Woodward tumbles after Q3 rev miss

Wilson Learning Worldwide

30/07/2024 14:29

** Woodward Inc's  WWD.O  shares down 13.3% to about 3-month
low $158.79 premarket after aerospace and industrial equipment
co's qtrly rev falls shy of consensus
    ** Fort Collins, Colorado-based firm late Mon said fiscal Q3
rev grew 6% yr/yr to $847.7 mln, below LSEG estimate of $853.3
mln
    ** Adj EPS in qtr of $1.63 topped Street view of $1.52
    ** TD Cowen, which rates WWD "buy, cut its PT to $186 from
$200
    ** TD Cowen points to increasing de-stock risk in aerospace
original equipment manufacturing, and says China on-highway (OH)
de-stocking mutes outlook
    ** Deutsche Bank cut its PT to $197 from $210
    ** 6 of 13 brokerages covering WWD rate stock "buy", rest
"hold" and their median PT is $181.50 - LSEG
    ** Through Mon close, WWD shares gained 34.6% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))