Woodward Reports Fiscal Year 2022 Results

About this update from Woodward, Inc.

[{"type":"text","content":"FORT COLLINS, Colo., Nov. 17, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its fiscal year 2022 and fourth quarter ending September 30, 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. Fourth Quarter 2022 Overview Net sales were $640 million, compared to $570 million, an increase of 12 percent.Net earnings were $54 million, or $0.88 per share, compared to net earnings of $50 million, or $0.76 per share.Adjusted earnings per share1 were $0.84, compared to $0.82. Fiscal Year 2022 Overview Net sales were $2.38 billion, compared to $2.25 billion, an increase of 6 percent.Net earnings were $172 million, or $2.71 per share, compared to net earnings of $209 million, or $3.18 per share.Adjusted earnings per share were $2.75, compared to $3.24.Net cash provided by operating activities was $194 million, compared to $465 million. Free cash flow1 was $141 million for 2022, compared to $427 million. “In fiscal 2022 we experienced strong demand for our products and services, although profitability was impacted by the challenging industry-wide operating environment, including labor and material inflation as well as global supply chain and labor disruptions,” said Chip Blankenship, Chairman and Chief Executive Officer. “As we move into fiscal 2023, we expect solid top line growth from continued strong customer demand. Sales growth along with the realization of pricing and productivity gains are expected to drive steady margin improvement throughout the year. We are making strategic investments in the business to mitigate supply chain risk, and we remain focused on operational excellence, talent development, and innovation to create additional value for our shareholders.” Company Results Net sales for the fourth quarter of fiscal 2022 were $640 million, compared to $570 million, an increase of 12 percent. Sales for the fourth quarter were negatively impacted by approximately $24 million from foreign currency exchange rates. The impact of ongoing global supply chain and labor disruptions at the end of the fourth quarter of 2022 was approximately $85 million. Net earnings for the fourth quarter of 2022 were $54 m...

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