Woodward Reports Second Quarter Fiscal Year 2025 Results

~Results in Line with Expectations, on Track to Deliver Full-Year Guidance~

/EIN News/ -- FORT COLLINS, Colo., April 28, 2025 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) today reported financial results for its second quarter of fiscal year 2025.

All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All references to years are references to the Company’s fiscal year unless otherwise stated. All comparisons are made to the same period of the prior year unless otherwise stated.

Second Quarter Overview

	Second Quarter 2025		Year to Date – Fiscal Year 2025
Net sales	$884M, 6%		$1,656M, 2%
Net earnings	$109M, 12%		$196M, 5%
Adjusted net earnings1	$103M, 3%		$186M, -3%
Earnings per share (EPS)	$1.78, 14%		$3.20, 6%
Adjusted EPS1	$1.69, 4%		$3.04, -1%
Cash from operations	$78M, -20%		$112M, -22%
Free cash flow1	$59M, -28%		$60M, -31%

"Our strong second quarter results were in line with our expectations, reflecting the dedication of our members in a volatile environment,” said Chip Blankenship, Chairman and Chief Executive Officer. “Aerospace segment growth was driven by continued strong demand for smart defense, and robust commercial aftermarket activity fueled by high utilization of legacy aircraft. This was partially offset by lower commercial OEM and defense aftermarket activity. Our Industrial business delivered double-digit sales growth in power generation, oil and gas, and marine transportation combined. This was offset by an anticipated decline in China on-highway natural gas truck sales.”

“Based on what we know today, we are confident in Woodward’s ability to manage the announced tariff levels and current operating environment in the second half of the fiscal year. We are raising the low end of our sales and earnings guidance and reaffirming the other elements of our full-year outlook. Our long-term value proposition remains intact, and we are committed to achieving sustainable growth and enhancing shareholder value.”

Second Quarter Fiscal Year 2025 Company Results

Total Company Results
		Three Months Ended March 31												Six Months Ended March 31
Dollars in millions, except per share amounts		2025				2024				Year over Year				2025				2024				Year over Year
Income Statement
Total Sales		$	884			$	835				6	%		$	1,656			$	1,622				2	%
Net Earnings			109				98				12	%			196				188				5	%
Adjusted Net Earnings			103				101				3	%			186				191				-3	%
EPS		$	1.78			$	1.56				14	%		$	3.20			$	3.02				6	%
Adjusted EPS		$	1.69			$	1.62				4	%		$	3.04			$	3.07				-1	%
EBIT1			144				131				10	%			257				251				2	%
Adjusted EBIT1			136				135				1	%			243				254				-4	%
Effective Tax Rate			18.1	%			19.1	%		-100		bps			16.5	%			18.6	%		-210		bps
Adjusted Effective Tax Rate1			17.7	%			19.3	%		-160		bps			16.1	%			18.6	%		-250		bps
Cash Flow and Financial Position
Cash from Operating Activities		$	78			$	97				-20	%		$	112			$	144				-22	%
Capital Expenditures			18				14				27	%			52				56				-8	%
Free Cash Flow			59				83				-28	%			60				88				-31	%
Dividends Paid			17				15				10	%			31				28				11	%
Share Repurchases			44				-				100	%			79				-				100	%
Total Debt															912				791				15	%
EBITDA1 Leverage														1.5x				1.2x

Segment Results

Aerospace
		Three Months Ended March 31												Six Months Ended March 31
Dollars in millions		2025				2024				Year over Year				2025				2024				Year over Year
Commercial OEM		$	167			$	184				-9	%		$	322			$	355				-9	%
Commercial Aftermarket			202				164				23	%			366				301				21	%
Defense OEM			138				91				52	%			251				184				36	%
Defense Aftermarket			54				59				-8	%			118				118				0	%
Revenue			562				498				13	%			1,056				958				10	%
Segment Earnings			125				98				27	%			219				177				24	%
Segment Margin %			22.2	%			19.8	%		240		bps			20.8	%			18.5	%		230		bps

The increase in Aerospace segment earnings in the second quarter was primarily a result of price realization and volume, partially offset by inflation and unfavorable mix.

The increase in Aerospace segment earnings for the six months ended March 31, 2025, was primarily a result of price realization, partially offset by inflation and unfavorable mix.

Industrial
		Three Months Ended March 31												Six Months Ended March 31
Dollars in millions		2025				2024				Year over Year				2025				2024				Year over Year
Transportation		$	142			$	174				-18	%		$	258			$	348				-26	%
Power generation			111				107				4	%			216				205				6	%
Oil and gas			69				57				21	%			126				111				14	%
Revenue			322				338				-5	%			601				664				-10	%
Segment Earnings			46				65				-30	%			86				132				-35	%
Segment Margin %			14.3	%			19.3	%		-500		bps			14.3	%			19.9	%		-560		bps

The decrease in Industrial segment earnings in the second quarter was primarily a result of lower China on-highway volume and unfavorable mix, partially offset by price realization.

The decrease in Industrial segment earnings in the six months ended March 31, 2025, was primarily a result of lower China on-highway volume and unfavorable mix, partially offset by price realization.

Nonsegment
		Three Months Ended March 31												Six Months Ended March 31
Dollars in millions		2025				2024				Year over Year				2025				2024				Year over Year
Nonsegment Expense		$	(27	)		$	(33	)			-19	%		$	(49	)		$	(59	)			-17	%
Adjusted Nonsegment Expenses1			(34	)			(29	)			20	%			(62	)			(55	)			12	%

Fiscal Year 2025 Guidance

Woodward is raising the low end of its sales and Adjusted EPS guidance while reaffirming the other elements of its full-year outlook. This updated guidance reflects strong year-to-date performance and the expected impact of announced tariffs. The Company’s revised guidance does not incorporate potential effects from further escalation of announced tariff levels, significant changes in customer demand, or recession in the U.S. or globally. For the fiscal year 2025, Woodward now expects the following:

Woodward, Inc. and Subsidiaries
Revised Guidance
(In millions, except per share amount and percentages)
		Prior				Revised
		FY25 Guidance issued on				FY25 Guidance issued on
		February 3, 2025				April 28, 2025
Total Company
Sales		$3,300 - $3,500				$3,375 - $3,500
Adjusted Effective Tax Rate		~19%				No Change
Free Cash Flow		$350 - $400				No change
Capital Expenditures		~$115				No change
Shares		~61.5				No change
Adjusted EPS		$5.85 - $6.25				$5.95 - $6.25
Segment Data
Aerospace
Sales Growth		Up 6% to 13%				Up 8% to 13%
Segment Earnings (% of Sales)		20% - 21%				No change
Industrial
Sales Growth		Down 7% to 11%				Down 7% to 9%
Segment Earnings (% of Sales)		13% - 14%				No change

Conference Call

Woodward will hold an investor conference call at 5:00 p.m. ET, April 28, 2025, to provide an overview of the financial performance for its second quarter of fiscal year 2025 ending March 31, 2025, business highlights, and guidance for fiscal 2025. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com².

You may also listen to the call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 4675940. The call and presentation will be available on the website by selecting “Investors/Events & Presentations” from the menu and will remain accessible on the Company’s website for one year.

About Woodward, Inc.

Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Our purpose is to design and deliver energy control solutions our partners count on to power a clean future. Our innovative fluid, combustion, electrical, propulsion and motion control systems perform in some of the world’s harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Cautionary Statement

Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, the Company’s ability to manage tariffs and the current operating environment; our long-term value proposition and ability to achieve sustainable growth and enhance shareholder value; and statements regarding our business, expectations and guidance for fiscal year 2025, including our guidance for sales, segment sales as compared to the prior fiscal year, adjusted earnings per share, segment earnings margin, adjusted effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions and expectations regarding our guidance and the factors that may impact guidance, and anticipated trends in our business and markets. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to: (1) global economic uncertainty and instability, including a potential global recession and the impact on customer demand; (2) changes in or uncertainty with respect to global trade and economic policy, including tariff levels and other retaliatory measures; (3) risks related to constraints and disruptions in the global supply chain and labor markets; (4) Woodward’s long sales cycle; (5) risks related to Woodward’s concentration of revenue among a relatively small number of customers; (6) Woodward’s ability to implement and realize the intended effects of any restructuring efforts; (67) Woodward’s ability to successfully manage competitive factors including expenses and fluctuations in sales; (8) changes and consolidations in the aerospace market; (9) Woodward’s financial obligations including debt obligations and tax expenses and exposures; (10) risks related to Woodward’s U.S. government contracting activities including potential changes in government spending patterns; (11) Woodward’s ability to protect its intellectual property rights and avoid infringing the intellectual property rights of others; (12) changes in the estimates of fair value of reporting units or of long-lived assets; (13) environmental risks; (14) Woodward’s continued access to a stable workforce and favorable labor relations with its employees; (15) Woodward’s ability to manage various regulatory and legal matters; (16) risks from operating internationally; (17) cybersecurity and other technological risks; and other risk factors and risks described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, any subsequently filed Quarterly Report on Form 10-Q, as well as its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which we expect to file shortly, and other risks described in Woodward’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and Woodward assumes no obligation to update such statements, except as required by applicable law.

Woodward, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited - in thousands, except per share amounts)
	Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024
Net sales	$	883,629			$	835,343			$	1,656,354			$	1,622,073
Costs and expenses:
Cost of goods sold		643,530				600,954				1,226,621				1,183,335
Selling, general, and administrative expenses		83,842				81,447				153,538				155,958
Research and development costs		37,230				36,465				67,437				67,259
Interest expense		11,889				11,530				24,230				22,966
Interest income		(1,021	)			(1,293	)			(2,398	)			(2,766	)
Other (income) expense, net		(24,804	)			(14,384	)			(47,891	)			(35,023	)
Total costs and expenses		750,666				714,719				1,421,537				1,391,729
Earnings before income taxes		132,963				120,624				234,817				230,344
Income taxes		24,014				23,068				38,777				42,744
Net earnings	$	108,949			$	97,556			$	196,040			$	187,600
Earnings per share amounts:
Basic earnings per share	$	1.83			$	1.61			$	3.30			$	3.12
Diluted earnings per share	$	1.78			$	1.56			$	3.20			$	3.02
Weighted average common shares outstanding:
Basic		59,432				60,427				59,323				60,223
Diluted		61,344				62,365				61,258				62,106
Cash dividends paid per share	$	0.28			$	0.25			$	0.53			$	0.47

Woodward, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands)
	March 31,				September 30,
	2025				2024
Assets
Current assets:
Cash and cash equivalents	$	364,141			$	282,270
Accounts receivable		831,500				770,066
Inventories		634,508				609,092
Income taxes receivable		21,280				22,016
Other current assets		60,508				60,167
Total current assets		1,911,937				1,743,611
Property, plant, and equipment, net		929,357				940,715
Goodwill		791,989				806,643
Intangible assets, net		412,186				440,419
Deferred income tax assets		85,631				84,392
Other assets		362,369				353,135
Total assets	$	4,493,469			$	4,368,915
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt	$	261,100			$	217,000
Current portion of long-term debt		160,989				85,719
Accounts payable		269,318				287,457
Income taxes payable		46,025				40,692
Accrued liabilities		242,285				292,642
Total current liabilities		979,717				923,510
Long-term debt, less current portion		489,821				569,751
Deferred income tax liabilities		117,984				121,858
Other liabilities		568,440				577,380
Total liabilities		2,155,962				2,192,499
Stockholders’ equity		2,337,507				2,176,416
Total liabilities and stockholders’ equity	$	4,493,469			$	4,368,915

Woodward, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands)
	Six Months Ended March 31,
	2025				2024
Net cash provided by operating activities	$	112,341			$	144,118
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment		(51,990	)			(56,301	)
Proceeds from sale of assets		33				51
Proceeds from business divestitures		44,896				600
Payments for short-term investments		-				(3,723	)
Proceeds from sales of short-term investments		2,923				9,732
Net cash used in investing activities		(4,138	)			(49,641	)
Cash flows from financing activities:
Cash dividends paid		(31,453	)			(28,327	)
Proceeds from sales of treasury stock		49,717				43,087
Payments for repurchases of common stock		(79,493	)			-
Borrowings on revolving lines of credit and short-term borrowings		1,350,200				1,539,100
Payments on revolving lines of credit and short-term borrowings		(1,306,100	)			(1,397,800	)
Payments of long-term debt and finance lease obligations		(473	)			(75,472	)
Net cash (used in) provided by financing activities		(17,602	)			80,588
Effect of exchange rate changes on cash and cash equivalents		(8,730	)			4,420
Net change in cash and cash equivalents		81,871				179,485
Cash and cash equivalents at beginning of year		282,270				137,447
Cash and cash equivalents at end of period	$	364,141			$	316,932

Woodward, Inc. and Subsidiaries
SEGMENT NET SALES AND NET EARNINGS
(Unaudited - in thousands)
	Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024
Net sales:
Aerospace	$	561,729			$	497,512			$	1,055,611			$	958,268
Industrial		321,900				337,831				600,743				663,805
Total consolidated net sales	$	883,629			$	835,343			$	1,656,354			$	1,622,073
Segment earnings*:
Aerospace	$	124,616			$	98,451			$	219,341			$	177,453
As a percent of segment net sales		22.2	%			19.8	%			20.8	%			18.5	%
Industrial		45,967				65,244				86,164				132,125
As a percent of segment net sales		14.3	%			19.3	%			14.3	%			19.9	%
Total segment earnings		170,583				163,695				305,505				309,578
Nonsegment expenses		(26,752	)			(32,834	)			(48,856	)			(59,034	)
EBIT		143,831				130,861				256,649				250,544
Interest expense, net		(10,868	)			(10,237	)			(21,832	)			(20,200	)
Consolidated earnings before income taxes	$	132,963			$	120,624			$	234,817			$	230,344
*This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.
Payments for property, plant and equipment	$	18,416			$	14,489			$	51,990			$	56,301
Depreciation expense	$	20,794			$	20,607			$	41,756			$	40,833

Woodward, Inc. and Subsidiaries
RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS1
(Unaudited - in thousands, except per share amounts)
	Three Months Ended March 31,
	2025								2024
	Net Earnings				Earnings Per Share				Net Earnings				Earnings Per Share
Net earnings (U.S. GAAP)	$	108,949			$	1.78			$	97,556			$	1.56
Non-U.S. GAAP adjustments:
Product rationalizationa		(11,163	)			(0.18	)			-				-
Business development activitiesb		3,793				0.06				1,664				0.03
Certain non-restructuring separation costsb		-				-				2,666				0.04
Tax effect of Non-U.S. GAAP net earnings adjustments		1,811				0.03				(1,061	)			(0.01	)
Total non-U.S. GAAP adjustments		(5,559	)			(0.09	)			3,269				0.06
Adjusted net earnings (Non-U.S. GAAP)	$	103,390			$	1.69			$	100,825			$	1.62

1. Presented in the line item "Other (income) expense, net" in Woodward's Condensed Consolidated Statement of Earnings.
2. Presented in item "Selling, general and administrative" expenses in Woodward's Condensed Consolidated Statement of Earnings.

Woodward, Inc. and Subsidiaries
RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS1
(Unaudited - in thousands, except per share amounts)
	Six Months Ended March 31,
	2025								2024
	Net Earnings				Earnings Per Share				Net Earnings				Earnings Per Share
Net earnings (U.S. GAAP)	$	196,040			$	3.20			$	187,600			$	3.02
Non-U.S. GAAP adjustments:
Product rationalizationa		(20,524	)			(0.33	)			-				-
Non-recurring gain related to a previous acquisitiona		-				-				(4,803	)			(0.08	)
Business development activitiesb		7,310				0.12				5,902				0.10
Certain non-restructuring separation costsb		-				-				2,666				0.04
Tax effect of Non-U.S. GAAP net earnings adjustments		3,130				0.05				(729	)			(0.01	)
Total non-U.S. GAAP adjustments		(10,084	)			(0.16	)			3,036				0.05
Adjusted net earnings (Non-U.S. GAAP)	$	185,956			$	3.04			$	190,636			$	3.07

1. Presented in the line item "Other (income) expense, net" in Woodward's Condensed Consolidated Statement of Earnings.
2. Presented in item "Selling, general and administrative" expenses in Woodward's Condensed Consolidated Statement of Earnings.

Woodward, Inc. and Subsidiaries
RECONCILIATION OF INCOME TAX EXPENSE TO ADJUSTED INCOME TAX EXPENSE1
(Unaudited - in thousands)
	Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024
Income tax expense (U.S. GAAP)	$	24,014			$	23,068			$	38,777			$	42,744
Tax effect of Non-U.S. GAAP net income adjustments		(1,811	)			1,061				(3,130	)			729
Adjusted income tax expense (Non-U.S. GAAP)	$	22,203			$	24,129			$	35,647			$	43,473
Adjusted effective tax rate (Non-U.S. GAAP)		17.7	%			19.3	%			16.1	%			18.6	%

Woodward, Inc. and Subsidiaries
RECONCILIATION OF NET EARNINGS TO EBIT1 AND ADJUSTED EBIT1
(Unaudited - in thousands)
	Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024
Net earnings (U.S. GAAP)	$	108,949			$	97,556			$	196,040			$	187,600
Income tax expense		24,014				23,068				38,777				42,744
Interest expense		11,889				11,530				24,230				22,966
Interest income		(1,021	)			(1,293	)			(2,398	)			(2,766		)
EBIT (Non-U.S. GAAP)		143,831				130,861				256,649				250,544
Total non-U.S. GAAP adjustments*		(7,370	)			4,330				(13,214	)			3,765
Adjusted EBIT (Non-U.S. GAAP)	$	136,461			$	135,191			$	243,435			$	254,309
*See Reconciliation of Net Earnings to Adjusted Net Earnings1 table above for the list of Non-U.S. GAAP adjustments made in the applicable periods.

Woodward, Inc. and Subsidiaries
RECONCILIATION OF NET EARNINGS TO EBITDA1AND ADJUSTED EBITDA1
(Unaudited - in thousands)
	Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024
Net earnings (U.S. GAAP)	$	108,949			$	97,556			$	196,040			$	187,600
Income tax expense		24,014				23,068				38,777				42,744
Interest expense		11,889				11,530				24,230				22,966
Interest income		(1,021	)			(1,293	)			(2,398	)			(2,766		)
Amortization of intangible assets		6,772				8,618				13,686				17,217
Depreciation expense		20,794				20,607				41,756				40,833
EBITDA (Non-U.S. GAAP)		171,397				160,086				312,091				308,594
Total non-U.S. GAAP adjustments*		(7,370	)			4,330				(13,214	)			3,765
Adjusted EBITDA (Non-U.S. GAAP)	$	164,027			$	164,416			$	298,877			$	312,359
*See Reconciliation of Net Earnings to Adjusted Net Earnings1table above for the list of Non-U.S. GAAP adjustments made in the applicable periods.

Woodward, Inc. and Subsidiaries
RECONCILIATION OF NONSEGMENT EXPENSES TO ADJUSTED NONSEGMENT EXPENSES1
(Unaudited - in thousands)
	Three Months Ended March 31,								Six Months Ended March 31,
	2025				2024				2025				2024
Nonsegment expenses (U.S. GAAP)	$	26,752			$	32,834			$	48,856			$	59,034
Product rationalization		11,163				-				20,524			-
Business development activities		(3,793	)			(1,664	)			(7,310	)			(5,902	)
Non-recurring gain related to a previous acquisition		-				-				-				4,803
Certain non-recurring separation costs		-				(2,666	)			-				(2,666	)
Adjusted nonsegment expenses (Non-U.S. GAAP)	$	34,122			$	28,504			$	62,070			$	55,269

Woodward, Inc. and Subsidiaries
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW1
(Unaudited - in thousands)
	Six Months Ended March 31,
	2025				2024
Net cash provided by operating activities (U.S. GAAP)	$	112,341			$	144,118
Payments for property, plant, and equipment		(51,990	)			(56,301	)
Free cash flow (Non-U.S. GAAP)	$	60,351			$	87,817

¹Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted income tax expense, adjusted effective tax rate, and adjusted nonsegment expenses exclude, as applicable (i) product rationalization, (ii) a non-recurring gain related to a previous acquisition, (iii) costs related to business development activities, and (iv) certain non-restructuring separation costs. The product rationalization adjustment pertains to gains related to the elimination of certain product lines. The Company believes that these excluded items are short‐term in nature, not directly related to the ongoing operations of the business, and therefore, the exclusion of them illustrates more clearly how the underlying business of Woodward is performing. Guidance with respect to non-U.S. GAAP measures as provided in this release excludes, as applicable, (i) product rationalization, and (ii) business development activities. 

EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted income tax expense, adjusted effective tax rate, and adjusted nonsegment expenses are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward’s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward’s operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment in reviewing the financial performance of Woodward’s various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA, and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because adjusted net earnings, adjusted earnings per share, EBIT, EBITDA, adjusted EBIT, and adjusted EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Woodward’s calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, adjusted nonsegment expenses, and free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.

²Website, Facebook, X: Woodward has used, and intends to continue to use, its Investor Relations website, LinkedIn page, Facebook page, and X handle as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contact:

Dan Provaznik Director, Investor Relations 970-498-3849 Dan.Provaznik@woodward.com