Woodward, Inc. reported consolidated unaudited financial results for the first quarter ended December 31, 2015. For the quarter, the company reported net sales of $445,110,000 against $487,646,000 a year ago. Earnings before income taxes were $27,956,000 against $57,072,000 a year ago. Net earnings were $25,611,000 against $43,784,000 a year ago. Diluted earnings per share were $0.40 against $0.66 a year ago. Net cash provided by operating activities was $37,112,000 against $37,856,000 a year ago. Payments for property, plant, and equipment were $33,131,000 against $46,621,000 a year ago. EBIT was $34,417,000 against $62,894,000 a year ago. EBITDA was $51,479,000 against $81,467,000 a year ago. Net sales primarily impacted by lower sales in Woodward's Industrial segment, partially offset by higher sales in the company's Aerospace segment. EBIT was negatively impacted in the quarter by the special charges, lower sales volume and approximately $3 million of unfavorable impacts from foreign currency exchange rate fluctuations. Excluding the special charges in the current quarter, net earnings would have been $36 million, or $0.56 per share.

For fiscal 2016, the company's guidance is unchanged and net sales are expected to increase 1% to 2% over fiscal 2015, earnings before interest and taxes to be up approximately 5% and earnings per share to be between $2.75 and $2.95. The special charges will be largely offset by the anticipated savings during the year and therefore there is no impact on the full year outlook.