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Contact : Don Guzzardo WOODWARD 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 Second Quarter Fiscal Year 2021 Results ― Fort Collins , Colo . , May 3 , 2021 second quarter of fiscal year 2021 . Woodward , Inc. ( NASDAQ : WWD ) today reported financial results for its All amounts are presented on a 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 . Sequential comparisons are made to the first quarter of 2021 . Second Quarter Overview • Net sales were $ 581 million , compared to $ 720 million . • • • Net earnings and adjusted net earnings ¹ were both $ 68 million , or $ 1.04 per share . For the second quarter of fiscal 2020 , net earnings were $ 91 million , or $ 1.41 per share , and adjusted net earnings were $ 104 million , or $ 1.61 per share . Sequentially , net sales and net earnings were up 8 percent and 64 percent , respectively . Net cash provided by operating activities was $ 219 million for the first half of fiscal 2021 , compared to $ 52 million for the same period of the prior year . Free cash flow¹ and adjusted free cash flow¹ for the first half of fiscal 2021 were both $ 206 million . For the first half of fiscal 2020 , free cash flow was $ 23 million and adjusted free cash flow was $ 55 million . " Our second quarter continued to show encouraging signs of a market recovery on the horizon with sales and earnings showing sequential improvement . The gradual increase in aircraft build rates and utilization drove improved results in our Aerospace segment , and conditions in many of our Industrial markets are showing signs of improvement . COVID - 19 cases remain persistent across the globe , though many countries have begun aggressive rollouts of vaccines in recent weeks , leading to further optimism for the back half of 2021 , " said Thomas A. Gendron , Chairman and Chief Executive Officer . " We have demonstrated our resilience throughout this pandemic and are emerging with a stronger balance sheet and robust cash flow . Although uncertainty continues across the industry , we will remain vigilant in this dynamic environment and capitalize on future market opportunities , ” concluded Mr. Gendron . -more-