Woodward Governor Company reported financial results for its fourth quarter and fiscal year 2008. Net sales for the quarter were $350.5 million, up 21% from $290.8 million for the fourth quarter of last year. Net earnings for the quarter were $34.4 million compared with $36.0 million in last year’s fourth quarter. Last year’s fourth quarter included a favorable tax adjustment of $10.3 million. Approximately one quarter of the 21% sales growth was attributed to favorable impacts of foreign exchange rates. Exchange rates had a favorable, but insignificant, effect on net earnings.
Net sales for the year were $1.26 billion, up 21% from $1.04 billion for the prior year. Net earnings for the year were $121.9 million compared with $98.2 million in the previous year.