Woodward (WWD) Q3 FY2024 earnings: revenue $848 million, up 5.9% on the year

Woodward, Inc. (WWD) reported revenue of $848 million for Q3 FY2024, the quarter ended 30 June 2024, up 5.9% on the same quarter a year earlier. Net income was $102 million, up 20.7% on the year, and diluted earnings per share $1.63. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2024.

Revenue$848 millionup 5.9%

Net income$102 millionup 20.7%

Diluted EPS$1.63

QuarterQ3 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	848	835	n/a	n/a
Cost of revenue	618	601	n/a	n/a
Gross profit	230	234	n/a	n/a
Gross margin	27.1%	28.1%	n/a
Research and development	38.7	36.5	n/a	n/a
Selling, general and administrative	73.8	81.4	n/a	n/a
Interest expense	11.5	11.5	n/a	n/a
Pre-tax income	122	121	n/a	n/a
Income tax	20.0	23.1	n/a	n/a
Effective tax rate	16.4%	19.1%	n/a
Net income	102	97.6	n/a	n/a
Net margin	12.0%	11.7%	n/a
Diluted EPS	$1.63	$1.56	n/a	n/a

$ million except per share.

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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	153	97.3	n/a	n/a
Capital expenditure	15.9	14.5	n/a	n/a
Free cash flow	137	82.8	n/a	n/a
Free cash flow margin	16.2%	9.9%	n/a
Cash from investing	-18.6	-7.9	n/a	n/a
Cash from financing	-140	88.7	n/a	n/a
Depreciation and amortisation	28.8	29.2	n/a	n/a
Share-based compensation	8.0	15.0	n/a	n/a
Dividend per share	$0.25	$0.25	n/a	n/a
Diluted shares, weighted	63m	62m	n/a	n/a
Shares outstanding at period end	60m	61m	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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	2,159	2,329	n/a	n/a
Short-term borrowings	275	141	n/a	n/a
Debt	563	649	n/a	n/a
Operating lease liabilities	22.4	19.2	n/a	n/a
Finance lease liabilities	2.2	2.4	n/a	n/a
Other liabilities	1,299	1,225	n/a	n/a
Total liabilities and equity	4,320	4,366	n/a	n/a
Fixed assets	918	921	n/a	n/a
Goodwill	795	797	n/a	n/a
Intangible assets	432	443	n/a	n/a
Cash and equivalents	308	317	n/a	n/a
Receivables	442	530	n/a	n/a
Inventory	615	580	n/a	n/a
Other assets	810	777	n/a	n/a
Total assets	4,320	4,366	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 30 June 2024, filed 2 August 2024, accession 0000950170-24-089765: the filing on EDGAR. All of Woodward, Inc.'s filings: EDGAR company page.

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