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.