Manufacturing  January 24, 2017

Woodward Inc. posts $47M quarterly profit

FORT COLLINS — Woodward Inc. (Nasdaq: WWD) on Monday reported a profit of $47 million for the first quarter of its fiscal year 2017 that ended Dec. 31.

The Fort Collins-based manufacturer of control solutions for the aerospace and industrial markets recorded income of $443 million, down from $445 million for the same period a year ago.

The company said both aerospace and industrial segment sales were essentially flat with the prior year.

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The profit represented 73 cents per share, and was a big improvement for the first quarter of 2016 when it made $26 million, or 40 cents per share. The prior year’s first quarter included after-tax special charges totaling $10 million, or 16 cents per share.

“Our first quarter operating results were in line with our expectations for both segments,” said Thomas A. Gendron, chairman and chief executive. “Aerospace continues to perform well, and our industrial segment is showing signs of stabilization. We remain firmly on track to achieve our fiscal year expectations.”

Total debt was $720 million at Dec. 31, 2016 compared with $727 million at Sept. 30, 2016.

For the fiscal year, the company said net sales are expected to increase by approximately 4 percent to 6 percent from the prior year, and earnings per share are expected to be between $2.95 and $3.25.

Woodward’s stock was trading at $65.80 per share Monday. Its 52-week range is $42.01 to $71.46 per share.

 

FORT COLLINS — Woodward Inc. (Nasdaq: WWD) on Monday reported a profit of $47 million for the first quarter of its fiscal year 2017 that ended Dec. 31.

The Fort Collins-based manufacturer of control solutions for the aerospace and industrial markets recorded income of $443 million, down from $445 million for the same period a year ago.

The company said both aerospace and industrial segment sales were essentially flat with the prior year.

The profit represented 73 cents per share, and was a big improvement for the first quarter of 2016 when it made $26…

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