Woodward Reports Fiscal Year 2023 Results

About this update from Woodward, Inc.

[{"type":"text","content":"FORT COLLINS, Colo., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its fiscal year 2023 and fourth quarter ending September 30, 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 fiscal year unless otherwise stated. Fourth Quarter Overview Net sales were $777 million, compared to $640 million, an increase of 21 percent.Net earnings and adjusted net earnings1 were $83 million, or $1.33 per share, compared to net earnings of $54 million, or $0.88 per share, and adjusted net earnings of $51 million, or $0.84 per share. Fiscal Year 2023 Overview Net sales were $2.91 billion, compared to $2.38 billion, an increase of 22 percent.Net earnings were $232 million, or $3.78 per share, compared to net earnings of $172 million, or $2.71 per share.Adjusted net earnings were $259 million, or $4.21 per share, compared to adjusted net earnings of $174 million, or $2.75 per share.Net cash provided by operating activities was $309 million, compared to $194 million. Free cash flow1 was $232 million, compared to $141 million. Adjusted free cash flow1 was $238 million, compared to $144 million. “We delivered strong results in fiscal 2023 driven by robust demand across our aerospace and industrial end markets as well as improved operational performance. Our Aerospace business continued to perform well throughout the year. In the second half of the year, our Industrial business began to realize the benefits from our strategic investments in operational excellence including reduced complexity, improved productivity, and increased output. These sustainable improvements supported double digit revenue growth and significant margin expansion,” said Chip Blankenship, Chairman and Chief Executive Officer. “For fiscal 2024, we anticipate continued strong demand for our products and services. Combined with benefits from our ongoing operational excellence focus, we expect to deliver solid revenue growth, expanded earnings per share, and robust cash flow. Our pursuit of operational excellence, talent development, and innovation for the future positions Woodward for long-term sustainable growth and enhanced value for our shareholders.” Company Results...

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