Woodward stock price soars along with year-over-year sales
FORT COLLINS — Woodward Inc. (Nasdaq: WWD), a Fort Collins company that designs, manufactures and services energy-conversion and control solutions for the aerospace and industrial equipment markets, saw its stock price skyrocket on Monday and Tuesday on the strength of positive sales news from the second quarter of fiscal year 2023.
Net sales for the most-recent period were $718 million, up more than 20& year-over-year from $587 million in the second quarter of 2022.
Net earnings, however, were down: $36 million in the second quarter of 2023, from $48 million in the same period last year.
“We delivered strong sales growth in the second quarter driven by robust demand for our products and services across aerospace and industrial markets. We also increased output enabled in part by strategic investments made to mitigate supply chain risk, reduce complexity, and increase efficiency,” Woodward CEO Chip Blankenship said in a prepared statement. “We are pleased with our progress and remain focused on delivering further operational improvements to drive value for our shareholders. Given our second quarter results and a lower expected tax rate, we are raising some aspects of our previous guidance.”
For the full 2023 fiscal year, Woodward has bumped its guidance up slightly, projecting sales of $2.7 to $2.8 billion.
Woodward’s stock price ended the trading day Tuesday at $113.81, up 15.38%.