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FORT COLLINS, Colo., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. WWD today reported financial results for its fiscal year 2024 and fourth quarter ending September 30, 2024. 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. All references to years are references to the Company's fiscal year unless otherwise stated. Fourth Quarter and Fiscal Year 2024 Overview Fourth Quarter 2024 Fiscal Year 2024 Net sales $855M, +10% $3.3B, +14% Earnings per share (EPS) $1.36, +2% $6.01, +59% Adjusted EPS 1 $1.41, +6% $6.11, +45% Cash from operations $142M, -7% $439M, +42% Free cash flow 1 $118M, -12% $343M, +48% "We delivered record sales in fiscal 2024 with Woodward revenue exceeding $3 billion for the first time. Robust end market demand along with contributions from operational excellence fueled significant sales growth and earnings expansion," said Chip Blankenship, Chairman and Chief Executive Officer. "In Aerospace, both commercial and defense OEM sales increased due to capacity improvements to meet customer demand, and commercial and defense aftermarket sales increased due to continued high aircraft utilization. Our Industrial business benefitted from increased sales in power generation and transportation. Our performance over the last year reflects the hard work and dedication of Woodward members to deliver on our value proposition and fulfill our purpose. We enter fiscal 2025 with strong momentum. In Aerospace, we anticipate increasing revenue and margin expansion driven by continued strength in commercial markets and increased defense activity. In Industrial, we expect broad-based market strength in power generation and marine transportation, offset by a significant decline in sales related to China on-highway natural gas trucks. We remain focused on growth, operational excellence and innovation to drive shareholder value." Fiscal 2024 Key Highlights Completed $55 million, multi-year transformation of Aerospace Maintenance, Repair and Overhaul (MRO) facility in Loves Park, Illinois, to prepare for aftermarket growth Signed three MRO agreements: To continue servicing Woodward-manufactured components for Lufthansa Technik To be exclusive Thrust Reverser Actuation System (TRAS) MRO contractor for CF34-10E powered fleet for Australia-based Alliance Airlines For Turkish Technic to join Woodward's global licensed asset management provider network, in support of the growing LEAP fleet Expanded participation in next generation aircraft development and demonstrator projects: Selected as rotary actuation technology provider for the NASA and Boeing Transonic Truss-braced Wing X-66A aircraft demonstrator Selected to provide Trim Control Module for JetZero Blended Wing Body Demonstrator Broke ground on Glatten, Germany, expansion to add capacity to support power generation and transportation growth Continued progress in automation and operational excellence through the installation of additional industrial robots and cobots Fourth Quarter and Fiscal Year 2024 Company Results Total Company Results Three Months Ended September 30, Year Ended September 30, Dollars in millions, except per share amounts 2024 2023 Year over Year 2024 2023 Year over Year Income Statement Total Sales $ 855 $ 777 10 % $ 3,324 $ 2,915 14 % Net Earnings 83 83 1 % 373 232 61 % Adjusted Net Earnings 1 86 83 5 % 379 259 47 % EPS $ 1.36 $ 1.33 2 % $ 6.01 $ 3.78 59 % Adjusted EPS 1 $ 1.41 $ 1.33 6 % $ 6.11 $ 4.21 45 % EBIT 1 113 108 4 % 495 321 54 % Adjusted EBIT 1 117 108 8 % 504 356 42 % Effective Tax Rate 18.0 % 15.7 % 230 bps 17.8 % 15.7 % 210 bps Adjusted Effective Tax Rate 1 18.4 % 15.7 % 270 bps 18.0 % 16.8 % 120 bps Cash Flow and Financial Position Cash from operating activities $ 142 $ 153 -7 % $ 439 $ 309 42 % Free cash flow 118 134 -12 % 343 232 48 % Adjusted free cash flow 1 118 135 -13 % 348 238 46 % Dividends Paid 15 13 12 % 58 51 14 % Share Repurchases 86 100 -14 391 126 209 % Total Debt 872 722 21 % Debt to EBITDA 1 Leverage 1.4x 1.5x Segment Results Aerospace Three Months Ended September 30, Year Ended September 30, Dollars in millions 2024 2023 Year over Year 2024 2023 Year over Year Commercial OEM $ 194 $ 167 16 % $ 738 $ 651 13 % Commercial Aftermarket 174 142 22 % 641 548 17 % Defense OEM 126 90 40 % 407 369 10 % Defense Aftermarket 59 56 7 % 243 201 21 % Revenue 553 455 22 % 2,029 1,768 15 % Segment Earnings 106 78 35 % 385 290 33 % Segment Margin % 19.2 % 17.2 % 200 bps 19.0 % 16.4 % 260 bps The increase in segment earnings in the fourth quarter was primarily a result of price realization and higher volume, partially offset by inflation. The increase in segment earnings for the year was a result of price realization and higher volume, partially offset by inflation. Industrial Three Months Ended September 30, Year Ended September 30, Dollars in millions 2024 2023 Year over Year 2024 2023 Year over Year Transportation $ 131 $ 162 -19 % $ 642 $ 527 22 % Power generation 109 106 4 % 424 383 11 % Oil and gas 62 55 12 % 230 236 -3 % Revenue 302 322 -6 % 1,296 1,146 13 % Segment Earnings 38 54 -30 % 230 162 42 % Segment Margin % 12.6 % 16.9 % -430 bps 17.7 % 14.1 % 360 bps The decrease in segment earnings in the fourth quarter was primarily a result of lower volume and unfavorable mix, partially offset by price realization. The increase in segment earnings for the year was a result of price realization and higher volume, partially offset by unfavorable mix. Nonsegment Three Months Ended September 30, Year Ended September 30, Dollars in millions 2024 2023 Year over Year 2024 2023 Year over Year Nonsegment Expenses $ (31 ) $ (24 ) 28 % $ (120 ) $ (131 ) -8 % Adjusted Nonsegment Expenses (27 ) (24 ) 10 % (112 ) (96 ) 16 % Fiscal Year 2025 Guidance Woodward's fiscal 2025 guidance includes a continued strong demand environment and improving operational performance throughout the year. The Aerospace segment guidance includes increasing revenue and margin expansion driven by continued strength in commercial markets and increased defense activity. The Industrial segment guidance includes broad-based market strength in power generation and marine transportation, offset by a significant decline in sales related to China on-highway natural gas trucks. Our fiscal year 2025 guidance includes $40 million in sales related to China on-highway natural gas trucks, which would be a year-over-year decline of approximately $175 million. Woodward, Inc. and Subsidiaries Total Company Sales $3.30 billion - $3.50 billion Effective Tax Rate ~20% Capital Expenditures ~$115 million EPS $5.75 - $6.25 Free Cash Flow $350 million - $400 million Diluted shares outstanding ~61.5 million Segment Data Aerospace Sales up 6% - 13% Segment Earnings (% of Sales) 20% - 21% Industrial Sales down 7% - 11% Segment Earnings (% of Sales) 13% - 14% Conference Call Woodward will hold an investor conference call at 5:00 p.m. EST, November 25, 2024, to provide an overview of the financial performance for its fiscal year 2024 and fourth quarter ending September 30, 2024, business highlights, and outlook for fiscal 2025. 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 2 . You may also listen to the call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 4675940. The call and presentation will be available on the website by selecting "Investors/Events & Presentations" from the menu and will remain accessible on the company's website for one year. 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. Our purpose is to design and deliver energy control solutions our partners count on to power a clean future. 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, anticipated continued strong demand, continued improvements in our operational performance, the results of our ongoing focus on growth, operational excellence and innovation, including whether such focus ultimately leads to long-term term success and enhanced shareholder value, and statements regarding our business and guidance for fiscal year 2025, including our guidance for sales, segment sales as compared to the prior fiscal year, earnings per share, segment earnings margin, effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions regarding our guidance, anticipated trends in our business and markets, including increased revenue and margin expansion in our Aerospace segment, strength in commercial aerospace markets, defense activity in our Aerospace segment, broad-based market strength in power generation and marine transportation in our Industrial segment, anticipated weakness in the China on-highway natural gas truck market, including our assumptions regarding sales and demand in fiscal 2025. 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: (1) global economic uncertainty and instability, including in the financial markets that affect Woodward, its customers, and its supply chain; (2) risks related to constraints and disruptions in the global supply chain and labor markets; (3) Woodward's long sales cycle; (4) risks related to Woodward's concentration of revenue among a relatively small number of customers; (5) Woodward's ability to implement and realize the intended effects of any restructuring efforts; (6) Woodward's ability to successfully manage competitive factors including expenses and fluctuations in sales; (7) changes and consolidations in the aerospace market; (8) Woodward's financial obligations including debt obligations and tax expenses and exposures; (9) risks related to Woodward's U.S. government contracting activities including potential changes in government spending patterns; (10) Woodward's ability to protect its intellectual property rights and avoid infringing the intellectual property rights of others; (11) changes in the estimates of fair value of reporting units or of long-lived assets; (12) environmental risks; (13) Woodward's continued access to a stable workforce and favorable labor relations with its employees; (14) Woodward's ability to manage various regulatory and legal matters; (15) risks from operating internationally; (16) cybersecurity and other technological risks; and other risk factors and risks 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, 2023, any subsequently filed Quarterly Report on Form 10-Q, as well as its Annual Report on Form 10-K for the year ended September 30, 2024, which we expect to file shortly, and other risks described in Woodward's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and Woodward assumes no obligation to update such statements, except as required by applicable law. Woodward, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited - in thousands except per share amounts) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net sales $ 854,488 $ 777,070 $ 3,324,249 $ 2,914,566 Costs and expenses: Cost of goods sold 646,733 587,510 2,447,770 2,236,983 Selling, general and administrative expenses 77,729 65,944 307,499 269,692 Research and development costs 34,689 32,061 140,676 132,095 Restructuring charges - - - 5,172 Interest expense 13,477 11,736 47,959 47,898 Interest income (1,964 ) (1,361 ) (6,458 ) (2,751 ) Other (income) expense, net (17,707 ) (16,860 ) (67,168 ) (50,291 ) Total costs and expenses 752,957 679,030 2,870,278 2,638,798 Earnings before income taxes 101,531 98,040 453,971 275,768 Income taxes 18,235 15,388 81,000 43,400 Net earnings $ 83,296 $ 82,652 $ 372,971 $ 232,368 Earnings per share amounts: Basic earnings per share $ 1.40 $ 1.38 $ 6.21 $ 3.88 Diluted earnings per share $ 1.36 $ 1.33 $ 6.01 $ 3.78 Weighted average common shares outstanding: Basic 59,437 60,103 60,076 59,908 Diluted 61,385 62,039 62,084 61,482 Cash dividends paid per share $ 0.2500 $ 0.2200 $ 0.9700 $ 0.8500 Woodward, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - in thousands) September 30, September 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 282,270 $ 137,447 Accounts receivable 770,066 749,859 Inventories 609,092 517,843 Income taxes receivable 22,016 14,120 Other current assets 60,167 50,183 Total current assets 1,743,611 1,469,452 Property, plant, and equipment, net 940,715 913,094 Goodwill 806,643 791,468 Intangible assets, net 440,419 452,363 Deferred income tax assets 84,392 58,550 Other assets 353,135 325,276 Total assets $ 4,368,915 $ 4,010,203 Liabilities and stockholders' equity Current liabilities: Short term borrowings 217,000 - Current portion of long term debt 85,719 75,817 Accounts payable 287,457 234,328 Income taxes payable 40,692 44,435 Accrued liabilities 292,642 262,616 Total current liabilities 923,510 617,196 Long-term debt, less current portion 569,751 645,709 Deferred income tax liabilities 121,858 132,819 Other liabilities 577,380 543,490 Total liabilities 2,192,499 1,939,214 Stockholders' equity 2,176,416 2,070,989 Total liabilities and stockholders' equity $ 4,368,915 $ 4,010,203 Woodward, Inc. and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - in thousands) For the Year Ended September 30, 2024 2023 Net cash provided by operating activities $ 439,089 $ 308,543 Cash flows from investing activities: Payments for purchase of property, plant, and equipment (96,280 ) (76,500 ) Proceeds from sale of assets 2,292 488 Proceeds from business divestiture 1,800 - Payments for business acquisition, net of cash acquired - 878 Proceeds from sales of short-term investments 9,738 7,692 Payments for purchases of short-term investments (6,767 ) (6,109 ) Net cash used in investing activities (89,217 ) (73,551 ) Cash flows from financing activities: Cash dividends paid (58,286 ) (51,027 ) Proceeds from sales of treasury stock 89,875 50,749 Payments for repurchases of common stock (390,819 ) (126,380 ) Borrowings on revolving lines of credit and short-term borrowings 2,962,800 2,323,500 Payments on revolving lines of credit and short-term borrowings (2,745,800 ) (2,390,300 ) Payments of debt financing costs - (2,236 ) Payments of long-term debt and finance lease obligations (75,817 ) (779 ) Net cash used in financing activities (218,047 ) (196,473 ) Effect of exchange rate changes on cash and cash equivalents 12,998 (8,916 ) Net change in cash and cash equivalents 144,823 29,603 Cash and cash equivalents at beginning of year 137,447 107,844 Cash and cash equivalents at end of year $ 282,270 $ 137,447 Woodward, Inc. and Subsidiaries SEGMENT NET SALES AND EARNINGS (Unaudited - in thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net sales: Aerospace $ 552,790 $ 454,870 $ 2,028,618 $ 1,768,103 Industrial 301,698 322,200 1,295,631 1,146,463 Total consolidated net sales $ 854,488 $ 777,070 $ 3,324,249 $ 2,914,566 Segment earnings*: Aerospace $ 106,065 $ 78,281 $ 385,360 $ 290,104 As a percent of segment net sales 19.2 % 17.2 % 19.0 % 16.4 % Industrial 38,015 54,451 229,857 161,622 As a percent of segment net sales 12.6 % 16.9 % 17.7 % 14.1 % Total segment earnings 144,080 132,732 615,217 451,726 Nonsegment expenses (31,036 ) (24,317 ) (119,745 ) (130,811 ) EBIT 113,044 108,415 495,472 320,915 Interest expense, net (11,513 ) (10,375 ) (41,501 ) (45,147 ) Consolidated earnings before income taxes $ 101,531 $ 98,040 $ 453,971 $ 275,768 *This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes. Payments for property, plant and equipment $ 24,087 $ 19,358 $ 96,280 $ 76,500 Depreciation expense $ 21,084 $ 20,942 $ 82,578 $ 82,154 Woodward, Inc. and Subsidiaries RECONCILIATION OF EARNINGS TO ADJUSTED NET EARNINGS 1 (Unaudited - in thousands, except per share amounts) Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 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 Net Earnings (U.S. GAAP) $ 101,531 $ 83,296 $ 1.36 $ 98,040 $ 82,652 $ 1.33 Non-U.S. GAAP adjustments: Non-recurring gain related to a previous acquisition - - - - - - Business development activities - - - - - - Non-recurring charge related to a previous acquisition 4,378 3,129 0.05 - - - Certain non-restructuring separation costs - - - - - - Specific charge for excess and obsolete inventory - - - - - - Product rationalization - - - - - - Non-recurring charge related to customer collections - - - - - - Restructuring charges - - - - - - Total non-U.S. GAAP adjustments 4,378 3,129 0.05 - - - Adjusted net earnings (Non-U.S. GAAP) $ 105,909 $ 86,425 $ 1.41 $ 98,040 $ 82,652 $ 1.33 Woodward, Inc. and Subsidiaries RECONCILIATION OF EARNINGS TO ADJUSTED NET EARNINGS 1 (Unaudited - in thousands, except per share amounts) Year Ended September 30, 2024 Year Ended September 30, 2023 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 Net Earnings (U.S. GAAP) $ 453,971 $ 372,971 $ 6.01 $ 275,768 $ 232,368 $ 3.78 Non-U.S. GAAP adjustments: Non-recurring gain related to a previous acquisition (4,803 ) (3,433 ) (0.06 ) - - - Business development activities 5,902 4,456 0.07 - - - Non-recurring charge related to a previous acquisition 4,378 3,129 0.05 - - - Certain non-restructuring separation costs 2,666 2,013 0.04 2,208 1,661 0.03 Specific charge for excess and obsolete inventory - - - 11,995 9,016 0.15 Product rationalization - - - 10,504 7,896 0.13 Non-recurring charge related to customer collections - - - 4,997 3,761 0.06 Restructuring charges - - - 5,172 3,874 0.06 Total non-U.S. GAAP adjustments 8,143 6,165 0.10 34,876 26,208 0.43 Adjusted net earnings (Non-U.S. GAAP) $ 462,114 $ 379,136 $ 6.11 $ 310,644 $ 258,576 $ 4.21 Woodward, Inc. and Subsidiaries RECONCILIATION OF NET EARNINGS TO EBIT 1 AND ADJUSTED EBIT 1 (Unaudited - in thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net earnings (U.S. GAAP) $ 83,296 $ 82,652 $ 372,971 $ 232,368 Income taxes 18,235 15,388 81,000 43,400 Interest expense 13,477 11,736 47,959 47,898 Interest income (1,964 ) (1,361 ) (6,458 ) (2,751 ) EBIT (Non-U.S. GAAP) 113,044 108,415 495,472 320,915 Non-U.S. GAAP adjustments* 4,378 - 8,143 34,876 Adjusted EBIT (Non-U.S. GAAP) $ 117,422 $ 108,415 $ 503,615 $ 355,791 *See Reconciliation of Net Earnings to Adjusted Net Earnings 1 tables above for the list of Non-U.S. GAAP adjustments made in the applicable periods. Woodward, Inc. and Subsidiaries RECONCILIATION OF NET EARNINGS TO EBITDA 1 AND ADJUSTED EBITDA 1 (Unaudited - in thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net earnings (U.S. GAAP) $ 83,296 $ 82,652 $ 372,971 $ 232,368 Income taxes 18,235 15,388 81,000 43,400 Interest expense 13,477 11,736 47,959 47,898 Interest income (1,964 ) (1,361 ) (6,458 ) (2,751 ) Amortization of intangible assets 8,244 9,500 33,592 37,589 Depreciation expense 21,084 20,942 82,578 82,154 EBITDA (Non-U.S. GAAP) 142,372 138,857 611,642 440,658 Non-U.S. GAAP adjustments* 4,378 - 8,143 34,876 Adjusted EBITDA (Non-U.S. GAAP) $ 146,750 $ 138,857 $ 619,785 $ 475,534 *See Reconciliation of Net Earnings to Adjusted Net Earnings 1 tables 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 EXPENSES 1 (Unaudited - in thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Nonsegment expenses (U.S. GAAP) $ 31,036 $ 24,317 $ 119,745 $ 130,811 Non-recurring gain related to a previous acquisition - - 4,803 - Business development activities - - (5,902 ) - Non-recurring charge related to a previous acquisition (4,378 ) - (4,378 ) - Certain non-restructuring separation costs - - (2,666 ) (2,208 ) Specific charge for excess and obsolete inventory - - - (11,995 ) Product rationalization - - - (10,504 ) Restructuring charges - - - (5,172 ) Non-recurring charge related to customer collections - - - (4,997 ) Adjusted nonsegment expenses (Non-U.S. GAAP) $ 26,658 $ 24,317 $ 111,602 $ 95,935 Woodward, Inc. and Subsidiaries RECONCILATION OF CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW 1 AND ADJUSTED FREE CASH FLOW 1 (Unaudited - in thousands) Three Months Ended September 30, Year Ended September 30, 2024 2023 2024 2023 Net cash provided by operating activities (U.S. GAAP) $ 141,760 $ 152,913 $ 439,089 $ 308,543 Payments for property, plant and equipment (24,087 ) (19,358 ) (96,280 ) (76,500 ) Free cash flow (Non-U.S. GAAP) 117,673 133,555 342,809 232,043 Cash received for a non-recurring matter related to a previous acquisition - - (4,803 ) - Cash paid for business development activities - - 5,902 - Cash paid for non-recurring matter unrelated to the ongoing operations of the businesses - - 2,725 - Cash paid for certain non-restructuring separation costs - - 985 977 Cash paid for restructuring charges - 1,613 - 5,207 Adjusted free cash flow (Non-U.S. GAAP) 117,673 135,168 347,618 238,227 1 Adjusted 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) a non-recurring gain related to a previous acquisition, (ii) costs related to business development activities, (iii) non-recurring charge related to a previous acquisition, (iv) certain non-restructuring separation costs, (v) a specific charge for excess and obsolete inventory, (vi) product rationalization, (vii) a non-recurring charge related to customer collections, and (viii) restructuring charges. The product rationalization adjustment pertains to a non-recurring write-off of inventory and assets related to the elimination of certain product lines. The specific charge for excess and obsolete inventory pertains to a non-recurring process change that resulted in the identification and write down of certain excess inventory unrelated to product rationalization. The non-recurring charge related to customer collections pertains to a discrete process issue that was identified and corrected. The Company believes that these excluded items are short‐term in nature, not directly related to the ongoing operations of the business, and therefore, the exclusion of them illustrates more clearly how the underlying business of Woodward is performing. Adjusted free cash flow is free cash flow (defined below) minus cash received for a non-recurring matter related to a previous acquisition, plus cash paid for (i) business development activities, (ii) a non-recurring matter unrelated to the ongoing operations of the business, (iii) certain non-restructuring separation costs and (iv) restructuring charges. Management believes these adjustments to free cash flow better portray Woodward's operating performance. 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 adjusted net earnings, adjusted earnings per share, 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 and adjusted free cash flow do not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Woodward'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. 2 Website, Facebook, X : Woodward has used, and intends to continue to use, its Investor Relations website, LinkedIn page, Facebook page, and X 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 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By KENYA HUNTER, Associated Press ATLANTA (AP) — As she checked into a recent flight to Mexico for vacation, Teja Smith chuckled at the idea of joining another Women’s March on Washington . As a Black woman, she just couldn’t see herself helping to replicate the largest act of resistance against then-President Donald Trump’s first term in January 2017. Even in an election this year where Trump questioned his opponent’s race , held rallies featuring racist insults and falsely claimed Black migrants in Ohio were eating residents’ pets , he didn’t just win a second term. He became the first Republican in two decades to clinch the popular vote, although by a small margin. “It’s like the people have spoken and this is what America looks like,” said Smith, the Los Angeles-based founder of the advocacy social media agency, Get Social. “And there’s not too much more fighting that you’re going to be able to do without losing your own sanity.” After Trump was declared the winner over Democratic Vice President Kamala Harris , many politically engaged Black women said they were so dismayed by the outcome that they were reassessing — but not completely abandoning — their enthusiasm for electoral politics and movement organizing. Black women often carry much of the work of getting out the vote in their communities. They had vigorously supported the historic candidacy of Harris, who would have been the first woman of Black and South Asian descent to win the presidency. Harris’ loss spurred a wave of Black women across social media resolving to prioritize themselves, before giving so much to a country that over and over has shown its indifference to their concerns. AP VoteCast , a survey of more than 120,000 voters, found that 6 in 10 Black women said the future of democracy in the United States was the single most important factor for their vote this year, a higher share than for other demographic groups. But now, with Trump set to return to office in two months, some Black women are renewing calls to emphasize rest, focus on mental health and become more selective about what fight they lend their organizing power to. “America is going to have to save herself,” said LaTosha Brown, the co-founder of the national voting rights group Black Voters Matter. She compared Black women’s presence in social justice movements as “core strategists and core organizers” to the North Star, known as the most consistent and dependable star in the galaxy because of its seemingly fixed position in the sky. People can rely on Black women to lead change, Brown said, but the next four years will look different. “That’s not a herculean task that’s for us. We don’t want that title. ... I have no goals to be a martyr for a nation that cares nothing about me,” she said. AP VoteCast paints a clear picture of Black women’s concerns. Black female voters were most likely to say that democracy was the single most important factor for their vote, compared to other motivators such as high prices or abortion. More than 7 in 10 Black female voters said they were “very concerned” that electing Trump would lead the nation toward authoritarianism, while only about 2 in 10 said this about Harris. About 9 in 10 Black female voters supported Harris in 2024, according to AP VoteCast, similar to the share that backed Democrat Joe Biden in 2020. Trump received support from more than half of white voters, who made up the vast majority of his coalition in both years. Like voters overall, Black women were most likely to say the economy and jobs were the most important issues facing the country, with about one-third saying that. But they were more likely than many other groups to say that abortion and racism were the top issues, and much less likely than other groups to say immigration was the top issue. Despite those concerns, which were well-voiced by Black women throughout the campaign, increased support from young men of color and white women helped expand Trump’s lead and secured his victory. Politically engaged Black women said they don’t plan to continue positioning themselves in the vertebrae of the “backbone” of America’s democracy. The growing movement prompting Black women to withdraw is a shift from history, where they are often present and at the forefront of political and social change. One of the earliest examples is the women’s suffrage movement that led to ratification in 1920 of the 19th Amendment to the Constitution , which gave women the right to vote. Black women, however, were prevented from voting for decades afterward because of Jim Crow-era literacy tests, poll taxes and laws that blocked the grandchildren of slaves from voting. Most Black women couldn’t vote until the Voting Rights Act of 1965. Black women were among the organizers and counted among the marchers brutalized on the Edmund Pettus Bridge in Alabama, during the historic march in 1965 from Selma to Montgomery that preceded federal legislation. Decades later, Black women were prominent organizers of the Black Lives Matter movement in response to the deaths of Black Americans at the hands of police and vigilantes. In his 2024 campaign, Trump called for leveraging federal money to eliminate diversity, equity and inclusion programs in government programs and discussions of race, gender or sexual orientation in schools. His rhetoric on immigration, including false claims that Black Haitian immigrants in Springfield, Ohio, were eating cats and dogs, drove support for his plan to deport millions of people . Related Articles Tenita Taylor, a Black resident of Atlanta who supported Trump this year, said she was initially excited about Harris’ candidacy. But after thinking about how high her grocery bills have been, she feels that voting for Trump in hopes of finally getting lower prices was a form of self-prioritization. “People say, ‘Well, that’s selfish, it was gonna be better for the greater good,”’ she said. “I’m a mother of five kids. ... The things that (Democrats) do either affect the rich or the poor.” Some of Trump’s plans affect people in Olivia Gordon’s immediate community, which is why she struggled to get behind the “Black women rest” wave. Gordon, a New York-based lawyer who supported the Party for Socialism and Liberation’s presidential nominee, Claudia de la Cruz, worries about who may be left behind if the 92% of Black women voters who backed Harris simply stopped advocating. “We’re talking millions of Black women here. If millions of Black women take a step back, it absolutely leaves holes, but for other Black women,” she said. “I think we sometimes are in the bubble of if it’s not in your immediate circle, maybe it doesn’t apply to you. And I truly implore people to understand that it does.” Nicole Lewis, an Alabama-based therapist who specializes in treating Black women’s stress, said she’s aware that Black women withdrawing from social impact movements could have a fallout. But she also hopes that it forces a reckoning for the nation to understand the consequences of not standing in solidarity with Black women. “It could impact things negatively because there isn’t that voice from the most empathetic group,” she said. “I also think it’s going to give other groups an opportunity to step up. ... My hope is that they do show up for themselves and everyone else.” Brown said a reckoning might be exactly what the country needs, but it’s a reckoning for everyone else. Black women, she said, did their job when they supported Harris in droves in hopes they could thwart the massive changes expected under Trump. “This ain’t our reckoning,” she said. “I don’t feel no guilt.” AP polling editor Amelia Thomson DeVeaux and Associated Press writer Linley Sanders in Washington contributed to this report. The Associated Press Health and Science Department receives support from the Robert Wood Johnson Foundation. The AP is solely responsible for all content.None
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Downing throws for 2 TDs, runs for another, Elon tops North Carolina A&T 31-21NEW YORK (AP) — Ayden Pereira rushed for 136 yards on 17 carries and threw for a touchdown and Merrimack's defense smothered Fordham 19-3 in a season finale. Jay Thompson had three solo sacks and was credited with four of Merrimack’s 11 sacks. The Rams (2-10) finished with just four first downs and were held to minus-29 yards rushing and 31 total yards offense. The Warriors (5-6) also made two interceptions. Pereira was 12-of-15 passing for 131 yards, connecting with Jalen McDonald for a 12-yard touchdown and a 16-3 lead late in the third quarter. Lliam Davis's field goal made it 19-3 in the fourth quarter. After Kendal Sims blocked a Fordham punt out of the end zone for a safety, Jermaine Corbett went over from a yard out for a 9-0 lead in the first quarter. Bennett Henderson had Fordham's only points with a 43-yard field goal. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25
After Trump’s win, Black women are rethinking their role as America’s reliable political organizersYour Secret Weapon This Holiday Shopping Season Could Be... ChatGPT?
ATLANTA — On Jan. 18 and 19 the AT&T Playoff Playlist Live! will be held at State Farm Arena in advance of the College Football Playoff national championship on Jan. 20. The star-studded lineup was announced Thursday at a news conference at Mercedes-Benz Stadium. Performances will include Lil Wayne and GloRilla on Saturday; and Camila Cabello, Myles Smith and Knox on Sunday. On game day, the Allstate Championship Tailgate, taking place just outside Mercedes-Benz Stadium in the Home Depot Backyard, will feature country acts on the Capital One Music Stage, including global superstar Kane Brown and iHeartCountry “On The Verge” artist Ashley Cooke. The concerts are just two of the festivities visiting fans can enjoy in the days leading up to the big game. The fan experience for both ticket holders and the general public has been a focus for event planners. All weekend long, an estimated 100,000 people from across the country are expected to attend fan events preceding kickoff. “It will be an opportunity for fans of all ages to come together to sample what college football is all about, and you don’t have to have a ticket to the game to be a part of it,” said Bill Hancock, executive director of the CFP in a press release. “We’ve worked closely with the Atlanta Football Host Committee to develop fan-friendly events that thousands will enjoy come January.” On Saturday, Jan. 18, Playoff Fan Central will open at the Georgia World Congress Center in downtown Atlanta. The free, family-friendly experience will include games, clinics, pep rallies, special guest appearances, autograph signings and exhibits celebrating college football and its history. That day, fans can also attend Media Day, presented by Great Clips, which will feature one-hour sessions with student-athletes and coaches from each of the College Football Playoff national championship participating teams. ESPN and social media giants X, Facebook, Instagram and TikTok will be taping live broadcasts from the event. On Sunday, Jan. 19, the Trophy Trot, both a 5K and 10K race, will wind its way through the streets of downtown Atlanta. Each Trophy Trot participant will receive a T-shirt and finisher’s medal. Participants can register at atlantatrackclub.org . On Sunday evening, the Georgia Aquarium will host the Taste of the Championship dining event, which offers attendees the opportunity to indulge in food and drink prepared by local Atlanta chefs. This premium experience serves as an elevated exploration of local cuisine on the eve of the national championship. Tickets to the Taste of the Championship event are available on etix.com . Atlanta is the first city ever to repeat as host for the CFP national championship. The playoff was previously held in Atlanta in 2018. “We are honored to be the first city to repeat as host for the CFP national championship and look forward to welcoming college football fans from around the country in January,” said Dan Corso, president of the Atlanta Sports Council and Atlanta Football Host Committee. “This event gives us another opportunity to showcase our incredible city.” The College Football Playoff is the event that crowns the national champion in college football. The quarterfinals and semifinals rotate annually among six bowl games — the Goodyear Cotton Bowl Classic, Vrbo Fiesta Bowl, Capital One Orange Bowl, Chick-fil-A Peach Bowl, Rose Bowl Game presented by Prudential and the Allstate Sugar Bowl. This year’s quarterfinals will take place on Dec. 31, 2024 and Jan. 1, 2025, while the semifinals will be Jan. 9-10, 2025. The CFP national championship will be Monday, Jan. 20, 2025, at Mercedes-Benz Stadium. For additional information on the College Football Playoff, visit CollegeFootballPlayoff.com . Get local news delivered to your inbox!
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It seems that Blake Lively was not the only person affected by her experience on the set of the adaptation of Colleen Hoover's It Ends With Us. In an explosive lawsuit filed against co-star and director Justin Baldoni , the mother of four details a harrowing experience on set that she alleges led to her and her youngest child contracting COVID, as well as a lack of lactation breaks and invasions of privacy that impacted both her physical and mental health. According to court documents, her and fellow actor Ryan Reynolds ' children "have been traumatized and emotionally uprooted in ways that have substantially impacted their well-being.” Inside Blake Lively and Ryan Reynolds ‘soft parenting’ approach after confession It Ends With Us author posts in support of 'honest' Blake Lively after lawsuit The lawsuit, which was filed on December 20, alleges that Baldoni and his business partner Jamey Heath, along with their production company Wayfarer, "failed to implement" proper COVID precautions after an on-set outbreak because their insurance did not cover COVID-related illnesses. The 37-year-old actress claims in the suit that information about potential exposure was "deliberately withheld," leading to her and her infant son contracting the illness. The Gossip Girl star claims that after she and her baby contracted COVID from an on-set exposure, "instead of acknowledging responsibility and committing to safety moving forward, [Baldoni and Heath] expressed upset over production days missed and resulting costs." The court documents also mention issues with the lack of "proper lactation breaks" on set, as well as repeated incidents in which her privacy was invaded while breastfeeding, which led to the actress suffering from emotional and physical distress. According to the lawsuit, Blake, who played Lily Bloom in the movie, often went up to six hours without lactation breaks. "Ms. Lively often had to work while breastfeeding, which she felt comfortable doing so long as she was given the time and space to cover herself. She did this frequently because she was not given breaks to feed her baby." DON'T MISS: Ryan Reynolds 'blocked Justin Baldoni' on social media before bombshell lawsuit Justin Baldoni dropped from agency as Blake Lively lawsuit scandal erupts Ryan Reynolds and Blake Lively are trying to give kids a 'normal life' The long periods of working without lactating led to the development of "painful mastitis," which she claims caused her pain and distress that continued well after production wrapped. On top of that, the A Simple Favor actress recalls her privacy being consistently violated on set while she breastfed her youngest child. "Ms. Lively did not expect or consent to anyone entering her private spaces while topless, exposed, and vulnerable with her newborn, or during body makeup application or removal. Mr. Baldoni and Mr. Heath both showed a shocking lack of boundaries by invading her personal space when she was undressed and vulnerable." Blake and Ryan claim that her experience on set and what she claims to be a "hostile work environment" led to her suffering from "grief, fear, trauma, and extreme anxiety" that affected their entire family, including their young children.‘Negative politics, parivarvaad have been defeated’: PM Modi lauds Mahayuti’s smashing victory in MaharashtraNone
Two men who tried to smuggle £42 million worth of cocaine into the UK have been jailed. Mark Moran, 23, and Daniel Livingstone, 25, were caught after 524kg of cocaine was found in a hire van outside a hotel where they stayed in Lelley, East Yorkshire, in May, the National Crime Agency (NCA) said. Moran and Colombian national Didier Tordecilla Reyes, 40, had sailed a rigid hulled inflatable boat from the Hessle slipway before returning hours later with the drugs and unloading them at a beach near Easington caravan park. On Monday, Moran, of Ardrishaig, Argyll and Bute, was sentenced to 15 years’ imprisonment for conspiracy to import cocaine at Hull Crown Court after being convicted by a jury. Livingstone, who had pleaded guilty to the same offence, was sentenced to seven years and nine months’ imprisonment. The NCA said Reyes, 40, who has also pleaded guilty to a charge of conspiracy to import cocaine, is to be sentenced at a later date. Livingstone was spotted shining a torch out to sea and talking on his mobile phone as he waited for Moran and Reyes, who were seen unloading a number of bags into the van and ditching the boat on the beach. Read more: Man dies following light aircraft crash near Scottish airport Over 6,000 Scots waiting for NHS social care assessment Warning about tree was not passed on to train driver before 84mph crash – report Earlier in the day Moran had driven a hire van and the boat from Norwich to Grimsby where he met Livingstone and Reyes. They all drove on to Hessle and Livingstone filled two large jerry cans with fuel. After sentencing, NCA senior investigating officer Alan French said: “There’s no doubt these drugs would have been sold into communities around the UK, but working with our partners including Humberside Police and Border Force, we have disrupted this crime group’s offending and made a huge dent in any profits they were due to make. “We are determined to do all we can to tackle the class A drugs threat activity, and protect the public from the horrific damage it causes our society.”FLORENCE, Italy (AP) — Inter Milan beat Como 2-0 to cement third place in Serie A and close the gap on top two Atalanta and Napoli on Monday. Carlos Augusto got the opener when he headed home a corner kick in the 48th minute. Marcus Thuram scored the second in stoppage time with a potent strike into the roof of the net. It was the first time these teams have played each other in the top division since 2003 and although Inter had lost only one league game all season it struggled to impose itself on 15th-placed Como. However, it won without exerting itself and the three points were enough to take Simone Inzaghi’s men within three points of leader Atalanta and within one of Napoli. Inter has a game in hand over both clubs. Fiorentina missed a chance to go fourth when it lost at home to Udinese 2-1. The Florence club won a record eight consecutive Serie A games before losing to Bologna 1-0 on Dec. 15, and it looked to be back on track when Moises Kean converted a penalty after eight minutes to become the first Fiorentina player to reach double figures in the league since Federico Chiesa in the 2019-20 season. However, Udinese was a different prospect after the break. Lorenzo Lucca equalized with the aid of sloppy defending four minutes into the second half and then Florian Thauvin found space on the edge of the box to curl in the second eight minutes later. The result left Udinese in ninth place and Fiorentina in fifth. The match was a special one for Edoardo Bove, the Fiorentina player whose collapse with a heart issue led to the suspension of its game with Inter Milan on Dec. 1. Bove was fitted with a defibrillator implant soon after and sat on the Fiorentina bench for the first time since his collapse. He is not allowed to play but his position on the sideline alongside coach Raffaele Palladino was seen as a step towards normality for the 22-year-old midfielder. AP soccer: https://apnews.com/hub/soccer
The brachial plexus is a network of nerves that originate near the neck and shoulder. These nerves begin at the spinal cord in the neck and control the hand, wrist, elbow, and shoulder. Nerves are the electrical wiring system in all people that carry messages from the brain to the rest of the body. A nerve is like an electrical cable wrapped in insulation. These injuries can vary in severity, from mild stretching of the nerves (neuropraxia) to complete avulsion (tearing) of the nerves from the spinal cord. The severity and type of injury determine the symptoms and a person can either experience it immediately following the injury or may develop symptoms over time. We speak with an expert to know what are the common symptoms and when is the right time to consult a doctor. Common Symptoms of Brachial Plexus Injury include Pain: “A person suffering from brachial plexus injury may experience sharp burning, or aching and the pain may radiate from the neck to shoulder and arm. Acute injuries cause immediate and severe pain, while chronic injuries may lead to constant discomfort,” Dr Abhijit Wahegaonkar, Senior Consultant and Hand Surgeon, at Jehangir Hospital, says. Numbness and Tingling: A person may experience mild to severe numbness or tingling in the arm or hand. “Numbness may affect specific fingers or areas of the arm, depending on the injured nerves,” he says. Weakness: “Muscle weakness may be there in the affected arm and difficulty lifting the arm, performing everyday tasks, or gripping objects. The weakness may either be partial (paresis) or complete (paralysis), depending on the extent of the injury,” Dr Wahegaonkar explains. Loss of Movement: In extremely severe cases, individuals might also lose complete function in the affected arm. “This can result in paralysis of some or all muscles supplied by the injured nerves,” he adds. Hypersensitivity: Affected people may experience heightened sensitivity in the affected arm or hand. “Mild touching or applying pressure to the injured area may cause discomfort or pain, which can be distressing and impact overall function,” Dr Wahegaonkar explains. When to Consult a Doctor? “If pain, numbness, or weakness exists or worsens over a longer time, it is important to seek medical help,” he warns, adding that the doctor will advise you regarding the timing and nature of intervention required. “If daily activities are affected, such as trouble in performing simple routine tasks such as dressing, bathing, or performing jobs, it is essential to seek advice from a healthcare professional for proper diagnosis and treatment,” he advises. People who have had an injury from a sports accident, falling off a bike, or other accidents should seek medical evaluation immediately, even if symptoms don’t appear initially. Diagnosis of Brachial Plexus Injury Upon consultation, a doctor performs a few physical tests to analyse symptoms and determine the extent of the injury. Diagnostic imaging includes imaging tests, such as an X-ray or MRI, and EMG/Nerve Conduction Studies to diagnose other possible causes of these symptoms. “Recognising the symptoms early and understanding when to consult a doctor is crucial for effective treatment and recovery of brachial plexus injuries. A medical expert can provide a thorough evaluation, accurate diagnosis, and a tailored treatment plan like physical therapy, surgery, medication, occupational therapy, etc. to facilitate the best possible outcome and recovery process,” Dr Wahegaonkar says. Common Myths and Misconceptions about Brachial Plexus Injury The commonest misconception or myth about brachial plexus injury is that there is no treatment available for the injury, or that it can be treated with medication and physiotherapy. “Another prevalent misconception is that surgery will not be successful. Although brachial plexus injuries can be devastating and difficult to manage, a team approach to treatment has made significant improvements in patient function,” the expert explains, concluding that even though current technology cannot return patients with a flail limb to their preinjury state, restoring some function to the arm is a major advance. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Health and around the world.Honda shares set for best day in more than 16 years on share buyback plan, Nissan deal
Shatel: Nebraska is going to a bowl game again — and here are some dream matchupsPFC among 43 stocks nearing ex-dates for dividends, bonus, splits next week. Do you own? - The Economic Times
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