Woodward Q2 2020 Earnings Report
Key Takeaways
Woodward's second-quarter performance saw net sales of $720 million and net earnings of $91 million, influenced by the initial impacts of the COVID-19 pandemic and actions taken to mitigate its effects.
Net sales were $720 million, compared to $759 million for the prior year quarter.
Net earnings were $91 million, or $1.41 per share, compared to $78 million, or $1.20 per share, for the prior year quarter.
Aerospace segment net sales were $474 million, a 2 percent decrease year-over-year.
Industrial segment net sales were $246 million, an 11 percent decrease year-over-year.
Woodward
Woodward
Woodward Revenue by Segment
Forward Guidance
Due to the significant global uncertainty, Woodward has withdrawn full-year 2020 guidance. The company anticipates positive free cash flow in the second half of fiscal 2020 and throughout this downturn and is strategically prioritizing investments.
Positive Outlook
- Strong balance sheet
- Substantial available liquidity
- Focus on cash flow management
- Anticipate positive free cash flow in the second half of fiscal 2020
- Strategically prioritizing investments
Challenges Ahead
- Unpredictable economic impacts related to the COVID-19 crisis
- Difficult to accurately forecast
- Impacts on customers and suppliers
- Global uncertainty
- Withdrew full-year 2020 guidance