Woodward, Inc. reported consolidated unaudited financial results for the first quarter ended December 31, 2017. For the quarter, the company reported net sales of $470,148,000 against $442,894,000 a year ago. Earnings before income taxes were $37,487,000 against $47,059,000 a year ago. Net earnings were $18,260,000 against $46,548,000 a year ago. Diluted earnings per share were $0.29 against $0.73 a year ago. Net cash used in operating activities was $2,533,000 against net cash provided by operating activities of $52,351,000 a year ago. Payments for property, plant, and equipment were $28,450,000 against $21,058,000 a year ago. EBIT was $43,874,000 against $53,494,000 a year ago. EBITDA was $64,944,000 against $72,407,000 a year ago. Free cash flow (non-u.s. gaap) was negative $30,983,000 against free cash flow - positive $31,293,000 a year ago.

For fiscal year 2018, net sales are still expected to be between $2.2 billion to $2.3 billion. Earnings per share are now expected to be between $3.35 and $3.60, reflecting the anticipated effects of the change in U.S. tax legislation.