Key Developments For Woodward Governor Co
Woodward Governor Co (WGOV.O) (Nasdaq)
Woodward Governor Company Issues FY 2010 Outlook In Line With Analysts' Estimates
Woodward Governor Company announced that for fiscal 2010, it expects sales to be between $1.4 and $1.5 billion and diluted earnings per share (EPS) to be between $1.40 and $1.60. According to Reuters Estimates, analysts on an average are expecting the Company to report EPS of $1.51 on revenue of $1.5 billion for the same period.
Woodward Governor Company's MPC Products Corporation Announces Agreement on Settlement of Government Investigation
Woodward Governor Company announced that its wholly owned subsidiary, MPC Products Corporation (now doing business as Woodward MPC), (MPC), has reached an agreement with the U.S. Department of Justice (DOJ) to resolve the criminal and civil claims related to investigation of MPC's pre-June 2005 government contract pricing practices. In settlement of the criminal and civil cases, MPC is to pay approximately $25 million in restitution and fines, which was previously accrued by Woodward as part of the acquisition; the purchase price for MPC was also reduced by this amount. As part of the negotiated settlement, MPC will also plead guilty to one count of mail fraud related to its pre-June 2005 government contract pricing practices and has agreed to conditions of a two-year probation. The civil settlement was approved by the United States District Court in the Northern District of Illinois (the District Court) on October 7, 2009. The criminal case plea agreement, including sentencing, remains subject to approval by the District Court. If the Court approves the plea agreement, all matters related to the DOJ investigation will be concluded.
Woodward Governor Company Announces Declaration of Dividend
Woodward Governor Company announced that its Board of Directors has approved a quarterly cash dividend of $0.06 per share, payable on December 1, 2009, to shareholders of record as of the close of business on November 17, 2009.
Woodward Governor Company Sells Fuel And Pneumatics Product Line To TransDigm Inc.
Woodward Governor Company announced that it has completed the sale of the Fuel and Pneumatics product line of its Woodward HRT business to TransDigm Inc. for $48 million. The Company intends to use the proceeds to reduce its outstanding debt and will not record a significant gain or loss as a result of this transaction.
Woodward Governor Company Reiterates FY 2009 Outlook
Woodward Governor Company reiterated its fiscal 2009 outlook and expects sales to be approximately $1.45 billion and reported earnings per share (EPS) to be approximately $1.35, which presently includes $0.21 of negative effects of the previously discussed special items. According to Reuters Estimates, analysts were expecting the Company to report revenues of $1.46 billion for the same period.
