Wednesday, hurt by restructuring and special charges, Woodward Governor Co. (WGOV) posted a decline in second quarter net income compared to the similar quarter a year ago. For the current fiscal year, the company has now raised its revenue outlook, and tightened its earnings view.
Fort Collins, Colorado-headquartered Woodward Governor's net income for the second quarter totaled $18.47 million or $0.27 per share compared to a higher profit of $29.71 million or $0.43 per share in the year-ago period.
Impacting the quarter's earnings were restructuring and special charges of $15.16 million.
Excluding restructuring and other special charges of $0.16 per share, earnings for the quarter was consistent with last year's results at $0.43 per share.
On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the second quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 9.5% to $334.66 million from $305.75 million in the prior-year quarter.
Analysts were anticipating sales of $327.78 million for the three-month period.
Costs and expenses for the quarter increased to $309.85 million compared to $262.11 million last year.
For the six-month period, net income declined to $45.54 million or $0.66 per share from $55.04 million or $0.79 per share. Net sales was recorded at $679.41 million, up from $577.82 million a year ago.
Looking ahead, the company today raised its revenue guidance and tightened its earnings per share outlook for the current fiscal year. Sales is now expected to be in the range of $1.4 billion to $1.5 billion compared to previous estimate of $1.3 billion to $1.4 billion.
Street analysts currently project full year revenue to be approximately $1.47 billion.
The company views earnings per share guidance for 2009 to be in the range of $1.29 to $1.49. Excluding special charges, adjusted earnings is anticipated between $1.45 and $1.65 per share. Earlier, the company had provided its earnings outlook to be in the range of $1.40 to $1.65 per share before restructuring costs.
Analysts are expecting earnings of $1.43 per share for 2009.
WGOV ended Wednesday's regular trading at $15.00, up 5.78% or $0.82, on a volume of 1.3 million shares on the Nasdaq. In after-hours session, the stock gained 9.87% or $1.48, currently trading at $16.48.
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