Woodward more than doubles Q1 net earnings

FORT COLLINS — Woodward Inc. (Nasdaq: WWD) posted Q1 2019 earnings per share of 77 cents, up from 29 cents during Q1 2018 and beating analyst expectations by 3 cents per share.

The Fort Collins-based company had net earnings of $49.1 million, up significantly from the year prior, when the company had earnings of $18.3 million. The aerospace segment of the company had net sales of $393 million, compared to $306 million a year ago. Segment earnings were $73 million, compared to $45 million. Industrial segment net sales were $260 million in 2019 and $164 million in 2018. Segment earnings for the quarter were $29 million.

Woodward had net revenue of $652.8 million, a 38.9 percent increase from the same period the year prior. Woodward beat revenue expectations by nearly $75 million.

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“The first quarter of 2019 represented a strong start to the year,” said Thomas A. Gendron, chairman and CEO of Woodward, in a prepared statement. “Aerospace is performing very well, demonstrating continued momentum with robust OEM and aftermarket sales. In Industrial, we also saw a strong performance as our end markets improved and Woodward L’Orange continued to add strength to the segment. While considerable global economic uncertainty exists, we remain confident in our ability to deliver on our 2019 outlook.”

Looking ahead, the company said it expects total net sales for the fiscal year 2019 to be between $2.65 billion and $2.8 billion. Aerospace sales are expected to be up 10 percent and industrial sales expected to be up 30 percent.