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Woodward, Inc. (NASDAQ: WWD) is a global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Headquartered in Fort Collins, Colorado, Woodward serves two primary markets—aerospace and energy—through innovative integration of technologies into fuel, combustion, fluid, actuation, and electronic control systems. Leveraging advanced engineering capabilities, Woodward creates products that deliver high performance, reliability, and efficiency in some of the world's most challenging environments.
In the aerospace sector, Woodward's products enhance the performance and efficiency of commercial and defense aircraft, including propulsion and motion control systems. The company also provides aftermarket support, helping maintain and repair components to extend the lifecycle of critical aerospace equipment. Recently, Woodward secured a multi-year deal with Alliance Airlines to manage the maintenance, repair, and overhaul of their entire fleet, emphasizing the company's reputation for reliability and excellence.
On the energy front, Woodward develops control solutions that support the global transition to cleaner energy. Its products are designed to improve fuel efficiency and reduce emissions, addressing the increasing demand for sustainable energy management. The company's innovative systems are crucial for applications ranging from power generation to industrial engines.
Financially, Woodward has demonstrated robust growth performance. For fiscal 2023, Woodward reported net sales of $2.91 billion, a 22% increase from the previous year. Net earnings for the same period were $232 million, or $3.78 per share. The company’s operational excellence, combined with strategic investments, has driven significant revenue growth and margin expansion across both its Aerospace and Industrial segments.
Looking ahead, Woodward anticipates continued strong demand for its products and services. The company is committed to operational excellence, talent development, and ongoing innovation to sustain long-term growth and enhance shareholder value. In fiscal 2024, Woodward expects to maintain its positive trajectory, supported by increasing revenue and improving operational performance, particularly in the commercial aerospace market and the industrial sector's natural gas truck applications.
Woodward’s achievements have also been recognized on the Fortune 1000 list, reflecting its substantial contributions and commitment to creating value for stakeholders. The company’s diverse global footprint, including facilities in the United States, Europe, and Asia, positions it well to serve a broad customer base and leverage growth opportunities worldwide.
Woodward, Inc. (NASDAQ:WWD) has announced a five-year Maintenance, Repair, and Overhaul (MRO) Services agreement with Lufthansa Technik. This agreement extends their 25-year relationship, with Woodward continuing to provide MRO work for Lufthansa Technik's critical fuel system components at facilities in Rockford, IL, and Prestwick, UK. The collaboration covers Woodward-manufactured components for widebody and narrowbody engine types. John Di Silvestro, Woodward's Senior VP of Sales, Marketing & Services, emphasized the long-standing partnership, while Thomas Böttger, VP of Corporate Procurement at Lufthansa Technik, expressed readiness to expand the collaboration to other aircraft and engine types.
Woodward, Inc. (NASDAQ:WWD) reported strong financial results for Q3 FY2024. Net sales increased 6% to $848 million, while net earnings rose to $102 million ($1.63 per share) from $85 million ($1.37 per share) year-over-year. The Aerospace segment saw an 8% increase in net sales, driven by robust aftermarket demand. The Industrial segment experienced a 3% growth in net sales. For the first nine months of 2024, free cash flow improved significantly to $225 million, compared to $98 million in the same period last year. Based on these results, Woodward revised its FY2024 guidance, adjusting its total company sales forecast to $3,250-$3,300 million and increasing its adjusted EPS range to $5.80-$6.00.
Woodward, Inc. (NASDAQ:WWD) has been selected by Boeing to provide rotary actuation solutions for the NASA Sustainable Flight Demonstrator X-66A aircraft. This innovative aircraft, part of the Transonic Truss-braced Wing (TTBW) program, aims to reduce commercial flight emissions and increase fuel efficiency through its unique long, thin strut-braced wing design. Woodward's rotary actuators will be fitted to the X-66A ailerons, contributing to the aviation industry's goal of achieving net-zero emissions by 2050.
Chip Blankenship, Chair and CEO of Woodward, expressed honor in being selected for this breakthrough project. The company has begun work with Boeing and plans to produce the actuators by 2026, with test flights scheduled for 2028.
Woodward, Inc. (NASDAQ: WWD) has announced its schedule for the fiscal 2024 third quarter earnings release and conference call. The company plans to report its financial results on Monday, July 29, 2024, at approximately 4:00 p.m. ET, followed by a conference call at 4:30 p.m. ET. During the call, Woodward will provide an overview of its business and financial performance. Investors can listen to the call live via the company's website or by dialing in. The presentation will remain accessible on the website for one year. An audio replay will be available by telephone from July 29 until August 12, 2024.
Woodward (NASDAQ: WWD) has been recognized in TIME's inaugural list of America's Best Mid-Size Companies for 2024. This accolade, presented by TIME and Statista Inc., evaluates companies based on employee satisfaction, revenue growth, and sustainability transparency. The recognition underscores Woodward's commitment to innovation in aerospace and industrial sectors, and its efforts in creating a positive workplace and promoting environmental stewardship. Woodward's CEO, Chip Blankenship, highlighted the company's dedication to designing energy control solutions that support a cleaner future. The complete list of recognized companies is available on TIME's website.
Woodward (NASDAQ: WWD) has announced a cash dividend of $0.25 per share for the quarter. The dividend will be payable on September 5, 2024, to shareholders who are on record as of August 22, 2024. This move reflects the company's ongoing commitment to providing shareholder returns.
Woodward (NASDAQ: WWD) has been named to the 2024 Fortune 1000 list, solidifying its status as one of the largest U.S. public companies. With revenues approximately $2.91 billion in fiscal year 2023 and a global workforce of about 9,500, Woodward remains a leader in energy control solutions for aerospace and industrial markets. CEO Chip Blankenship credits the company's inclusion on the list to the hard work and dedication of its team members, emphasizing their role in achieving the company's goals and commitments. The Fortune 1000 list, an annual ranking by Fortune Magazine, assesses U.S. companies based on reported revenue.
Woodward, Inc. (NASDAQ:WWD) reported strong second-quarter fiscal year 2024 results, with net sales reaching $835 million, a 16% increase from the prior year. Net earnings were $98 million, or $1.56 per share. Adjusted net earnings were $101 million. The company raised its full-year guidance due to operational excellence driving sales growth and margin expansion. Aerospace and Industrial segments showed significant growth in sales and earnings. Cash flow increased, and debt decreased, positioning Woodward well for future growth.
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