FORT COLLINS, Colo. (AP) -- Woodward Inc., which makes controls for the energy and aerospace industries, said on Monday that its third quarter net income fell 27 percent as profits declined in its aerospace segment.
The company earned $28.3 million, or 40 cents per share, for the quarter that ended June 30. That was down from $36.1 million, or 51 cents per share, during the same period last year. Revenue rose 5 percent to $460.2 million, from $438.5 million a year ago.
Profits from its aerospace business fell 39 percent, to $21.5 million, from $35.4 million a year ago. Earnings in its energy segment rose 7 percent to $31.2 million, from $29.3 million a year ago.
Revenue from aerospace fell slightly to $214.5 million, from $215.2 million a year ago. In its energy segment, revenue rose 10 percent to $245.8 million, from $223.2 million a year ago.
Aerospace profits were hurt by lower defense sales and higher spending for product development and improved production. Some of that spending was offset by price increases. Sales to commercial aircraft makers and aftermarket sellers both increased, the company said.
In addition, companywide revenue was shaved by $8 million because of unfavorable foreign exchange rates.
"Ongoing worldwide economic uncertainty is also pressuring sales growth," Chairman and CEO Thomas A. Gendron said.
For the first nine months of the fiscal year, Woodward said its net income has risen 5.4 percent to $95.5 million, or $1.36 per share, from $90.5 million, or $1.29 per share, during the first three quarters of 2011. Revenue rose 9.4 percent to $1.34 billion, from $1.22 billion a year earlier.
Woodward shares had fallen $1.08, or 3.2 percent, to close at $33.26 before the results were released. They rose $1.08 to $34.34 in aftermarket trading.