Woodward profit, sales decrease despite strength in aerospace segment

FORT COLLINS — Sales growth in its aerospace segment wasn’t enough for local manufacturer Woodward Inc. (Nasdaq: WWD) to offset declines in its energy segment in the company’s third fiscal quarter ending June 30.

Fort Collins-based Woodward, which announced its earnings Monday, saw both profit and revenue decline slightly compared with the same period a year ago.

Woodward makes components and control-system solutions geared toward energy efficiency for the aerospace and energy industries.

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Net income for the company slid to $43.8 million, or 66 cents per share, in the third quarter, down from $46 million, or 69 cents per share a year earlier. Revenue, meanwhile, dropped from $524.3 million last year to $494.8 million this year.

Aerospace sales climbed 5 percent to $288.5 million during the quarter. The company also during the period announced a $250 million deal with General Electric Aviation to make and service the fuel systems for GE’s large commercial aircraft engine lines.

But low sales volumes in Asia helped lead to a 17 percent decrease in sales in Woodward’s energy segment to $206.3 million.

Woodward chairman and CEO Thomas Gendron said that, given the weak sales in Asia and impacts of foreign currency rates, the company expects full-year sales to be roughly flat with last year’s $2 billion mark. He said the company anticipates net income for the year to be in the “mid-to-lower end” of the previously announced range of $2.70 to $2.90 per share.

Woodward announced its earnings after markets closed Monday. After the company’s share price closed at $53.37, shares rose in after-hours trading 32 cents to $53.69.