Woodward, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Fiscal 2013
January 22, 2013 at 09:07 pm
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Woodward, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company's net sales were $408,339,000 compared to $407,896,000 a year ago. Sales in the first quarter of fiscal 2013 were affected by both normal seasonal ordering patterns and increased fiscal and economic volatility. Earnings before income taxes was $38,537,000 compared to $40,176,000 a year ago. Net earnings was $27,368,000 or $0.39 per diluted share compared to $28,416,000 or $0.40 per diluted share a year ago. Net cash provided by operating activities was $39,974,000 compared to $2,328,000 a year ago. Payments for property, plant, and equipment was $29,894,000 compared to $17,254,000 a year ago. EBIT was $44,925,000 compared to $46,358,000 a year ago. The current quarter EBIT was primarily impacted by continuing investments in Aerospace manufacturing capacity and capability, as well as acquisition costs, offset by decreased variable compensation. Foreign currency exchange rates had a negative impact of approximately $2 million on EBIT for the quarter. EBITDA was $62,865,000 compared to $64,785,000 a year ago. Total debt was $590 million at December 31, 2012, and reflects new debt of $200 million used to finance the acquisition of Duarte business.
The company provided earnings guidance for the fiscal 2013. The company anticipated that fiscal 2013 sales will be between $1.9 billion and $2.0 billion, and earnings per share will be between $2.22 and $2.42 per share, including approximately a $0.07 per share effect of the fiscal year 2012 retroactive impact of the U.S. research and experimentation credit for fiscal 2013 that will be recognized in the second fiscal quarter of this year. The company expects full year 2013 free cash flow will be approximately $75 million. For 2013, the company continues to anticipate capital expenditures of approximately $150 million compared to $65 million in 2012. Including its recent acquisition, the company now anticipates that fiscal 2013 sales will be between $1.9 billion and $2.0 billion, and earnings per share will be between $2.22 and $2.42 per share, including approximately a $0.07 per share effect of the fiscal year 2012 retroactive impact of the U.S. The company currently estimates the retroactive impact of legislation will reduce its effective tax rate for fiscal 2013 by a little more than 2% points. Excluding the retrospect impact of the R&E credit restatement, the company would expect the full year effective tax rate of approximately 28% to 29%, largely in line with recent experience.
Woodward, Inc. is an independent designer, manufacturer, and service provider of control solutions for the aerospace and industrial markets. It operates through two segments: Aerospace and Industrial. Its Aerospace segment designs, manufactures, and services systems and products for the management of fuel, air, and combustion and motion control. These products include fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, as well as flight deck controls, actuators, servocontrols, motors, and sensors. Its Industrial segment designs, produces, and services systems and products for the management of fuel, air, fluids, gases, motion, combustion, and electricity. These products include actuators, valves, pumps, fuel injection systems, solenoids, ignition systems, speed controls, electronics and software, and sensors. Its production facilities are in the United States, Europe, and Asia.
Woodward, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Fiscal 2013