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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