Woodward posts solid revenue, profit gains in Q3

FORT COLLINS — Woodward Inc. (Nasdaq: WWD), a Fort Collins-based company that designs, manufactures and services energy-conversion and control solutions for the aerospace and industrial equipment markets, reported solid gains in revenue and profits for the just-completed quarter.

Woodward reported revenue of $915 million for the third quarter of its fiscal year, up 8% from $848 million a year ago. Net earnings totaled $108 million, up 6.2% from $102 million in the third quarter a year ago.

“We delivered strong results in the third quarter underpinned by robust demand across our end markets, coupled with disciplined execution by our global teams,” Chip Blankenship, chairman and CEO, said in a written statement. “The Aerospace segment generated substantial sales growth and margin expansion, driven by smart defense and commercial services. This was partially offset by lower commercial OEM and defense services, although both achieved sequential improvement.”

The company recorded double-digit sales growth in oil and gas and marine transportation, “offset by an expected decrease in China on-highway natural gas truck sales,” Blankenship said.

“Based on our strong year-to-date performance and solid fourth quarter outlook, we are raising our full-year sales and earnings guidance,” he said. “However, given the demands to support higher sales in a dynamic supply chain and production environment, we are lowering our full-year free cash flow guidance. We remain focused on growth, operational excellence and innovation, which continue to position Woodward to deliver sustained long-term shareholder value.”

Woodward’s stock closed Monday at $258.50, up $1.24.

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