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Woodward , Inc. (NASDAQ:WWD), a leader in the electrical industrial apparatus sector with a market capitalization of $10.95 billion, announced the results of its 2024 Annual Meeting of Stockholders held on January 29, 2025. According to InvestingPro data, the company has demonstrated strong performance with a 38.76% return over the past year. The stockholders voted on three critical proposals, with all nominees for the company’s Board of Directors being elected and the advisory resolution on executive compensation receiving approval.
The first proposal concerned the election of three directors to Woodward’s Board for a three-year term. Rajeev Bhalla, Eileen P. Paterson, and Gregg C. Sengstack were the nominees, with Bhalla receiving 47,769,829 votes for, 681,433 against, and 155,364 abstentions. Paterson received 46,269,535 votes for, 2,296,118 against, and 40,973 abstentions. Sengstack received 38,360,431 votes for, 10,179,046 against, and 67,149 abstentions. There were 4,940,348 broker non-votes for each nominee.
The second proposal was an advisory resolution regarding the compensation of Woodward’s named executive officers. The resolution passed with 46,395,278 votes for, 2,002,512 against, and 208,837 abstentions, alongside 4,940,348 broker non-votes.
The third proposal involved the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending September 30, 2025. The appointment was ratified with a significant majority of 52,138,162 votes for, 1,370,684 against, and 38,128 abstentions.
The approval of these proposals indicates shareholder confidence in the company’s governance and executive compensation practices. The election of directors and the ratification of the accounting firm are essential governance activities that reflect the shareholders’ trust in the management and oversight of the company. InvestingPro analysis shows Woodward maintains strong financial health with a current ratio of 1.89, indicating solid liquidity. The company has also maintained dividend payments for an impressive 52 consecutive years, demonstrating long-term financial stability.
This information is based on a press release statement filed with the SEC. Woodward, Inc., headquartered in Fort Collins, Colorado, continues to operate under the leadership of these elected directors and with the oversight of its chosen independent accounting firm. InvestingPro subscribers can access over 10 additional key insights about Woodward’s financial health, valuation metrics, and growth potential through the comprehensive Pro Research Report, which provides detailed analysis of the company’s performance and prospects.
In other recent news, Woodward, Inc. has reported a few significant developments. The company announced a 12% increase in its quarterly cash dividend, moving from $0.25 to $0.28 per share, reflecting its confidence in its financial health and commitment to shareholder value. This new dividend is set to be distributed to shareholders on record as of February 20, 2025.
In its first quarter fiscal year 2025 results, Woodward posted adjusted earnings per share of $1.35, surpassing analyst estimates. However, the company fell short on revenue, recording $773 million, slightly below the consensus estimate of $774.17 million, and down 2% YoY. Despite this, the company reaffirmed its fiscal year 2025 revenue guidance of $3.3-3.5 billion.
Cash from operations decreased 26% to $35 million, while free cash flow fell 81% to $1 million compared to the same quarter last year. These are some of the recent developments in the company that investors should take note of. Woodward’s Aerospace segment saw growth, while the Industrial segment experienced broad-based strength in certain areas but a decline in sales related to China on-highway natural gas trucks.
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