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Woodward, an energy and aerospace controls systems company headquartered in Fort Collins, posted Tuesday second-quarter net sales of $482.5 million vs. $485.5 million in the second quarter of last year.
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“We delivered increased earnings on flat sales this quarter,” Woodward CEO Tom Gendron said in an earnings statement. “Our focus on operational improvements and cost-control initiatives contributed to operating earnings growth this quarter.”
Woodward’s aerospace net earnings for the second quarter ended March 31 totaled $40.3 million, down from $41.2 million the same quarter a year ago. Aerospace net sales totaled $261 million, down from $270.5 million.
The aerospace sales decrease came from lower defense sales due to timing of contracts and upgrade programs.
The company’s energy earnings totaled $31.9 million during the second quarter vs. $24.2 million for last year’s second quarter. Second-quarter energy net sales totaled $221.4 million, up from $215 million in the second quarter of 2013.
The increased earnings came from energy market improvements, according to Woodward.
Woodward’s nonsegment expenses totaled $9.3 million during the second quarter vs. $8.2 million during the same quarter last year.
Woodward shares declined less than 1 percent to close at $41.40.