Woodward expects flat third-quarter sales
The company expects to rebound during the fourth quarter and to finish ahead of last year's sales, though at levels still below expectations.
The Fort Collins company expects third-quarter earnings of 40 cents a share, reflecting a tax of about 25 percent, according to its preliminary earnings report.
The $460 million in sales would represent an increase from $438.5 million the company reported the same quarter last year. However, the results would be relatively flat compared to the $468.8 million in sales the company posted during the second quarter.
Woodward's aerospace segment was afflicted by "system-related issues that have been addressed, lower defense sales and a lower growth rate than anticipated in commercial aftermarket sales," it said.
The company's energy segment, meanwhile, also saw sales and earnings growth from the previous third-quarter, "although they were also slightly below our expectations."
As a result, the company expects net sales of between $1.85 billion to $1.9
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