Woodward, Inc. WWD reported second-quarter fiscal 2018 adjusted earnings of 82 cents per share, which surpassed the Zacks Consensus Estimate of 79 cents by 3.8%.Adjusted earnings included a one-time expense of 22 cents per share, courtesy of the pre-tax restructuring charges.Excluding the one-time adjustments, the company reported GAAP earnings of 60 cents per share, which came in line with the year-ago quarter’s figure.Total RevenuesQuarterly net sales of $548 million surpassed the Zacks Consensus Estimate of $526 million by 4.2%. The top line also increased 9.6% from the year-ago figure of $500 million, primarily on sales growth at the Aerospace segment. The quarterly sales were also favorably impacted by the foreign currency exchange rates.Operational UpdateWoodward’s total costs and expenses increased 11% year over year to $499.6 million in the quarter. The rise was led by higher cost of goods sold, restructuring charges as well as research and development expenses.Quarterly Segmental PerformanceAerospace: Revenues were up 20.5% year over year to $386.3 million, owing to ongoing ramp in production of next generation aircraft, robust commercial aftermarket sales and continued strength in smart weapons.Earnings totaled $72.96 million, up 25.3% year over year, majorly driven by higher sales volume.Industrial: Revenues totaled $161.9 million, down 10% year over year due to continued weakness in industrial gas turbines and renewables.Meanwhile, the bottom line declined 40% to $10.2 million on account of lower sales volume.Woodward, Inc. Price, Consensus and EPS Surprise Woodward, Inc. Price, Consensus and EPS Surprise | Woodward, Inc. QuoteFinancial DetailsAs of Mar 31, 2018, cash and cash equivalents were $100.1 million, compared with $87.6 million as of Sep 30, 2017.Long-term debt (excluding current portion) totaled $588.5 million as of Mar 31, 2018, up from $580.3 million as of Sep 30, 2017.Free cash flow was $29.2 million in the fiscal second quarter compared with $55.6 million in the year-ago quarter.At the end of the fiscal second quarter, net cash provided by operating activities was $56.8 million, compared with $130 million in the prior year. Also, payments for property, plant and equipment were $58.5 million, compared with $43.1 million a year ago.Fiscal 2018 GuidanceWoodward maintains net sales guidance at approximately $2.2 billion for fiscal 2018, with Aerospace sales up approximately 12% and Industrial sales down around 7%, from the prior year.Adjusted earnings per share are now projected in the band of $3.60-$3.80, compared to the prior range of $3.35-$3.60.Zacks RankWoodward has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Peer ReleasesWatts Water Technologies WTS posted a positive earnings surprise of 1.37% in the previous quarter. The company is expected to report its first quarter results on May 3.Nanometrics NANO recorded a positive earnings surprise of 15.22% last quarter. The company is likely to release its first quarter results on May 1.Transcat TRNS delivered a positive earnings surprise of 75.0% in the preceding quarter. The company is expected to report its first quarter results on May 15.Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may becheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nanometrics Incorporated (NANO): Free Stock Analysis Report Woodward, Inc. (WWD): Free Stock Analysis Report Watts Water Technologies, Inc. (WTS): Free Stock Analysis Report Transcat, Inc. (TRNS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research