Woodward Reports Fiscal Year 2019 Results and Fiscal Year 2020 Outlook

About this update from Woodward, Inc.

[{"type":"text","content":"FORT COLLINS, Colo., Nov. 18, 2019 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its fiscal year 2019 and fourth quarter ending September 30, 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 Fourth Quarter Fiscal 2019 Overview Net sales were $737 million for the fourth quarter of 2019, up 2 percentEarnings per share were $1.03, down from $1.16Adjusted earnings per share1 were $1.22, down from $1.39 Fiscal Year 2019 Overview Net sales were $2.90 billion for fiscal year 2019, an increase of 25 percent compared to the prior year. Organic net sales1, which exclude the L’Orange business acquired in June 2018, increased 16 percent compared to the prior year.Net earnings were $260 million, or $4.02 per share, compared to $180 million, or $2.82 per share, for the prior year.Adjusted net earnings1 were $314 million, or $4.88 per share, compared to $246 million, or $3.85 per share, for the prior year.Net cash provided by operating activities for 2019 was $391 million, compared to $299 million for the prior year. Free cash flow1 was $292 million for 2019, compared to $172 million for the prior year. “We delivered solid results for 2019. Our Aerospace and Industrial segments benefitted from strong product portfolios and healthy market fundamentals, somewhat offset by headwinds from the 737 MAX grounding and the impact of a significant customer bankruptcy in our renewables business,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “As we look ahead to fiscal year 2020, we are well positioned to deliver another year of strong performance, maintain positive momentum in our Aerospace segment, drive margin improvements in our Industrial segment and consistently deliver operational excellence.” Company Results Woodward adopted the FASB Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASC 606”) effective October 1, 2018, accordingly, results for the fourth quarter and fiscal year 2019, including adjusted and organic amounts, are presented under ASC 606. Periods prior to fiscal 2019 are presented under prior accounting guidance for revenue. Please refer t...

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