Woodward boosts year-over-year sales in fourth quarter by 21%

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, posted strong sales growth for the fourth quarter of 2023 and for the full fiscal year.

Net sales were $777 million in the most recent quarter, up 21% from the fourth quarter last year. 

Adjusted net earnings for the fourth quarter of 2023 were $83 million, up from $54 million during the same period last year. 

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For the full 2023 fiscal year, Woodward recorded net sales of $2.91 billion, compared to $2.38 billion in 2022.

Net earnings for 2023 were $232 million, up from $172 million in fiscal 2022. 

We delivered strong results in fiscal 2023 driven by robust demand across our aerospace and industrial end markets as well as improved operational performance. Our aerospace business continued to perform well throughout the year. In the second half of the year, our industrial business began to realize the benefits from our strategic investments in operational excellence including reduced complexity, improved productivity, and increased output,” Woodward CEO Chip Blankenship said in a prepared statement. “These sustainable improvements supported double digit revenue growth and significant margin expansion.”

Looking ahead to the 2024 fiscal year, Woodward expects sales to total $3.10 billion to $3.25 billion.