Woodward, Inc. Reports Financial Results for Fiscal Year 2024 and Fourth Quarter
Woodward, Inc. (NASDAQ: WWD) announced its financial results for the fiscal year 2024 and fourth quarter ending September 30, 2024.
Financial Overview
Below is a table illustrating key financial metrics compared to consensus estimates and previous periods:
| Metric | Actual | Consensus Estimates | YoY Change |
|---|---|---|---|
| Total Revenue | $3.28B | $3.28B | Exceeded $3B |
| Earnings Per Share (EPS) | $5.97 | $5.97 | - |
| Q4 Revenue | $811.11M | $811.11M | - |
| Q4 EPS | $1.26 | $1.26 | - |
Woodward achieved a record revenue for fiscal year 2024, surpassing the $3 billion threshold for the first time, driven by strong demand and operational excellence.
Segment Revenue Performance
| Segment | Revenue Contribution | Guidance Comparison | Performance Analysis |
|---|---|---|---|
| Aerospace | Increased | In line with guidance | Growth from OEM and aftermarket sales |
| Industrial | Increased | In line with guidance | Benefited from power generation and transport |
The Aerospace segment saw growth due to heightened demand in commercial and defense markets. The Industrial segment experienced strength from power generation and transportation, although it anticipates a decline in the China on-highway natural gas truck market.
Operational Highlights
- Completed a $55 million transformation of the Aerospace MRO facility in Loves Park, Illinois.
- Signed MRO agreements with Lufthansa Technik, Alliance Airlines, and Turkish Technic.
- Selected as a provider for NASA and Boeing Transonic Truss-braced Wing X-66A and JetZero Blended Wing Body Demonstrator projects.
- Broke ground on a capacity expansion in Glatten, Germany.
Management Commentary
CEO Chip Blankenship highlighted the company's robust fiscal 2024 performance, attributing the success to market demand and strategic operational efficiencies. He emphasized significant momentum entering fiscal 2025, with expectations for continued revenue growth and margin expansion, particularly in Aerospace markets.
Forward Guidance
Woodward projects a strong demand environment and operational improvements for fiscal 2025, with particular attention to Aerospace and Industrial segments. It anticipates challenges from a projected decline in the China on-highway natural gas truck market.
Stock Price Movement
Following the announcement, Woodward's stock price experienced a 1.73% increase.
The company's proactive strategic initiatives and consistent financial results reflect optimism for continued growth in the coming fiscal year.
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