Business
Woodward Reports First Quarter Fiscal Year 2023 Results
FORT COLLINS, Colo., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year 2023.
About this update from Woodward, Inc.
[{"type":"text","content":"FORT COLLINS, Colo., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its first quarter of fiscal year 2023. (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 $619 million, compared to $542 million, an increase of 14 percent.Net earnings were $30 million, or $0.49 per share. For the first quarter of fiscal 2022, net earnings were $30 million, or $0.47 per share and adjusted net earnings1 were $36 million, or $0.56 per share.Net cash provided by operating activities was $5 million, compared to $39 million. Free cash flow1 was negative $19 million. For the first quarter of fiscal 2022, free cash flow was $26 million and adjusted free cash flow1 was $27 million. “We delivered first quarter earnings in line with our expectations, although our Industrial segment had a challenging quarter. While demand remained healthy, ongoing industry-wide operating challenges, including labor and supply chain disruptions and inflation, impacted profitability in the quarter as anticipated, and negatively affected cash flow,” said Chip Blankenship, Chairman and Chief Executive Officer. “We believe the strategic investments we are making in the business will reduce supply chain risk and complexity, as well as improve operational performance. We anticipate the supply chain and labor disruptions will begin to subside in the second half of the fiscal year, and strong end market demand will continue. Therefore, our previously issued fiscal 2023 outlook remains unchanged.” First Quarter Company Results Net sales for the first quarter of fiscal 2023 were $619 million, compared to $542 million, an increase of 14 percent. The impact of ongoing global supply chain and labor disruptions at the end of the first quarter of 2023 was approximately $95 million. The negative impact of foreign currency exchange rates was approximately $19 million in the quarter. Net earnings were $30 million, or $0.49 per share, for the first quarter of 2023. For the first quarter of fiscal 2022, net earnings were $30 million, or $0.47 per share, and adjusted net earnings were $36 million, or $0.56 per share. E...