Woodward reports increased sales for third quarter

FORT COLLINS — Woodward Inc. (Nasdaq: WWD) Monday reported increased sales during the third quarter of its fiscal year, compared with the same period in 2017.

Net sales totaled $588 million for the third quarter ended June 30, an increase of 7 percent from the third quarter of fiscal 2017, when the company posted sales of $548.6 million. Organic net sales, which exclude sales of $25 million attributable to the acquired L’Orange business, totaled $563 million, an increase of 3 percent from a year ago.

“We delivered strong performance in our Aerospace segment as the narrowbody launch accelerates, supported by exceptionally strong aftermarket sales. The L’Orange acquisition represents a bright spot in an otherwise challenging quarter for our Industrial segment. As expected, L’Orange is improving the growth and profitability profile of our Industrial segment,” Thomas A. Gendron, chairman and CEO of Woodward, said in a prepared statement.

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Net earnings for the third quarter of 2018 totaled $49 million, or 77 cents per share, compared with $53.6 million the prior year.

Woodward’s aerospace segment recorded $405 million in net sales for the third quarter, compared with $356 million for the third quarter a year ago.

The company’s industrial segment recorded third-quarter 2018 net sales of $184 million, compared with $193 million for the third quarter a year ago.

Woodward expects net sales of approximately $2.3 billion for fiscal 2018, with the aerospace segment sales up approximately 14 percent and the industrial segment sales flat to slightly up, both as compared to the prior year.