Shares of Woodward Inc. WWD rallied more than 15% in the extended session Monday after the maker of control systems and other components for aircraft and industrial engines reported fiscal second-quarter profit and sales well above Wall Street expectations on “robust demand” for its products and services across aerospace and industrial markets. Woodward also tweaked higher its 2023 guidance. The company earned $36 million, or 58 cents a share, in the quarter, compared with $48 million, or 74 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $1.01 a share. Sales rose 22% to $718 million, the company said. Analysts polled by FactSet expected adjusted earnings of 72 cents on sales of $649 million. The Fort Collins, Colo., company also said it increased production. Woodward raised its fiscal 2023 revenue guidance to a range between $2.7 billion and $2.8 billion, from a previous guidance of between $2.6 billion and $2.75 billion, and EPS between $3.50 and $3.750, from a prior guidance of $3.15 to $3.60. Woodward stock ended the regular trading day up 2.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.