Woodward (NASDAQ: WWD) reported Q4 EPS of $0.75, $0.21 better than the analyst estimate of $0.54. Revenue for the quarter came in at $531 million versus the consensus estimate of $520.52 million.

Fourth Quarter Fiscal 2020 Overview

• Net sales were $531 million, compared to $737 million, a decrease of 28 percent.
• Earnings per share were $0.89, down from $1.03.
• Adjusted earnings per share1 were $0.75, down from $1.22.

“Fiscal year 2020 marked one of the most volatile periods in the global macro-economic landscape. Our team acted swiftly to focus on diligent cash management and liquidity as well as aligning our cost structure to the current COVID-19 environment, which significantly impacted both of our segments. Our Aerospace segment was impacted by the decline in global passenger traffic, partially offset by a strong defense market. Our Industrial segment was impacted by a sharp decline in oil prices as well as the pandemic,” said Thomas A. Gendron, Chairman and Chief Executive Officer of Woodward. “The COVID-19 headwinds are enduring, and our team has driven and will continue to focus on operational excellence, prudently manage cash and liquidity as well as execute on our strategy, to emerge as a leaner and stronger Woodward.”

Fiscal Year 2021 Outlook

The global economic effects associated with the COVID-19 pandemic have been unprecedented in their scope and depth. We continue to see severe volatility in our markets, making forecasting of our future business challenging. With that uncertainty, we will not be providing financial guidance for fiscal 2021 at this time, although we are encouraged by recent developments with respect to potential vaccines and therapeutics related to the virus.

“Our focus will continue to be on cash flow and liquidity as we manage through this challenging operating environment,” said Mr. Thomas A. Gendron. “Woodward has a history of resilience during difficult times such as these. We believe our strong balance sheet will allow us to strategically invest in growth opportunities and technology, return capital to our shareholders and emerge a stronger company.”

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