Reuters: Global Markets: Woodward cuts FY12 earnings view

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Woodward cuts FY12 earnings view Jul 16th 2012, 12:48 Mon Jul 16, 2012 8:48am EDT (Reuters) - Aerospace and defense components supplier Woodward Inc (WWD.O) reported preliminarily third-quarter results below analysts' expectations and cut its full-year earnings forecast on weak sales in the aerospace segment. For the third quarter, Woodward expects to report earnings of about 40 cents per share, on revenue of about $460 million, as sales and earnings at its aerospace segment came in below expectations. Analysts on average expected earnings of 60 cents per share, on revenue of $490.8 million, according to Thomson Reuters I/B/E/S. Woodward supplies products like air valves, cockpit controls and fuel systems for the aerospace industry. Woodward lowered its full-year earnings forecast to $1.90 to $2.00 per share from its prior view of $2.20 to $2.35 per share. It now expects full-year revenue of between $1.85 billion and $1.90 billion, down from its previous forecast of between $1.85 billion and $1.95 billion. Analysts on average were expecting earnings of $2.25 per share, on revenue of $1.91 billion. The company also said it signed a 10-year agreement with Caterpillar Inc (CAT.N), which includes supplying the company's energy controls technologies to the heavy machinery major. It did not provide value of the deal. Woodward shares were down about 20 percent at $29 before the bell. They closed at $36.01 on Friday on the Nasdaq. (Reporting by Bijoy Koyitty in Bangalore) Link this Share this Digg this Email Reprints

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