Woodward reports net income of $18.5 million for first quarter

Woodward reported net sales for the quarter were $334.7 million, up 9% from $305.8 million for the same quarter of last year. Net earnings for the quarter were $18.5 million compared with $29.7 million in last year’s second quarter. Net earnings for the current quarter included special charges of $0.16 per share as shown below. These charges are included in our nonsegment results. Sales growth would have been approximately 14% compared to last year’s second quarter without the negative impact of exchange rates. Foreign exchange did not have a significant impact on net earnings. Earnings benefitted from cost control actions, offset by the effects of the decline in sales volumes.