Fort Collins-based Woodward reports 1Q earnings of $44M

FORT COLLINS – Woodward Inc. (Nasdaq: WWD) earned $43.8 million during its fiscal first quarter, nearly doubling the $23.4 million it earned during the same period a year earlier.

Woodward posted net sales of $487.6 million during the first quarter ended Dec. 31 vs. $429 million during the company’s previous first quarter. Based in Fort Collins, Woodward makes aerospace and energy control systems.

Higher sales led to the increased quarterly earnings, Woodward Chief Financial Officer Bob Weber told analysts in an earnings call held after the market closed Tuesday.

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Aerospace net sales totaled $255.8 million during the first quarter, up from $229.9 million during the same period a year earlier. The improvement came from increased commercial and defense sales.

Energy net sales totaled $231.9 million during the first quarter, an improvement from $199.2 million during the previous first quarter. Woodward reported higher sales of industrial gas turbine systems, natural-gas bus and truck systems, and wind turbine power converters.

Woodward CEO Tom Gendron said he did not expect lower oil prices to significantly affect the company this year.

“Most of our markets are showing strength or improvement,” he said.

Woodward’s fiscal 2015 outlook remained unchanged, with anticipated revenue of between $2.05 billion and $2.15 billion. Woodward expects earnings per diluted share of between $2.65 and $2.90 this year.

“We believe our cost control initiatives and operating leverage will offset the persistent global economic uncertainty,” Gendron said.

Woodward shares gained less than 1 percent to close at $42.50 Tuesday.

The company employs about 1,400 people in Northern Colorado.