Woodward attributes strong Q2 revenue to aerospace segment

FORT COLLINS — Woodward Inc. (Nasdaq: WWD), a designer and manufacturer of components for the aerospace and industrial markets, reported second quarter net sales of $584.3 million, a 9.6 percent increase compared with the same period a year ago.

The Fort Collins-based company attributes the increase to strong sales in its aerospace segment, which was up 17 percent year-over-year to $386.3 million.

Woodward’s second-quarter revenue beat analyst expectations by more than $20 million.

Despite the strong sales, the company still missed analysts’ second-quarter earnings expectations by 1 cent. The company’s second quarter adjusted earnings were 82 cents per share, or $52 million. Adjustments account for issues like restructuring and moving costs associated with closing its Duarte, Calif., plant and relocating to Fort Collins, along with other expenses. The company’s actual net earnings were $38 million, or 60 cents per share.