Business
Woodward Reports Record Sales & Earnings for Fiscal Year 2024
2025 guidance reflects growth in key Aerospace and Industrial markets FORT COLLINS, Colo., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD)
About this update from Woodward, Inc.
[{"type":"text","content":"2025 guidance reflects growth in key Aerospace and Industrial markets\nFORT COLLINS, Colo., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) today reported financial results for its fiscal year 2024 and fourth quarter ending September 30, 2024. 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. All references to years are references to the Company’s fiscal year unless otherwise stated. Fourth Quarter and Fiscal Year 2024 Overview Fourth Quarter 2024 Fiscal Year 2024Net sales$855M, +10% $3.3B, +14%Earnings per share (EPS)$1.36, +2% $6.01, +59%Adjusted EPS1$1.41, +6% $6.11, +45%Cash from operations$142M, -7% $439M, +42%Free cash flow1$118M, -12% $343M, +48% \"We delivered record sales in fiscal 2024 with Woodward revenue exceeding $3 billion for the first time. Robust end market demand along with contributions from operational excellence fueled significant sales growth and earnings expansion,” said Chip Blankenship, Chairman and Chief Executive Officer. “In Aerospace, both commercial and defense OEM sales increased due to capacity improvements to meet customer demand, and commercial and defense aftermarket sales increased due to continued high aircraft utilization. Our Industrial business benefitted from increased sales in power generation and transportation. Our performance over the last year reflects the hard work and dedication of Woodward members to deliver on our value proposition and fulfill our purpose. We enter fiscal 2025 with strong momentum. In Aerospace, we anticipate increasing revenue and margin expansion driven by continued strength in commercial markets and increased defense activity. In Industrial, we expect broad-based market strength in power generation and marine transportation, offset by a significant decline in sales related to China on-highway natural gas trucks. We remain focused on growth, operational excellence and innovation to drive shareholder value.” Fiscal 2024 Key Highlights Completed $55 million, multi-year transformation of Aerospace Maintenance, Repair and Overhaul (MRO) facility in Loves Park, Illinois, to prepare for aftermarket growthSigned three MRO agreements: To continue servicing Woodward-ma...