Woodward (WWD +3.3%) reported Q2 net sales of $584.25M (+9.6% Y/Y) due to strong sales in the aerospace segment.
Aerospace segment sales +17% Y/Y to $386.34M and segment earnings improved by 70 bps to 18.9%.
Industrial segment sales -11% Y/Y to $161.91M, due to decrease in demand of industrial gas turbines and renewables. Segment earnings declined by 320 bps to 6.3%.
Q2 Expenses: R&D +18% Y/Y to $37.17M and SG&A -21% Y/Y to $39.49M
Adj. EBITDA margin improved by 209 bps to 17.4%.
FY18 Outlook: Net sales ~2.2B and EPS $3.60-3.80.
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