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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 Third Quarter Fiscal Year 2021 Results Fort Collins , Colo . , August 2 , 2021 - Woodward , Inc. ( NASDAQ : WWD ) today reported financial results for its third quarter of fiscal year 2021 . 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 . Third Quarter Overview • • • Net sales were $ 557 million , compared to $ 524 million . Net earnings and adjusted net earnings¹ were both $ 49 million , or $ 0.74 per share . For the third quarter of fiscal 2020 , net earnings were $ 38 million , or $ 0.61 per share , and adjusted net earnings were $ 31 million , or $ 0.48 per share . Net cash provided by operating activities was $ 318 million for the first nine months of fiscal 2021 , compared to $ 212 million for the same period of the prior year . Free cash flow¹ and adjusted free cash flow¹ for the first nine months of fiscal 2021 were both $ 297 million . For the first nine months of fiscal 2020 , free cash flow was $ 173 million and adjusted free cash flow was $ 169 million . " We delivered significantly improved performance in the quarter compared to the prior year period . Global economies are beginning to recover ; however , both of our segments were impacted by COVID , supply chain disruptions and regional market volatility , " said Thomas A. Gendron , Chairman and Chief Executive Officer . " Woodward continues to generate strong cash flow by leveraging our operational structure and optimizing working capital , which is enabling increased investments in growth opportunities and a return to our pre- COVID capital allocation strategy to drive long - term shareholder value . " Third Quarter Company Results Net sales for the third quarter of fiscal 2021 were $ 557 million , compared to $ 524 million for the third quarter of last year , an increase of 6 percent . Sales were negatively impacted by approximately $ 30 million due to global supply chain disruptions , which delayed orders scheduled for third quarter shipment . Net earnings and adjusted net earnings were both $ 49 million , or $ 0.74 per share , for the third quarter of 2021. For the third quarter of 2020 , net earnings were $ 38 million , or $ 0.61 per share , and adjusted net earnings were $ 31 million , or $ 0.48 per share . EBIT¹ and adjusted EBIT¹ were both $ 67 million for the third quarter of 2021. For the third quarter of 2020 , EBIT was $ 53 million and adjusted EBIT was $ 52 million . -end-