Woodward raises 2024 sales guidance after strong first quarter

FORT COLLINS — After a strong first quarter of the 2024 fiscal year, 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, has raised its sales expectations for the year. 

Net sales for the first quarter of 2024 were $787 million, up 27% from the same period last year, while net earnings for the most recent period were $90 million, up from $29.6 million in the first quarter of 2023. 

“We delivered significant sales growth and margin expansion in the first quarter. The strong start to our fiscal year reflects continued positive momentum, including robust end market demand and improved operational performance,” Woodward CEO Chip Blankenship said in a prepared statement. “In aerospace, both OEM and aftermarket sales were strong this quarter. We saw broad-based strength across industrial, with significant expansion in transportation, mainly from our China on-highway business. Based on our strong performance to date, we are raising our full-year guidance. Our steadfast commitment to growth, operational excellence, and innovation positions Woodward for sustainable long-term success and enhanced shareholder value.”

Woodward anticipates sales of $3.15 billion to $3.3 billion for the full 2024 fiscal year. Prior sales guidance was between $3.1 billion and $3.25 billion.

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