Woodward posts 6% gain in first-quarter revenue, to $470M

FORT COLLINS — Woodward Inc. (Nasdaq: WWD) reported net sales of $470 million during the first quarter of its fiscal year, up 6 percent from the $443 million recorded in the same period a year ago.

Net earnings for the first quarter totaled $18 million, compared with $47 million in the first quarter of 2017. The company said the that first-quarter of 2018 included a one-time expense of $15 million as a result of new U.S. tax legislation.

The first-quarter 2017 effective tax rate of 1.1 percent reflected the favorable impact of repatriating certain foreign earnings, the company said, compared with a first-quarter 2018 effective tax rate of 51.3 percent. Going forward, the company anticipates a fiscal 2018 tax rate of about 24 percent.

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“Our first quarter revenues reflected strong momentum in Aerospace, and ongoing challenges within our Industrial segment, although we continue to see growing pockets of strength in many of our industrial end markets,” Thomas Gendron, Woodward chairman and CEO, said in a prepared statement. “In line with our strategy to gain market share, we are investing in new programs which impacted our first quarter results. We are encouraged by the recent U.S. tax legislation, which we anticipate will have a significant positive cash and earnings impact going forward. We expect to employ these benefits consistent with our existing capital allocation strategy.”

Woodward projects net sales of $2.2 billion to $2.3 billion for fiscal year 2018.