Woodward reports 23 percent quarterly sales increase

FORT COLLINS – Woodward Inc. (Nasdaq: WWD) reported a 23 percent
increase in its net sales for the third quarter of its 2011 fiscal year
over the same period in 2010.

Net sales for the third quarter of fiscal 2011 were $438.5 million
compared to $356.4 million in the third quarter of 2010. Net earnings
were $36.1 million compared to $31.7 million the year before.

Earnings per share were 51 cents during the quarter, up from 45 cents
per share in the same period a year earlier. Free cash flow for the
third quarter of 2011 was $14.1 million, the company reported.

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“Woodward’s record quarter of sales and earnings was driven by
broad-based growth and application of our energy-control solutions
strategy,´ said Thomas Gendron, Woodward chairman and CEO, in announcing
the results.

All segments of the Fort Collins-based company’s business showed net
sales increases during the quarter, with turbine systems up 26 percent,
airframe systems up 9 percent and electrical power systems up 52
percent, the report said.

Shares of Woodward were trading down slightly Tuesday afternoon at $36.48.