Woodward Reports Third Quarter Fiscal Year 2024 Results

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[{"type":"text","content":"FORT COLLINS, Colo., July 29, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) today reported financial results for its third quarter of fiscal year 2024. 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. All references to years are references to the Company’s fiscal year unless otherwise stated. Third Quarter Overview Net sales were $848 million, compared to $801 million, an increase of 6 percent.Net earnings were $102 million, or $1.63 per share, compared to net earnings of $85 million, or $1.37 per share.Net cash provided by operating activities was $297 million for the first nine months of 2024, compared to $156 million. Free cash flow1 for the first nine months of 2024 was $225 million, compared to free cash flow of $98 million. Adjusted free cash flow1 was $230 million for the first nine months of 2024, compared to adjusted free cash flow of $103 million. \"We delivered a solid quarter, driven by robust end-market demand and the dedicated efforts of all our members,” stated Chip Blankenship, Chairman and Chief Executive Officer. “In Aerospace, increased utilization drove strong aftermarket demand in the third quarter. Total Industrial growth moderated as expected. Industrial benefitted from increased sales in power generation as well as transportation despite flat China on-highway shipments year-over-year. In this dynamic market, we remain focused on growth, operational excellence, and innovation, which continue to position Woodward to deliver sustained long-term shareholder value.” Third Quarter Company Results Net sales for the third quarter of 2024 were $848 million, compared to $801 million, an increase of 6 percent. Net earnings were $102 million, or $1.63 per share, for the third quarter of 2024, compared to $85 million, or $1.37. EBIT1 was $132 million for the third quarter of 2024, compared to $117 million. The effective tax rate was 16.4 percent for the third quarter of 2024, compared to 20.0 percent. Segment Results Aerospace Aerospace segment net sales for the third quarter of 2024 were $518 million, compared to $481 million, an increase of 8 percent. Commercial OEM sales were up 2 percent and commercial aftermarket sales ...

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