Bullish stock to watch: Woodward, Inc.Common Stock (NASDAQ: WWD)

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Woodward, Inc. Common Stock (NASDAQ: WWD) stock rose over 1.24% on Feb 4th, 2020 (as of 10:41 am GMT-5 ; Source: Google finance) after the company posted better than expected results for the first quarter of FY 20. The company has generated the adjusted free cash flow of $29 million for the first quarter of 2020, which includes the $19 million of proceeds from the sale of the first parcel of the Duarte real property. The decline in adjusted free cash flow for the first quarter of 2020, compared to free cash flow in the first quarter of 2019, was mainly due to higher working capital in the first quarter of 2020. The company’s total debt stood at $1.11 billion at December 31, 2019, compared to $1.08 billion at September 30, 2019.

WWD in the first quarter of FY 20 has reported the adjusted earnings per share of $1.10, beating the analysts’ estimates for the adjusted earnings per share of $1.03, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 10 percent to $720.36 million in the first quarter of FY 20, beating the analysts’ estimates for revenue by 7.97%.

For fiscal 2020, the company expects the total net sales to be between $2.9 and $3.0 billion. Aerospace sales are now projected to be up low single digits compared to the prior year, and Aerospace segment earnings as a percent of segment net sales are still anticipated to be approximately 21 percent. Industrial segment earnings as a percent of segment net sales are projected to be approximately 14 percent, which reflects the benefit from the sale of the renewables portfolio being offset by weaker than expected oil and gas sales for the full year. 2020 Adjusted free cash flow is expected to be approximately $420 million. The Adjusted earnings per share, which excludes the impacts of the gain on the sale of the Duarte real property and the financial impacts of the sale of the renewables portfolio, is now expected to be in the range of $5.22 and $5.52 based on approximately 65 million of fully diluted weighted average shares outstanding. As a result of the merger agreement with Hexcel, the company will not be repurchasing as many shares in the fiscal year as originally planned in the outlook for fiscal 2020. However, within the 18 months after the close of the merger, the company intends to repurchase approximately $1.5 billion of Woodward Hexcel stock, or approximately 10 percent of the anticipated market capitalization of the combined entity.

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