted net earnings, adjusted earnings per share,
adjusted Industrial segment earnings, adjusted EBIT and EBITDA,
adjusted effective tax rate, and adjusted nonsegment expenses
exclude, as applicable, (i) the gain on sale of assets associated
with the sale of the Company’s Duarte real estate, (ii) the charge
from the impairment of assets held for sale associated with the
Company’s decision to divest its renewable power systems portfolio,
(iii) Duarte move related costs, (iv) the purchase accounting
impacts related to the amortization of the backlog intangible
acquired in connection with the acquisition of Woodward L’Orange on
June 1, 2018 (the “L’Orange Acquisition”), (v) the transition
impacts of the change in U.S. federal tax legislation in December
2017, (vi) costs associated with the previously proposed merger
with Hexcel Corporation, which merger agreement was terminated on
April 5, 2020, and (vii) transaction costs associated with the
completed divestiture of our renewable power systems portfolio.
Woodward believes that these items are short-term costs or are
otherwise not related to the ongoing operations of the business and
therefore, uses them to illustrate more clearly how the underlying
business of Woodward is performing. Adjusted free cash flow is free
cash flow (defined below) plus the cash proceeds from the sale of
real property at our former Duarte operations and cash payments
added back for merger and divestiture transaction costs. Management
believes the inclusion of these proceeds in free cash flow better
portrays the net cash impact of relocating the Duarte, CA
operations to the Drake Campus in Fort Collins, CO and excludes the
unusual or infrequent cash payments for merger and divestiture
transaction costs not indicative of Woodward’s operating
performance for the period.
EBIT (earnings before interest and taxes),
EBITDA (earnings before interest, taxes, depreciation and
amortization), adjusted cash flow from operating activities, free
cash flow, adjusted free cash flow, adjusted net earnings, adjusted
Industrial segment net earnings, adjusted net earnings per share,
adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, and
adjusted nonsegment expenses are financial measures not prepared
and presented in accordance with accounting principles generally
accepted in the United States of America (U.S. GAAP). Management
uses EBIT to evaluate Woodward’s operating performance without the
impacts of financing and tax related considerations. Management
uses EBITDA in evaluating Woodward’s operating performance, making
business decisions, including developing budgets, managing
expenditures, forecasting future periods, and evaluating capital
structure impacts of various strategic scenarios. Management also
uses free cash flow, which is derived from net cash provided by or
used in operating activities less payments for property, plant, and
equipment, as well as adjusted free cash flow (as described above),
in reviewing the financial performance of Woodward’s various
business segments and evaluating cash generation levels. Securities
analysts, investors, and others frequently use EBIT, EBITDA and
free cash flow in their evaluation of companies, particularly those
with significant property, plant, and equipment, and intangible
assets that are subject to amortization. The use of any of these
non-U.S. GAAP financial measures is not intended to be considered
in isolation of, or as a substitute for, the financial information
prepared and presented in accordance with U.S. GAAP. Because EBIT
and EBITDA exclude certain financial information compared with net
earnings, the most comparable U.S. GAAP financial measure, users of
this financial information should consider the information that is
excluded. Free cash flow does not necessarily represent funds
available for discretionary use and is not necessarily a measure of
our ability to fund our cash needs. Management’s calculations of
EBIT, EBITDA, adjusted net earnings, adjusted earnings per share,
adjusted EBIT and EBITDA, adjusted effective tax rate, adjusted
nonsegment expenses, free cash flow, and adjusted free cash flow
may differ from similarly titled measures used by other companies,
limiting their usefulness as comparative measures.
2Website, Facebook, Twitter: Woodward has used, and intends to
continue to use, its Investor Relations website, its Facebook page
and its Twitter handle as means of disclosing material non-public
information and for complying with its disclosure obligations under
Regulation FD.
CONTACT:Don GuzzardoVice President, Investor Relations and
Treasurer970-498-3580Don.Guzzardo@woodward.com
Woodward (NASDAQ:WWD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Woodward (NASDAQ:WWD)
Historical Stock Chart
From Apr 2023 to Apr 2024