Strong Overall Performance
Woodward's net sales increased by 6% year-over-year with adjusted earnings per share up by 4%. Excluding China on-highway, revenue was up 12% and operating earnings up 22%.
Aerospace Segment Growth
Aerospace segment sales increased by 13%, with defense OEM sales up 52% and commercial aftermarket sales up 23%.
Innovation in Turbine Control Systems
Woodward delivered the first production MicroNet XT Advanced Gas Turbine Control System for the US Navy DDG-51 class destroyer, with a contract covering 30 system deliveries through 2027.
Record Earnings in Aerospace
Earnings in the Aerospace segment reached the highest on record at $125 million with margins expanding 240 basis points over the previous year to 22.2% of segment sales.
Positive Price Realization
Price realization contributed significantly to revenue growth across both the Aerospace and Industrial segments.