Business
Woodward Reports Third Quarter Fiscal Year 2022 Results
FORT COLLINS, Colo., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its third quarter of fiscal year 2022.
About this update from Woodward, Inc.
[{"type":"text","content":"FORT COLLINS, Colo., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its third quarter of fiscal year 2022. (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.) Third Quarter Overview Net sales were $614 million, compared to $557 million, an increase of 10 percent.Net earnings were $39 million, or $0.64 per share, compared to net earnings of $49 million, or $0.74 per share.Net cash provided by operating activities was $86 million for the first nine months of fiscal 2022, compared to $318 million. Free cash flow1 for the first nine months of fiscal 2022 was $49 million, compared to $297 million. Adjusted free cash flow1 for the first nine months of fiscal 2022 was $52 million. There were no adjustments made to free cash flow during the first nine months of the prior fiscal year. “We delivered double digit sales growth in the quarter. Aerospace segment sales were boosted by increased aircraft utilization and strong OEM build rate demand. In our Industrial segment, we saw sales growth in most of our end markets. Weakness in China natural gas truck production and unfavorable foreign currency exchange rates contributed to a decrease in Industrial segment sales,” said Chip Blankenship, Chairman and Chief Executive Officer. “Profitability was impacted by labor and material inflation, as well as greater than expected global supply chain and labor disruptions. We remain focused on mitigating these impacts to fully realize the ongoing recovery in our end markets.” Third Quarter Company Results Net sales for the third quarter of fiscal 2022 were $614 million, compared to $557 million, an increase of 10 percent. Sales for the third quarter were negatively impacted by approximately $18 million from foreign currency exchange rates. The impact of ongoing global supply chain and labor disruptions remains consistent with the second quarter of 2022 at approximately $100 million. Net earnings were $39 million, or $0.64 per share, for the third quarter of 2022, compared to $49 million, or $0.74 per share. EBIT1 was $58 million for the third quarter of 2022, compared to $67 million. The effective tax rate was 21.6 ...