GlobeNewswire Inc | Jan 31, 2022 04:10PM EST

January 31, 2022

FORT COLLINS, Colo., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) announced that its Board of Directors authorized a two-year stock repurchase program, under which up to $800 million in Woodward stock may be purchased in the open market and private transactions. This authorization replaces the previously authorized stock repurchase program.

Our stock repurchase program is an important part of our balanced capital deployment strategy. Given our strong financial position and positive financial outlook, including our ability to generate robust cash flow, we remain committed to returning capital to stockholders via stock repurchases and cash dividends, while concurrently investing in our business to support future growth, said Thomas A. Gendron, Chairman and Chief Executive Officer.

About Woodward, Inc.

Woodward is the global leader in the design, manufacturing, and service ofenergy 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 worlds harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Notice Regarding Forward-Looking Statements

The statements in this release contain forward-looking statements that involve risks and uncertainties, including statements concerning the amount and timing of any potential repurchase of shares under the companys authorized two-year $800 million stock repurchase program, and the companys balanced capital deployment strategy, strong financial position, positive financial outlook, future ability to generate robust cash flow, and commitment to returning capital to stockholders via share repurchases and cash dividends while concurrently investing in our business to support future growth. 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, 2021 and any subsequently filed Quarterly Report on Form 10-Q.

CONTACT: Dan Provaznik Director, Investor Relations 970-498-3849 Dan.Provaznik@woodward.com