Woodward ( NASDAQ: WWD ) -10.1% in Tuesday's trading to a 52-week low after a sharp miss on FQ3 earnings while slashing earnings and sales guidance for the full year.
Q3 net earnings fell to $39M, or $0.64/share, from $49M, or $0.74/share, in the year-earlier quarter, while total net sales increased 10% to $614M, as "the impact of ongoing global supply chain and labor disruptions remains consistent with [Q2] at ~$100M.
Q2 aerospace segment net sales jumped 18% Y/Y to $402M, but the industrial segment sales slipped 1% to $213M, hurt by weakness in China natural gas engines and unfavorable impacts of foreign currency exchange rates.
Citing "global supply chain and labor disruptions and net inflationary impacts," Woodward ( WWD ) cut FY 2022 adjusted EPS to $2.55-$2.75, well below $3.24 analyst consensus estimate, from its previous outlook of $3.20-$3.60, on revenues of $2.35B-$2.4B, compared with $2.42B consensus and prior guidance of $2.4B-$2.55B.
After "another rough quarter," Truist downgraded shares to Hold from Buy with an $88 price target, cut from $121, adding that starting a newly appointed CEO "points to a transition year with risk to long-term previously stated financial targets."
Woodward's ( WWD ) stock price return shows a 14% YTD decline and a 22% loss during the past year .
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Woodward -10% after Q3 earnings miss, full-year guidance cut