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Woodward up 6% after beating Q2 estimates; raises FY19 guidance

Apr. 30, 2019 11:32 AM ETWoodward, Inc. (WWD) StockWWDBy: Akanksha Bakshi, SA News Editor
  • Woodward (WWD +6.2%) reported Q2 sales growth of 38.4% Y/Y to $758.8M, and organic growth of 22% Y/Y.
  • Q2 Gross margin declined by 130 bps to 25.3%.
  • Aerospace sales of $482.95M (+25% Y/Y); and segment earnings as percentage of sales 21.1% up by 180 bps.
  • Industrial sales of $275.89M (+70.4% Y/Y); and segment earnings as percentage of sales of 9.8% up by 320 bps.
  • Adj. EBITDA of $147.37M (+51.1% Y/Y); and margin of 19.4% up by 163 bps.
  • Cash from operations YTD was $141M; and free cash flow of $87M.
  • Net cash used in investing activities was $44.78M, compared to $49.12M a year ago.
  • FY19 Outlook, raised: Net sales $2.8B to $2.9B (with Aerospace up ~15% and Industrial up ~35%) (prior $2.65B-$2.8B); Adj. EPS $4.60-4.80 (prior $4.40-4.70); FCF ~$300M; and effective tax rate to be ~20%.
  • Previously: Woodward beats by $0.35, beats on revenue (April 29)

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