<SEC-DOCUMENT>0001171843-15-002046.txt : 20150420
<SEC-HEADER>0001171843-15-002046.hdr.sgml : 20150420
<ACCEPTANCE-DATETIME>20150420160531
ACCESSION NUMBER:		0001171843-15-002046
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150420
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150420
DATE AS OF CHANGE:		20150420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Woodward, Inc.
		CENTRAL INDEX KEY:			0000108312
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				361984010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08408
		FILM NUMBER:		15780769

	BUSINESS ADDRESS:	
		STREET 1:		1000 EAST DRAKE ROAD
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80525
		BUSINESS PHONE:		970-482-5811

	MAIL ADDRESS:	
		STREET 1:		1000 EAST DRAKE ROAD
		CITY:			FORT COLLINS
		STATE:			CO
		ZIP:			80525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODWARD GOVERNOR CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>document.htm
<DESCRIPTION>FORM 8-K FILING DOCUMENT
<TEXT>
<html>

	<head>
		<title>Form 8-K Filing</title>
	</head>

	<body>
		<p align="center"><b>UNITED STATES</b><br>
			<b>SECURITIES AND EXCHANGE COMMISSION</b><br>
			<b>Washington, D.C. 20549</b><br>
		</p>
		<p align="center"><b>FORM 8-K</b></p>
		<p align="center"><font size="2"><b>CURRENT REPORT<br>
					PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
					SECURITIES EXCHANGE ACT OF 1934</b></font></p>
		<p align="center"><font size="2">Date of Report (Date of earliest event Reported): April 20, 2015 </font></p>
		<p align="center"><font size="4"><b>Woodward, Inc.</b></font><br>
			<font size="2">(Exact Name of Registrant as Specified in Charter)</font></p>
		<!-- Registrant's State of Inc, File and IRS Number -->
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td width="32%" align="center"><font size="2"><b>DE</b></font></td>
				<td width="3%"><font size="2">&nbsp;</font></td>
				<td width="32%" align="center"><font size="2"><b>000-8408</b></font></td>
				<td width="3%"><font size="2">&nbsp;</font></td>
				<td width="32%" align="center"><font size="2"><b>36-1984010</b></font></td>
			</tr>
			<tr valign="top">
				<td width="32%" align="center"><font size="2">(State or Other Jurisdiction of Incorporation) </font></td>
				<td width="3%"><font size="2">&nbsp;</font></td>
				<td width="32%" align="center"><font size="2">(Commission File Number) </font></td>
				<td width="3%"><font size="2">&nbsp;</font></td>
				<td width="32%" align="center"><font size="2">(I.R.S. Employer Identification Number) </font></td>
			</tr>
		</table>
		<!-- Registrant's Postal Addess and Zip Code --><br>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="bottom">
				<td width="47%" align="center"><font size="2"><b>1000 East Drake Road, Fort Collins, Colorado</b></font></td>
				<td width="47%" align="center"><b><font size="2">80525</font></b></td>
			</tr>
			<tr valign="top">
				<td width="47%" align="center"><font size="2">(Address of Principal Executive Offices)</font></td>
				<td width="47%" align="center"><font size="2">(Zip Code)</font></td>
			</tr>
		</table>
		<p align="center"><font size="2">Registrant's telephone number, including area code: <b>970-482-5811</b></font></p>
		<p align="center"><br>
			<font size="2"><b>________________________________________________________________________________</b><br>
			(Former name or former address, if changed since last report)</font><font size="2"><b></b></font></p>
		<!-- Simultaneous filing obligation checkboxes --><br>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td colspan="3"><font size="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br>
						<br>
					</font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></td>
			</tr>
			<tr valign="top">
				<td width="21"><font size="2">&nbsp;</font></td>
				<td width="40"><font size="2">[ &nbsp;&nbsp;]</font></td>
				<td nowrap><font size="2">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></td>
			</tr>
		</table>
		<br>
		<hr noshade="1">
		<font size="2"></font>
		<p><b><p><font size="3"><b>Item 2.02. Results of Operations and Financial Condition.</b></font></p></b></p>
		<p><font size="2"><P >
	On April 20, 2015, Woodward, Inc. (the &quot;Registrant&quot;) reported its results of operations for its second quarter, fiscal 2015.  A copy of the news release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1 and incorporated by reference.  </P>
</font></p>
		<font size="2"></font>
		<p><b><p><font size="3"><b>Item 9.01. Financial Statements and Exhibits.</b></font></p></b></p>
		<p><font size="2"><p>
	<b>(a) Financial statements:</b><br />
	None<br />
	<b>(b) Pro forma financial information:</b><br />
	None<br />
	<b>(c) Shell company transactions:</b><br />
	None<br />
	<b>(d) Exhibits</b><br />
	99.1 Press Release of Woodward, Inc. dated April 20, 2015</p>
</font></p>
		<hr noshade="1">
		<!-- Registrant's Signature -->
		<p align="center"><b><font size="2">SIGNATURE</font></b></p>
		<p><font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
		<table cellpadding="0" border="0" width="100%" cellspacing="0">
			<tr valign="top">
				<td width="47%" valign="top"><font size="2">Date: April 20, 2015</font></td>
				<td colspan="2" valign="top"><font size="2">Woodward, Inc.<br>
					<br>
					</font></td>
			</tr>
			<tr valign="top">
				<td width="47%">
					<p></p>
				</td>
				<td width="5%"><font size="2">&nbsp;By: &nbsp;</font></td>
				<td width="47%"><font size="2"><u>/s/ A. CHRISTOPHER FAWZY</u><br>
					A. Christopher Fawzy<br>
					Corporate Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer</font></td>
			</tr>
		</table>
		<font size="2"><hr noshade="noshade" />
<p style="text-align: center;">
	<strong>Exhibit Index</strong></p>
<table border="0" width="100%">

		<tr>
			<td align="center" width="50%">
				<font style="font-size:12px;"><b><u>Exhibit No.</u></b></font></td>
			<td align="center" width="50%">
				<font style="font-size:12px;"><b><u>Description</u></b></font></td>
		</tr>
		<tr>
			<td align="center">
				<font style="font-size:12px;">99.1</font></td>
			<td align="center">
				<font style="font-size:12px;">Press Release of Woodward, Inc. dated April 20, 2015</font></td>
		</tr>

</table>
</font>
	</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>Woodward Reports Second Quarter Fiscal Year 2015 Results</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">Woodward Reports Second Quarter Fiscal Year 2015 Results</h3><p>FORT COLLINS, Colo., April 20, 2015 (GLOBE NEWSWIRE) -- Woodward, Inc. (Nasdaq:WWD) today reported financial results for its second quarter of fiscal year 2015 ending March 31, 2015. (All per share amounts are presented on a fully diluted basis.)</p><p align="center">
	<strong>Second Quarter Fiscal 2015 Highlights</strong></p><ul type="disc">
	<li>
		Net sales for the second quarter of 2015 were $493.2 million, an increase of 2.2 percent from the second quarter of last year.</li>
	<li>
		Earnings per share were $0.66 in the second quarter of 2015, comparable to the second quarter of last year.</li>
	<li>
		Total EBIT<sup>1</sup> for the second quarter of 2015 was $62.7 million, comparable to the second quarter of the prior year.</li>
	<li>
		Free cash flow<sup>1 </sup>for the first half of 2015 was $13.1 million, a decrease of $43.0 million from $56.1 million for the first half of the prior year.</li>
</ul><p>
	"We delivered a solid quarter despite anticipated economic challenges in our energy markets," said Thomas A. Gendron, Chairman and Chief Executive Officer. "Our strategies remain intact and our investments are delivering results. Our outlook for the remainder of the fiscal year is on track and we expect to see continued strength in Aerospace and improvement in Energy from this quarter."</p><p align="center">
	<strong>Company Results</strong></p><p>
	Net sales for the second quarter were $493.2 million, compared to $482.5 million for the second quarter of 2014, largely the result of higher sales in both Aerospace and Energy segments excluding the effect of foreign currency exchange rates, which had an unfavorable impact of approximately $15 million on net sales for the second quarter of 2015.</p><p>
	EBIT was $62.7 million for the second quarter of 2015, comparable to the second quarter of 2014. Earnings reflected the favorable impacts of increased sales volume and lower research and development costs, offset primarily by planned startup costs related to our new facilities in Illinois, higher variable compensation expense and approximately $3 million of unfavorable impacts from foreign currency exchange rate fluctuations.</p><p>
	Net earnings for the 2015 second quarter were $43.9 million, compared to $44.8 million for the second quarter of 2014, or $0.66 per share for both periods.</p><p align="center">
	<strong>Segment Results</strong></p><p>
	<strong>Aerospace</strong></p><p>
	Aerospace net sales for the second quarter of fiscal 2015 were $281.4 million, an increase of 8 percent from $261.0 million in the second quarter a year ago. Segment earnings for the second quarter of 2015 were $45.6 million, compared to $40.3 million for the same quarter a year ago. Segment earnings as a percent of segment net sales were 16.2 percent this quarter, compared to 15.4 percent in the same quarter of the prior year.</p><p>
	The increased segment sales for the quarter were primarily due to higher sales in commercial OEM and both defense OEM and aftermarket. The higher segment earnings for the quarter were primarily the result of the increased sales volume and lower research and development expense, partially offset by planned startup costs related to our new facilities in Illinois.</p><p>
	<strong>Energy </strong></p><p>
	Energy net sales for the second quarter of 2015 were $211.8 million, a decrease of 4 percent from $221.4 million in last year's second quarter. Segment earnings for the second quarter of 2015 were $27.2 million, compared to $31.9 million for last year's second quarter. Segment earnings as a percent of segment net sales were 12.9 percent this quarter, compared to 14.4 percent in the same quarter of the prior year.</p><p>
	Segment sales for the quarter reflected higher sales volumes of gas turbine and wind turbine systems, partially offset by lower sales volume in Asia.&#160;Foreign currency exchange rate fluctuations had an unfavorable impact of $14 million on sales and $4 million on segment earnings.</p><p>
	<strong>Nonsegment</strong></p><p>
	Nonsegment expenses totaled $10.2 million for the second quarter of 2015, compared to $9.3 million for the same quarter last year.&#160;Nonsegment expenses were 2.1 percent of consolidated net sales for the second quarter of 2015, compared to 1.9 percent of consolidated net sales for the same quarter of the prior year.</p><p align="center">
	<strong><strong>Year-to-Date Results</strong></strong></p><p>
	Net sales for the first six months of fiscal 2015 were $980.9 million, an increase of 7.6 percent from $911.5 million from the six-month period last year.&#160;Net earnings for the first six months of fiscal 2015 were $87.6 million, compared to $68.2 million in the same period last year.&#160;Earnings per share for the first six months of fiscal 2015 were $1.32, compared to $1.00 for the same period last year.</p><p>
	Year-to-date EBIT was $125.6 million, compared to $101.8 million for the same period last year.</p><p align="center">
	<strong><strong>Cash Flow and Financial Position</strong></strong></p><p>
	Net cash generated from operating activities was $122.5 million for the first six months of fiscal 2015, compared to $124.6 million for the first six months of fiscal 2014.&#160;Free cash flow was $13.1 million for the first six months of fiscal 2015, compared to $56.1 million for the first six months of fiscal 2014.&#160;Payments for property, plant, and equipment for the first six months of fiscal 2015 were $109.4 million, compared with $68.6 million for the first six months of fiscal 2014.</p><p>
	Total debt was $713.0 million at March 31, 2015, compared to $710.0 million at September 30, 2014.&#160;The ratio of debt to debt-plus-equity was 37.4 percent at March 31, 2015, compared to 37.9 percent at September 30, 2014.</p><p>
	The effective tax rate for the second quarter of fiscal 2015 was 23.9 percent, compared to 21.1 percent for the second quarter of fiscal 2014.&#160;&#160;&#160;</p><p align="center">
	<strong>Outlook</strong></p><p>
	"The majority of our markets are performing well despite continuing global economic headwinds.&#160;We continue to anticipate full year sales to be between $2.05 and $2.15 billion, and we are tightening our earnings outlook to between $2.70 and $2.90 per share, reflecting our focus on operational performance and ongoing continuous improvement activities,"&#160;said Mr. Gendron.</p><blockquote>
	<p>
		<u><sup>1</sup></u><u>Non-U.S. GAAP Financial Measures</u>: EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization) and free cash flow are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).&#160;Management uses EBIT to evaluate Woodward's operating performance without the impacts of financing and tax related considerations.&#160;Management uses EBITDA in evaluating Woodward's operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios.&#160;Management uses free cash flow, which is derived from net cash provided by operating activities less payments for property, plant, and equipment, in reviewing the financial performance of Woodward's various business segments and evaluating cash generation levels.&#160;Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization.&#160;The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP.&#160;Because EBIT and EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded.&#160;Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Management's calculations of EBIT, EBITDA, and free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.</p>
</blockquote><p align="center">
	<strong>Conference Call</strong></p><p>
	Woodward will hold an investor conference call at 4:30 p.m. EDT, April 20, 2015 to provide an overview of the financial performance for the second quarter, business highlights, and outlook for fiscal 2015.&#160;You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com.</p><p>
	You may also listen to the call by dialing 1-866-206-6154 (domestic) or 1-703-639-1107 (international). &#160;Participants should call prior to the start time to allow for registration; the Conference ID is 1654929. &#160;An audio replay will be available by telephone from 7:30 p.m. EDT on April 20, 2015 until 11:59 p.m. EDT on May 04, 2015. &#160;The telephone number to access the replay is 1-888-266-2081 (domestic) or 1-703-925-2533 (international), reference access code 1654929.</p><p>
	A webcast presentation will be available on the website by clicking the Investors tab, then the Calendar of Events menu selection and associated webcast link. &#160;The call and presentation will remain accessible at the website for 14 days.</p><p>
	<strong>About Woodward, Inc.</strong></p><p>
	Woodward is an independent designer, manufacturer, and service provider of control solutions for the aerospace and energy markets.&#160;The company's innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment.&#160;Our customers include leading original equipment manufacturers and end users of their products.&#160;Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com, and connect with us at www.facebook.com/woodwardinc.</p><p>
	<strong>Cautionary Statement</strong></p><p>
	Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, statements regarding future sales, earnings, liquidity, relative profitability, and the impact of economic conditions and downturns on Woodward. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to, a decline in business with, or financial distress of, Woodward's significant customers; global economic uncertainty and instability in the financial markets; Woodward's ability to manage product liability claims, product recalls or other liabilities associated with the products and services that Woodward provides; Woodward's ability to obtain financing, on acceptable terms or at all, to implement its business plans, complete acquisitions, or otherwise take advantage of business opportunities or respond to business pressures; Woodward's long sales cycle, customer evaluation process, and implementation period of some of its products and services; Woodward's ability to implement and realize the intended effects of any restructuring and alignment efforts; Woodward's ability to successfully manage competitive factors, including prices, promotional incentives, competitor product development, industry consolidation, and commodity and other input cost increases; Woodward's ability to manage expenses and product mix while responding to sales increases or decreases; the ability of Woodward's subcontractors to perform contractual obligations and its suppliers to provide Woodward with materials of sufficient quality or quantity required to meet Woodward's production needs at favorable prices or at all; Woodward's ability to monitor its technological expertise and the success of, and/or costs associated with, its product development activities; Woodward's ability to integrate acquisitions and manage costs related thereto; Woodward's debt obligations, debt service requirements, and ability to operate its business, pursue its business strategies and incur additional debt in light of covenants contained in its outstanding debt agreements; Woodward's ability to manage additional tax expense and exposures; risks related to Woodward's U.S. Government contracting activities, including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities; the potential of a significant reduction in defense sales due to decreases in the amount of U.S. Federal defense spending or other specific budget cuts impacting defense programs in which Woodward participates; changes in government spending patterns, priorities, subsidy programs and/or regulatory requirements; future impairment charges resulting from changes in the estimates of fair value of reporting units or of long-lived assets; future results of Woodward's subsidiaries; environmental liabilities related to manufacturing activities and/or real estate acquisitions; Woodward's continued access to a stable workforce and favorable labor relations with its employees; physical and other risks related to Woodward's operations and suppliers, including natural disasters, which could disrupt production; Woodward's ability to successfully manage regulatory, tax, and legal matters; risks related to Woodward's common stock, including changes in prices and trading volumes; risks from operating internationally, including the impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes in the legal and regulatory environments of the United States and the countries in which Woodward operates; fair value of defined benefit plan assets and assumptions used in determining Woodward's retirement pension and other postretirement benefit obligations and related expenses; industry risks, including increases in natural gas prices, unforeseen events that may reduce commercial aviation and increasing emissions standards; Woodward's operations may be adversely affected by information systems interruptions or intrusions; certain provisions of Woodward's charter documents and Delaware law that could discourage or prevent others from acquiring the company; and other risk factors described in Woodward's Annual Report on Form 10-K for the year ended September 30, 2014 and any subsequently filed Quarterly Report on Form 10-Q.</p><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong><em>Woodward, Inc. and Subsidiaries</em></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>CONDENSED&#160;CONSOLIDATED&#160;STATEMENTS&#160;OF&#160;EARNINGS</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Three-Months Ended</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Six-Months Ended</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>(Unaudited - in thousands except per share amounts)</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Net sales</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;$&#160;493,222</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;$&#160;482,467</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;$&#160;980,868</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;$&#160;911,509</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Costs and expenses:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Cost of goods sold</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;355,602</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;340,028</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;699,362</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;655,494</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Selling, general, and administrative expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;38,450</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;35,283</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;78,293</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;72,611</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Research and development costs</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;30,328</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;35,805</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;64,357</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;65,229</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Amortization of intangible assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;7,227</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;8,657</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;14,802</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;17,141</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Interest expense</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;5,329</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,185</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;11,278</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;12,247</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Interest income</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(221)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(57)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(348)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(116)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Other (income) expense, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(1,084)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(190)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(1,539)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(797)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Total costs and expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;435,631</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;425,711</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;866,205</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;821,809</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Earnings before income taxes</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;57,591</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;56,756</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;114,663</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;89,700</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Income taxes</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;13,736</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;11,958</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;27,024</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;21,519</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Net earnings</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;43,855</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;44,798</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;87,639</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;68,181</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Earnings per share amounts:</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Basic earnings per share</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;0.67</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;0.67</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;1.34</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;1.01</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				Diluted earnings per share</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;0.66</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;0.66</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;1.32</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;1.00</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Weighted average common shares outstanding:</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;65,159</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;66,633</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;65,242</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;67,182</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				Diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;66,540</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;67,905</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;66,641</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;68,463</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				Cash dividends per share paid to Woodward common stockholders</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;0.10</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;0.08</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;0.18</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;0.16</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong><em>Woodward, Inc. and Subsidiaries</em></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>CONDENSED&#160;CONSOLIDATED&#160;BALANCE&#160;SHEETS</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; text-align: center">
				<em>March 31,</em></td>
			<td style="font: 12px Arial; text-align: center">
				<em>September 30,</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>(Unaudited - in thousands)</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Assets</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Current assets:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 25.0px;">
				Cash and cash equivalents</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;80,761</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;115,287</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 25.0px;">
				Accounts receivable</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;311,078</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;346,858</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 25.0px;">
				Inventories</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;475,957</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;451,944</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 25.0px;">
				Income taxes receivable</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;20,298</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,574</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 25.0px;">
				Deferred income tax assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;41,157</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;40,774</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 25.0px;">
				Other current assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;43,822</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;47,207</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 30.0px;">
				Total current assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;973,073</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;1,008,644</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Property, plant, and equipment &#8211; net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;632,638</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;513,279</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Goodwill</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;556,500</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;559,724</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Intangible assets &#8211; net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;239,515</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;254,772</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Deferred income tax assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,576</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,292</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Other assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;56,346</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;54,491</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Total assets</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;2,464,648</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;2,397,202</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Liabilities and stockholders' equity</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Current liabilities:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 20.0px;">
				Current portion of long-term debt</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ -</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				$ -</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 20.0px;">
				Accounts payable</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;237,915</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;160,683</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 20.0px;">
				Income taxes payable</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;9,583</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,130</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 20.0px;">
				Deferred income tax liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;418</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;472</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 20.0px;">
				Accrued liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;124,373</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;172,731</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 30.0px;">
				Total current liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;372,289</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;340,016</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Long-term debt, less current portion</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;713,000</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;710,000</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Deferred income tax liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;89,423</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;85,031</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Other liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;94,347</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;101,211</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Total liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;1,269,059</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;1,236,258</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;">
				Stockholders' equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;1,195,589</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;1,160,944</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Total liabilities and stockholders' equity</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;2,464,648</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;2,397,202</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong><em>Woodward, Inc. and Subsidiaries</em></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>CONDENSED&#160;CONSOLIDATED&#160;STATEMENTS&#160;OF&#160;CASH FLOWS</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Six-Months Ended</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>(Unaudited - in thousands)</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>Net cash provided by operating activities</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;$&#160;122,540</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;$&#160;124,644</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash flows from investing activities:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Payments for property, plant, and equipment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(109,402)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(68,560)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Proceeds from sale of other assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;2,345</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;154</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>Net cash used in investing activities</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(107,057)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(68,406)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash flows from financing activities:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash dividends paid</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(11,752)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(10,754)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Proceeds from sales of treasury stock</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;2,460</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,147</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Payments for repurchases of common stock</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(32,118)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(99,655)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Excess tax benefits from stock compensation</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;736</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;2,163</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Proceeds from the issuance of long-term debt</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;250,000</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Payments of long-term debt</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(300,000)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Borrowings on revolving lines of credit and short-term borrowings</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;255,000</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;256,071</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Payments on revolving lines of credit and short-term borrowings</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(252,000)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(151,069)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Payment of debt financing costs</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(1,297)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>Net cash provided by (used in) financing activities</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(37,674)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(48,394)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Effect of exchange rate changes on cash and cash equivalents</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(12,335)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;265</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Net change in cash and cash equivalents</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;(34,526)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;8,109</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Cash and cash equivalents at beginning of period</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;115,287</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;48,556</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				Cash and cash equivalents at end of period</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;80,761</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;56,665</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong><em>Woodward, Inc. and Subsidiaries</em></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>CONDENSED&#160;CONSOLIDATED&#160;STATEMENTS&#160;OF&#160;EARNINGS</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Three-Months Ended</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Six-Months Ended</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>(Unaudited - in thousands)</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Net sales:</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Aerospace</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;281,426</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;261,021</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;537,196</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;490,893</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Energy</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;211,796</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;221,446</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;443,672</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;420,616</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Total consolidated net sales</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;493,222</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;482,467</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;980,868</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;911,509</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Segment earnings**:</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Aerospace</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;45,628</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;40,289</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;81,421</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;62,838</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<em>As a percent of segment sales</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<em>16.2%</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<em>15.4%</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<em>15.2%</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				<em>12.8%</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Energy</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;27,224</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;31,888</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;66,492</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;58,959</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>As a percent of segment sales</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<em>12.9%</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<em>14.4%</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<em>15.0%</em></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				<em>14.0%</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Total segment earnings</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;72,852</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;72,177</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;147,913</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;121,797</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Nonsegment expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(10,153)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(9,293)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(22,320)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(19,966)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>EBIT</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;62,699</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;62,884</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;125,593</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;101,831</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Interest expense, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(5,108)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(6,128)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(10,930)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(12,131)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 15.0px;font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Consolidated earnings before income taxes</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;57,591</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;56,756</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;114,663</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;89,700</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>Payments for property, plant and equipment</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;62,781</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;31,411</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;109,402</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;68,560</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Depreciation expense</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;11,449</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;11,062</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;22,447</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;21,694</td>
		</tr>
		<tr>
			<td colspan="5">
				<em>**This schedule reconciles segment earnings, which exclude certain costs, to consolidated earnings before taxes.</em></td>
		</tr>
		<tr>
			<td colspan="5">
				&#160;</td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong><em>Woodward, Inc. and Subsidiaries</em></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>RECONCILIATION&#160;OF&#160;NET&#160;EARNINGS&#160;TO&#160;EBIT&#160;AND&#160;EBITDA</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>&#160;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>&#160;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<em>&#160;</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Three-Months Ended</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Six-Months Ended</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>&#160;</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>(Unaudited - in thousands)</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net earnings</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;43,855</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;44,798</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;87,639</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;68,181</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income taxes</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;13,736</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;11,958</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;27,024</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;21,519</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Interest expense</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;5,329</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;6,185</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;11,278</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;12,247</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Interest income</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(221)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(57)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(348)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(116)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>EBIT</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;62,699</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;62,884</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;125,593</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;101,831</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Amortization of intangible assets</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;7,227</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;8,657</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;14,802</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;17,141</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Depreciation expense</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;11,449</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;11,062</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;22,447</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;21,694</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>EBITDA</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;81,375</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;82,603</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;162,842</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;140,666</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td colspan="5" rowspan="1" style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong><em>Woodward, Inc. and Subsidiaries</em></strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>RECONCILIATION&#160;OF&#160;CASH&#160;FLOW&#160;FROM&#160;OPERATIONS TO FREE CASH FLOW</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>&#160;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>&#160;</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<em>&#160;</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Three-Months Ended</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				<em>Six-Months Ended</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>&#160;</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>March 31,</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<em>(Unaudited - in thousands)</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2015</em></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<em>2014</em></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#160;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net cash provided by operating activities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;84,684</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;80,211</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;122,540</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#160;$&#160;124,644</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left  ; font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				Payments for property, plant, and equipment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(62,781)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(31,411)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(109,402)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#160;(68,560)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;">
				<strong>Free cash flow</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;21,903</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;48,800</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;13,138</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#160;$&#160;56,084</td>
		</tr>

</table><pre>CONTACT: Don Guzzardo
         Director, Investor Relations &amp; Treasury
         970-498-3580
         Don.Guzzardo@woodward.com</pre></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
