Woodward boosts guidance after successful second quarter

FORT COLLINS —  Woodward Inc. (Nasdaq: WWD) saw its year-over-year top and bottom lines increase in the second quarter of 2023, resulting in the company upping its revenue projections for the remainder of the year. 

Fort Collins-based Woodward designs, manufactures and services energy-conversion and control solutions for the aerospace and industrial-equipment markets.

Net earnings were $85 million on sales of $801 million in the second quarter of 2023. That’s up from net earnings of $39 million on sales of $614 million in the same period last year.

“We delivered significant sales growth and margin expansion in the third quarter driven by continued strong end market demand and our improved ability to deliver to our customers. As expected, our strategic investments are resulting in operational improvements and efficiency gains,” Woodward CEO Chip Blankenship said in a prepared statement. “Both our Aerospace and Industrial businesses are improving, and our output is increasing. Industrial further benefited from increased on-highway natural gas truck production in China. While the environment remains dynamic, we anticipate a strong finish to the year and are raising our full-year outlook.”

Woodward has increased its full-year 2023 sales guidance. The company is projecting revenues between $2.85 billion and $2.9 billion

Wall Street has reacted positively to Woodward’s quarterly report, released on Monday. As of about 10 a.m. Wednesday, the company’s stock was up about 7% over the last five trading days.