Woodward Profit Misses; Cuts FY Guidance On Weak Asia Sales, Foreign Currency

(RTTNews) - Woodward Inc. (WWD), a provider of control solutions for the aerospace and energy markets, on Monday reported third-quarter net earnings of $43.8 million or $0.66 per share compared with $46 million or $0.69 per share last year.

Revenues for the quarter were $494.8 million compared with $524.3 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.71 per share on revenues of $536.7 million for the quarter. Analysts' estimates typically exclude special items.

"This quarter reflected strength in our Aerospace segment and continuing macroeconomic headwinds, mainly in Asia, in our Energy segment," said CEO Thomas Gendron.

For the full year 2015, the company now expects earnings to be at the mid to lower end of its previously stated range of $2.70 to $2.90 per share. It now expects revenues of $2 billion, down from prior guidance of $2.05 billion to $2.15 billion.

Analysts expect earnings of $2.82 per share on revenues of $2.10 billion for the year.

The company attributed the weak guidance to weaker sales in Asia and the impacts of foreign currency exchange rates.