Woodward, Inc.

would now like to turn the call over to Dan Provesnyk.

Thank you, operator. We'd like to welcome all of you to Woodward's third quarter fiscal year 2025 earnings call. In today's call, Chip will comment on our strategies and related markets. Bill will then discuss our financial results as outlined in our earnings release. At the end of our presentation, we will take questions. For those who have not seen today's earnings release, you can find it on our website at woodward.com. We've included some presentation materials to go along with today's call that are also accessible on our website. And a webcast of this call will be available on our website for one year. All references to years in this call are references to the company's fiscal year unless otherwise stated. I would like to highlight our cautionary statement as shown on slide two in the presentation materials. As always, elements of this presentation are forward-looking, including our guidance, and are based on our current outlook and assumptions for the global economy and our businesses more specifically. These elements can and do frequently change. Our forward-looking statements are subject to a number of risks and uncertainties surrounding those elements, including the risks we identify in our filings with the SEC. These statements are made as of today, and we do not intend to update them except as required by law. In addition, we are providing certain non-US GAAP financial measures. We direct your attention to the reconciliations of non-US GAAP financial measures, which are included in today's slide presentation and our earnings release. We believe this additional financial information will help in understanding our results. Now, I'll turn the call over to Chip.

Thank you, Dan. Good evening, everyone, and thank you for joining us. We're pleased to report strong third quarter results that exceeded our sales and earnings expectations. This strong performance was driven by ongoing robust demand across both our aerospace and industrial segments, along with disciplined execution by our global teams. Our members remain focused on safety, quality, delivery, and cost improvements, with safety always coming first. While our traditional safety metrics are currently world class, we are focused on making Woodward the safest work environment through our human and organizational performance program, also known as HOP, which we rolled out to seven more sites this year. The new sites are embracing the program and growing their capability to identify risks, add layers of protection, and use HOP learning teams to solve more complex problems related to workplace safety. We also play a role in the safety of our customers' products, and we are laser focused on ensuring that we meet the product safety and quality requirements our customers are counting on from Woodward. Looking at a few highlights from our third quarter financial results, Woodward posted record sales of 8% year over year and earnings per share came in at $1.76, up 8% year over year. Aerospace also had record sales, up 15%, and aero margins expanded 140 basis points to 21.1%. In industrial, our reported sales declined 3%. When China OH and the divested combustion product lines are excluded, industrial delivered double-digit growth. Our year-to-date performance reaffirms our mid-term and long-term growth trajectory as we strengthen our capability to meet sustained demand across our markets. Based on our strong year-to-date performance, increased macro environment clarity, and expected sustained growth, we are raising full-year sales and earnings guidance. Bill will take you through more details on that and other changes to our guidance. I'm also excited to share with you updates on two important milestones for Woodward. At the Paris Air Show, we held an event with Airbus to announce that we've been selected to provide spoiler control actuators for the Airbus A350. This is a major achievement for Woodward and is our first actuation LRU win for a primary flight control surface on a commercial platform. The A350 spoiler award enables us to apply our deep expertise in military hydraulic flight controls to a very important and already successful key commercial aircraft program. In addition to OEM ship set delivery, the program includes a sizable installed base with long-term service opportunities, including for our own hardware and strategic upgrades to legacy configurations. It is also significant because successful execution on this opportunity will position us to be competitive on the next single aisle aircraft. This win with Airbus is a key component of our long-term hydraulic flight control growth strategy. To support that growth, we're investing in a new manufacturing facility for the A350 spoiler actuation production in the U.S. We'll be able to share more details on the location as agreements are finalized. What I can tell you is that we're designing a showcase facility, vertically integrated, highly automated, special processes included, and built on the lessons learned at our ROC-CUT facility during the LEAP and GTF programs. It's a significant yet manageable investment that will be spread over multiple years and is fully aligned with our organic growth strategy. The A350 spoiler facility is a perfect example of how we're investing in ourselves for the highest return. In addition, last week we completed the acquisition of Saffron's North American electromechanical actuation business. This is a key inorganic play that places us at the heart of industry-leading horizontal stabilizer trim actuation technology, serving platforms including the Airbus A350, Embraer E175 and 190E2, Gulfstream 650, 700, and 800, and Dassault Falcon 7X and 8X. Together, these two strategic moves, one organic, one inorganic, strengthen our core capabilities and commercial aircraft pedigree ahead of the next single aisle competition. These developments, along with our automation acceleration, will require increased capital allocation to CapEx in 2026 and 2027 as we invest in future growth and productivity. Turning to what's happening in our end markets, we remain extremely optimistic about developments that matter to Woodward. In aerospace, supply chain challenges across the industry continue to impact aircraft deliveries, but air traffic is still growing globally. Airlines are optimizing load factors and fleet utilization to keep pace. Aero services exhibited sustained strong growth in the third quarter. The softening in services we had anticipated in our plans and guidance hasn't materialized. As airline customers continue to invest in their legacy fleets to ensure they have enough capacity to meet travel demand in the face of slower deliveries of new aircraft. In fact, Legacy engine LRU overhauls for both narrowbody and regional aircraft grew compared to last year and show few signs of declining as yet. Widebody engine control system service demand remains steady. In addition, as I have mentioned in previous earnings reports, LEAP and GTS service activity continues to grow steeply, but it is no longer doubling in size year over year as the base numbers grow. The great news is that LEAP and GTF revenue is now approaching that of legacy products and is delivering a meaningful impact to our aero services growth profile. We expect service volumes to continue increasing through 2026 and 2027 as LEAP and GTF hours and cycles continue to drive service inputs. Commercial OEM was softer this quarter as air framers managed supply chain disruptions and all our customers managed elevated inventory buffers. Defense OEM was again a significant growth driver for Arrow, as expected, led by strong performance and smart defense. The defense services environment overall remained solid, though inputs to Woodward have varied quarter to quarter. In industrial, our gas turbine portfolio was a standout performer, particularly in LNG and broader oil and gas applications. Growing global electric power demand remains a key growth driver for our industrial segment. Based on conversations I've had with customers, along with what we see directly in orders, we're getting confirmation that the growth predictions are real and we're prepared to serve that growth. We're focusing our lean transformation on capacity and lead type improvements on our model gas turbine control valve production line to better serve customers. In fact, we've increased output more than 30% year-to-date. We're more than halfway through the Glotton expansion project to increase capacity to meet data center backup power demand. With construction tracking ahead of schedule, We've ordered all remaining machines in July, and we will be ready to begin moving into the new hall in November. This value stream has been completely redesigned with 3P principles, that is production, preparation, and process. We are using this expansion opportunity to create better flow, introduce higher levels of automation, and improve inventory turns. In transportation, marine demand remains exceptionally strong. Shipyards are full, and they continue to expand capacity. In the quarter, more than half of all new ship orders included alternative fuel specifications, which resulted in a strong pull for Woodward Solutions. As expected, demand for China on highway heavy-duty trucks declined, primarily due to local economic headwinds. Overall, we see continued momentum in the macro growth drivers across both our aero and industrial segments into 2026 and beyond. A few comments on the macro environment. We remain vigilant and agile as we navigate tariffs, geopolitical matters, supply chain dynamics, and other expected and unexpected external factors. Our focus is on developing even more resilience and continuing to serve our customers regardless of the external conditions we face. Based on our consistent performance, It's clear we're on the right path to deliver on the commitments we've made to you. We will continue to create shareholder value through our value drivers of profitable growth, operational excellence, and innovation. Now I'll hand it over to Bill for more detail on our third quarter financial performance and the specifics of our updated guidance. Bill?