Woodward sales, earnings fall year over year

FORT COLLINS — Aerospace parts manufacturer Woodward Inc. (Nasdaq: WWD) posted sales of more than $581 million in its fiscal year 2021 second quarter — which sounds great until the figure is compared with the revenue it pulled in during the same period last year: more than $720 million. 

Year-over-year earnings were also down. Woodward recorded $68.3 million in net earnings, or $1.04 per share, down from $91.3 million in the second quarter of 2020.

Still, Woodward topped Wall Street predictions for both sales and earnings. Zacks Consensus Estimate for revenue was $575.8 million and earnings per share was $0.82.

“Our second quarter continued to show encouraging signs of a market recovery on the horizon with sales and earnings showing sequential improvement,” Woodward CEO Thomas Gendron said in a prepared statement accompanying the group’s earnings report. “The gradual increase in aircraft build rates and utilization drove improved results in our aerospace segment, and conditions in many of our Industrial markets are showing signs of improvement. COVID-19 cases remain persistent across the globe, though many countries have begun aggressive rollouts of vaccines in recent weeks, leading to further optimism for the back half of 2021.”

Woodward is not providing financial guidance for the remainder of its 2021 fiscal year.

“The ongoing rollout of vaccines across many countries is driving optimism for economic recovery, but the enduring turbulence caused by the COVID-19 pandemic, including significantly reduced global passenger travel and new viral variants, continues to cloud near-term forecasts,” the company said. “While we believe many of our markets will improve for the remainder of this year and into 2022, we will continue to withhold guidance as we navigate the uncertain economic landscape.”

© 2021 BizWest Media LLC