Woodward Q3 2020 Earnings Report

Reported financial results for the third quarter of fiscal year 2020.

Key Takeaways

Woodward reported net sales of $524 million and net earnings of $38 million, or $0.61 per share, for the third quarter of fiscal 2020. The company's results were impacted by the COVID-19 pandemic, which led to lower commercial sales in the Aerospace segment and weakness in the Industrial segment.

Operations and cost structure were aligned to mitigate the adverse effects of the COVID-19 pandemic.

Aerospace benefited from a strong defense market, softening the impact of reduced passenger traffic and aircraft production.

The divestiture of the renewables portfolio enhanced the profitability of the Industrial segment.

The company continues to monitor markets, customers, and suppliers, maintaining flexibility to meet customer demand.