FORT COLLINS – Woodward Inc. on Wednesday posted net income of $51 million for its third fiscal quarter ending June 30, a boost of $7 million over the same period a year ago.
That was thanks to a $12 million increase in earnings for the Fort Collins-based manufacturer’s aerospace segment, which offset sales and income declines in Woodward’s industrial segment.
Woodward (Nasdaq: WWD) makes components and control-system solutions geared toward energy efficiency for the aerospace and industrial markets.
The company’s third-quarter profit equated to 81 cents per share, up from 66 cents per share a year earlier. Revenue rose 3 percent to $508 million.
Strength in the aerospace segment was attributed mainly to strong defense sales. The segment saw sales increase 7 percent from a year ago to $309 million. But a declining natural-gas truck market in China helped cause industrial sales to slide 4 percent from last year.
Woodward officials reaffirmed guidance for the full 2016 fiscal year, projecting earnings of from $2.75 to $2.95 per share.
Woodward shares closed at $59.42 Wednesday, up 12 cents from the previous day.