Woodward earnings up 30 percent

FORT COLLINS – Woodward Governor Co. (Nasdaq: WGOV) reported net
earnings of $24.1 million for its second fiscal quarter ended March 31, a
30 percent increase from the same quarter in 2009.

Much of that increase is attributed to the company’s April 3, 2009,
acquisition of HR Textron. While net sales were up 4 percent year over
year to $349.4 million, organic net sales were actually down 13 percent.

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“This quarter our sequential revenue has increased, a sign that
conditions have begun to stabilize,´ said Woodward CEO Tom Gendron, in
the earnings announcement. “During this tough economic period, thanks to
the efforts of our entire team, we have remained focused on our
strategic priorities and we believe we are well-positioned to capitalize
on the upturns in our markets as they materialize.”

Woodward stock was up 94 cents to $34.09 in afternoon trading.