Woodward blames Boeing, other customer troubles for earnings miss

FORT COLLINS — Power-systems maker Woodward Inc. (Nasdaq: WWD) missed Wall Street estimates for its fourth quarter 2019 earnings Monday, saying Boeing Co. (NYSE: BA) and the bankruptcy of a major customer pushed its revenues down.

The Fort Collins company posted $737 million in revenue and diluted earnings of $1.03 per share for the period, missing Wall Street consensus estimates by $9.67 million and 22 cents per share respectively, according to Seeking Alpha data.

However, Woodward posted $66.7 million in profits for the quarter and a 2.7 percent year-over-increase in revenue.

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In a statement, CEO Thomas Gendron said the company’s earnings were “somewhat offset by headwinds” after aviation regulators grounded Boeing’s 737 MAX after two of the planes crashed in late 2018 and early 2019 and killed 346 people on board.

The aviation giant said it resolved a software issue that forced planes into a nosedive, but is still under scrutiny by investigators in the United States and abroad.

Woodward’s quarter was also affected the the continuing bankruptcy of Senvion S.A. (ETR: SENG.DE), a German wind-turbine manufacturer that applied for protections in April.

Woodward stock fell as much as 7.3 percent in after-hours trading after the company released its results before rebounding slightly to $106.94 as of 3 p.m. Mountain Time. The stock closed Monday’s trading period at $113.60.