Woodward, Inc. Reports Unaudited Consolidated Financial Results for the First Quarter Ended December 31, 2016; Provides Earnings Guidance for the Fiscal 2017
January 23, 2017 at 09:05 pm
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Woodward, Inc. reported consolidated unaudited financial results for the first quarter ended December 31, 2016. For the quarter, the company reported net sales of $442,894,000 against $445,110,000 a year ago. Earnings before income taxes were $47,059,000 against $27,956,000 a year ago. Net earnings were $45,548,000 against $25,820,000 a year ago. Diluted earnings per share were $0.73 against $0.40 a year ago. Net cash provided by operating activities was $52,351,000 against $37,360,000 a year ago. Payments for property, plant, and equipment were $21,058,000 against $33,131,000 a year ago. EBIT was $53,494,000 against $34,417,000 a year ago. EBITDA was $72,407,000 against $51,479,000 a year ago. Free cash flow was $31,293,000 compared with $4,229,000 a year ago. EBIT in the first quarter of fiscal year 2016 included pre-tax special charges of $16 million related primarily to strategic actions to consolidate facilities, reduce costs and address market conditions. EBIT in the first quarter of 2017 was favorably impacted by lower costs resulting from the special charges taken last year and lower operating expenses.
For fiscal 2017, the company's guidance is unchanged and net sales are expected to increase by approximately 4% to 6% from the prior year and earnings per share are expected to be between $2.95 and $3.25. Sales and earnings for both segments are anticipated to be in line with original guidance. The company expected full year tax rate of 25% anticipated the benefits of the repatriation and is therefore unchanged.
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, 2016; Provides Earnings Guidance for the Fiscal 2017