Woodward (WWD) Tops Q4 EPS by 7c, Revenues Beat; FY19 Revenue Mid-Point Guidance Above Consensus, Offers FY10 EPS Outlook,

Woodward (NASDAQ: WWD) reported Q4 EPS of $1.39, $0.07 better than the analyst estimate of $1.32. Revenue for the quarter came in at $719 million versus the consensus estimate of $687.52 million.

• Net sales were $719 million for the fourth quarter of 2018, an increase of 19 percent from the fourth quarter of last year. Organic net sales1, which exclude sales of $78 million attributable to the acquired L’Orange business, were $641 million, an increase of 6 percent from the prior year fourth quarter.
• Net earnings were $75 million, or $1.16 per share. Adjusted net earnings1 were $89 million, or $1.39 per share, compared to $62 million, or $0.98 per share, for the fourth quarter of the prior year.
• Adjusted EBIT1 was $120 million, compared to $93 million for the prior year fourth quarter.
• Fiscal Year 2018 Overview
• Net sales were $2.33 billion for fiscal year 2018, an increase of 11 percent compared to the prior year. Organic net sales, which exclude sales of $103 million attributable to the acquired L’Orange business, were $2.22 billion, an increase of 6 percent compared to the prior year.
• Net earnings were $180 million, or $2.82 per share. Adjusted net earnings were $246 million, or $3.85 per share, compared to $201 million, or $3.16 per share, for the prior year.
• Adjusted EBIT was $326 million, compared to $278 million for the prior year.
• Net cash provided by operating activities for 2018 was $299 million, compared to $308 million for the prior year. Free cash flow1 was $172 million for 2018, compared to $215 million for the prior year.

“2018 was another record sales and earnings year for Woodward. We addressed softness in our Industrial markets and capitalized on the growing backlog in our Aerospace markets. Importantly, we completed the acquisition of L’Orange, which is transformational to our Industrial segment and strengthens Woodward overall,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “For the year, we delivered strong results in our Aerospace segment, while L’Orange contributed significantly to the improved performance in our Industrial segment. As we look forward to 2019, we expect strong performance in our Aerospace segment and accelerating improvement in our Industrial segment.”

GUIDANCE:

Woodward sees FY2019 EPS of $4.40-$4.70, versus the consensus of $4.56. Woodward sees FY2019 revenue of $2.65-2.8 billion, versus the consensus of $2.67 billion.

For earnings history and earnings-related data on Woodward (WWD) click here.

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