FORT COLLINS, Colo., May 20, 2015 (GLOBE NEWSWIRE) -- Woodward, Inc. (Nasdaq:WWD) today announced its plan to repurchase $250 million of outstanding shares over the next 12 months, under a recently approved Board authorization. The share repurchases reflect the return of capital associated with Woodward's aerospace joint venture with GE Aviation which was announced today in a separate press release. The net impact on Woodward earnings per share of the joint venture and share repurchases is expected to be accretive.
"We are pleased to announce this return of capital to our shareholders," said Thomas A. Gendron, Chairman and Chief Executive Officer. "This represents a significant monetization of future cash flows related to several long-term programs."
Conference Call
Woodward will hold a conference call today at 4:45 p.m. EDT to provide more details on the share repurchases, as well as answer questions. 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 1-866-206-6154 (domestic) or 1-703-639-1107 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 1657452. An audio replay will be available by telephone from 7:45 p.m. EDT on May 20, 2015 until 11:59 p.m. EDT on June 3, 2015. The telephone number to access the replay is 1-888-266-2081 (domestic) or 1-703-925-2533 (international), reference access code 1657452.
A webcast presentation will be available on the website by clicking the Investors tab, then the Calendar of Events menu selection and associated webcast link. 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 system solutions and components for the aerospace and energy 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.
Notice Regarding Forward-Looking Statements
The statements in this release contain forward-looking statements that involve risks and uncertainties, including statements concerning the timing of the planned share repurchase and the expected accretive net impact of the joint venture and share repurchase. 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, 2014 and any subsequently filed Quarterly Report on Form 10-Q.