FORT COLLINS - Woodward , Inc. (NASDAQ:WWD), a global leader in energy conversion and control solutions, has reported a strong second quarter for the fiscal year 2024, with results surpassing analyst expectations. Woodward's stock responded positively to the news, with an 8.56% surge.

The company's earnings per share (EPS) came in at $1.62, significantly higher than the analyst estimate of $1.33. Revenue also exceeded forecasts, reaching $835 million against the anticipated $807.04 million.

The company's performance reflects a robust 16% increase in net sales compared to the same quarter last year, demonstrating a solid demand for Woodward's products across aerospace and industrial markets. The impressive financial results are attributed to operational excellence and significant sales growth, particularly in the Aerospace segment, which saw a 14% increase in sales driven by higher aircraft utilization and price realization. The Industrial segment also contributed with a notable 20% sales growth, largely due to the expansion of the on-highway natural gas truck business in China and strong demand in power generation.

Looking ahead, Woodward has raised its full-year guidance for fiscal 2024. The company now expects an EPS in the range of $5.70 to $6.00, as opposed to the consensus estimate of $5.38. Revenue projections have also been lifted to between $3.25 billion and $3.35 billion, compared to the analyst consensus of $3.245 billion.

Chip Blankenship, Chairman and Chief Executive Officer, expressed confidence in the company's trajectory, stating, "Our focus on operational excellence continues to enable significant sales growth and margin expansion, thanks to the efforts of all our members." He also highlighted the strong growth in both the Aerospace and Industrial segments and the company's ability to capitalize on robust demand for Woodward products and services.