Woodward (WWD) Misses Q1 EPS by 4c, Revenues Miss
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Woodward (NASDAQ: WWD) reported Q1 EPS of $0.64, $0.04 worse than the analyst estimate of $0.68. Revenue for the quarter came in at $538 million versus the consensus estimate of $542.86 million.
First Quarter Overview
- Net sales were $538 million, compared to $720 million, a decrease of 25 percent.
- Net earnings and adjusted net earnings1 were both $42 million, or $0.64 per share. For the first quarter of fiscal 2020, net earnings were $53 million, or $0.83 per share, and adjusted net earnings were $71 million, or $1.10 per share.
- Net cash provided by operating activities was $147 million compared to $27 million. Free cash flow1 and adjusted free cash flow1 were both $139 million. For the first quarter of fiscal 2020, free cash flow was $10 million and adjusted free cash flow was $29 million.
Fiscal Year 2021 Outlook
The dynamic and volatile nature of the COVID-19 global pandemic has continued to cause uncertainty in many of our markets. While the ongoing rollout of vaccines across the globe has begun, new viral variants and regional resurgences make forecasting the future of our business challenging in the near-term. Given this uncertainty, and the protracted nature of this crisis, we will continue to withhold financial guidance, although we are encouraged that ongoing stabilization will lead to recovery across the globe.
“At Woodward, we are steadfast in our focus to maintain the strong financial position of our company as we navigate unprecedented economic volatility,” said Mr. Gendron. “Thanks to the deliberate management of our cash flow and balance sheet, Woodward is well positioned to emerge stronger from this global crisis and continue to generate increasing value for our shareholders.”
For earnings history and earnings-related data on Woodward (WWD) click here.
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