Banking & Finance  January 25, 2024

Woodward rolls out new stock buyback plan

FORT COLLINS —  The board of directors at Woodward Inc. (Nasdaq: WWD), a Fort Collins company that designs, manufactures and services energy-conversion and control solutions for the aerospace and industrial equipment markets, recently approved a stock buyback program that allows the firm to repurchase up to $600 million in shares over the next three years.

“This new program replaces the previously authorized two-year $800 million repurchase program, which was initially authorized in January 2022, and under which the company repurchased approximately $572 million in stock,” the company said in a news release. 

The new plan “reflect(s) Woodward’s strong balance sheet, ability to generate cash flow, and our balanced capital allocation strategy, which includes returning cash to shareholders through dividends and stock repurchases,” Woodward Chip Blankenship said in the release.

Woodward’s stock price spiked during early on Thursday before settling back near where it began trading for the day. The price finished trading Thursday at $136.32, up 0.56%.

Sign up for BizWest Daily Alerts

Related Content