Business
Woodward Reports First Quarter Fiscal Year 2020 Results
FORT COLLINS, Colo., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year 2020
About this update from Woodward, Inc.
[{"type":"text","content":"FORT COLLINS, Colo., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year 2020 ending December 31, 2019. (All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated.)\n First Quarter Highlights Net sales were $720 million, compared to $653 million, an increase of 10 percent.Net earnings were $53 million, compared to $49 million.Adjusted net earnings1 were $71 million, compared to $62 million.Earnings per share increased to $0.83, up from $0.77.Adjusted earnings per share1 was $1.10, up from $0.96.Cash from operations was $27 million; adjusted free cash flow1 was $29 million. “We delivered a solid quarter to start fiscal year 2020. Aerospace continues to perform very well despite ongoing uncertainty surrounding the 737 MAX aircraft, while Industrial performance was in line with our expectations,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “In January, we announced our planned merger with Hexcel Corporation to form Woodward Hexcel, a premier integrated systems provider serving the aerospace and industrial sectors. Woodward Hexcel will focus on technology-rich innovations to deliver smarter, cleaner and safer customer solutions, which we believe will drive significant value for our shareholders.” First Quarter Company Results Net sales were $720 million for the first quarter of fiscal 2020, compared to $653 million for the prior year quarter. Net earnings were $53 million, or $0.83 per share, compared to $49 million, or $0.77 per share, for the prior year quarter. Adjusted net earnings were $71 million, or $1.10 per share, compared to $62 million, or $0.96 per share, for the prior year quarter. The effective tax rate for the first quarter of 2020 was 13.3 percent, compared to 20.1 percent in the prior year. The adjusted effective tax rate1 was 17.1 percent for the quarter, compared to 21.0 percent for the first quarter of 2019. During the quarter, one of two parcels of the real property located at our former operations in Duarte, California was sold for $19 million, which resulted in an after-tax gain of $10 million ($14 million pre-tax), or $0.16 ...