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Woodward, Inc. (NASDAQ: WWD) today reported financial results for its fiscal year 2021 and fourth quarter ending September 30, 2021.
All amounts are presented on an as reported U.S. GAAP basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated.
Fourth Quarter 2021 Overview:
Net sales were $570 million, compared to $531 million.
Earnings per share were $0.76, compared to $0.89.
Adjusted earnings per share1 were $0.82, compared to $0.75.
Fiscal Year 2021 Overview:
Net sales were $2.25 billion, compared to $2.50 billion.
Earnings per share were $3.18, compared to $3.74.
Adjusted earnings per share were $3.24 compared to $3.96.
Net cash provided by operating activities was $465 million, compared to $349 million. Free cash flow1 and adjusted free cash flow1 were $427 million for 2021. For fiscal year 2020 free cash flow was $302 million and adjusted free cash flow was $315 million.
“We delivered solid performance in 2021 despite the continuing impacts of COVID-19 on our markets. Supply chain disruptions and regional market volatility were experienced across the company; however, our effective cost control measures and strong working capital management enabled us to mitigate these impacts and generate robust free cash flow,” said Thomas A. Gendron, Chairman and Chief Executive Officer. “Looking into fiscal 2022, we expect continued improvement in most of our end markets, although we also expect uncertainty and volatility around the pace of recovery to persist. We continue to be resilient against a challenging macroeconomic backdrop and remain focused on maintaining our strong financial position to allow us to capitalize on future market opportunities.”
Company Results:
Net sales for the fourth quarter of fiscal 2021 were $570 million, compared to $531 million for the fourth quarter of last year, an increase of 7 percent. Sales for the quarter and the full year were negatively impacted by approximately $32 million due to global supply chain disruptions, which delayed orders scheduled for shipment.
Net earnings for the fourth quarter of 2021 were $50 million, or $0.76 per share, compared to $57 million, or $0.89 per share.
Adjusted net earnings1 for the fourth quarter of 2021 were $54 million, or $0.82 per share, compared to $48 million, or $0.75 per share, for the fourth quarter of the prior year.
Net sales for fiscal 2021 were $2.25 billion, compared to $2.50 billion last year, a decrease of 10 percent. Net earnings for 2021 were $209 million, or $3.18 per share, compared to $240 million, or $3.74 per share, for the prior year.
Adjusted net earnings were $212 million, or $3.24 per share, compared to $254 million, or $3.96 per share, for the prior year.
EBIT1 was $69 million for the fourth quarter of 2021, compared to $77 million for the fourth quarter of 2020. Adjusted EBIT1 for the fourth quarter of 2021 was $74 million, compared to $65 million for the fourth quarter of 2020.
EBIT was $279 million for fiscal 2021, compared to $316 million for 2020. Adjusted EBIT was $284 million for fiscal 2021, compared to $343 million for 2020.
The effective tax rate for the fourth quarter of 2021 was 18.2 percent, compared to 16.0 percent in the prior year. The adjusted effective tax rate1 was 18.8 percent, compared to 13.8 percent for the fourth quarter of 2020.
The full year effective tax rate for 2021 was 15.1 percent, compared to 14.7 percent for the prior year. The adjusted effective tax rate for the full year 2021 was 15.3 percent, compared to 17.8 percent for fiscal year 2020.