Woodward Inc. Achieves Record-Breaking Fiscal Year 2024 Performance
Woodward Inc., a leading supplier of energy control systems, has achieved record-breaking performance in its fiscal year 2024, exceeding $3 billion in annual revenue for the first time. The company's Chairman and Chief Executive Officer, Chip Blankenship, highlighted the significant progress made by Woodward's team during the call.
Blankenship emphasized that Woodward's dedication to serving customers and meeting commitments drove record performance in several areas, including Aerospace sales, which increased approximately 15% to record levels with margins expanding around 260 basis points. The Industrial segment also achieved record sales boosted by elevated sales in their China On-Highway product line and continued strong performance from the rest of their industrial business.
As a result of these achievements, Woodward delivered an all-time high earnings per share and free cash flow increased by more than $100 million compared to the prior year. The company's notable growth across its end markets was driven by strong demand in Aerospace, coupled with significant content on commercial and defense growth programs.
Woodward's Loves Park transformation, completed in September, features advanced MRO services infrastructure, including new testing capabilities. The company is also working with customers to support their growth through new MRO agreements with major airlines such as Lufthansa Technique, Alliance Airlines, and Turkish technique.
In the Industrial segment, Woodward's diversified portfolio delivered strong results, with specific product lines preparing for continued industrial growth in power generation and marine transportation markets. The company has set a clear strategy to expand its industrial service offerings by deploying repair, overhaul, and upgrade capability regionally to better serve customers globally.
Woodward's control systems installed base is extensive, making it easier for customers to access OEM service with Woodward. This expansion of services aims to capitalize on the growing demand for efficient energy control solutions in various industries.
The company's focus on operational excellence and innovation has been a key factor in achieving these record-breaking results. Woodward remains poised to meet anticipated growth from LEAP and GTF engines, as well as continued industrial growth across multiple markets.
With its commitment to serving customers and delivering high-quality products, Woodward Inc. is well-positioned for continued success in 2025 and beyond. The company's leadership team continues to drive innovation and operational excellence, ensuring that Woodward remains at the forefront of energy control systems supply.
The impressive performance achieved by Woodward Inc. during fiscal year 2024 serves as a testament to its team's dedication and commitment to delivering exceptional results. As the company looks to the future, it is likely to remain a leader in the industry, driving growth and innovation through its cutting-edge energy control solutions.
