Woodward Reports Third Quarter Fiscal Year 2020 Results

About this update from Woodward, Inc.

[{"type":"text","content":"FORT COLLINS, Colo., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its third quarter of fiscal year 2020 ended June 30, 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 Third Quarter Highlights Net sales were $524 million, compared to $752 million, a decrease of 30 percentNet earnings were $38 million, compared to $66 millionAdjusted net earnings1 were $31 million, compared to $84 millionEarnings per share were $0.61, down from $1.02Adjusted earnings per share1 were $0.48, down from $1.30For the first nine months of fiscal 2020, cash from operations was $212 million; free cash flow1 was $173 million, adjusted free cash flow1 was $169 million “Early in the third quarter we moved quickly to align our operations and cost structure to mitigate the adverse effects of the COVID-19 pandemic on our business. Aerospace continues to benefit from a strong defense market, which softened the significant impact of the rapid reduction in passenger traffic and aircraft production rates. While Industrial results were also affected by the economic slowdown, the completed divestiture of our renewables portfolio enhanced the profitability of the segment,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “We continue to monitor our markets, customers and suppliers, while maintaining flexibility to ensure we remain well-positioned to meet near- and long-term customer demand. As an organization, we have a strong track record of managing through the cycles of our business, and we believe we have the right team, operational focus and strategy to ensure we emerge stronger when end market demand improves.” Third Quarter Company Results Net sales were $524 million for the third quarter of fiscal 2020, compared to $752 million for the prior year quarter. Net earnings for the third quarter were $38 million, or $0.61 per share, compared to $66 million, or $1.02 per share, for the prior year quarter. Excluding renewable power systems and related businesses (“RPS”), which were divested on April 30, 2020, net sales for the third quarter would have been $516 million, compared to $729 milli...

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