Business
Woodward Reports Third Quarter Fiscal Year 2023 Results
Increases Full-Year Outlook FORT COLLINS, Colo., July 31, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) today reported financial results for its third
About this update from Woodward, Inc.
[{"type":"text","content":"Increases Full-Year Outlook\nFORT COLLINS, Colo., July 31, 2023 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) today reported financial results for its third 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.) Highlights Net sales were $801 million, compared to $614 million, an increase of 30 percent.Net earnings were $85 million, or $1.37 per share, compared to net earnings of $39 million, or $0.64 per share.Net cash provided by operating activities was $156 million for the first nine months of fiscal 2023, compared to $86 million. Free cash flow1 for the first nine months of fiscal 2023 was $98 million, compared to $49 million. Adjusted free cash flow1 was $103 million for the first nine months of fiscal 2023, compared to $52 million. “We delivered significant sales growth and margin expansion in the third quarter driven by continued strong end market demand and our improved ability to deliver to our customers. As expected, our strategic investments are resulting in operational improvements and efficiency gains,” said Chip Blankenship, Chairman and Chief Executive Officer. \"Both our Aerospace and Industrial businesses are improving, and our output is increasing. Industrial further benefited from increased on-highway natural gas truck production in China. While the environment remains dynamic, we anticipate a strong finish to the year and are raising our full-year outlook.” Third Quarter Company Results Net sales for the third quarter of fiscal 2023 were $801 million, compared to $614 million, an increase of 30 percent. Net earnings were $85 million, or $1.37 per share, for the third quarter of 2023, compared to $39 million, or $0.64 per share. EBIT1 was $117 million for the third quarter of 2023, compared to $58 million. The effective tax rate was 20.0 percent for the third quarter of 2023, compared to 21.6 percent. Segment Results Aerospace Aerospace segment net sales for the third quarter of fiscal 2023 were $481 million, compared to $402 million, an increase of 19.6 percent. Commercial OEM and aftermarket sales increased significantly compared to the prior year, driven by higher OEM production rates, contin...