As you might know, Woodward, Inc. (NASDAQ:WWD) just kicked off its latest first-quarter results with some very strong numbers. It was overall a positive result, with revenues beating expectations by 4.2% to hit US$787m. Woodward also reported a statutory profit of US$1.46, which was an impressive 27% above what the analysts had forecast. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

See our latest analysis for Woodward

Taking into account the latest results, the most recent consensus for Woodward from nine analysts is for revenues of US$3.25b in 2024. If met, it would imply an okay 5.4% increase on its revenue over the past 12 months. Per-share earnings are expected to accumulate 9.2% to US$5.32. In the lead-up to this report, the analysts had been modelling revenues of US$3.21b and earnings per share (EPS) of US$5.06 in 2024. The analysts seems to have become more bullish on the business, judging by their new earnings per share estimates.

The consensus price target was unchanged at US$157, implying that the improved earnings outlook is not expected to have a long term impact on value creation for shareholders. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. Currently, the most bullish analyst values Woodward at US$177 per share, while the most bearish prices it at US$134. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects.

Of course, another way to look at these forecasts is to place them into context against the industry itself. For example, we noticed that Woodward's rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 7.2% growth to the end of 2024 on an annualised basis. That is well above its historical decline of 0.7% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenue grow 6.5% per year. So while Woodward's revenues are expected to improve, it seems that it is expected to grow at about the same rate as the overall industry.