Woodward (NASDAQ: WWD) reported Q2 EPS of $1.04, $0.24 better than the analyst estimate of $0.80. Revenue for the quarter came in at $581 million versus the consensus estimate of $572.33 million.

Second Quarter Overview

• Net sales were $581 million, compared to $720 million.
• Net earnings and adjusted net earnings1 were both $68 million, or $1.04 per share. For the second quarter of fiscal 2020, net earnings were $91 million, or $1.41 per share, and adjusted net earnings were $104 million, or $1.61 per share.
• Sequentially, net sales and net earnings were up 8 percent and 64 percent, respectively.
• Net cash provided by operating activities was $219 million for the first half of fiscal 2021, compared to $52 million for the same period of the prior year. Free cash flow1 and adjusted free cash flow1 for the first half of fiscal 2021 were both $206 million. For the first half of fiscal 2020, free cash flow was $23 million and adjusted free cash flow was $55 million.

“Our second quarter continued to show encouraging signs of a market recovery on the horizon with sales and earnings showing sequential improvement. The gradual increase in aircraft build rates and utilization drove improved results in our Aerospace segment, and conditions in many of our Industrial markets are showing signs of improvement. COVID-19 cases remain persistent across the globe, though many countries have begun aggressive rollouts of vaccines in recent weeks, leading to further optimism for the back half of 2021,” said Thomas A. Gendron, Chairman and Chief Executive Officer.

“We have demonstrated our resilience throughout this pandemic and are emerging with a stronger balance sheet and robust cash flow. Although uncertainty continues across the industry, we will remain vigilant in this dynamic environment and capitalize on future market opportunities,” concluded Mr. Gendron.

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