Woodward has reported financial results for its fiscal year 2018 and fourth quarter ending September 30, 2018.
Net sales were US$719 million for the fourth quarter of 2018, an increase of 19% from the fourth quarter of last year. Organic net sales, which exclude sales of US$78 million attributable to the acquired L'Orange business, were US$641 million, an increase of 6% from the prior year fourth quarter.
Net earnings were US$75 million and adjusted net earnings were US$89 million, compared to US$62 million for the fourth quarter of the prior year. Adjusted EBIT was US$120 million, compared to US$93 million for the prior year fourth quarter.
Net sales were US$2.33 billion for fiscal year 2018, an increase of 11% compared to the prior year. Organic net sales, which exclude sales of US$103 million attributable to the acquired L'Orange business, were US$2.22 billion, an increase of 6% compared to the prior year.
Net earnings were US$180 million and adjusted net earnings were US$246 million compared to US$201 million for the prior year. Adjusted EBIT was US$326 million, compared to US$278 million for the prior year.
Net cash provided by operating activities for 2018 was US$299 million, compared to US$308 million for the prior year. Free cash flow was US$172 million for 2018, compared to US$215 million for the prior year.
