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sg777 live register MAA Announces Regular Quarterly Preferred Dividend

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.5 Automation Strategies Every Small Business Should FollowScorching heat and dangerous fire conditions are sweeping across eastern Australia, with some areas predicted to swelter as temperatures push into the mid-40s. or signup to continue reading Hot, dry, windy conditions have been building across the nation since Christmas Eve, fuelling bushfires including a massive blaze in Victoria's Grampians National Park. Birdsville, in southwest Queensland, recorded 47.2C on Boxing Day, the nation's highest temperature, while Moomba in South Australia hit 45.5C. The extreme conditions have complicated firefighting efforts in the Grampians, where wind gusts reached 95 km/h. Half of the iconic Grampians region in Victoria is on fire, about 74,000 hectares. A dramatic cool change brought some relief overnight, with temperatures dropping 10C in two hours at the fireground. However, the weather bureau said the change did not bring any relief for firefighters in the form of rain. "No rainfall was observed across the Grampians northern fire sites with this system," said the Bureau of Meteorology's Jonathan How. The potentially dangerous weather pattern has now shifted northeast, with Sydney facing extreme fire danger ratings on Friday. Western Sydney is bracing for temperatures in the low 40s, while coastal areas expect high 30s. "With that heat and also very dry winds coming through from inland areas, we are expecting extreme fire dangers for Sydney and Hunter as well as the northwestern slopes of New South Wales," Mr How said. A total fire ban is in place for those areas. Queensland isn't being spared, with Brisbane set to peak at 37C on Saturday and the city's western suburbs potentially reaching 40C. The bureau warns of "low to locally severe intensity heatwave conditions" stretching along Queensland's east coast. A cool change if offering relief to southern states, with temperatures dropping 10-15 degrees in Victoria and SA later in the weekend. Melbourne and Adelaide are expecting much milder conditions of about 22C on Friday. The Bureau of Meteorology is urging residents to stay updated on local fire authority advice and to check current conditions. DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. 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SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Zscaler Inc. (ZS) on Monday reported a loss of $12.1 million in its fiscal first quarter. The San Jose, California-based company said it had a loss of 8 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 77 cents per share. The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share. The cloud-based information security provider posted revenue of $628 million in the period, which also topped Street forecasts. Thirteen analysts surveyed by Zacks expected $605.7 million. For the current quarter ending in January, Zscaler expects its per-share earnings to range from 68 cents to 69 cents. The company said it expects revenue in the range of $633 million to $635 million for the fiscal second quarter. Zscaler expects full-year earnings in the range of $2.94 to $2.99 per share, with revenue ranging from $2.62 billion to $2.64 billion. This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on ZS at https://www.zacks.com/ap/ZS

No. 22 Xavier aims to keep its perfect record intact Monday night in Fort Myers, Fla., when it takes on South Carolina in the Fort Myers Tip-Off. The Musketeers (5-0) are coming off an 80-55 victory on Wednesday over Siena, while the Gamecocks (3-2) beat Mercer on Thursday 84-72. Against Mercer, South Carolina sank a season-best 12 3-pointers -- tied for the fourth-most in a single game under third-year coach Lamont Paris. Jamarii Thomas, a senior transfer from Norfolk State, had 19 points and swished 4 of 5 shots from behind the arc. "Thomas got some good, clean looks," Paris said. "It was good to see those guys make their shots. Hopefully it gets those guys going in the right direction." On the season, the Gamecocks are making 7.8 3-pointers per game and shooting 32.5 percent from deep. Senior guard Jacobi Wright makes a team-best 1.8 3-pointers per game and shoots 37.5 percent from behind the arc. At 13.0 ppg, he is second on the team behind Collin Murray-Boyles (15.8). Xavier is allowing eight makes from deep per game and is letting opponents shoot 38.5 percent from behind the arc, which ranks 337th in the country. And despite an undefeated record so far for the Musketeers, third-year coach Sean Miller is worried about his players developing bad habits. "We have a virus that everybody is looking at the stat sheet, trying to get as many points as they possibly can," Miller said after the win over Siena. "They want to win, but they really want to win and score. We need a couple of guys that are willing to rebound, defend, make the extra pass, play at a high level defensively and understand what makes a team great." Marcus Foster did a decent job of doing a little bit of everything for Xavier against Siena, piling up 12 points, five rebounds, five assists and a steal. It was the first double-digit scoring outing for Foster -- a grad transfer from Furman -- in a Xavier uniform. Since 2008, Xavier is 25-11 against teams from the Southeastern Conference, but it hasn't played South Carolina in that stretch. --Field Level Media

MAPUTO, Mozambique. (AP) — At least 6,000 inmates escaped from a high-security prison in Mozambique’s capital on Christmas Day after a rebellion, the country's police chief said, as widespread post-election riots and violence are roiling the country. Police chief Bernardino Rafael said 33 prisoners died and 15 others were injured during a confrontation with the security forces. The prisoners fled during violent protests that have seen police cars, stations and infrastructure destroyed after the country’s Constitutional Council confirmed the ruling Frelimo party as the winner of the Oct. 9 elections. The escape from the Maputo Central Prison, located 14 kilometers (9 miles) southwest of the capital, started around midday on Wednesday after “agitation” by a “group of subversive protesters” nearby, Rafael said. Some of the prisoners at the facility snatched weapons from the guards and started freeing other detainees. “A curious fact is that in that prison we had 29 convicted terrorists, who they released. We are worried, as a country, as Mozambicans, as members of the defense and security forces,” said Rafael. “They (protesters) were making noise, demanding that they be able to remove the prisoners who are there serving their sentences”, said Rafael, adding that the protests led to the collapse of a wall, allowing the prisoners to flee. He called on the escaped prisoners to surrender to authorities and for the population to be informed about the fugitives. Videos circulating on social media show the moment inmates left the prison, while other recordings reveal captures made by military personnel and prison guards. Many prisoners tried to hide in homes, but some were unsuccessful and ended up being detained again. In one video, a prisoner still with handcuffs on his right wrist says he was held n the disciplinary section of the prison and was released by other inmates.Richard Parsons, prominent Black executive who led Time Warner and Citigroup, dies at 76Zbit Semiconductor’s recent stock movement has caught the eyes of investors with a staggering 41% climb in the past month. However, this surge barely offsets the 17% decline over the last year, leaving investors questioning the company’s true value. Delving into the details, Zbit Semiconductor boasts a price-to-sales (P/S) ratio of 11x, quite elevated compared to industry norms in China, where many counterparts have ratios below 7x and some even under 3x. This soaring ratio might hint at high expectations for future growth, but the company has been lagging in revenue growth compared to its competitors. The optimism surrounding Zbit Semiconductor seems largely based on future growth forecasts. Analysts anticipate an impressive 62% revenue increase in the coming year, surpassing the industry’s expected growth of 49%. This optimistic outlook explains why the stock trades at a premium P/S ratio, suggesting investors have faith in a substantial turnaround. Despite an impressive revenue increase of 17% over the last year, Zbit Semiconductor still faces challenges, having seen total revenue fall 39% from three years ago. Yet, the high P/S ratio reflects investor sentiment that this trend will reverse significantly. The key takeaway for investors: While Zbit Semiconductor’s current metrics might seem daunting, the anticipated strong revenue growth provides a rationale for its high valuation. Skepticism remains until actual performance aligns with forecasts, making cautious optimism a prudent approach. Why Zbit Semiconductor Might Just Be the Next Big Thing in Tech Stocks Investors are closely watching Zbit Semiconductor after a remarkable 41% increase in its stock price over the past month. Despite this surge, the stock’s value hasn’t completely recovered from a 17% decline over the past year, prompting debates about its future trajectory and true market value. Understanding Zbit’s Elevated Valuation: Zbit Semiconductor displays a striking price-to-sales (P/S) ratio of 11x. This is significantly higher than the average P/S ratios in China’s semiconductor industry, where many companies are valued with a P/S ratio under 7x, and some even as low as 3x. Such a high ratio could indicate investor confidence in the company’s growth prospects, although Zbit has historically lagged behind its competitors in revenue growth. Forecasts and Expectations: Analysts predict a promising 62% revenue increase for Zbit Semiconductor in the upcoming year, a leap ahead of the industry’s projected growth rate of 49%. This expectation accounts for the stock’s elevated P/S ratio, as investors are banking on a significant recovery and future prosperity for the company. Despite a steady 17% revenue increase last year, Zbit’s overall revenue is still 39% lower compared to three years ago. The optimistic revenue forecasts support the current high valuation, although caution remains warranted until the company’s performance matches investor expectations. Investors’ Insight: For stakeholders, Zbit Semiconductor represents a high-risk, high-reward opportunity. While current metrics may raise eyebrows, the anticipation of robust revenue growth justifies its premium valuation. Investors are advised to maintain a balanced approach, considering the optimistic forecasts against the backdrop of past performance discrepancies. Looking Ahead: Security, Sustainability, and Market Innovations: As Zbit Semiconductor strides toward growth, it will be essential to focus on innovation, enhancing security measures, and sustainable practices. These areas will not only drive future success but also assure stakeholders of the company’s long-term viability and adaptability in a competitive market. For more information on Zbit Semiconductor and developments in the semiconductor industry, check out [Zbit Semiconductor](https://www.zbitsemi.com).

Mumbai: Amid demands for his removal from the Maharashtra Cabinet in connection with the murder of Massajog village Sarpanch Santosh Deshmukh, newly appointed Food and Civil Supplies Minister Dhananjay Munde on Thursday met Chief Minister Devendra Fadnavis at the Sahyadri Guest House and asserted that the killers of the sarpanch should be hanged. Pressure has been mounting from opposition leaders, social activists and media outlets, calling for the arrest of Walmik Karad, the main accused in Deshmukh’s murder. Karad, allegedly a close associate of Munde, remains at large, intensifying public and political scrutiny. After meeting Maharashtra Chief Minister Devendra Fadnavis, Munde, told reporters, “It has been my demand since day one that the killers of Santosh Deshmukh should be hanged. I have also been demanding that the investigation in this case should be completed, the charge sheet should be filed immediately, the case should be tried in a fast-track court and justice should be given to Deshmukh's family as soon as possible.” Twelve days after Deshmukh’s murder, the Maharashtra Police have ramped up their investigation, transferring the case to the Crime Investigation Department (CID). A special team of Beed police has been searching for the three absconding accused. Munde, describing the murder as unfortunate and shocking, assured that no one would be protected due to their connections. “The police are going deep into the roots of the case,” he said. However, Munde also claimed that political motives were behind the case, accusing detractors of attempting to damage his reputation to block his potential appointment as Beed's Guardian Minister. “Some people wake up every day to criticise me and try to involve me in this case, though I have no connection to it,” Munde added. Shiv Sena (UBT) leader Sanjay Raut criticised Chief Minster Devendra Fadnavis, accusing him of protecting Beed's Naxals. Raut highlighted that 38 murders had occurred in Beed over the past few years and questioned Fadnavis's commitment to combating Naxalism in the region. “The mastermind behind Deshmukh’s murder is in the cabinet,” Raut charged, further asserting that an all-party morcha would be held on December 29 to demand action against the true culprits. Meanwhile, Congress state president Nana Patole joined the chorus of criticism, accusing the BJP government of attempting to suppress the investigations into the murders in Parbhani and Beed. “The government is unwilling to accept the facts, and we are clear about the outcome of the inquiry,” Patole remarked. Social activist Anjali Damania also stirred controversy by posting a video online showing Munde with Walmik Karad, holding a gun and driving a car together.Undefeated Oregon and No. 23 Texas A&M will collide Tuesday afternoon in Las Vegas in the second game of the new Players Era Festival. Both teams are in the "Power" group of the eight-team event. All eight teams are receiving $1 million for their name, image and likeness (NIL) collectives, but placing fourth or higher in the tourney in order will net them anywhere from $1.1 million to $1.5 million. The Aggies (4-1) opened the season with a three-point loss at UCF, but since then have won four straight, all in convincing fashion. Texas A&M upset then-No. 21 Ohio State 78-64 on Nov. 15 at home in College Station, Texas. Then the Aggies crushed Southern 71-54 last Wednesday, when Wade Taylor IV led the way with 17 points and six assists. All of Texas A&M's wins have been by double digits. The Aggies and Ducks (5-0) have split the two previous meetings against each other. Until March 2022 in an NIT second-round game, they had not met since the 1970-71 season. Texas A&M tied the overall series with a 75-60 win at home in 2022. The only player on the Ducks' current roster who played in that game was 7-foot senior Nate Bittle, who has been one of Oregon's best players so far this season. Bittle's 16.2 points and 10.2 rebounds per game lead the Ducks so far this season, and the big man also averages two blocked shots per game. Texas A&M guard Zhuric Phelps, a transfer from SMU, leads the Aggies in scoring at 16 points per game. Taylor adds 14 points per game. The Aggies could be the best defensive team the Ducks will have seen this season. A&M is allowing teams to shoot only 36.6 percent in games. Head coach Buzz Williams and his staff are hoping the team gets better at taking charges on defense, as the Aggies have just one so far this season. "I guess the thing that you work on most is verticality around the rim," Texas A&M assistant coach Steve Roccaforte told KBTX television. "‘Hey, once you get there, if you try and take a charge, it's going to be a block. Just jump as high as you can, stay vertical, try to go chest-to-chest. Make it a hard shot.'" Oregon is coming off a 78-75 win at Oregon State, the Ducks' first road game of the season. The Ducks trailed by 10 points at halftime but, as they have in several games this season, they found a rhythm on offense in the second half and came up with a comeback win. Bittle's 23 points and 14 rebounds led the way. Jackson Shelstad had 15 points and Jadrian Tracey and Keeshawn Barthelemy both added 10. "We started rebounding the ball a little better. Nate really got it going inside and our guys got him the ball," Oregon head coach Dana Altman told the school's athletics website. "He had a heck of a game." --Field Level MediaNBA's Christmas Day ratings skyrocket, even going up against NFL games

Former Trump nominee Gaetz says he won't return to CongressNEW YORK (AP) — Richard Parsons, one of corporate America's most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76. Parsons, who died at his Manhattan home, was diagnosed with multiple myeloma in 2015 and cited “unanticipated complications” from the disease for cutting back on work a few years later. The financial services company Lazard, where Parsons was a longtime board member, confirmed his death. The NBA, where Parsons was interim CEO of the Los Angeles Clippers in 2014, was among organizations offering condolences. “Dick Parsons was a brilliant and transformational leader and a giant of the media industry who led with integrity and never shied away from a challenge,” NBA Commissioner Adam Silver said. Parsons’ friend Ronald Lauder told The New York Times that the cause of death was cancer. Parsons stepped down Dec. 3 from the boards of Lazard and Lauder's company, Estée Lauder, citing health reasons. He had been on Estée Lauder’s board for 25 years. Parsons, a Brooklyn native who started college at 16, was named chairman of Citigroup in 2009, one month after leaving Time Warner Inc., where he helped restore the company’s stature following its much-maligned acquisition by internet provider America Online Inc. He steered Citigroup back to profit after financial turmoil from the subprime mortgage crisis, which upended the economy in 2007 and 2008. Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness. Parsons said in a statement at the time that he was already dealing with multiple myeloma when he joined the board, but “unanticipated complications have created additional new challenges.” He said his doctors advised him to cut back on his commitments to ensure recovery. “Dick’s storied career embodied the finest traditions of American business leadership,” Lazard said in a statement. The company, where Parsons was a board member from 2012 until this month, praised his “unmistakable intelligence and his irresistible warmth.” “Dick was more than an iconic leader in Lazard’s history — he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people’s lives,” the company said. “His legacy lives on in the countless leaders he counseled, the institutions he renewed, and the doors he opened for others.” Parsons was known as a skilled negotiator, a diplomat and a crisis manager. Although he was with Time Warner through its difficulties with AOL, he earned respect for the company and rebuilt its relations with Wall Street. He streamlined Time Warner’s structure, pared debt and sold Warner Music Group and a book publishing division. He also fended off a challenge from activist investor Carl Icahn in 2006 to break up the company and helped Time Warner reach settlements with investors and regulators over questionable accounting practices at AOL. Parsons joined Time Warner as president in 1995 after serving as chairman and chief executive of Dime Bancorp Inc., one of the largest U.S. thrift institutions. In 2001, after AOL used its fortunes as the leading provider of Internet access in the U.S. to buy Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman. In that role, he was in charge of the company’s content businesses, including movie studios and recorded music. He became CEO in 2002 with the retirement of Gerald Levin, one of the key architects of that merger. Parsons was named Time Warner chairman the following year, replacing AOL founder Steve Case, who had also championed the combination. The newly formed company’s Internet division quickly became a drag on Time Warner. The promised synergies between traditional and new media never materialized. AOL began seeing a reduction in subscribers in 2002 as Americans replaced dial-up connections with broadband from cable TV and phone companies. Parsons stepped down as CEO in 2007 and as chairman in 2008. A year later AOL split from Time Warner and began trading as a separate company, following years of struggles to reinvent itself as a business focused on advertising and content. Time Warner is now owned by AT&T Inc. A board member of Citigroup and its predecessor, Citibank, since 1996, Parsons was named chairman in 2009 at a time of turmoil for the financial institution. Citigroup had suffered five straight quarters of losses and received $45 billion in government aid. Its board had been criticized for allowing the bank to invest so heavily in the risky housing market. Citigroup returned to profit under Parsons, starting in 2010, and would not have a quarterly loss again until the fourth quarter of 2017. Parsons retired from that job in 2012. In 2014 he stepped in as interim CEO of the Clippers until Microsoft CEO Steve Ballmer took over later that year. Parsons, a Republican, previously worked as a lawyer for Nelson Rockefeller, a former Republican governor of New York, and in Gerald Ford’s White House. Those early stints gave him grounding in politics and negotiations. He also was an economic adviser on President Barack Obama’s transition team. Parsons, who loved jazz and co-owned a Harlem jazz club, also served as Chairman of the Apollo Theater and the Jazz Foundation of America. And he held positions on the boards of the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History and the Museum of Modern Art in New York City. Parsons played basketball at the University of Hawaii at Manoa and received his law degree from Albany Law School in 1971. He is survived by his wife, Laura, and their family. This obituary was primarily written by the late Associated Press reporter Anick Jesdanun, who died in 2020 . Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.

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Name: Lane Allison School: West Greene Grade: Senior Sport: Basketball Allison’s week: A couple of days had passed, but Allison was still answering text messages and phone calls about the miracle shot he pulled off at the end of West Greene’s game against Chartiers-Houston Friday night. The 75-foot heave at the buzzer, which was a perfect swish through the hoop, gave the Pioneers a 52-51 victory and a story for Allison to tell for the rest of his life. “People are messaging me left and right,” Allison said. “It’s pretty awesome.” The basket finished off a 27-point night for Allison and a big win for the Pioneers, who are tied for first place in the Class 2A, Section 3 standings with Jefferson-Morgan at 3-0. The Shot: Allison said he had never tried a full-length court shot before, but he did it twice in one half during Friday night’s game. The first one was at the end of the third quarter out of desperation and it didn’t come close. The second one was also out of desperation. After Chartiers-Houston’s Jake Perchinsky scored a go-ahead layup, Allison said he peaked up at the clock, saw there was little time left and fired the ball at the hoop as soon as it was inbounded to him. “About halfway when I saw it curving towards the basket, I thought it had a chance,” Allison said. The reaction: After the ball went through the hoop, Allison doesn’t have much recollection of what happened next. “I remember jumping up and untucking my jersey,” Allison said. “I blacked out after that. I can’t remember much of anything that happened other than being tackled into the wall by my coach.” Thankfully, West Greene Athletics livestreamed the game on YouTube, so everything is on video. After the ball went in, Allison ran the full length of the court and was chased down, then subsequently mobbed by his teammates. Allison’s father, Jeremiah, had a great seat for the shot. He’s the clock operator for West Greene boys basketball home games. “You can see his reaction on the livestream,” Allison said about his dad. “He was just asking the refs to make sure it was a good basket.” Late-game heroics: The buzzer-beater wasn’t the first time Allison has made a late impact on a game this school year. He made a heads-up play that resulted in a touchdown in West Greene football’s regular-season finale against Beth-Center. After Beth-Center had blocked a late fourth-quarter field-goal attempt, Allison realized the ball hadn’t crossed the line of scrimmage, so he picked it up and ran into the end zone for a touchdown, which gave the Pioneers the lead and the win, 29-22. “They were celebrating and ran past the ball. I picked it up and ran it in for a touchdown,” Allison said. “We got the lead. Then, they threw a Hail Mary and we intercepted it, kneeled it and won the game.” Softball: Allison plays baseball for West Greene in the spring and travel ball in the summer, but one of his favorite hobbies is playing in a summer fastpitch softball league in Burgettstown with his dad. They play for the Slovenian Club. Last year they won the championship and, yes, Allison had a late impact. “I had a walk-off hit in the first game of the championship for softball,” he said. Compiled by Jerin Steele

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