Woodward Inc., the Colorado parent of Valencia-based aerospace controls manufacturer Woodward HRT, posted 12-percent higher first-quarter revenues and 25-percent higher profits Monday, compared to year-ago figures.
Systemwide profits for the quarter ending Dec. 31 rose to $46.4 million (40 cents per share) from $37.9 million (36 cents) one year earlier.
Net sales of $407.9 million for the quarter were driven by Woodward’s energy sector, where revenues grew by 17 percent to $214.7 million. The company reported broad strength in control systems and components for industrial turbines, wind turbines and reciprocating engines.
Woodward’s aerospace sales grew by 7 percent to $193.2 million. During the quarter, Woodward HRT was awarded a pair of Defense Department contracts for missile components.
Woodward released its earnings after Monday’s closing bell on Wall Street. Share prices fell nearly 5 percent in after-hours trading because, black as the numbers were, they didn’t meet analysts’ expectations of 45 cents a share on $425.5 million in revenues.