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Woodward Reports Third Quarter Fiscal Year 2014 Results

FORT COLLINS, CO--(Marketwired - July 21, 2014) - Woodward, Inc. (NASDAQ: WWD) today reported financial results for its third quarter of fiscal year 2014 ending June 30, 2014. (All per share amounts are presented on a fully diluted basis.)

Third Quarter Fiscal 2014 Highlights

  • Net sales for the third quarter of 2014 increased 8 percent to $524.3 million, compared to $483.8 million in the third quarter of last year.
  • Earnings per share were $0.69 for the third quarter of 2014, compared to $0.34 in the third quarter of last year.
  • Total EBIT1 for the third quarter was $68.4 million, compared to $42.2 million in the third quarter of the prior year.
  • Free cash flow1 for the first nine months of 2014 was $79.4 million, an increase of $24.9 million from $54.5 million in the first nine months of the prior year.

"Results for the quarter were strong, with many of our markets showing improvement," said Thomas A. Gendron, Chairman and Chief Executive Officer. "Our increase in sales and profitability mainly reflects the stabilization of the global economy, a strong commercial aerospace market, recovery in the renewable power market, and ongoing productivity initiatives."

Company Results

Net sales for the fiscal 2014 third quarter were $524.3 million, compared to $483.8 million for the 2013 third quarter, largely the result of increased sales in our Energy segment.

EBIT improved significantly to $68.4 million for the third quarter of 2014, compared to $42.2 million for the third quarter of 2013. The increase in EBIT primarily reflected the impact of increased sales volume and cost control initiatives, partially offset by a significant increase in our company-wide variable compensation expense, which had an unfavorable impact on all reporting segments. Also, the prior year third quarter included $15.7 million of specific charges related to the renewable power business. 

Net earnings for the 2014 third quarter were $46.0 million or $0.69 per share compared to $23.7 million, or $0.34 per share in the 2013 third quarter.

Segment Results

Aerospace

Aerospace net sales for the third quarter of fiscal 2014 were $274.9 million, a slight increase from $272.2 million for the third quarter a year ago. Segment earnings for the third quarter of 2014 were $39.4 million, compared to $38.9 million for the same quarter a year ago. Segment earnings as a percent of segment net sales were 14.3 percent this quarter, consistent with the same quarter of the prior year.

The sales increase was primarily due to strong commercial OEM and aftermarket sales, partially offset by lower defense sales. Continuing quarterly variability in defense sales was a result of the timing of contracts and upgrade programs. Segment earnings were favorably impacted by lower research and development costs and cost control initiatives.

Energy

Energy net sales for the third quarter of 2014 were $249.4 million, an increase of 18 percent from $211.5 million for last year's third quarter. Segment earnings for the third quarter of 2014 were $40.2 million, compared to $12.4 million for last year's third quarter. Segment earnings as a percent of segment net sales were 16.1 percent this quarter, compared to 5.9 percent in the same quarter of the prior year. Without the specific charges referred to above, segment earnings as a percent of net sales for the prior year quarter would have been 13.3 percent.

Segment sales were favorably impacted by improved wind turbine converter sales and increases in most of our other energy markets. The increase in segment earnings was primarily the result of the specific charges related to the renewable power business in the prior year as well as the positive impacts of increased sales and related leverage, and continued productivity initiatives. 

Nonsegment

Nonsegment expenses totaled $11.2 million for the third quarter of 2014, compared to $9.2 million for the same quarter last year. Nonsegment expenses were 2.1 percent of consolidated net sales for the third quarter of 2014, up from 1.9 percent of consolidated net sales for the same quarter of the prior year.

Year-to-Date Results

Net sales for the first nine months of fiscal 2014 were $1.44 billion, an increase of 4 percent from $1.38 billion from the same nine-month period last year. Organic sales2 were $1.40 billion for the first nine months of 2014. Net earnings for the first nine months of fiscal 2014 were $114.2 million, compared to $93.5 million in the same period last year. Earnings per share for the first nine months of 2014 were $1.68 per share, compared to $1.34 per share in the same period last year. 

Year-to-date EBIT was $170.2 million, compared to $144.4 million in the same period of the prior year.

Cash Flow and Financial Position

Net cash generated from operating activities was $183.9 million for the first nine months of fiscal 2014, compared to $133.0 million for the first nine months of 2013, primarily the result of improved earnings and working capital management. Free cash flow was $79.4 million for the first nine months of 2014, compared to $54.5 million for the first nine months of 2013. Payments for property, plant, and equipment for the first nine months of 2014 were $104.5 million, compared with $78.5 million for the first nine months of 2013.

Total debt was $665.0 million at June 30, 2014, compared to $550.0 million at September 30, 2013. The ratio of debt to debt-plus-equity was 37.0 percent at June 30, 2014, compared to 32.5 percent at September 30, 2013.

The effective tax rate for the third quarter of 2014 was 26.4 percent, compared to 33.3 percent for the third quarter of 2013. The lower tax rate from prior quarter was primarily due to the favorable impact of foreign tax matters in the third quarter of 2014. The effective tax rate for the full fiscal year 2014 is now expected to be approximately 27 percent.

Outlook

"We are on track to meet our recently increased guidance for fiscal 2014," said Mr. Gendron. "Our market strength and share gains are translating into increased sales and orders, and in combination with our cost reduction and productivity initiatives, have resulted in improved operating margins. Accordingly, for fiscal 2014, we continue to expect sales to be in the upper end of the range of $1.95 to $2.05 billion and earnings per share to be between $2.35 and $2.45 per share."

1Non-U.S. GAAP Financial Measures: EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization) and free cash flow are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT to evaluate Woodward's operating performance without the impacts of financing and tax related considerations. Management uses EBITDA in evaluating Woodward's operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management uses free cash flow, which is derived from net cash provided by operating activities less payments for property, plant, and equipment, in reviewing the financial performance of Woodward's various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because EBIT and EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Management's calculations of EBIT, EBITDA, and free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.

2Organic sales: Defined as net sales excluding first quarter fiscal year 2014 sales of the Duarte business, which was acquired on December 28, 2012. Due to the timing of the acquisition, Duarte business results were not included in the first quarter of fiscal year 2013.

Conference Call

Woodward will hold an investor conference call at 4:30 p.m. EDT, July 21, 2014 to provide an overview of the financial performance for the third quarter, business highlights, and outlook for fiscal 2014. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com.

You may also listen to the call by dialing 1-866-793-1340 (domestic) or 1-703-639-1311 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 1640590. An audio replay will be available by telephone from 7:30 p.m. EDT on July 21, 2014 until 11:59 p.m. EDT on August 4, 2014. The telephone number to access the replay is 1-888-266-2081 (domestic) or 1-703-925-2533 (international), reference access code 1640590.

A webcast presentation will be available on the website by clicking the Investors tab, then the Calendar of Events menu selection and associated webcast link. The call and presentation will remain accessible at the website for 14 days.

About Woodward, Inc.

Woodward is an independent designer, manufacturer, and service provider of control solutions for the aerospace and energy markets. The company's innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com, and connect with us at www.facebook.com/woodwardinc.

Cautionary Statement

Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, statements regarding future sales, earnings, liquidity, relative profitability, and the impact of economic conditions and downturns on Woodward. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to, a decline in business with, or financial distress of, our significant customers; the continued global economic uncertainty and instability in the financial markets; Woodward's ability to obtain financing, on acceptable terms or at all, to implement its business plans, complete acquisitions, or otherwise take advantage of business opportunities or respond to business pressures; Woodward's long sales cycle, customer evaluation process, and implementation period of some of its products and services; Woodward's ability to implement and realize the intended effects of restructuring and alignment efforts; Woodward's ability to successfully manage competitive factors, including prices, promotional incentives, industry consolidation, and commodity and other input cost increases; Woodward's ability to manage expenses and product mix while responding to sales increases or decreases; the ability of Woodward's subcontractors and suppliers to meet their obligations; Woodward's ability to monitor its technological expertise and the success of, and/or costs associated with, its product development activities; Woodward's ability to integrate acquisitions and manage costs related thereto; Woodward's debt obligations, debt service requirements and ability to operate its business, pursue its business strategies and incur additional debt in light of restrictive covenants in its outstanding debt agreements; risks related to U.S. Government contracting activities, including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities; reductions in defense sales due to a decrease in the amount of U.S. Federal defense spending; changes in government spending patterns and/or priorities; future impairment charges resulting from changes in the estimates of fair value of reporting units or of long-lived assets; future subsidiary results; environmental liabilities; Woodward's continued access to a stable workforce and favorable labor relations; physical and other risks related to Woodward's operations and suppliers, including natural disasters, which could disrupt production; Woodward's ability to successfully manage regulatory, tax and legal matters; risks from operating internationally including the impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes in the legal and regulatory environments of the United States and the countries in which Woodward operates; fair value of defined benefit plan assets and assumptions used in determining Woodward's retirement pension and other postretirement benefit obligations and related expenses; information systems interruptions or intrusions; and other risk factors described in Woodward's Annual Report on Form 10-K for the year ended September 30, 2013 and any subsequently filed Quarterly Report on Form 10-Q.

                                                                            
                                                                            
Woodward, Inc. and Subsidiaries                                             
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS                               
                                                                            
                               Three-Months Ended       Nine-Months Ended   
                                    June 30,                June 30,        
                             ----------------------  ---------------------- 
(Unaudited - in thousands                                                   
 except per share amounts)      2014        2013        2014        2013    
                             ----------  ----------  ----------  ---------- 
                                                                            
Net sales                    $  524,284  $  483,759  $1,435,793  $1,377,611 
                             ----------  ----------  ----------  ---------- 
Costs and expenses:                                                         
  Cost of goods sold            372,571     349,482   1,028,065     987,155 
  Selling, general, and                                                     
   administrative expenses       40,468      46,747     113,079     120,371 
  Research and development                                                  
   costs                         34,990      35,487     100,219      99,505 
  Amortization of intangible                                                
   assets                         8,357       9,769      25,498      27,249 
  Interest expense                5,972       6,723      18,219      20,196 
  Interest income                   (73)        (68)       (189)       (205)
  Other (income) expense,                                                   
   net                             (469)        122      (1,266)     (1,030)
                             ----------  ----------  ----------  ---------- 
Total costs and expenses        461,816     448,262   1,283,625   1,253,241 
                             ----------  ----------  ----------  ---------- 
Earnings before income taxes     62,468      35,497     152,168     124,370 
Income taxes                     16,467      11,834      37,986      30,893 
                             ----------  ----------  ----------  ---------- 
Net earnings                 $   46,001  $   23,663  $  114,182  $   93,477 
                             ==========  ==========  ==========  ========== 
                                                                            
Earnings per share amounts:                                                 
Basic earnings per share     $     0.70  $     0.35  $     1.71  $     1.36 
Diluted earnings per share   $     0.69  $     0.34  $     1.68  $     1.34 
                             ==========  ==========  ==========  ========== 
Weighted average common                                                     
 shares outstanding:                                                        
Basic                            65,845      68,323      66,736      68,506 
Diluted                          67,147      69,430      68,030      69,698 
                             ==========  ==========  ==========  ========== 
Cash dividends per share                                                    
 paid to Woodward common                                                    
 stockholders                $     0.08  $     0.08  $     0.24  $     0.24 
                             ==========  ==========  ==========  ========== 
                                                                            
                                                                            
                                                                            
Woodward, Inc. and Subsidiaries                                             
CONDENSED CONSOLIDATED BALANCE SHEETS                                       
                                                                            
                                                    June 30,   September 30,
(Unaudited - in thousands)                            2014         2013*    
                                                 ------------- -------------
                                                                            
Assets                                                                      
  Current assets:                                                           
    Cash and cash equivalents                    $      95,842 $      48,556
    Accounts receivable                                322,463       381,065
    Inventories                                        469,036       431,744
    Income taxes receivable                              6,641        14,071
    Deferred income tax assets                          44,246        43,027
    Other current assets                                47,971        38,650
                                                 ------------- -------------
      Total current assets                             986,199       957,113
  Property, plant, and equipment - net                 436,474       350,048
  Goodwill                                             562,691       561,458
  Intangible assets - net                              263,490       288,775
  Deferred income tax assets                            17,210        13,926
  Other assets                                          57,009        47,198
                                                 ------------- -------------
Total assets                                     $   2,323,073 $   2,218,518
                                                 ============= =============
                                                                            
Liabilities and stockholders' equity                                        
  Current liabilities:                                                      
    Current portion of long-term debt            $           - $     100,000
    Accounts payable                                   179,420       145,541
    Income taxes payable                                14,107         7,848
    Deferred income tax liabilities                        800           800
    Accrued liabilities                                130,252       161,741
                                                 ------------- -------------
      Total current liabilities                        324,579       415,930
  Long-term debt, less current portion                 665,000       450,000
  Deferred income tax liabilities                      102,909       104,533
  Other liabilities                                     96,588       105,510
                                                 ------------- -------------
  Total liabilities                                  1,189,076     1,075,973
  Stockholders' equity                               1,133,997     1,142,545
                                                 ------------- -------------
Total liabilities and stockholders' equity       $   2,323,073 $   2,218,518
                                                 ============= =============
                                                                            
*In connection with the Duarte business acquisiton, retrospectively adjusted
 for purchase accounting adjustments                                        
                                                                            
                                                                            
                                                                            
Woodward, Inc. and Subsidiaries                                             
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                             
                                                                            
                                                         Nine-Months Ended  
                                                             June 30,       
                                                       -------------------- 
(Unaudited - in thousands)                                2014       2013   
                                                       ---------  --------- 
Net cash provided by operating activities              $ 183,890  $ 133,017 
                                                       ---------  --------- 
                                                                            
Cash flows from investing activities:                                       
Payments for property, plant, and equipment             (104,530)   (78,515)
Business acquisitions, net of cash acquired                    -   (198,860)
Proceeds from sale of other assets                           258        354 
                                                       ---------  --------- 
Net cash used in investing activities                   (104,272)  (277,021)
                                                       ---------  --------- 
                                                                            
Cash flows from financing activities:                                       
Cash dividends paid                                      (16,021)   (16,421)
Proceeds from sales of treasury stock                      8,380      7,439 
Payments for repurchases of common stock                (141,488)   (45,754)
Excess tax benefits from stock compensation                2,638      4,755 
Proceeds from the issuance of long-term debt             250,000    200,000 
Payments of long-term debt                              (300,000)   (41,875)
Borrowings on revolving lines of credit and short-term                      
 borrowings                                              356,071     97,072 
Payments on revolving lines of credit and short-term                        
 borrowings                                             (191,069)   (62,329)
Payment of debt financing costs                           (1,297)         - 
                                                       ---------  --------- 
Net cash provided by (used in) financing activities      (32,786)   142,887 
                                                       ---------  --------- 
Effect of exchange rate changes on cash and cash                            
 equivalents                                                 454        260 
                                                       ---------  --------- 
Net change in cash and cash equivalents                   47,286       (857)
Cash and cash equivalents at beginning of period          48,556     61,829 
                                                       ---------  --------- 
Cash and cash equivalents at end of period             $  95,842  $  60,972 
                                                       =========  ========= 
                                                                            
                                                                            
                                                                            
Woodward, Inc. and Subsidiaries                                             
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS                               
                                                                            
                               Three-Months Ended       Nine-Months Ended   
                                    June 30,                June 30,        
                             ----------------------  ---------------------- 
(Unaudited - in thousands)      2014        2013        2014        2013    
                             ----------  ----------  ----------  ---------- 
Net sales:                                                                  
Aerospace                    $  274,923  $  272,218  $  765,816  $  754,100 
Energy                          249,361     211,541     669,977     623,511 
                             ----------  ----------  ----------  ---------- 
Total consolidated net sales $  524,284  $  483,759  $1,435,793  $1,377,611 
                             ==========  ==========  ==========  ========== 
Segment earnings**:                                                         
Aerospace                    $   39,357  $   38,949  $  102,195  $  111,740 
As a percent of segment                                                     
 sales                             14.3%       14.3%       13.3%       14.8%
Energy                           40,203      12,430      99,162      60,573 
As a percent of segment                                                     
 sales                             16.1%        5.9%       14.8%        9.7%
                             ----------  ----------  ----------  ---------- 
Total segment earnings           79,560      51,379     201,357     172,313 
Nonsegment expenses             (11,193)     (9,227)    (31,159)    (27,952)
                             ----------  ----------  ----------  ---------- 
EBIT                             68,367      42,152     170,198     144,361 
Interest expense, net            (5,899)     (6,655)    (18,030)    (19,991)
                             ----------  ----------  ----------  ---------- 
  Consolidated earnings                                                     
   before income taxes       $   62,468  $   35,497  $  152,168  $  124,370 
                             ==========  ==========  ==========  ========== 
                                                                            
Payments for property, plant                                                
 and equipment               $   35,970  $   31,331  $  104,530  $   78,515 
Depreciation expense             10,489       8,559      32,183      28,971 
                             ==========  ==========  ==========  ========== 
                                                                            
**This schedule reconciles segment earnings, which exclude certain costs, to
 consolidated earnings before taxes.                                        
                                                                            
                                                                            
                                                                            
Woodward, Inc. and Subsidiaries                                             
RECONCILIATION OF NET EARNINGS TO EBIT AND EBITDA                           
                                                                            
                                  Three-Months Ended     Nine-Months Ended  
                                       June 30,              June 30,       
                                 --------------------  -------------------- 
(Unaudited - in thousands)          2014       2013       2014       2013   
                                 ---------  ---------  ---------  --------- 
Net earnings                     $  46,001  $  23,663  $ 114,182  $  93,477 
Income taxes                        16,467     11,834     37,986     30,893 
Interest expense                     5,972      6,723     18,219     20,196 
Interest income                        (73)       (68)      (189)      (205)
                                 ---------  ---------  ---------  --------- 
EBIT                                68,367     42,152    170,198    144,361 
Amortization of intangible                                                  
 assets                              8,357      9,769     25,498     27,249 
Depreciation expense                10,489      8,559     32,183     28,971 
                                 ---------  ---------  ---------  --------- 
EBITDA                           $  87,213  $  60,480  $ 227,879  $ 200,581 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
Woodward, Inc. and Subsidiaries                                             
RECONCILIATION OF CASH FLOW FROM OPERATIONS TO FREE CASH FLOW               
                                                                            
                                  Three-Months Ended     Nine-Months Ended  
                                       June 30,              June 30,       
                                 --------------------  -------------------- 
(Unaudited - in thousands)          2014       2013       2014       2013   
                                 ---------  ---------  ---------  --------- 
                                                                            
Net cash provided by operating                                              
 activities                      $  59,246  $  40,030  $ 183,890  $ 133,017 
Payments for property, plant,                                               
 and equipment                     (35,970)   (31,331)  (104,530)   (78,515)
                                 ---------  ---------  ---------  --------- 
Free cash flow                   $  23,276  $   8,699  $  79,360  $  54,502 
                                 =========  =========  =========  ========= 

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