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WOODWARD Contact : Don Guzzardo Vice President , Investor Relations & Treasurer 970-498-3580 Don.Guzzardo@woodward.com NEWS RELEASE Woodward , Inc. 1081 Woodward Way Fort Collins , CO , 80524 , USA Woodward Reports First Quarter Fiscal Year 2021 Results Fort Collins , Colo . , February 1 , 2021 - Woodward , Inc. ( NASDAQ : WWD ) today reported financial results for its first quarter of fiscal year 2021. ( All amounts are presented on an as reported ( U.S. GAAP ) basis unless otherwise indicated . All per share amounts are presented on a fully diluted basis . All comparisons are made to the same period of the prior year unless otherwise stated . ) First Quarter Overview • Net sales were $ 538 million , compared to $ 720 million , a decrease of 25 percent . • • Net earnings and adjusted net earnings ¹ were both $ 42 million , or $ 0.64 per share . For the first quarter of fiscal 2020 , net earnings were $ 53 million , or $ 0.83 per share , and adjusted net earnings were $ 71 million , or $ 1.10 per share . Net cash provided by operating activities was $ 147 million compared to $ 27 million . Free cash flow¹ and adjusted free cash flow¹ were both $ 139 million . For the first quarter of fiscal 2020 , free cash flow was $ 10 million and adjusted free cash flow was $ 29 million . " The first quarter of 2021 showed signs of stabilization in our markets , however , the impact of COVID - 19 remains an ever - present risk to the world's economy . In Aerospace , passenger traffic volume , although depressed , was fairly steady over the quarter and defense spending remained solid . Our Industrial segment continues to be pressured due to weak oil and gas markets globally as well as the pandemic , " said Thomas A. Gendron , Chairman and Chief Executive Officer of Woodward . " We still see a significant amount of uncertainty and volatility in our markets . We remain focused on operational excellence , delivering value to our shareholders , and positioning Woodward to capitalize upon future market opportunities as they emerge . " First Quarter Company Results Net sales for the first quarter of fiscal 2021 were $ 538 million , compared to $ 720 million for the first quarter of last year , a decrease of 25 percent . Net earnings and adjusted net earnings were both $ 42 million , or $ 0.64 per share , for the first quarter of 2021. For the first quarter of fiscal 2020 , net earnings were $ 53 million , or $ 0.83 per share , and adjusted net earnings were $ 71 million , or $ 1.10 per share . EBIT¹ and adjusted EBIT¹ were both $ 56 million for the first quarter of 2021. For the first quarter of fiscal 2020 , EBIT was $ 70 million and adjusted EBIT was $ 94 million . The effective tax rate and the adjusted effective tax rate¹ were both 12.6 percent for the first quarter of 2021 . For the first quarter of 2020 , the effective tax rate was 13.3 percent and the adjusted effective tax rate was 17.1 percent .