Woodward Profit Rises, Top Estimates - Update

(RTTNews) - Aerospace and energy markets control-solutions provider Woodward Inc. (WWD), Tuesday reported a better-than-expected increase in fourth-quarter profit, helped mainly by a six percent growth in sales.

Looking ahead, the company provided a weak outlook for 2014, as economic and political uncertainties impact some markets.

Fort Collins, Colorado-based Woodward reported fourth-quarter net income of $53 million or $0.76 per share, compared with $46 million or $0.66 per share last year. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter climbed to $558 million from $528.7 million a year ago. Analysts expected sales of $548.67 million for the quarter.

The results for the quarter include the Duarte business acquisition. On an organic basis, sales were down 2 percent, due to a decrease in wind turbine converter sales and lower OEM defense sales.

Among segments, Aerospace sales were up 16 percent year-over-year, while Energy sales fell 5 percent.

For the fiscal year 2014, the company expect earnings in the range of $2.10 to $2.30 per share and sales of $1.95 billion to $2.05 billion. Analysts currently expect earnings of $2.45 per share on sales of $2.03 billion for the year.

Woodward shares closed Tuesday at $39.25, up $0.08 or 0.20%, on the Nasdaq. In after hours, the stock dropped $0.35 or 0.89%, to trade at $38.90.