Rotary actuators are essential devices in industrial, commercial and residential applications, converting rotational motion into precise and controlled mechanical action. Unlike linear actuators, they generate circular movement. In aerospace, they control aircraft flaps, ailerons and landing gear, demonstrating their strength and reliability under extreme conditions. Woodward, in collaboration with Boeing, has started work on these actuators, aiming for production by 2026 and test flights by 2028. Headquart ...

Woodward (WWD) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the ...

Core Insights - Woodward, Inc. has been selected to provide rotary actuation solutions for the NASA and Boeing Transonic Truss-braced Wing (TTBW) X-66A aircraft demonstrator, highlighting its role in innovative aerospace projects [1][2][3] - The TTBW concept aims to enhance fuel efficiency through its unique wing design, which features long and thin strut-braced wings that improve lift and reduce drag [2] - Woodward's rotary actuators will be integrated into the X-66A ailerons, which are critical flight control surfaces [2] - The collaboration with Boeing is seen as a continuation of Woodward's long-standing relationship with the aerospace giant, as well as its commitment to supporting NASA's initiatives [3] - The TTBW program is part of the aviation industry's broader goal to achieve net-zero emissions by 2050 [3] - Production of the actuators is set to begin by 2026, with test flights planned for 2028 [4] Company Overview - Woodward, Inc. is a global leader in energy conversion and control solutions, serving aerospace and industrial equipment markets [5] - The company focuses on enabling a cleaner, decarbonized world through innovative technologies in fluid, combustion, electrical, propulsion, and motion control systems [5] - Woodward is headquartered in Fort Collins, Colorado, and has a strong presence in the aerospace sector, working with major industry players [5]

WWD is a leading designer, manufacturer and service provider of energy control and optimization solutions. The company provides a wide array of products for fuel, combustion, fluid, actuation and electronic applications, which serve the commercial aerospace, business jet, military and energy markets. Factors Driving Performance For fiscal 2024, the Industrial segment revenues are expected to increase in the range of 13-15% compared with the prior guided range of 8-10%. The volatile China on-highway natural ...

FORT COLLINS, Colo., July 15, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) announced today that it expects to report its fiscal 2024 third quarter financial results at approximately 4:00 p.m. ET on Monday, July 29, 2024. A news release will be issued at that time and a conference call will be held at 4:30 p.m. ET. During the conference call, the company will provide an overview of its business and financial performance. You are invited to listen to the call live via the company's website, www.woodwa ...

FORT COLLINS, Colo., July 15, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) announced today that it expects to report its fiscal 2024 third quarter financial results at approximately 4:00 p.m. ET on Monday, July 29, 2024. A news release will be issued at that time and a conference call will be held at 4:30 p.m. ET. During the conference call, the company will provide an overview of its business and financial performance. You are invited to listen to the call live via the company's website, www.woodw ...

The full list can be found here: America's Best Midsize Companies of 2024 | TIME CONTACT: Jennifer Regina 970-559-8840 jennifer.regina@woodward.com W O O D W A R D FORT COLLINS, Colo., July 11, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) has been awarded on TIME's inaugural list of America's Best Mid-Size Companies 2024. This award is presented by TIME and Statista Inc. and can be viewed on TIME's website. Companies listed on America's Best Mid-Size Companies 2024 were identified based on three dim ...

Core Viewpoint - Woodward is positioned as a strong candidate for potential earnings beats, supported by a positive Earnings ESP and a solid Zacks Rank, indicating bullish sentiment among analysts [7][11]. Earnings ESP and Performance - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [2]. - A positive Earnings ESP, such as Woodward's current +2.87%, suggests increased analyst optimism regarding near-term earnings potential [7]. - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [6]. Woodward's Earnings History - Woodward has consistently surpassed earnings estimates, achieving an average surprise of 29.19% over the last two quarters [10]. - In the most recent quarter, Woodward reported earnings of $1.62 per share against an expectation of $1.28, resulting in a surprise of 26.56% [12]. - For the previous quarter, the consensus estimate was $1.10 per share, while the actual earnings were $1.45 per share, leading to a surprise of 31.82% [12].

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company achieved significant growth in Q2 and H1 FY2024, with net sales rising to **$835.3 million** and net earnings to **$97.6 million** for the quarter, alongside improved cash and cash equivalents of **$316.9 million** and operating cash flow of **$144.1 million** [Condensed Consolidated Statements of Earnings](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q2 2024 net sales increased **16.3%** to **$835.3 million**, with net earnings reaching **$97.6 million** or **$1.56** per diluted share, while H1 net sales grew **21.3%** to **$1.62 billion** and net earnings tripled to **$187.6 million** Key Earnings Data (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $835,343 | $718,214 | $1,622,073 | $1,336,833 | | **Earnings before income taxes** | $120,624 | $40,241 | $230,344 | $71,990 | | **Net earnings** | $97,556 | $35,511 | $187,600 | $65,117 | | **Diluted earnings per share** | $1.56 | $0.58 | $3.02 | $1.07 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets reached **$4.37 billion** as of March 31, 2024, driven by a rise in cash and cash equivalents to **$316.9 million**, with total liabilities at **$2.04 billion** and stockholders' equity at **$2.33 billion** Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $316,932 | $137,447 | | **Inventories** | $580,377 | $517,843 | | **Total current assets** | $1,811,974 | $1,469,452 | | **Total assets** | $4,366,259 | $4,010,203 | | **Total liabilities** | $2,036,846 | $1,939,214 | | **Total stockholders' equity** | $2,329,413 | $2,070,989 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for H1 FY2024 significantly increased to **$144.1 million**, with net cash used in investing activities at **$49.6 million** and net cash provided by financing activities at **$80.6 million**, ending with **$316.9 million** in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $144,118 | $40,150 | | **Net cash (used in) investing activities** | ($49,641) | ($35,236) | | **Net cash provided by financing activities** | $80,588 | $24,337 | | **Net change in cash and cash equivalents** | $179,485 | $21,583 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail revenue recognition, segment performance, and debt structure, highlighting the Aerospace segment's majority sales contribution, a **$1 billion** revolving credit facility, **$791 million** total debt, and a new **$600 million** stock repurchase program - Remaining performance obligations from firm orders totaled **$2.38 billion** as of March 31, 2024, with the majority expected to be recognized as revenue within the next two years[31](index=31&type=chunk) - In January 2024, the Board authorized a new **$600 million** stock repurchase program, ending in January 2027, after terminating the previous 2022 authorization. No shares were repurchased in the first six months of fiscal 2024[101](index=101&type=chunk) - On November 15, 2023, Woodward paid the entire **$75 million** principal balance on its Series H and K Notes using proceeds from its revolving credit facility[76](index=76&type=chunk) Segment Net Sales (in thousands) | Segment | Three Months Ended March 31, 2024 | Six Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Aerospace** | $497,512 | $958,268 | | **Industrial** | $337,831 | $663,805 | | **Total** | **$835,343** | **$1,622,073** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported significant sales growth and margin expansion in H1 FY2024, with net sales growing **16.3%** in Q2 and **21.3%** year-to-date, driven by strong demand in Aerospace and Industrial markets, leading to free cash flow of **$87.8 million** [Overview](index=37&type=section&id=Overview) The company achieved significant sales growth and margin expansion in H1 FY2024, with net cash from operations increasing to **$144.1 million** and free cash flow reaching **$87.8 million**, while monitoring macroeconomic uncertainties - The company achieved significant sales growth and margin expansion in the first half of fiscal 2024, capitalizing on strong end market demand and operational excellence efforts[129](index=129&type=chunk) Financial Highlights | Metric | Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Consolidated Net Sales** | $1,622,073 | $1,336,833 | | **Consolidated Net Earnings** | $187,600 | $65,117 | | **Consolidated Diluted EPS** | $3.02 | $1.07 | | **Net Cash from Operations** | $144,118 | $40,150 | | **Free Cash Flow** | $87,817 | ($3,896) | [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q2 2024 consolidated net sales increased **16.3%** to **$835.3 million**, with gross margin expanding to **28.1%**, and both Aerospace and Industrial segments reporting strong growth and improved earnings margins of **19.8%** and **19.3%** respectively - Gross margin for Q2 2024 was **28.1%**, a significant improvement from **22.1%** in Q2 2023, primarily due to higher sales volume and price realization, which offset inflationary impacts[142](index=142&type=chunk) - Nonsegment expenses decreased by **$25.5 million** in Q2 2024 compared to the prior year, primarily because significant one-time charges in 2023 (such as for excess inventory, product rationalization, and restructuring) did not recur[161](index=161&type=chunk)[162](index=162&type=chunk) Segment Earnings as a Percent of Segment Net Sales | Segment | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Aerospace** | 19.8% | 16.8% | 18.5% | 15.5% | | **Industrial** | 19.3% | 13.4% | 19.9% | 9.7% | [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$791.0 million** total debt, **$141.3 million** outstanding on its revolver, **$850.8 million** additional borrowing availability, and net cash from operating activities surging to **$144.1 million** in H1 FY2024 - As of March 31, 2024, the company had total outstanding debt of **$791.0 million** and additional borrowing availability of **$850.8 million** under its revolving credit facility[165](index=165&type=chunk)[166](index=166&type=chunk) - Net cash provided by operating activities increased to **$144.1 million** for the first half of fiscal 2024, compared to **$40.2 million** for the same period in 2023, primarily due to higher earnings[172](index=172&type=chunk) - Free cash flow for the first six months of fiscal 2024 was **$87.8 million**, a significant improvement from a **negative $3.9 million** in the prior-year period[132](index=132&type=chunk)[186](index=186&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign currency, and raw material costs, which have not materially changed since the last Form 10-K filing, with some mitigation through contractual relationships - The company's market risks, including interest rate, foreign currency, and commodity price exposures, have not materially changed since the last Annual Report on Form 10-K[191](index=191&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[193](index=193&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[194](index=194&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and claims in the normal course of business, with management not expecting a material effect on financial condition or operations - Woodward is involved in various claims and legal proceedings in the normal course of business but does not expect any resulting liabilities to have a material effect on its liquidity, financial condition, or operations[196](index=196&type=chunk)[197](index=197&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's most recent Annual Report on Form 10-K - The risk factors disclosed in the company's most recent Form 10-K have not materially changed[198](index=198&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In January 2024, the Board authorized a new **$600 million** stock repurchase program, replacing the 2022 authorization, with no shares repurchased under the new program during the quarter and no unregistered equity sales - In January 2024, the Board authorized a new stock repurchase program for up to **$600 million** of common stock, ending in January 2027. The previous **$800 million** program from 2022 was terminated[201](index=201&type=chunk) - No shares were repurchased as part of the publicly announced repurchase programs during the three months ended March 31, 2024[200](index=200&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended March 31, 2024 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[202](index=202&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) The report includes an exhibit index listing all filed exhibits, such as a separation agreement and officer certifications

Woodward, Inc. (NASDAQ:WWD) Q2 2024 Earnings Conference Call April 29, 2024 4:30 PM ET Company Participants Dan Provaznik - Director, Investor Relations Chip Blankenship - Chairman & Chief Executive Officer Bill Lacey - Chief Financial Officer Conference Call Participants David Strauss - Barclays Scott Deuschle - Deutsche Bank Robert Spingarn - Melius Research Gavin Parsons - UBS Louis Raffetto - Wolfe Research Pete Skibitski - Alembic Global Gautam Khanna - TD Cowen Sheila Kahyaoglu - Jefferies Michael Cia ...