Woodward shares plunge on lowered guidance

44627 woodward shares plunge on lowered guidance

Shares of Woodward Inc. WWD, +0.09% plunged 7.43% in extended trading on Monday after the aircraft component maker lowered its full-year guidance. The company’s stock closed Monday’s session up 0.09% at $104.79. Woodward reported fiscal third-quarter net income of $39 million, or 64 cents a share, compared to net income of $49 million, or 74 cents a share, in the prior year’s quarter. Analysts tracked by FactSet had forecast earnings of 91 cents a share. Woodward’s third-quarter sales were $614 million, compared with $557 million in the same period last year. Citing “continuing global supply-chain and labor disruptions and net inflationary impacts,” Woodward revised its full-year guidance to between $2.35 billion and $2.4 billion, from its prior forecast of $2.4 billion and $2.55 billion. Analysts surveyed by FactSet are looking for full-year revenue of $2.416 billion. Shares of Woodward, which is seen as a beneficiary of a Boeing Co. BA, +6.13% resumption of 787 Dreamliner deliveries, have fallen 4.3% this year. The S&P 500 Index SPX, -0.28% has fallen 13.6% in 2022.

Source: Marketwatch

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