Stock Monitor: Astrotech Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 20, 2017 / Active-Investors free earnings report on Woodward, Inc. (NASDAQ: WWD) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=WWD. Woodward reported its fourth quarter and fiscal 2017 (Q4 FY17) and (FY17) operating results on November 08, 2017. The maker of cockpit controls and other equipment for the defense and aerospace reported a 9% growth in sales of its Aerospace segment and also provided guidance for FY18. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
Woodward's net sales were $607 million for Q4 FY17, reflecting an increase of 3% compared to net sales of $591 million for Q4 FY16. The Company's revenue numbers surpassed analysts' expectations of $599.4 million. For FY17, Woodward's net sales were $2.10 billion, adding 4% compared to $2.02 billion in FY16.
During Q4 FY17, Woodward's earnings before interest and taxes costs (EBIT) were $93 million, up 7% compared to $87 million for Q4 FY16.
Woodward's net earnings were $62 million, or $0.98 per share, for Q4 FY17 compared to $63 million, or $0.99 per share, for Q4 FY16, and came in ahead of Wall Street's estimates of $0.90 per share. The Company's net earnings for 2017 were $201 million, or $3.16, reflecting an 11% growth compared to $181 million on $2.85 per share in FY16.
Woodward's Segment Results
During Q4 FY17, the Aerospace segment's net sales grew 9% to $399 million from $365 million for Q4 FY16. The segment's earnings for the reported quarter were $86 million compared to $80 million for the prior year's comparable quarter. The Aerospace segment's earnings as a percent of the segment's net sales were 21.4% for Q4 FY17 compared to 22.0% for Q4 FY16. The increase in the segment's earnings was attributable to higher sales volume, partially offset by the effects of higher OEM volumes compared to the prior year.
For Q4 FY17, the industrial segment's net sales totaled $208 million, down 8% compared to $226 million in Q4 FY16. The segment's earnings were $23 million for the reported quarter compared to $19 million in the prior year's same quarter. The Industrial segment's earnings as a percent of the segment's net sales were 11.1% in Q4 FY17 compared to 8.5% in Q4 FY16. The improvement in the segment's earnings was largely the result of the Company's cost reduction initiatives, partially offset by the impact of the lower sales volume.
During Q4 FY17, the non-segment expenses totaled $15 million, or 2.5% of net sales compared to $12 million, or 2.1% of net sales, for Q4 FY16.
Woodward's net cash generated from operating activities for FY17 was $308 million compared to $435 million from FY16. The Company's free cash flow was $215 million for FY17 compared to $260 million for FY16. Woodward's prior year included after-tax proceeds of $155 million from the formation of the joint venture with GE.
Woodward's total debt was $613 million at September 30, 2017, compared to $727 million at September 30, 2016. The Company's ratio of debt-to-debt-plus-equity was 30.9% at September 30, 2017, compared to 37.5% at September 30, 2016.
During FY17, Woodward returned $101 million to stockholders in the form of repurchased shares and dividends.
For fiscal 2018, Woodward is forecasting net sales to be between $2.2 billion and $2.3 billion. The Company is estimating earnings per share to be between $3.20 and $3.50, which includes the impact of a significant increase in the full year expected tax rate to approximately 27%. During FY18, Woodward is anticipating ongoing growth in its Aerospace segment as well as improvement in a number of the Company's Industrial markets with challenges remaining in others.
Stock Performance Snapshot
December 19, 2017 - At Tuesday's closing bell, Woodward's stock was slightly down 0.59%, ending the trading session at $77.33.
Volume traded for the day: 181.18 thousand shares.
Stock performance in the last month – up 0.81%; previous three-month period – up 3.42%; past twelve-month period – up 10.47%; and year-to-date – up 11.99%
After yesterday's close, Woodward's market cap was at $4.69 billion.
Price to Earnings (P/E) ratio was at 24.49.
The stock has a dividend yield of 0.65%.
The stock is part of the Industrial Goods sector, categorized under the Aerospace/Defense Products & Services industry.
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