Business
Woodward Reports First Quarter Fiscal Year 2022 Results
FORT COLLINS, Colo., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year
About this update from Woodward, Inc.
[{"type":"text","content":" FORT COLLINS, Colo., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year 2022. (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.) First Quarter Overview Net sales were $542 million, compared to $538 million, an increase of 1 percent.Net earnings were $30 million, or $0.47 per share, compared to net earnings of $42 million, or $0.64 per share.Adjusted net earnings1 were $36 million, or $0.56 per share.Net cash provided by operating activities was $39 million compared to $147 million. Free cash flow1 was $26 million compared to $139 million. Adjusted free cash flow1 was $27 million. “Although we saw positive signs of recovery in the quarter across most of our end markets, ongoing industry-wide COVID-19 related disruptions, including supply chain constraints and labor shortages, adversely impacted our operations and caused some customer-initiated shipment delays,” said Thomas A. Gendron, Chairman and Chief Executive Officer. “In Aerospace, passenger traffic continues to recover, while defense spending remained flat. Our Industrial segment benefitted from increased demand in marine transportation and power generation as well as a recovering oil and gas market, while the China natural gas truck market remains challenging. Although we expect an uneven market recovery, we are seeing green shoots throughout the business, and we remain confident in our ability to deliver on our previously issued fiscal 2022 outlook.” First Quarter Company Results Net sales for the first quarter of fiscal 2022 were $542 million, compared to $538 million for the first quarter of last year, an increase of 1 percent. Sales for the first quarter were negatively impacted by approximately $70 million due to ongoing industry-wide COVID-19 related disruptions. Net earnings were $30 million, or $0.47 per share, for the first quarter of 2022, compared to $42 million, or $0.64 per share, in the first quarter last year. Adjusted net earnings for the first quarter of 2022 were $36 million, or $0.56 per share. There were no adjustments made to net earnings in the prior year first quarter. EBIT1 was $45 ...