FORT COLLINS, Colo., Jan. 30, 2017 (GLOBE NEWSWIRE) -- Woodward, Inc. (Nasdaq:WWD) announced that its Board of Directors has authorized a new stock repurchase program, under which up to $500 million in Woodward shares may be purchased in the open market and private transactions. The new program is scheduled to expire in November 2019.
The previous stock repurchase program, which was authorized for $300 million and scheduled to expire in January 2018, was terminated and replaced by the new program. The company purchased approximately $250 million of stock under the previous program.
“Our stock repurchase program is an important part of our capital deployment strategy to return value to our shareholders. This authorization provides us the ability and flexibility to utilize our cash flow to repurchase Woodward shares,” said Robert F. Weber, Jr., Vice Chairman, Chief Financial Officer and Treasurer.
About Woodward, Inc.
Woodward is an independent designer, manufacturer, and service provider of control system solutions and components 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.
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 capital deployment strategy to return value to its shareholders, including the potential repurchase of shares. 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, 2016 and any subsequently filed Quarterly Report on Form 10-Q.