Woodward Reports Second Quarter Fiscal Year 2020 Results

About this update from Woodward, Inc.

[{"type":"text","content":"FORT COLLINS, Colo., May 04, 2020 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter of fiscal year 2020 ended March 31, 2020. (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 periods of the prior year unless otherwise stated.)\n Second Quarter Highlights Net sales were $720 million, compared to $759 million, a decrease of 5 percentNet earnings were $91 million, compared to $78 millionAdjusted net earnings1 were $104 million, compared to $90 millionEarnings per share increased to $1.41, up from $1.20Adjusted earnings per share1 were $1.61, up from $1.40For the first six months of fiscal 2020, cash from operations was $52 million; free cash flow1 was $23 million, adjusted free cash flow1 was $55 million “While our second quarter performance was largely in line with our expectations, we started to see degradation during the quarter due to the COVID-19 global pandemic. As a result, we have already taken significant actions to protect the health and safety of our global employee base, preserve our financial strength and flexibility, strictly manage our cash flow, and maintain our longer-term growth position within the Aerospace and Industrial markets,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “As we look at our 150-year history, Woodward has withstood the test of time and weathered numerous economic cycles. Our management team is well-equipped to further that legacy by navigating our business through these unprecedented times of uncertainty. As in past downturns, we remain committed to investing in technology and driving operational excellence initiatives through these challenging times.” COVID-19 Impacts Woodward has taken the following actions to address the economic challenges resulting from the coronavirus (COVID-19) pandemic: Workforce management through a combination of hiring freeze, layoffs and furloughsReduction of company officers’ salaries and directors’ base retainers through 2020 (25% reduction for CEO and independent directors; 10% for all non-CEO officers) Implementation of a company-wide wage freezeElimination of annual bonus payments for 2020Reduction of quarterly dividendReduction of non-esse...

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