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Woodward Inc. (WWD-2.84%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $772,725,000 from $786,730,000 in the same quarter the previous year. The decline is attributed to lower volumes in the Industrial segment.
Cost of goods sold remained flat at $583,091,000, representing 75.5% of sales, compared to 74.0% in the same quarter of the previous year. This increase in cost ratio is due to lower sales volume.
The company reported net earnings of $87,091,000 for the quarter, compared to $90,044,000 in the previous year, with the decline attributed to lower sales in the Industrial segment.
Selling, general, and administrative expenses decreased to $69,696,000 from $74,511,000, primarily due to the positive effects of changes in foreign currency rates and decreased expenses relating to the deferred compensation program.
Interest expense increased to $12,341,000 from $11,436,000, primarily due to increased average daily borrowings on the revolving credit facility.
Net cash provided by operating activities was $34,516,000, while cash used in investing and financing activities was $32,100,000 and $19,386,000, respectively.
Woodward had a working capital of $809,774,000 as of December 31, 2024. The company maintains additional borrowing availability of $734,108,000 under its revolving credit facility.
The filing also details various financial activities, including a definitive agreement to acquire the Safran Electronics & Defense electromechanical actuation business.
Woodward announced a cash dividend of $0.28 per share for the quarter, payable on March 6, 2025, for stockholders of record as of February 20, 2025.
The company anticipates significant sales and earnings decreases in its China on-highway natural gas truck business due to the deteriorating local Chinese economy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Woodward Inc. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.