Woodward revenue down 10% overall in 2021

FORT COLLINS — Woodward Inc. (NASDAQ: WWD) saw revenue drop 10% year-over-year in 2021, to $2.25 billion from $2.5 billion in 2020, according to its annual financial report filed Friday with the Securities and Exchange Commission. 

Earnings for the year were $212 million, or $3.24 per share, down 16.5% from $254 million, or $3.96 per share, in 2020. 

“We delivered solid performance in 2021 despite the continuing impacts of COVID-19 on our markets,” said Thomas A. Gendron, chairman and CEO, in a prepared statement. “Supply chain disruptions and regional market volatility were experienced across the company; however, our effective cost control measures and strong working capital management enabled us to mitigate these impacts and generate robust free cash flow. Looking into fiscal 2022, we expect continued improvement in most of our end markets, although we also expect uncertainty and volatility around the pace of recovery to persist. We continue to be resilient against a challenging macroeconomic backdrop and remain focused on maintaining our strong financial position to allow us to capitalize on future market opportunities.”

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Woodward also announced its fourth quarter financial results Friday. The company brought in $570 million in revenue for the quarter, a 7% year-over-year increase from the $531 million it earned in the fourth quarter of 2020. Earnings for the quarter were $54 million, or 76 cents per share, up 12.5% from $48 million, or 75 cents per share, in 2020. 

In the news release announcing its financial results, the company said it lost approximately $32 million in revenue for the quarter because of global supply chain disruptions.

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