Woodward posts strong third quarter results

FORT COLLINS – Woodward Inc. saw its earnings per share double versus the same period a year ago for the company’s fiscal third quarter that ended June 30.

The Fort Collins-based maker of energy and aerospace control systems released its third-quarter results after markets closed on Monday afternoon.

Woodward (Nasdaq: WWD) turned a third-quarter profit of $46 million, or 69 cents per share. Earnings per share were 34 cents in the third quarter a year ago.

Woodward revenue climbed to $524.3 million, up from $483.8 million a year ago.

The company said a strong quarter in the energy segment was largely responsible for the positive results, with energy sales rising 18 percent over the same period last year to $249.4 million. Energy earnings were $40.2 million for the period versus $12.4 million last year. The strong energy sales were impacted, among other things, by improved wind turbine converter sales.

“Results for the quarter were strong, with many of our markets showing improvement,” Woodward chairman and chief executive Thomas Gendron said in a press release. “Our increase in sales and profitability mainly reflects the stabilization of the global economy, a strong commercial aerospace market, recovery in the renewable power market, and ongoing productivity initiatives.”

Woodward shares, rising over the past couple of months, before the earnings announcement Monday closed at $48.14, down 30 cents from Friday’s close.

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