Woodward Inc. Earnings: Fifth Consecutive Quarter of Double-Digit Growth

Woodward Inc. (NASDAQ:WWD) reported its results for the second quarter. Woodward designs, manufactures, and services energy control systems and components for aircraft and industrial engines and turbines.

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Woodward Earnings Cheat Sheet for the Second Quarter

Results: Net income for Woodward Inc. rose to $38.8 million (55 cents per share) vs. $32.1 million (46 cents per share) in the same quarter a year earlier. This marks a rise of 20.8% from the year-earlier quarter.

Revenue: Rose 11.9% to $468.8 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Woodward Inc. fell in line with the mean analyst estimate of 55 cents per share. Analysts were expecting revenue of $467.8 million.

Quoting Management: “Market share gains, including strength in our wind business along with anticipated growth in other markets, resulted in solid sales for the quarter,” said Thomas A. Gendron, Chairman and Chief Executive Officer. “We experienced earnings growth while absorbing a significant increase in new product and systems development primarily on recently awarded programs.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 17.1%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 23% from the year earlier quarter.

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 26.9% and in the fourth quarter of the last fiscal year, the figure rose 27.6%.

The company fell in line with estimates last quarter after missing forecasts in the previous quarter with net income of 40 cents versus a mean estimate of net income of 45 cents per share.

From the first quarter, the company’s current liabilities fell to $255,870 from $219.4 million.

Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the third quarter is 61 cents per share, up from 60 cents ninety days ago. At $2.27 per share, the average estimate for the fiscal year has fallen from $2.29 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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