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WWD

Woodward

$71.08

-1.63 (-2.24%)

05:48
04/09/18
04/09
05:48
04/09/18
05:48

Woodward records anticipated charges related to Duarte relocation

Woodward announced that it has recorded in its second quarter of fiscal 2018 specific charges totaling $17 million pre-tax, or 20c per diluted share, primarily related to its previously announced decision to move its operations located in Duarte, CA to the recently renovated Drake Campus in Fort Collins, CO. As mentioned in the previous announcement, the Duarte facility is unable to support the significant amount of new business recently awarded, including a major thrust reverser actuation system contract with Airbus. A related facilities study concluded that the Drake Campus presented the best opportunity considering a variety of relevant criteria. Included in the $17 million of specific charges is approximately $12.5 million of workforce management costs associated with the transfer of the business from Duarte to Fort Collins. An engineering center will remain in the Duarte area. In addition to the specific charges, Woodward anticipates incurring certain move related costs such as expenses associated with moving equipment, employee training, accelerated depreciation, and increased labor expenses over the coming year. "We anticipate these expenses will vary by quarter, but are expected to be approximately $12 million in total. Woodward is exploring various options with respect to the Duarte property and believes that a gain will be realized upon its disposition, which is anticipated to offset the specific charges and other costs associated with the Duarte relocation. In our Industrial segment, while Woodward has already taken considerable actions to redeploy our workforce and reduce costs, the specific charges also include approximately $4.5 million of workforce management costs related to aligning our industrial turbomachinery business with current market conditions. Beginning with the second quarter of our fiscal year, in addition to earnings as reported under US-GAAP, Woodward will report adjusted earnings, which will exclude the specific charges mentioned above as well as the incremental costs associated with the Duarte relocation."

  • 10

    May

WWD Woodward
$71.08

-1.63 (-2.24%)

12/11/17
FBCO
12/11/17
NO CHANGE
Target $80
FBCO
Neutral
Woodward price target raised to $80 from $70 at Credit Suisse
Credit Suisse analyst Robert Spingarn raised his price target for Woodward to $80 from $70 after attending its annual Investor Day, where management refreshed 2018 guidance and provided a more detailed outlook for major programs and end markets. The analyst reiterates a Neutral rating on the shares.
01/23/18
BRRR
01/23/18
INITIATION
BRRR
Market Perform
Woodward re-initiated with a Market Perform at Barrington
Barrington analyst Matthew Gall re-established a Market Perform rating on Woodward citing valuation.
01/23/18
01/23/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Abeona Therapeutics (ABEO) assumed with an Outperform at RBC Capital. 2. Jack Henry (JKHY) initiated with a Neutral at DA Davidson. 3. Woodward (WWD) re-initiated with a Market Perform at Barrington. 4. Navistar (NAV) initiated with a Neutral at Buckingham. 5. Global Blood Therapeutics (GBT) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/29/18
LEHM
03/29/18
INITIATION
Target $81
LEHM
Equal Weight
Woodward initiated with an Equal Weight at Barclays
Barclays analyst David Strauss started Woodward (WWD) with an Equal Weight rating and $81 price target. The analyst believes expectations for U.S. Aerospace & Defense are too low and initiated the sector with a Positive rating. Fundamentals look poised to deliver accelerating growth against consensus, the analyst contends. He favors TransDigm (TDG) in Aerospace and his top pick overall is L3 Technologies (LLL).

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