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.
“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.