Woodward, Inc. (NASDAQ:WWD) today reported financial results for
its first quarter of fiscal year 2018 ending December 31,
2017. (All per share amounts are presented on a fully diluted
basis.)
First Quarter Fiscal 2018
Overview
- Net sales for the first quarter of fiscal 2018 were $470
million, compared to $443 million for the first quarter of last
year, an increase of 6 percent from the first quarter of fiscal
2017.
- Net earnings for the first quarter of 2018 were $18 million, or
$0.29 per share, compared to $47 million, or $0.73 per share, in
the first quarter of 2017. The effective tax rate for the first
quarter of 2018 was 51.3 percent, compared to 1.1 percent in the
first quarter of the prior year. The first quarter of the current
year reflects a one-time expense of approximately $15 million, or
$0.24 per share, as a result of the new U.S. tax legislation.
- Total EBIT1 for the first quarter of 2018 was $44 million,
compared to $53 million in the first quarter of the prior
year.
- Net cash used in operating activities for the first quarter of
2018 was $3 million, compared to cash generated of $52 million for
the prior year. Free cash flow1 was an outflow of $31 million for
the first quarter of 2018, compared to an inflow of $31 million for
the same period of the prior year.
“Our first quarter revenues reflected strong momentum in
Aerospace, and ongoing challenges within our Industrial segment,
although we continue to see growing pockets of strength in many of
our industrial end markets. In line with our strategy to gain
market share, we are investing in new programs which impacted our
first quarter results,” said Thomas A. Gendron, Chairman and Chief
Executive Officer. “We are encouraged by the recent U.S. tax
legislation, which we anticipate will have a significant positive
cash and earnings impact going forward. We expect to employ these
benefits consistent with our existing capital allocation
strategy.”
Company Results
Net sales for the first quarter of fiscal 2018 were $470
million, compared to $443 million for the first quarter of fiscal
2017.
The effective tax rate for the first quarter of 2018 was 51.3
percent, compared to 1.1 percent for the first quarter of 2017. The
2018 first quarter tax rate reflected additional tax expense of
approximately $15 million, or $0.24 per share, due to the recent
U.S. tax legislation. The 2017 first quarter tax rate reflected the
favorable impact of repatriating certain foreign earnings. Our full
fiscal year 2018 tax rate is now anticipated to be approximately 24
percent. Beyond 2018, we anticipate our effective tax rate to be
approximately 22 percent as a result of the new U.S. tax
legislation.
Net earnings for the first quarter of 2018 were $18 million, or
$0.29 per share, compared to $47 million, or $0.73 per share, in
the first quarter of 2017. EBIT was $44 million for the first
quarter of 2018, compared to $53 million for the first quarter of
2017. In addition to the tax impact on net earnings of the new
legislation, net earnings and EBIT were unfavorably impacted in the
first quarter of 2018 by increased investment in research and
development, as well as the timing of stock compensation
expense.
Segment Results
Aerospace Aerospace segment net sales for the
first quarter of fiscal 2018 were $306 million, compared to $267
million for the first quarter a year ago. Segment earnings for the
first quarter of 2018 were $44 million, compared to $47 million for
the same quarter last year. Segment earnings as a percent of
segment net sales were 14.2 percent this quarter, compared to 17.6
percent in the same quarter of the prior year.
Commercial aerospace sales benefited from the accelerating
deliveries of key next generation aircraft. Commercial aftermarket
sales were particularly strong due to initial provisioning for
these aircraft programs and increased utilization of existing
fleets. Defense OEM sales were boosted by continued momentum in
smart weapons, as well as growing international demand for various
other programs. Segment earnings benefited from the net impact of
the higher sales volume in the quarter, which was partially offset
by higher manufacturing costs related to increased production
levels. Segment earnings were also negatively impacted by increased
investment in research and development for both new awards and
opportunities being pursued.
Industrial Industrial segment net sales for the
first quarter of fiscal 2018 were $164 million, compared to $176
million for the first quarter a year ago. Segment earnings for the
first quarter of 2018 were $19 million, compared to $18 million in
the first quarter a year ago. Segment earnings as a percent of
segment net sales were 11.8 percent in the first quarter of 2018,
compared to 10.2 percent in the same quarter of the prior year.
Sales were strong for fuel systems related to natural gas
vehicles in Asia and large gas engines. This was more than offset
by significant weakness in both large gas turbine and renewables
sales. The increase in segment earnings was primarily due to
savings from cost reduction initiatives, partially offset by the
effects of the lower sales volume.
Nonsegment Nonsegment expenses totaled $19
million for the first quarter of fiscal 2018, compared to $11
million for the same quarter last year. The increase in nonsegment
expenses was due to the timing of the recording of the majority of
stock-based compensation expense in the first quarter of 2018,
whereas in the prior year this expense was recorded in the second
quarter.
Cash Flow and Financial
Position
Net cash used in operating activities for the first quarter of
fiscal 2018 was $3 million, compared to cash generated of $52
million for the prior year. This difference was largely a result of
quarterly variability related to working capital. Free cash flow
was an outflow of $31 million for the first quarter of 2018,
compared to an inflow of $31 million for the same period of the
prior year. Payments for property, plant, and equipment for the
first quarter of 2018 were $28 million, compared to $21 million for
the first quarter of 2017. For the full year, we now anticipate
free cash flow to be approximately $230 million, which reflects the
positive impacts of the U.S. tax legislation changes, partially
offset by higher working capital.
Total debt was $650 million at December 31, 2017, compared to
$613 million at September 30, 2017. The ratio of
debt-to-debt-plus-equity was 31.7 percent at December 31, 2017,
compared to 30.9 percent at September 30, 2017.
Outlook
For fiscal year 2018, net sales are still expected to be between
$2.2 billion to $2.3 billion. Earnings per share are now expected
to be between $3.35 and $3.60, reflecting the anticipated effects
of the change in U.S. tax legislation.
Conference Call
Woodward will hold an investor conference call at 4:30 p.m. EST,
January 22, 2018, to provide an overview of the financial
performance for the first quarter of fiscal year 2018, business
highlights, and outlook for fiscal 2018. You are invited to listen
to the live webcast of our conference call, or a recording, and
view or download accompanying presentation slides at our website,
www.woodward.com.
You may also listen to the call by dialing 1-877-231-2582
(domestic) or 1-478-219-0714 (international). Participants
should call prior to the start time to allow for registration; the
Conference ID is 84309908. An audio replay will be available by
telephone from 7:30 p.m. EST on January 22, 2018 until 11:59 p.m.
EST on February 5, 2018. The telephone number to access the replay
is 1-855-859-2056 (domestic) or 1-404-537-3406 (international),
reference access code 84309908.
A webcast presentation will be available on the website by
clicking the Investors tab, then the Calendar of Events menu
selection and associated webcast link. The call and presentation
will remain accessible at the website for 14 days.
About Woodward, Inc.
Woodward is an independent designer, manufacturer, and service
provider of control solutions for the aerospace and industrial
markets. The company’s innovative fluid, combustion, electrical,
and motion control systems help customers offer cleaner, more
reliable, and more efficient equipment. Our customers include
leading original equipment manufacturers and end users of their
products. Woodward is a global company headquartered in Fort
Collins, Colorado, USA. Visit our website at www.woodward.com, and
connect with us at www.facebook.com/woodwardinc.2
Cautionary Statement
Information in this press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties, including,
but not limited to, statements regarding our expectations related
to the performance of our segments, our expectations regarding the
effects of the changes in the U.S. tax legislation on our business
and our related plans, our strategic actions and their proposed
effect, our future sales, earnings, liquidity, tax rate, and
relative profitability, and expectations regarding our markets.
Readers are cautioned that these forward-looking statements are
only predictions and are subject to risks, uncertainties, and
assumptions that are difficult to predict. Factors that could cause
actual results and the timing of certain events to differ
materially from the forward-looking statements include, but are not
limited to, a decline in business with, or financial distress of,
Woodward’s significant customers; global economic uncertainty and
instability in the financial markets; Woodward’s ability to manage
product liability claims, product recalls or other liabilities
associated with the products and services that Woodward provides;
Woodward’s ability to obtain financing, on acceptable terms or at
all, to implement its business plans, complete acquisitions, or
otherwise take advantage of business opportunities or respond to
business pressures; Woodward’s long sales cycle, customer
evaluation process, and implementation period of some of its
products and services; Woodward’s ability to implement and realize
the intended effects of any restructuring and alignment efforts;
Woodward’s ability to successfully manage competitive factors,
including prices, promotional incentives, competitor product
development, industry consolidation, and commodity and other input
cost increases; Woodward’s ability to manage expenses and product
mix while responding to sales increases or decreases; the ability
of Woodward’s subcontractors to perform contractual obligations and
its suppliers to provide Woodward with materials of sufficient
quality or quantity required to meet Woodward’s production needs at
favorable prices or at all; Woodward’s ability to monitor its
technological expertise and the success of, and/or costs associated
with, its product development activities; Woodward’s debt
obligations, debt service requirements, and ability to operate its
business, pursue its business strategies and incur additional debt
in light of covenants contained in its outstanding debt agreements;
Woodward’s ability to manage additional tax expense and exposures;
risks related to Woodward’s U.S. Government contracting activities,
including liabilities resulting from legal and regulatory
proceedings, inquiries, or investigations related to such
activities; the potential of a significant reduction in defense
sales due to decreases in the amount of U.S. Federal defense
spending or other specific budget cuts impacting defense programs
in which Woodward participates; changes in government spending
patterns, priorities, subsidy programs and/or regulatory
requirements; future impairment charges resulting from changes in
the estimates of fair value of reporting units or of long-lived
assets; future results of Woodward’s subsidiaries; environmental
liabilities related to manufacturing activities and/or real estate
acquisitions; Woodward’s continued access to a stable workforce and
favorable labor relations with its employees; physical and other
risks related to Woodward’s operations and suppliers, including
natural disasters, which could disrupt production; Woodward’s
ability to successfully manage regulatory, tax, and legal matters;
risks related to Woodward’s common stock, including changes in
prices and trading volumes; risks from operating internationally,
including the impact on reported earnings from fluctuations in
foreign currency exchange rates, and compliance with and changes in
the legal and regulatory environments of the United States and the
countries in which Woodward operates; fair value of defined benefit
plan assets and assumptions used in determining Woodward’s
retirement pension and other postretirement benefit obligations and
related expenses; industry risks, including increases in natural
gas prices, unforeseen events that may reduce commercial aviation
and increasing emissions standards; Woodward’s operations may be
adversely affected by information systems interruptions or
intrusions; certain provisions of Woodward’s charter documents and
Delaware law that could discourage or prevent others from acquiring
the company; and other risk factors described in Woodward's Annual
Report on Form 10-K for the year ended September 30, 2017 and other
risks described in Woodward’s filings with the Securities and
Exchange Commission.
Woodward, Inc. and Subsidiaries |
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED
STATEMENTS
OF
EARNINGS |
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
|
|
|
December 31, |
|
|
(Unaudited - in thousands except per share amounts) |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
|
$ |
470,148 |
|
|
$ |
442,894 |
|
|
|
Costs
and expenses: |
|
|
|
|
|
|
|
Cost of
goods sold |
|
|
|
346,784 |
|
|
|
329,148 |
|
|
|
Selling,
general, and administrative expenses |
|
|
|
46,276 |
|
|
|
38,300 |
|
|
|
Research
and development costs |
|
|
|
34,786 |
|
|
|
26,540 |
|
|
|
Interest
expense |
|
|
|
6,750 |
|
|
|
6,840 |
|
|
|
Interest
income |
|
|
|
(363 |
) |
|
|
(405 |
) |
|
|
Other
(income) expense, net |
|
|
|
(1,572 |
) |
|
|
(4,588 |
) |
|
|
Total costs and expenses |
|
|
|
432,661 |
|
|
|
395,835 |
|
|
|
Earnings before
income taxes |
|
|
|
37,487 |
|
|
|
47,059 |
|
|
|
Income taxes |
|
|
|
19,227 |
|
|
|
511 |
|
|
|
Net earnings |
|
|
$ |
18,260 |
|
|
$ |
46,548 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share amounts: |
|
|
|
|
|
|
|
Basic earnings per
share |
|
|
$ |
0.30 |
|
|
$ |
0.76 |
|
|
|
Diluted
earnings per share |
|
|
$ |
0.29 |
|
|
$ |
0.73 |
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
|
61,246 |
|
|
|
61,559 |
|
|
|
Diluted |
|
|
|
63,709 |
|
|
|
63,671 |
|
|
|
Cash dividends per share paid to Woodward common
stockholders |
|
$ |
0.125 |
|
|
$ |
0.110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED
BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
|
|
|
|
|
2017 |
|
|
|
2017 |
|
|
|
(Unaudited - in thousands) |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
85,779 |
|
|
$ |
87,552 |
|
|
|
Accounts
receivable |
|
|
|
331,438 |
|
|
|
402,182 |
|
|
|
Inventories |
|
|
|
503,523 |
|
|
|
473,505 |
|
|
|
Income
taxes receivable |
|
|
|
18,842 |
|
|
|
19,376 |
|
|
|
Other current assets |
|
|
|
39,660 |
|
|
|
38,574 |
|
|
|
Total
current assets |
|
|
|
979,242 |
|
|
|
1,021,189 |
|
|
|
Property,
plant, and equipment, net |
|
|
|
930,158 |
|
|
|
922,043 |
|
|
|
Goodwill |
|
|
|
556,759 |
|
|
|
556,545 |
|
|
|
Intangible assets, net |
|
|
|
165,633 |
|
|
|
171,882 |
|
|
|
Deferred
income tax assets |
|
|
|
20,473 |
|
|
|
19,950 |
|
|
|
Other assets |
|
|
|
72,909 |
|
|
|
65,500 |
|
|
|
Total assets |
|
|
$ |
2,725,174 |
|
|
$ |
2,757,109 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Short-term borrowings |
|
|
$ |
66,300 |
|
|
$ |
32,600 |
|
|
|
Accounts
payable |
|
|
|
182,144 |
|
|
|
232,788 |
|
|
|
Income
taxes payable |
|
|
|
5,891 |
|
|
|
6,774 |
|
|
|
Accrued liabilities |
|
|
|
98,785 |
|
|
|
155,072 |
|
|
|
Total
current liabilities |
|
|
|
353,120 |
|
|
|
427,234 |
|
|
|
Long-term
debt, less current portion |
|
|
|
583,339 |
|
|
|
580,286 |
|
|
|
Deferred
income tax liabilities |
|
|
|
21,901 |
|
|
|
33,408 |
|
|
|
Other liabilities |
|
|
|
366,268 |
|
|
|
344,798 |
|
|
|
Total
liabilities |
|
|
|
1,324,628 |
|
|
|
1,385,726 |
|
|
|
Stockholders’ equity |
|
|
|
1,400,546 |
|
|
|
1,371,383 |
|
|
|
Total liabilities and stockholders’ equity |
|
|
$ |
2,725,174 |
|
|
$ |
2,757,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodward, Inc. and Subsidiaries |
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED
STATEMENTS
OF CASH
FLOWS |
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
|
|
|
December 31, |
|
|
(Unaudited - in
thousands) |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating
activities |
|
|
$ |
(2,533 |
) |
|
$ |
52,351 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Payments for property,
plant, and equipment |
|
|
|
(28,450 |
) |
|
|
(21,058 |
) |
|
|
Net proceeds from sale
of assets |
|
|
|
132 |
|
|
|
3,682 |
|
|
|
Proceeds from sales of
short-term investments |
|
|
|
- |
|
|
|
758 |
|
|
|
Payments for purchases
of short-term investments |
|
|
|
(791 |
) |
|
|
- |
|
|
|
Net cash used in investing activities |
|
|
|
(29,109 |
) |
|
|
(16,618 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Cash dividends
paid |
|
|
|
(7,656 |
) |
|
|
(6,779 |
) |
|
|
Proceeds from sales of
treasury stock |
|
|
|
1,389 |
|
|
|
4,843 |
|
|
|
Payments for
repurchases of common stock |
|
|
|
- |
|
|
|
(24,004 |
) |
|
|
Borrowings
on revolving lines of credit and short-term borrowings |
|
|
458,950 |
|
|
|
316,650 |
|
|
|
Payments on
revolving lines of credit and short-term borrowings |
|
|
(425,250 |
) |
|
|
(312,800 |
) |
|
|
Payments of long-term
debt and capital lease obligations |
|
|
|
(106 |
) |
|
|
(102 |
) |
|
|
Net cash (used in) provided by financing
activities |
|
|
|
27,327 |
|
|
|
(22,192 |
) |
|
|
Effect of exchange rate changes on cash and cash
equivalents |
|
|
2,542 |
|
|
|
(13,746 |
) |
|
|
Net change in
cash and cash equivalents |
|
|
|
(1,773 |
) |
|
|
(205 |
) |
|
|
Cash and cash
equivalents at beginning of year |
|
|
|
87,552 |
|
|
|
81,090 |
|
|
|
Cash and cash equivalents at end of period |
|
|
$ |
85,779 |
|
|
$ |
80,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
Woodward, Inc. and Subsidiaries |
|
|
|
|
|
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|
SEGMENT NET SALES
AND EARNINGS |
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
|
|
|
December 31, |
|
|
(Unaudited - in thousands) |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Net
sales: |
|
|
|
|
|
|
|
Aerospace |
|
|
$ |
305,905 |
|
|
$ |
266,680 |
|
|
|
Industrial |
|
|
|
164,243 |
|
|
|
176,214 |
|
|
|
Total consolidated net sales |
|
|
$ |
470,148 |
|
|
$ |
442,894 |
|
|
|
Segment
earnings*: |
|
|
|
|
|
|
|
Aerospace |
|
|
$ |
43,553 |
|
|
$ |
46,877 |
|
|
|
As a percent of segment
sales |
|
|
|
14.2 |
% |
|
|
17.6 |
% |
|
|
Industrial |
|
|
|
19,344 |
|
|
|
17,998 |
|
|
|
As a percent of segment
sales |
|
|
|
11.8 |
% |
|
|
10.2 |
% |
|
|
Total segment earnings |
|
|
|
62,897 |
|
|
|
64,875 |
|
|
|
Nonsegment
expenses |
|
|
|
(19,023 |
) |
|
|
(11,381 |
) |
|
|
EBIT |
|
|
|
43,874 |
|
|
|
53,494 |
|
|
|
Interest expense,
net |
|
|
|
(6,387 |
) |
|
|
(6,435 |
) |
|
|
Consolidated earnings before income taxes |
|
|
$ |
37,487 |
|
|
$ |
47,059 |
|
|
|
|
|
|
|
|
|
|
|
Payments for
property, plant and equipment |
|
|
$ |
28,450 |
|
|
$ |
21,058 |
|
|
|
Depreciation expense |
|
|
$ |
14,827 |
|
|
$ |
12,455 |
|
|
|
*This
schedule reconciles segment earnings, which exclude certain costs,
to consolidated earnings before taxes. |
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Woodward, Inc. and Subsidiaries |
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RECONCILIATION
OF
NET
EARNINGS
TO EBIT
1
AND EBITDA
1 |
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Three-Months Ended |
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December 31, |
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(Unaudited - in thousands) |
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2017 |
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2016 |
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|
Net earnings (U.S.
GAAP) |
|
|
$ |
18,260 |
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$ |
46,548 |
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Income taxes |
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|
19,227 |
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|
511 |
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|
Interest expense |
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|
6,750 |
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|
6,840 |
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Interest
income |
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(363 |
) |
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|
(405 |
) |
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EBIT
(Non-U.S. GAAP) |
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|
43,874 |
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|
53,494 |
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Amortization of
intangible assets |
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|
6,243 |
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|
6,458 |
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Depreciation expense |
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14,827 |
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|
12,455 |
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EBITDA (Non-U.S. GAAP) |
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$ |
64,944 |
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$ |
72,407 |
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Woodward, Inc. and Subsidiaries |
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RECONCILIATION
OF
CASH FLOW FROM
OPERATING ACTIVITIES TO FREE CASH FLOW |
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|
Three-Months Ended |
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|
|
December 31, |
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|
(Unaudited - in thousands) |
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2017 |
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2016 |
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Net cash (used in)
provided by operating activities |
|
|
$ |
(2,533 |
) |
|
$ |
52,351 |
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|
Payments
for property, plant, and equipment |
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|
(28,450 |
) |
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|
(21,058 |
) |
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Free cash flow (Non-U.S. GAAP) |
|
|
|
(30,983 |
) |
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|
31,293 |
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1Non-U.S. GAAP Financial Measures: EBIT (earnings before
interest and taxes), EBITDA (earnings before interest, taxes,
depreciation and amortization), and free cash flow are financial
measures not prepared and presented in accordance with accounting
principles generally accepted in the United States of America (U.S.
GAAP). Management uses EBIT to evaluate Woodward’s operating
performance without the impacts of financing and tax related
considerations. Management uses EBITDA in evaluating Woodward’s
operating performance, making business decisions, including
developing budgets, managing expenditures, forecasting future
periods, and evaluating capital structure impacts of various
strategic scenarios. Management uses free cash flow, which is
derived from net cash provided by or used in operating activities
less payments for property, plant, and equipment, in reviewing the
financial performance of Woodward’s various business segments and
evaluating cash generation levels. Securities analysts, investors,
and others frequently use EBIT, EBITDA and free cash flow in their
evaluation of companies, particularly those with significant
property, plant, and equipment, and intangible assets that are
subject to amortization. The use of any of these non-U.S. GAAP
financial measures is not intended to be considered in isolation
of, or as a substitute for, the financial information prepared and
presented in accordance with U.S. GAAP. Because EBIT and EBITDA
exclude certain financial information compared with net earnings,
the most comparable U.S. GAAP financial measure, users of this
financial information should consider the information that is
excluded. Free cash flow does not necessarily represent funds
available for discretionary use and is not necessarily a measure of
our ability to fund our cash needs. Management’s calculations of
EBIT, EBITDA, and free cash flow may differ from similarly titled
measures used by other companies, limiting their usefulness as
comparative measures.
2Website, Facebook, Twitter: Woodward has used,
and intends to continue to use, its Investor Relations website, its
Facebook page and its Twitter handle as means of disclosing
material non-public information and for complying with its
disclosure obligations under Regulation FD.
CONTACT:
Don GuzzardoCorporate Director, Investor Relations &
Treasury 970-498-3580Don.Guzzardo@woodward.com
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