Woodward Reports First Quarter Fiscal Year 2022 Results
Woodward reported its Q1 fiscal 2022 results with net sales of $542 million, up 1% year-over-year. However, net earnings fell to $30 million or $0.47 per share, down from $42 million or $0.64 per share. Adjusted net earnings were $36 million or $0.56 per share. Operating cash flow dropped significantly to $39 million from $147 million. The company anticipates 2022 net sales between $2.45 billion and $2.65 billion, with challenges from ongoing COVID-19 disruptions.
- Net sales increased 1% to $542 million.
- Aerospace segment sales grew 5% to $336 million.
- Adjusted earnings per share expected between $3.55 and $3.95.
- Net earnings decreased 29% to $30 million.
- Operating cash flow dropped to $39 million from $147 million.
- Industrial segment sales fell 5% to $205 million.
FORT COLLINS, Colo., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year 2022. (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 period of the prior year unless otherwise stated.)
First Quarter Overview
- Net sales were
$542 million , compared to$538 million , an increase of 1 percent. - Net earnings were
$30 million , or$0.47 per share, compared to net earnings of$42 million , or$0.64 per share. - Adjusted net earnings1 were
$36 million , or$0.56 per share. - Net cash provided by operating activities was
$39 million compared to$147 million . Free cash flow1 was$26 million compared to$139 million . Adjusted free cash flow1 was$27 million .
“Although we saw positive signs of recovery in the quarter across most of our end markets, ongoing industry-wide COVID-19 related disruptions, including supply chain constraints and labor shortages, adversely impacted our operations and caused some customer-initiated shipment delays,” said Thomas A. Gendron, Chairman and Chief Executive Officer. “In Aerospace, passenger traffic continues to recover, while defense spending remained flat. Our Industrial segment benefitted from increased demand in marine transportation and power generation as well as a recovering oil and gas market, while the China natural gas truck market remains challenging. Although we expect an uneven market recovery, we are seeing green shoots throughout the business, and we remain confident in our ability to deliver on our previously issued fiscal 2022 outlook.”
First Quarter Company Results
Net sales for the first quarter of fiscal 2022 were
Net earnings were
EBIT1 was
The effective tax rate was 19.7 percent for the first quarter of 2022, compared to 12.6 percent for the prior year period. The adjusted effective tax rate1 for the first quarter of 2022 was 20.6 percent. There were no adjustments to the effective tax rate in the first quarter of the prior year.
Segment Results
Aerospace
Aerospace segment net sales for the first quarter of fiscal 2022 were
Continued recovery in passenger traffic and increasing aircraft utilization drove significant growth in commercial OEM and aftermarket sales compared to the prior year quarter. Defense sales were down compared to the prior year quarter due to both continued weakness in guided weapons and lower defense aftermarket sales.
Segment earnings for the first quarter of 2022 were
Industrial
Industrial segment net sales for the first quarter of fiscal 2022 were
Industrial segment earnings for the first quarter of 2022 were
Nonsegment
Nonsegment expenses were
Cash Flow and Financial Position
Net cash provided by operating activities for the first quarter of fiscal year 2022 was
Free cash flow for the first quarter of 2022 was
During the first quarter of fiscal 2022,
Total debt was
Fiscal Year 2022 Outlook
COVID-19 related disruptions persisted in the quarter, although improvement is anticipated in the remainder of fiscal year 2022.
Total net sales for fiscal 2022 are expected to be between
Aerospace segment earnings as a percent of segment net sales are expected to increase over last fiscal year by approximately 200 to 300 basis points, primarily due to the increased sales volume in both commercial OEM and aftermarket, partially offset by lower guided weapon sales and the anticipated return of annual variable incentive compensation costs. Industrial segment earnings as a percent of segment net sales are expected to be approximately flat to up by 150 basis points over last fiscal year, primarily due to the increased sales volume, partially offset by the anticipated return of annual variable incentive compensation costs. Growth and profitability in both segments could be negatively affected if current COVID-19 and supply chain disruptions do not improve, or if the pace of inflation puts additional pressure on labor and material costs.
The adjusted effective tax rate is expected to be approximately 21 percent.
Adjusted free cash flow is expected to be approximately
Adjusted earnings per share is expected to be between
Conference Call
Woodward will hold an investor conference call at 4:30 p.m. EST, January 31, 2022, to provide an overview of the financial performance for the first quarter of fiscal year 2022, business highlights, and outlook for the remainder of fiscal 2022. 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.com2.
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 6258645. An audio replay will be available by telephone from 7:30 p.m. EST on January 31, 2022 until 11:59 p.m. EST on February 14, 2022. The telephone number to access the replay is 1-855-859-2056 (domestic) or 1-404-537-3406 (international), reference access code 6258645.
A webcast presentation will be available on the website by selecting “Investors/Events & Presentations”. The call and presentation will remain accessible on the website for 14 days.
About Woodward, Inc.
Woodward is the global leader in the design, manufacturing, 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.
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 business and financial outlook for fiscal 2022, including trends in our business, statements about the continued and expected or potential effects of the COVID-19 pandemic on our business and the management of our business, including supply chain constraints and labor shortages, the continued market volatility and expected uneven recovery in our markets, the ongoing challenges in the China natural gas truck market, the continued and expected uncertainty and volatility around the pace of recovery in our markets, the strength of our financial position and our ability to maintain our financial position, the anticipated return of annual variable incentive compensation, our ability to effectively deliver on our fiscal 2022 outlook, and expectations related to the performance of our segments and specific markets within those segments, and our future sales and the anticipated future sales growth, earnings, earnings per share and adjusted earnings per share, segment earnings as a percent of segment net sales, cash flows, free cash flows and adjusted free cash flows, working capital and the anticipated higher working capital requirements, expected increases in capital expenditures, and effective tax rate. 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 significant volatility in financial, product, service, 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, including inflationary pressures; Woodward’s ability to manage product liability claims, product recalls or other liabilities associated with the products and services that Woodward provides; 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 efforts; Woodward’s ability to successfully manage competitive factors, including prices, 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 suppliers to perform contractual obligations and 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, delays or changes 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; 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; 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; 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 cybersecurity breaches or other information technology system interruptions or intrusions; and other risk factors described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2021, as well as its Quarterly Report on Form 10-Q for the first quarter ended December 31, 2021, which we expect to file shortly, 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 | ||||||||
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Net sales | $ | 541,586 | $ | 537,619 | ||||
| Costs and expenses: | ||||||||
| Cost of goods sold | 419,151 | 401,640 | ||||||
| Selling, general, and administrative expenses | 62,306 | 56,111 | ||||||
| Research and development costs | 25,392 | 31,996 | ||||||
| Interest expense | 8,306 | 8,906 | ||||||
| Interest income | (641 | ) | (495 | ) | ||||
| Other (income) expense, net | (10,674 | ) | (8,123 | ) | ||||
| Total costs and expenses | 503,840 | 490,035 | ||||||
| Earnings before income taxes | 37,746 | 47,584 | ||||||
| Income taxes | 7,441 | 6,014 | ||||||
| Net earnings | $ | 30,305 | $ | 41,570 | ||||
| Earnings per share amounts: | ||||||||
| Basic earnings per share | $ | 0.48 | $ | 0.66 | ||||
| Diluted earnings per share | $ | 0.47 | $ | 0.64 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 63,094 | 62,812 | ||||||
| Diluted | 65,099 | 64,892 | ||||||
| Cash dividends per share paid to Woodward common stockholders | $ | 0.1625 | $ | 0.0813 | ||||
| Woodward, Inc. and Subsidiaries | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited - in thousands) | ||||||||
| December 31, | September 30, | |||||||
| 2021 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 426,982 | $ | 448,462 | ||||
| Accounts receivable | 506,216 | 523,051 | ||||||
| Inventories | 451,834 | 419,971 | ||||||
| Income taxes receivable | 8,928 | 12,071 | ||||||
| Other current assets | 52,771 | 61,168 | ||||||
| Total current assets | 1,446,731 | 1,464,723 | ||||||
| Property, plant, and equipment, net | 934,403 | 950,569 | ||||||
| Goodwill | 800,022 | 805,333 | ||||||
| Intangible assets, net | 538,782 | 559,289 | ||||||
| Deferred income tax assets | 13,970 | 14,066 | ||||||
| Other assets | 301,332 | 297,024 | ||||||
| Total assets | $ | 4,035,240 | $ | 4,091,004 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 424 | $ | 728 | ||||
| Accounts payable | 165,867 | 170,909 | ||||||
| Income taxes payable | 17,004 | 11,481 | ||||||
| Accrued liabilities | 146,213 | 183,139 | ||||||
| Total current liabilities | 329,508 | 366,257 | ||||||
| Long-term debt, less current portion | 729,826 | 734,122 | ||||||
| Deferred income tax liabilities | 156,169 | 157,936 | ||||||
| Other liabilities | 596,305 | 617,908 | ||||||
| Total liabilities | 1,811,808 | 1,876,223 | ||||||
| Stockholders’ equity | 2,223,432 | 2,214,781 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,035,240 | $ | 4,091,004 | ||||
| Woodward, Inc. and Subsidiaries | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited - in thousands) | ||||||||
| Three-Months Ended | ||||||||
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Net cash provided by operating activities | $ | 39,290 | $ | 146,725 | ||||
| Cash flows from investing activities: | ||||||||
| Payments for purchase of property, plant, and equipment | (13,123 | ) | (7,263 | ) | ||||
| Proceeds from sale of assets | 1 | 48 | ||||||
| Payments for purchases of short-term investments | - | (2,740 | ) | |||||
| Proceeds from sales of short-term investments | 7 | - | ||||||
| Net cash used in investing activities | (13,115 | ) | (9,955 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Cash dividends paid | (10,247 | ) | (5,102 | ) | ||||
| Proceeds from sales of treasury stock | 3,198 | 10,855 | ||||||
| Purchase of treasury stock | (39,258 | ) | - | |||||
| Borrowings on revolving lines of credit and short-term borrowings | - | 74,400 | ||||||
| Payments on revolving lines of credit and short-term borrowings | - | (74,400 | ) | |||||
| Payments of long-term debt and finance lease obligations | (381 | ) | (100,395 | ) | ||||
| Net cash used in financing activities | (46,688 | ) | (94,642 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (967 | ) | 6,483 | |||||
| Net change in cash and cash equivalents | (21,480 | ) | 48,611 | |||||
| Cash and cash equivalents at beginning of year | 448,462 | 153,270 | ||||||
| Cash and cash equivalents at end of period | $ | 426,982 | $ | 201,881 | ||||
| Woodward, Inc. and Subsidiaries | ||||||||
| SEGMENT NET SALES AND EARNINGS | ||||||||
| (Unaudited - in thousands) | ||||||||
| Three-Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Net sales: | ||||||||
| Aerospace | $ | 336,435 | $ | 321,667 | ||||
| Industrial | 205,151 | 215,952 | ||||||
| Total consolidated net sales | $ | 541,586 | $ | 537,619 | ||||
| Segment earnings*: | ||||||||
| Aerospace | $ | 51,083 | $ | 46,466 | ||||
| As a percent of segment net sales | 15.2 | % | 14.4 | % | ||||
| Industrial | 23,693 | 32,888 | ||||||
| As a percent of segment net sales | 11.5 | % | 15.2 | % | ||||
| Total segment earnings | 74,776 | 79,354 | ||||||
| Nonsegment expenses | (29,365 | ) | (23,359 | ) | ||||
| EBIT | 45,411 | 55,995 | ||||||
| Interest expense, net | (7,665 | ) | (8,411 | ) | ||||
| Consolidated earnings before income taxes | $ | 37,746 | $ | 47,584 | ||||
| *This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes. | ||||||||
| Payments for property, plant and equipment | $ | 13,123 | $ | 7,263 | ||||
| Depreciation expense | $ | 21,033 | $ | 22,608 | ||||
| Woodward, Inc. and Subsidiaries | ||||||||||||||||||||
| RECONCILIATION OF EARNINGS TO ADJUSTED EARNINGS1 | ||||||||||||||||||||
| (Unaudited - in thousands, except per share amounts) | ||||||||||||||||||||
| Three-Months Ended | Three-Months Ended | |||||||||||||||||||
| December 31, 2021 | December 31, 2020 | |||||||||||||||||||
| Before Income Tax | Net of Income Tax | Per Share, Net of Income Tax | Before Income Tax | Net of Income Tax | Per Share, Net of Income Tax | |||||||||||||||
| Earnings (U.S. GAAP) | $ | 37,746 | $ | 30,305 | $ | 0.47 | $ | 47,584 | $ | 41,570 | $ | 0.64 | ||||||||
| Non-U.S. GAAP adjustments: | ||||||||||||||||||||
| Non-recurring matter unrelated to the ongoing operations of the business | 5,000 | 3,750 | 0.06 | - | - | - | ||||||||||||||
| Business development activities | 2,982 | 2,236 | 0.03 | - | - | - | ||||||||||||||
| Total non-U.S. GAAP adjustments | 7,982 | 5,986 | 0.09 | - | - | - | ||||||||||||||
| Adjusted earnings (Non-U.S. GAAP) | $ | 45,728 | $ | 36,291 | $ | 0.56 | $ | 47,584 | $ | 41,570 | $ | 0.64 | ||||||||
| Woodward, Inc. and Subsidiaries | ||||||||
| RECONCILIATION OF NET EARNINGS TO EBIT1 AND ADJUSTED EBIT1 | ||||||||
| (Unaudited - in thousands) | ||||||||
| Three-Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Net earnings (U.S. GAAP) | $ | 30,305 | $ | 41,570 | ||||
| Income taxes | 7,441 | 6,014 | ||||||
| Interest expense | 8,306 | 8,906 | ||||||
| Interest income | (641 | ) | (495 | ) | ||||
| EBIT (Non-U.S. GAAP) | 45,411 | 55,995 | ||||||
| Non-U.S. GAAP adjustments* | 7,982 | - | ||||||
| Adjusted EBIT (Non-U.S. GAAP) | $ | 53,393 | $ | 55,995 | ||||
| *See Reconciliation of Earnings to Adjusted Earnings1 table above for the list of Non-U.S. GAAP adjustments made in the applicable periods. | ||||||||
| Woodward, Inc. and Subsidiaries | ||||||||
| RECONCILIATION OF NET EARNINGS TO EBITDA1 AND ADJUSTED EBITDA1 | ||||||||
| (Unaudited - in thousands) | ||||||||
| Three-Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Net earnings (U.S. GAAP) | $ | 30,305 | $ | 41,570 | ||||
| Income taxes | 7,441 | 6,014 | ||||||
| Interest expense | 8,306 | 8,906 | ||||||
| Interest income | (641 | ) | (495 | ) | ||||
| Amortization of intangible assets | 9,688 | 10,469 | ||||||
| Depreciation expense | 21,033 | 22,608 | ||||||
| EBITDA (Non-U.S. GAAP) | 76,132 | 89,072 | ||||||
| Non-U.S. GAAP adjustments* | 7,982 | - | ||||||
| Adjusted EBITDA (Non-U.S. GAAP) | $ | 84,114 | $ | 89,072 | ||||
| *See Reconciliation of Earnings to Adjusted Earnings1 table above for the list of Non-U.S. GAAP adjustments made in the applicable periods. | ||||||||
| Woodward, Inc. and Subsidiaries | ||||||||
| RECONCILIATION OF NONSEGMENT EXPENSES TO ADJUSTED NONSEGMENT EXPENSES1 | ||||||||
| (Unaudited - in thousands) | ||||||||
| Three-Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Nonsegment expenses (U.S. GAAP) | $ | 29,365 | $ | 23,359 | ||||
| Non-recurring matter unrelated to the ongoing operations of the business | (5,000 | ) | - | |||||
| Business development activities | (2,982 | ) | - | |||||
| Adjusted nonsegment expenses (Non-U.S. GAAP) | $ | 21,383 | $ | 23,359 | ||||
| Woodward, Inc. and Subsidiaries | ||||||||
| RECONCILIATION OF CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW1 AND ADJUSTED FREE CASH FLOW1 | ||||||||
| (Unaudited - in thousands, except per share amounts) | ||||||||
| Three-Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Net cash provided by operating activities (U.S. GAAP) | $ | 39,290 | $ | 146,725 | ||||
| Payments for property, plant, and equipment | (13,123 | ) | (7,263 | ) | ||||
| Free cash flow (Non-U.S. GAAP) | 26,167 | 139,462 | ||||||
| Cash paid for business development activities | 770 | - | ||||||
| Cash paid for restructuring charges | 505 | - | ||||||
| Adjusted free cash flow (Non-U.S. GAAP) | $ | 27,442 | $ | 139,462 | ||||
1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, and adjusted nonsegment expenses exclude, as applicable, (i) costs related to business development activities and (ii) a charge related to a non-recurring matter unrelated to the ongoing operations of the business. Woodward believes that these items are short-term costs or charges and are otherwise not related to the ongoing operations of the business. Therefore, Woodward 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 payments for costs related to business development activities and restructuring activities. Management believes these adjustments to free cash flow better portray Woodward’s operating performance. Guidance with respect to non-U.S. GAAP measures as provided in this release excludes, as applicable, costs, charges and payments related to (i) business development activities, and (ii) restructuring activities.
EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted free cash flow, adjusted net earnings, adjusted 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 and adjusted EBIT to evaluate Woodward’s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted 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, EBITDA, adjusted EBIT, and adjusted 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, adjusted 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: | Dan Provaznik Director, Investor Relations 970-498-3849 Dan.Provaznik@woodward.com |
FAQ
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