NASDAQ$WWD
Woodward Inc. · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Reported an increase in net sales, but a decrease in net earnings due to COVID-19 related disruptions.
Woodward reported a 1% increase in net sales for the first quarter of fiscal year 2022, reaching $542 million. However, net earnings decreased to $30 million, or $0.47 per share, compared to $42 million, or $0.64 per share, in the same period last year, due to ongoing COVID-19 related disruptions.
- Net sales increased by 1% to $542 million, but were negatively impacted by approximately $70 million due to COVID-19 related disruptions.
- Net earnings decreased to $30 million, or $0.47 per share, compared to $42 million, or $0.64 per share, in the prior year.
- Aerospace segment net sales increased by 5% to $336 million, driven by recovery in passenger traffic and increasing aircraft utilization.
- Industrial segment net sales decreased by 5% to $205 million, primarily due to weakness in China natural gas engines.
Headline financials
Revenue & EPS history
Woodward · Revenue · Quarterly
$542M
Revenue by segment
Woodward · $777M total across 2 segments · Q4 2023
- Aerospace$455M—58.6%
- Industrial$322M—41.4%
Forward guidance
Woodward anticipates improvement in COVID-19 related disruptions for the remainder of fiscal year 2022. Total net sales for fiscal 2022 are expected to be between $2.45 and $2.65 billion.
Tailwinds
- Total net sales for fiscal 2022 are expected to be between $2.45 and $2.65 billion.
- Aerospace and Industrial sales growth percentages are each expected to be in the low double digits to mid-teens.
- Aerospace segment earnings as a percent of segment net sales are expected to increase over last fiscal year by approximately 200 to 300 basis points.
- Industrial segment earnings as a percent of segment net sales are expected to be approximately flat to up by 150 basis points over last fiscal year.
- Adjusted free cash flow is expected to be approximately $315 million, generating an adjusted free cash flow conversion rate of greater than 100 percent.
Headwinds
- Growth and profitability in both segments could be negatively affected if current COVID-19 and supply chain disruptions do not improve.
- Growth and profitability in both segments could be negatively affected if the pace of inflation puts additional pressure on labor and material costs.
- The adjusted effective tax rate is expected to be approximately 21 percent.
- Higher working capital requirements are expected, primarily driven by accounts receivable.
- Capital expenditures are expected to increase over last fiscal year by approximately $30 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
+1.3%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+3.1%
Avg return
30 days after
58%
40 / 69 earnings
Positive
+18.5%
Q2 2023
Best reaction
-17.1%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -0.7% | +1.3% | -3.1% | |
| Q1 2026 | +14.3% | +18.7% | +18.1% | |
| Q4 2025 | +12.5% | +14.9% | +20.2% | |
| Q3 2025 | -0.0% | +0.4% | -2.9% | |
| Q2 2025 | +1.9% | +6.9% | +20.1% | |
| Q1 2025 | -1.8% | +3.9% | -5.6% | |
| Q4 2024 | +6.4% | +2.4% | -3.0% | |
| Q3 2024 | -17.1% | -16.8% | -10.0% | |
| Q2 2024 | +7.8% | +12.1% | +21.4% | |
| Q1 2024 | +1.6% | -2.2% | +0.9% | |
| Q4 2023 | -2.9% | -2.4% | +0.8% | |
| Q3 2023 | +10.6% | +5.5% | +8.0% | |
| Q2 2023 | +18.5% | +13.4% | +9.8% | |
| Q1 2023 | -7.6% | -6.2% | -9.6% | |
| Q4 2022 | -0.4% | +1.2% | -6.6% | |
| Q3 2022 | -10.9% | -9.0% | -11.1% | |
| Q2 2022 | -7.7% | -5.6% | -8.2% | |
| Q1 2022 | +0.6% | +1.3% | +14.0% | |
| Q4 2021 | -1.3% | +0.4% | -8.5% | |
| Q3 2021 | -7.0% | -6.5% | +0.4% | |
| Q2 2021 | +1.6% | +3.9% | +1.4% | |
| Q1 2021 | +5.5% | +4.2% | +4.0% | |
| Q4 2020 | +1.0% | +6.7% | +10.6% | |
| Q3 2020 | +4.8% | +12.0% | +10.1% | |
| Q2 2020 | -6.4% | +5.7% | +30.7% | |
| Q1 2020 | -0.3% | +2.2% | -5.2% | |
| Q4 2019 | +0.8% | -2.4% | +3.0% | |
| Q3 2019 | -4.3% | -1.5% | -2.9% | |
| Q2 2019 | +6.0% | +9.4% | +5.9% | |
| Q1 2019 | +11.6% | +14.6% | +24.1% | |
| Q4 2018 | +7.6% | +3.4% | -3.7% | |
| Q3 2018 | +0.7% | -5.3% | -1.8% | |
| Q2 2018 | -1.1% | -2.5% | +0.3% | |
| Q1 2018 | -6.9% | -5.7% | -8.4% | |
| Q4 2017 | +4.9% | +1.7% | -3.9% | |
| Q3 2017 | +5.5% | +2.5% | -1.9% | |
| Q2 2017 | -2.2% | -1.2% | -2.8% | |
| Q1 2017 | +2.6% | +3.6% | +5.0% | |
| Q4 2016 | +7.0% | +5.9% | +9.0% | |
| Q3 2016 | -2.8% | -2.7% | +4.2% | |
| Q2 2016 | +4.8% | — | — | |
| Q1 2016 | -3.2% | — | — | |
| Q4 2015 | +0.7% | — | — | |
| Q3 2015 | -8.4% | — | — | |
| Q2 2015 | +0.7% | — | — | |
| Q1 2015 | +6.5% | — | — | |
| Q4 2014 | -5.6% | — | — | |
| Q3 2014 | +9.4% | — | — | |
| Q2 2014 | +7.3% | — | — | |
| Q1 2014 | -3.0% | — | — | |
| Q4 2013 | +0.7% | — | — | |
| Q3 2013 | -0.9% | — | — | |
| Q2 2013 | +2.7% | — | — | |
| Q1 2013 | -4.6% | — | — | |
| Q4 2012 | +8.3% | — | — | |
| Q3 2012 | -3.1% | — | — | |
| Q2 2012 | +4.0% | — | — | |
| Q1 2012 | +2.6% | — | — | |
| Q4 2011 | -5.4% | — | — | |
| Q3 2011 | -5.1% | — | — | |
| Q2 2011 | -0.9% | — | — | |
| Q1 2010 | -1.2% | — | — | |
| Q1 2011 | +2.6% | — | — | |
| Q4 2008 | +5.4% | — | — | |
| Q2 2010 | +5.4% | — | — | |
| Q4 2010 | +5.4% | — | — | |
| Q3 2010 | +4.2% | — | — | |
| Q4 2009 | +4.2% | — | — | |
| Q3 2009 | +4.2% | — | — |
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