Woodward Q3 2023 Earnings Report
Key Takeaways
Woodward reported a strong third quarter with significant sales growth and margin expansion, driven by strong end market demand and improved operational efficiency. The company's Aerospace and Industrial businesses are improving, with Industrial benefiting from increased on-highway natural gas truck production in China. As a result, Woodward is raising its full-year outlook.
Net sales increased by 30 percent to $801 million compared to the prior year.
Net earnings increased to $85 million, or $1.37 per share, compared to $39 million, or $0.64 per share, in the prior year.
Aerospace segment net sales increased by 19.6 percent to $481 million, driven by higher OEM production rates and recovery in passenger traffic.
Industrial segment net sales increased by 50.6 percent to $320 million, driven by higher volumes across all markets and price realization.
Woodward
Woodward
Woodward Revenue by Segment
Forward Guidance
Woodward expects year-over-year improvements in the fourth quarter of fiscal 2023 and is raising certain aspects of its full-year guidance due to continued strong end market demand and improved ability to deliver for customers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income