Woodward (WWD) Q1 FY2024 earnings: revenue $787 million, up 27.2% on the year

Woodward, Inc. (WWD) reported revenue of $787 million for Q1 FY2024, the quarter ended 31 December 2023, up 27.2% on the same quarter a year earlier. Net income was $90 million, up 204.1% on the year, and diluted earnings per share $1.46. The figures are the company's own, from the 10-Q it filed with the SEC on 2 February 2024.

Revenue$787 millionup 27.2%

Net income$90 millionup 204.1%

Diluted EPS$1.46

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	787	777	n/a	n/a
Cost of revenue	582	589	n/a	n/a
Gross profit	204	188	n/a	n/a
Gross margin	26.0%	24.2%	n/a
Research and development	30.8	30.7	n/a	n/a
Selling, general and administrative	74.5	65.9	n/a	n/a
Interest expense	11.4	11.7	n/a	n/a
Pre-tax income	110	98.0	n/a	n/a
Income tax	19.7	15.4	n/a	n/a
Effective tax rate	17.9%	15.7%	n/a
Net income	90.0	82.7	n/a	n/a
Net margin	11.4%	10.6%	n/a
Diluted EPS	$1.46	$1.33	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	46.8	153	n/a	n/a
Capital expenditure	41.8	19.4	n/a	n/a
Free cash flow	5.0	134	n/a	n/a
Free cash flow margin	0.6%	17.2%	n/a
Cash from investing	-41.8	-19.3	n/a	n/a
Cash from financing	-8.1	-113	n/a	n/a
Depreciation and amortisation	28.8	30.4	n/a	n/a
Share-based compensation	4.9	4.0	n/a	n/a
Buybacks	n/a	100	n/a	n/a
Dividend per share	$0.22	n/a	n/a	n/a
Diluted shares, weighted	62m	62m	n/a	n/a
Shares outstanding at period end	60m	60m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,190	2,071	n/a	n/a
Short-term borrowings	65.1	0.0	n/a	n/a
Debt	653	722	n/a	n/a
Operating lease liabilities	20.2	20.7	n/a	n/a
Finance lease liabilities	2.6	2.7	n/a	n/a
Other liabilities	1,200	1,194	n/a	n/a
Total liabilities and equity	4,131	4,010	n/a	n/a
Fixed assets	931	913	n/a	n/a
Goodwill	803	791	n/a	n/a
Intangible assets	461	452	n/a	n/a
Cash and equivalents	144	137	n/a	n/a
Receivables	484	485	n/a	n/a
Inventory	560	518	n/a	n/a
Other assets	747	713	n/a	n/a
Total assets	4,131	4,010	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	777	787	835	848	854	773	884	915	995	996	1,091	1,110
Cost of revenue	589	582	601	618	647	583	644	666	718	704	775	760
Gross profit	188	204	234	230	208	190	240	249	277	292	316	350
Gross margin	24%	26%	28%	27%	24%	25%	27%	27%	28%	29%	29%	32%
R&D	30.7	30.8	36.5	38.7	34.7	30.2	37.2	41.1	39.0	37.8	46.1	49.3
SG&A	65.9	74.5	81.4	73.8	77.7	69.7	83.8	88.7	87.6	95.0	102	106
Interest expense	11.7	11.4	11.5	11.5	13.5	12.3	11.9	11.2	10.2	10.3	12.0	14.8
Pre-tax income	98.0	110	121	122	102	102	133	127	160	169	167	194
Tax rate	16%	18%	19%	16%	18%	14%	18%	14%	14%	21%	20%	24%
Net income	82.7	90.0	97.6	102	83.3	87.1	109	108	138	134	134	147
Net margin	11%	11%	12%	12%	10%	11%	12%	12%	14%	13%	12%	13%
Diluted EPS	$1.33	$1.46	$1.56	$1.63	$1.36	$1.42	$1.78	$1.76	$2.23	$2.17	$2.19	$2.40
Operating cash flow	153	46.8	97.3	153	142	34.5	77.8	126	233	114	90.8	147
Capital expenditure	19.4	41.8	14.5	15.9	24.1	33.6	18.4	26.5	52.4	44.1	52.6	59.6
Free cash flow	134	5.0	82.8	137	118	0.9	59.4	99.1	181	70.3	38.2	87.1
Buybacks	100	n/a	n/a	n/a	n/a	35.5	44.0	44.8	48.6	129	226	198
Shares outstanding	60m	60m	61m	60m	59m	59m	60m	60m	60m	60m	60m	59m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 2 February 2024, accession 0000950170-24-010257: the filing on EDGAR. All of Woodward, Inc.'s filings: EDGAR company page.

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