Woodward, Inc. (NASDAQ:WWD) reported better-than-expected first-quarter financial results on Monday.

Woodward posted adjusted earnings of $1.45 per share, beating market estimates of $1.10 per share. The company’s quarterly sales came in at $787.00 million versus expectations of $748.29 million, according to data from Benzinga Pro.

“We delivered significant sales growth and margin expansion in the first quarter. The strong start to our fiscal year reflects continued positive momentum, including robust end market demand and improved operational performance,” stated Chip Blankenship, Chairman and Chief Executive Officer. “In Aerospace, both OEM and aftermarket sales were strong this quarter. We saw broad-based strength across Industrial, with significant expansion in transportation, mainly from our China on-highway business. Based on our strong performance to date, we are raising our full-year guidance.”

Woodward shares fell 0.6% to trade at $141.87 on Tuesday.

These analysts made changes to their price targets on Woodward after the company reported quarterly results.

• UBS raised the price target on Woodward from $168 to $177. UBS analyst Gavin Parsons maintained a Buy rating.
• Truist Securities increased Woodward price target from $136 to $143. Truist Securities analyst Michael Ciarmoli maintained a Hold rating.

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