FORT COLLINS – Woodward Inc. (Nasdaq: WWD) on Monday posted a slight decrease in annual profit, even though earnings per share actually rose by 4 percent.
The Fort Collins-based company released its earnings for its full 2016 fiscal year and fourth quarter ending Sept. 30, with the fourth-quarter results easily outpacing last year’s for the same period.
Woodward makes components and control-system solutions geared toward energy efficiency for the aerospace and industrial markets.
The company’s 2016 net income came at $180.8 million, or $2.85 per share. That’s compared to net income of $181.5 million, or $2.75 per share the previous year. Revenue for the full year was down one percent, from $2.04 billion last year to $2.02 billion this year.
For the fourth quarter, net income came in at $63.1 million, or 99 cents per share, up from $50.1 million, or 77 cents per share for the same period a year earlier. Revenue climbed from $562.6 million in the fourth quarter last year to $590.9 million this year.
Woodward’s performance were boosted by its aerospace segment, which saw sales grow 6 percent for the year and 9 percent for the fourth quarter thanks to a strong defense aftermarket and production on new commercial aircraft programs.
The company’s industrial segment, meanwhile, saw fourth-quarter sales slipe by $1 million to $226 million. Industrial sales were down 10 percent for the full year.
“As anticipated, our aerospace segment delivered a strong year, while our industrial segment experienced weakness,” Woodward chairman and CEO Thomas Gendron said. “We continue to take actions to optimize costs and increase operational efficiencies in both segments. We believe we are at or near the bottom of the cycle in industrial, while aerospace is well positioned to continue delivering strong performance.”
The company issued guidance for fiscal 2017 that included a 4 to 6 percent jump in revenue along with earnings per share climbing to a range of $2.95 to $3.25.
“Our aerospace segment will continue to experience substantial growth and expanding margins due to strength in both our commercial and defense markets, as a result of increasing content and platform penetration,” Gendron said.