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Woodward Governor Company (WGOV) filed Quarterly Report for the period ended 2011-12-31.
Woodward Governor Company has a market cap of $2.61 billion; its shares were traded at around $0 with a P/E ratio of 23.4. The dividend yield of Woodward Governor Company stocks is 0.6%.
This is the annual revenues and earnings per share of WGOV over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of WGOV.
Highlight of Business Operations:
Net earnings for the first quarter of fiscal 2012 were $28,416, or $0.40 per diluted share, compared to $22,399, or $0.32 per diluted share, for the first quarter of fiscal 2011. Net earnings for the first quarter of fiscal 2011 included a charge of approximately $2,300, or $.03 per share, net of approximately $1,300 tax benefit, related to workman’s compensation costs.Negative free cash flow for the first quarter of fiscal 2012 was $14,926 compared to negative free cash flow of $3,036 for the same period of fiscal 2011, due mainly to increased payments of variable compensation in the current year’s first quarter as compared to the prior year’s first quarter and our continuing investment in capital expenditures and working capital utilization. EBITDA increased $8,035 to $64,785 for the first quarter of fiscal 2012 from $56,750 for the same period of fiscal 2011, primarily due to increased net earnings.
Cost of goods sold increased to $284,410, or 69.7% of net sales, for the first quarter of fiscal 2012 from $261,177, or 71.5% of net sales, for the first quarter of fiscal 2011. Gross margins (as measured by net sales less cost of goods sold, divided by net sales) increased to 30.3% for the first quarter of fiscal 2012, compared to 28.5% for the same period of the prior year. The increase in gross margins is primarily due to favorable selling prices and product mix realized by our Aerospace segment.
Selling, general, and administrative expenses increased to $38,570 for the first quarter of fiscal 2012 as compared to $32,666 for the same period of fiscal 2011. Selling, general and administrative expenses increased as a percentage of net sales to 9.5% for the first quarter of fiscal 2012 as compared to 8.9% for the same period of fiscal 2011. The increase is related to employee costs, including increases in variable compensation.
Research and development costs increased to $30,794, or 7.5% of net sales, for the first quarter of fiscal 2012 as compared to $23,738, or 6.5% of net sales for the same period of fiscal 2011. The increase in research and development costs is primarily due to increased investment related to our pursuit and successful capture of new platforms and market share gains in most of our markets. Our research and development activities extend across almost all our customer base, and our current level of spending is consistent with our expectations for the remainder of fiscal 2012.
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