Woodward reports first quarter fiscal year 2017 results

Woodward reported financial results for its first quarter of fiscal year 2017 ending December 31, 2016. Net sales for the first quarter of 2017 were US$443m, compared to US$445m for the first quarter of last year. Both Aerospace and Industrial segment sales were essentially flat with the prior year. Net earnings for the first quarter of 2017 were US$47m, compared to US$26m in the first quarter of 2016. The prior year first quarter included after-tax special charges totaling US$10m. Total EBIT for the first quarter of 2017 was US$53m, compared to US$34m in the first quarter of the prior year. EBIT in the first quarter of fiscal 2016 included the special charges of US$16m pre-tax. Aerospace segment earnings as a percent of segment net sales increased to 17.6% for the first quarter of 2017, compared to 16.2% in the prior year quarter. Industrial segment earnings as a percent of segment net sales decreased to 10.2% for the first quarter of 2017, compared to 12.2% in the prior year quarter. Net cash generated from operating activities for the first quarter of fiscal 2017 was US$52m, compared to US$37m for the prior year. Free cash flow was US$31m for the first quarter of 2017, compared to US$4m for the same period of the prior year.