Woodward, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Reaffirms Earnings Guidance for the Fiscal Year 2014
January 22, 2014 at 02:39 am IST
Share
Woodward, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the company reported net sales of $429.0 million compared to $408.3 million a year ago. Earnings before income taxes were $32.944 million compared to $38.537 million a year ago. Net earnings were $23.383 million or $0.34 per diluted share compared to $27.368 million or $0.39 per diluted share a year ago. Net cash provided by operating activities was $44.433 million compared to $39.974 million a year ago. Payments for property, plant, and equipment were $37.149 million compared to $29.894 million a year ago. EBITDA was $58.063 million compared to $62.865 million a year ago. Free cash flow was $7.284 million compared to $10.080 million a year ago. The current quarter EBIT was primarily impacted by reduced organic sales volume and unfavorable product mix. EBIT for the first quarter of 2014 was $39 million compared to $45 million for the first quarter of the prior year, a decrease of 13%.
The company's full year outlook for fiscal 2014 is unchanged, the company expects sales to be between $1.95 and $2.05 billion, and earnings per share expected to be between $2.10 and $2.30 per share. For fiscal 2014, the company continue to anticipate capital expenditures to be approximately $220 million, subject to the inherent variability of large-scale construction projects.
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, 2013; Reaffirms Earnings Guidance for the Fiscal Year 2014