Courtesy of guvendemir
Woodward’s (NASDAQ:WWD) sent its stock soaring by 6.2% in after-hours trading on Monday following the release of its quarterly earnings report. The company, renowned for its energy conversion and control solutions, posted results that surpassed analysts’ expectations.
Surpassing all projections, net earnings skyrocketed to $90 million, equivalent to $1.46 per share, in comparison to $29.61 million, or $0.49 per share, from the previous year.
Adjusted earnings reached $1.45 per share, beating the Wall Street analysts’ average estimate of $1.15 per share.
Woodward’s sales experienced a remarkable 27% surge from the previous year, reaching $787 million for the fiscal first-quarter ended on December 31, far surpassing the consensus estimate of around $755 million.
Chip Blankenship, the chairman and chief executive of Woodward (WWD), expressed satisfaction, saying, “In Aerospace, both OEM and aftermarket sales were strong this quarter. We saw broad-based strength across Industrial, with significant expansion in transportation, mainly from our China on-highway business.”
In a bold move, management raised its full-year sales guidance to a range of $3.15 billion to $3.3 billion, up from its previous estimate of $3.1 billion to $3.25 billion on November 16.
Additionally, the company revised its adjusted earnings forecast to a range of $5 to $5.40 per share, up from the previous range of $4.75 to $5.20 per share.
