Shares Of Woodward Governor Soar On 2Q Earnings

HARTFORD, Conn. (AP) — Shares of Woodward Governor Co. soared Thursday, a day after the manufacturer of aircraft energy control systems reported second-quarter earnings which soundly beat Wall Street expectations, and boosted the bottom-end of its full-year outlook.

On Wednesday, the company reported earnings of $18.5 million, or 27 cents per share. Excluding restructuring charges, its adjusted profit amounted to 43 cents per share, trouncing Wall Street's target of 34 cents per share.

Revenue rose 9 percent to $334.7 million, and topped analysts' estimate of $327.8 million, according to a survey by Thomson Reuters.

The company also raised its full-year earnings outlook to $1.45 per share to $1.65 per share, from a prior view of $1.40 per share to $1.65 per share. Woodward Governor also upped its revenue projection to $1.4 billion to $1.5 billion, from previous guidance of $1.3 billion to $1.4 billion in revenue.

Analysts surveyed by Thomson Reuters expect 2009 earnings of $1.43 per share on revenue of $1.47 billion.

Analyst Peter Lisnic of Robert W. Baird Ltd. said Woodward Governor's second-quarter results were "solidly above" his forecast, led by growth and margins in its turbine business.