In This Story
Woodward Inc. (WWD+0.62%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing an increase in net sales to $3,324,249,000 from $2,914,566,000 in the previous year. This increase is attributed to higher sales volume and price realization in both the Aerospace and Industrial segments.
The Aerospace segment reported net sales of $2,028,618,000, up from $1,768,103,000 in the previous year. The increase was driven by higher commercial and defense aftermarket volumes and price realization.
The Industrial segment reported net sales of $1,295,631,000, compared to $1,146,463,000 in the previous year. Growth in transportation, particularly in the on-highway natural gas truck business in China, and strong sales in power generation contributed to the increase.
Cost of goods sold for the year was $2,447,770,000, representing 73.6% of sales, compared to 76.8% in the previous year. The decrease in cost ratio is due to price realization and higher sales volume.
The company reported a gross margin of 26.4% for the year, compared to 23.2% in the previous year, primarily due to price realization and higher sales volume.
Selling, general, and administrative expenses were $307,499,000, flat as a percentage of sales at 9.3% compared to the previous year.
Research and development costs increased to $140,676,000 from $132,095,000, reflecting variability in the timing of projects and expenses.
Net earnings for the year were $372,971,000, up from $232,368,000 in the previous year. The effective tax rate was 17.8%, compared to 15.7% in the previous year.
Cash provided by operating activities was $439,089,000, while cash used in investing and financing activities was $89,217,000 and $218,047,000, respectively.
Woodward had a working capital of $820,101,000 as of September 30, 2024. The company continues to focus on operational excellence and innovation to deliver long-term success.
The filing also details various financial agreements, including the revolving credit facility and the issuance of unsecured notes.
Woodward does not anticipate significant changes in its strategy and continues to monitor the macroeconomic environment, including inflation and supply chain challenges.
The company identified no impairments in its goodwill and other intangible assets during the annual impairment test conducted as of July 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Woodward Inc. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.