Woodward, Inc. Reports Unaudited Consolidated Financial Results for the First Quarter Ended December 31, 2017; Provides Earnings Guidance for the Fiscal 2018
January 22, 2018 at 09:05 pm
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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.
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 Financial Results for the First Quarter Ended December 31, 2017; Provides Earnings Guidance for the Fiscal 2018