Woodward Governor posts reports lower 1st-quarter profit as sales dip

Woodward Governor posts lower 1Q profit

FORT COLLINS, Colo. — Woodward Governor Co., which makes energy control systems for aircraft, said Wednesday its fiscal first-quarter profit declined as revenue dipped.

For the three months ended Dec. 31, Woodward’s net earnings attributable to the company totaled $22.4 million, or 32 cents per share, down 17 percent from $27.1 million, or 39 cents per share, in the same period a year earlier.

Revenue slipped less than 2 percent to $339.3 million from $344.7 million.

Analysts, on average, expected profit of 30 cents per share on sales of $347.1 million, according to a poll by Thomson Reuters.

Woodward Governor said sales at its Turbine Systems unit, its largest, fell 9 percent to $142.4 million, due mainly to declines in its industrial turbine and business jet markets.

Woodward reaffirmed its guidance for full-year earnings of $1.40 to $1.60 per share on sales of $1.4 billion to $1.5 billion.

Analysts expect profit of $1.50 per share on sales of $1.46 billion.

Shares slid 40 cents to close at $28.94.