Business
Woodward Reports Second Quarter Fiscal Year 2023 Results
FORT COLLINS, Colo., May 01, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter of fiscal year 2023.
About this update from Woodward, Inc.
[{"type":"text","content":"FORT COLLINS, Colo., May 01, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its second quarter of fiscal year 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 year unless otherwise stated.) Second Quarter Overview Net sales were $718 million, compared to $587 million, an increase of 22 percent.Net earnings were $36 million, or $0.58 per share, compared to net earnings of $48 million, or $0.74 per share.Adjusted net earnings1 were $62 million, or $1.01 per share, compared to adjusted net earnings of $47 million, or $0.72 per share.Net cash provided by operating activities was $40 million for the first half of fiscal 2023, compared to $50 million. Free cash flow1 for the first half of fiscal 2023 was negative $4 million, compared to free cash flow of $26 million. Adjusted free cash flow1 was negative $1 million for the first half of fiscal 2023, compared to adjusted free cash flow of $27 million. “We delivered strong sales growth in the second quarter driven by robust demand for our products and services across aerospace and industrial markets. We also increased output enabled in part by strategic investments made to mitigate supply chain risk, reduce complexity, and increase efficiency,” said Chip Blankenship, Chairman and Chief Executive Officer. “We are pleased with our progress and remain focused on delivering further operational improvements to drive value for our shareholders. Given our second quarter results and a lower expected tax rate, we are raising some aspects of our previous guidance.” Second Quarter Company Results Net sales for the second quarter of fiscal 2023 were $718 million, compared to $587 million, an increase of 22 percent. The ongoing industry-wide challenges, including supply chain and labor disruptions, continued to impact sales. The negative impact of foreign currency exchange rates was approximately $14 million in the quarter. Net earnings were $36 million, or $0.58 per share, for the second quarter of 2023, compared to $48 million, or $0.74 per share. Adjusted net earnings for the second quarter of 2023 were $62 million, or $1.01 per share, compared to $47 million or $0.72 per share. EBIT1 was $...