2025 guidance reflects growth in key Aerospace and Industrial markets
FORT COLLINS, Colo., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) today reported financial results for its fiscal year 2024 and fourth quarter ending September 30, 2024.
All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated. All references to years are references to the Company's fiscal year unless otherwise stated.
| Fourth Quarter and Fiscal Year 2024 Overview | |||
| Fourth Quarter 2024 | Fiscal Year 2024 | ||
| Net sales | $855M, +10% | $3.3B, +14% | |
| Earnings per share (EPS) | $1.36, +2% | $6.01, +59% | |
| Adjusted EPS1 | $1.41, +6% | $6.11, +45% | |
| Cash from operations | $142M, -7% | $439M, +42% | |
| Free cash flow1 | $118M, -12% | $343M, +48% | |
We enter fiscal 2025 with strong momentum. In Aerospace, we anticipate increasing revenue and margin expansion driven by continued strength in commercial markets and increased defense activity. In Industrial, we expect broad-based market strength in power generation and marine transportation, offset by a significant decline in sales related to China on-highway natural gas trucks. We remain focused on growth, operational excellence and innovation to drive shareholder value.”
Fiscal 2024 Key Highlights
- Completed $55 million, multi-year transformation of Aerospace Maintenance, Repair and Overhaul (MRO) facility in Loves Park, Illinois, to prepare for aftermarket growth
- Signed three MRO agreements:
- To continue servicing Woodward-manufactured components for Lufthansa Technik
- To be exclusive Thrust Reverser Actuation System (TRAS) MRO contractor for CF34-10E powered fleet for Australia-based Alliance Airlines
- For Turkish Technic to join Woodward's global licensed asset management provider network, in support of the growing LEAP fleet
- Expanded participation in next generation aircraft development and demonstrator projects:
- Selected as rotary actuation technology provider for the NASA and Boeing Transonic Truss-braced Wing X-66A aircraft demonstrator
- Selected to provide Trim Control Module for JetZero Blended Wing Body Demonstrator
- Broke ground on Glatten, Germany, expansion to add capacity to support power generation and transportation growth
- Continued progress in automation and operational excellence through the installation of additional industrial robots and cobots
| Fourth Quarter and Fiscal Year 2024 Company Results | ||||||||||||||||||||||||
| Total Company Results | ||||||||||||||||||||||||
| Three Months Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||
| Dollars in millions, except per share amounts | 2024 | 2023 | Year over
Year | 2024 | 2023 | Year over Year | ||||||||||||||||||
| Income Statement | ||||||||||||||||||||||||
| Total Sales | $ | 855 | $ | 777 | 10 | % | $ | 3,324 | $ | 2,915 | 14 | % | ||||||||||||
| Net Earnings | 83 | 83 | 1 | % | 373 | 232 | 61 | % | ||||||||||||||||
| Adjusted Net Earnings1 | 86 | 83 | 5 | % | 379 | 259 | 47 | % | ||||||||||||||||
| EPS | $ | 1.36 | $ | 1.33 | 2 | % | $ | 6.01 | $ | 3.78 | 59 | % | ||||||||||||
| Adjusted EPS1 | $ | 1.41 | $ | 1.33 | 6 | % | $ | 6.11 | $ | 4.21 | 45 | % | ||||||||||||
| EBIT1 | 113 | 108 | 4 | % | 495 | 321 | 54 | % | ||||||||||||||||
| Adjusted EBIT1 | 117 | 108 | 8 | % | 504 | 356 | 42 | % | ||||||||||||||||
| Effective Tax Rate | 18.0 | % | 15.7 | % | 230 | bps | 17.8 | % | 15.7 | % | 210 | bps | ||||||||||||
| Adjusted Effective Tax Rate1 | 18.4 | % | 15.7 | % | 270 | bps | 18.0 | % | 16.8 | % | 120 | bps | ||||||||||||
| Cash Flow and Financial Position | ||||||||||||||||||||||||
| Cash from operating activities | $ | 142 | $ | 153 | -7 | % | $ | 439 | $ | 309 | 42 | % | ||||||||||||
| Free cash flow | 118 | 134 | -12 | % | 343 | 232 | 48 | % | ||||||||||||||||
| Adjusted free cash flow1 | 118 | 135 | -13 | % | 348 | 238 | 46 | % | ||||||||||||||||
| Dividends Paid | 15 | 13 | 12 | % | 58 | 51 | 14 | % | ||||||||||||||||
| Share Repurchases | 86 | 100 | -14 | 391 | 126 | 209 | % | |||||||||||||||||
| Total Debt | 872 | 722 | 21 | % | ||||||||||||||||||||
| Debt to EBITDA1 Leverage | 1.4x | 1.5x | ||||||||||||||||||||||
| Segment Results | ||||||||||||||||||||||||
| Aerospace | ||||||||||||||||||||||||
| Three Months Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||
| Dollars in millions | 2024 | 2023 | Year over Year | 2024 | 2023 | Year over
Year | ||||||||||||||||||
| Commercial OEM | $ | 194 | $ | 167 | 16 | % |
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