Moog Inc. Reports Strong Third Quarter 2024 Results with Further Margin Expansion
Moog Inc. (NYSE: MOG.A and MOG.B) reported strong fiscal third quarter 2024 results, with diluted earnings per share of $1.74 and adjusted diluted earnings per share of $1.91, up 32% and 39% respectively. The company achieved net sales of $905 million, a 6% increase year-over-year, driven by growth in aerospace and defense businesses. Operating margin expanded to 11.6%, a 170 basis point improvement, while adjusted operating margin reached 12.3%, up 210 basis points. Moog's twelve-month backlog grew 7% to $2.5 billion. The company updated its FY 2024 guidance, projecting net sales of $3,575 million and adjusted diluted earnings per share of $7.40, reflecting an 8% sales growth and 20% EPS increase for the year.
Moog Inc. (NYSE: MOG.A e MOG.B) ha riportato risultati eccellenti per il terzo trimestre fiscale 2024, con utili per azione diluiti di $1.74 e utili per azione diluiti rettificati di $1.91, in aumento rispettivamente del 32% e del 39%. L'azienda ha registrato vendite nette di $905 milioni, con un incremento del 6% rispetto all'anno precedente, sostenuto dalla crescita nei settori aerospaziale e della difesa. Il margine operativo è aumentato all'11.6%, con un miglioramento di 170 punti base, mentre il margine operativo rettificato ha raggiunto il 12.3%, in crescita di 210 punti base. L'ordine arretrato di Moog è aumentato del 7% arrivando a $2.5 miliardi. L'azienda ha aggiornato le sue previsioni per l'anno fiscale 2024, prevedendo vendite nette di $3,575 milioni e utili per azione diluiti rettificati di $7.40, che riflettono una crescita delle vendite dell'8% e un aumento dell'EPS del 20% per l'anno.
Moog Inc. (NYSE: MOG.A y MOG.B) reportó resultados sólidos para el tercer trimestre fiscal de 2024, con ganancias por acción diluidas de $1.74 y ganancias por acción diluidas ajustadas de $1.91, un aumento del 32% y del 39% respectivamente. La compañía logró ventas netas de $905 millones, un incremento del 6% interanual, impulsado por el crecimiento en los negocios de aeroespacial y defensa. El margen operativo se expandió al 11.6%, una mejora de 170 puntos básicos, mientras que el margen operativo ajustado alcanzó el 12.3%, un aumento de 210 puntos básicos. El backlog de doce meses de Moog creció un 7% hasta $2.5 mil millones. La empresa actualizó su guía para el ejercicio 2024, proyectando ventas netas de $3,575 millones y ganancias por acción diluidas ajustadas de $7.40, reflejando un crecimiento del 8% en ventas y un aumento del 20% en EPS para el año.
무그 Inc. (NYSE: MOG.A 및 MOG.B)는 2024 회계연도 3분기 실적을 발표하며, 희석 주당순이익이 $1.74 및 조정된 희석 주당순이익이 $1.91로 각각 32% 및 39% 증가했다고 전했습니다. 이 회사는 순매출이 $905백만으로 작년 대비 6% 증가했으며, 항공우주 및 방위 산업의 성장에 힘입었습니다. 운영 마진은 11.6%로 확대되었으며, 170베이시스 포인트 개선되었습니다. 조정된 운영 마진은 12.3%에 도달하였으며, 210베이시스 포인트 증가했습니다. 무그의 12개월 backlog는 7% 증가하여 $25억에 이르렀습니다. 회사는 2024 회계연도 가이드를 업데이트하여 순매출이 $3,575백만 및 조정 희석 주당순이익이 $7.40을 예상하며, 이는 연간 8% 매출 성장과 20% EPS 증가를 반영합니다.
Moog Inc. (NYSE: MOG.A et MOG.B) a annoncé de solides résultats pour le troisième trimestre de l'exercice 2024, avec un bénéfice net par action diluée de 1,74 $ et un bénéfice net par action diluée ajusté de 1,91 $, en hausse de 32 % et 39 % respectivement. La société a réalisé des ventes nettes de 905 millions $, soit une augmentation de 6 % par rapport à l'année précédente, soutenue par la croissance des secteurs aérospatial et de la défense. La marge opérationnelle a été élargie à 11,6 %, représentant une amélioration de 170 points de base, tandis que la marge opérationnelle ajustée a atteint 12,3 %, en hausse de 210 points de base. Le carnet de commandes de Moog a augmenté de 7 % pour atteindre 2,5 milliards $. L'entreprise a mis à jour ses prévisions pour l'exercice 2024, projetant des ventes nettes de 3 575 millions $ et un bénéfice net par action diluée ajusté de 7,40 $, ce qui reflète une croissance des ventes de 8 % et une augmentation de l'EPS de 20 % pour l'année.
Moog Inc. (NYSE: MOG.A und MOG.B) berichtete von starken Ergebnissen im dritten Quartal des Geschäftsjahres 2024, mit verwässerten Ergebnissen je Aktie von 1,74 $ und bereinigten verwässerten Ergebnissen je Aktie von 1,91 $, was einem Anstieg von 32 % und 39 % entspricht. Das Unternehmen erzielte Nettoverkäufe von 905 Millionen $, ein Anstieg um 6 % im Vergleich zum Vorjahr, was durch das Wachstum in den Bereichen Luft- und Raumfahrt sowie Verteidigung getragen wurde. Die operative Marge erweiterte sich auf 11,6 %, was einer Verbesserung um 170 Basispunkte entspricht, während die bereinigte operative Marge 12,3 % erreichte, ein Anstieg um 210 Basispunkte. Moogs Auftragsbestand über 12 Monate wuchs um 7 % auf 2,5 Milliarden $. Das Unternehmen aktualisierte seine Prognose für das Geschäftsjahr 2024 und erwartet Nettoverkäufe von 3.575 Millionen $ und bereinigte verwässerte Gewinne je Aktie von 7,40 $, was einem Verkaufswachstum von 8 % und einem EPS-Anstieg von 20 % für das Jahr entspricht.
- Net sales increased 6% year-over-year to $905 million
- Adjusted diluted earnings per share grew 39% to $1.91
- Operating margin expanded 170 basis points to 11.6%
- Adjusted operating margin improved 210 basis points to 12.3%
- Twelve-month backlog increased 7% to $2.5 billion
- Free cash flow improved by $17 million compared to last year
- Updated FY 2024 guidance projects 8% sales growth and 20% adjusted EPS increase
- Industrial segment sales decreased 1% to $250 million
- Industrial operating margin decreased 130 basis points to 9.8%
- Free cash flow was still negative at -$2 million for the quarter
Insights
Moog's Q3 2024 results demonstrate robust financial performance and operational efficiency. The company reported net sales of
The standout metric is the adjusted diluted earnings per share of
Moog's backlog growth of
The company's free cash flow, while still negative at
With the updated FY 2024 guidance projecting
Moog's Q3 2024 results reflect a robust performance in its aerospace segments, particularly in Military Aircraft and Commercial Aircraft. The Military Aircraft sales surge of
The Commercial Aircraft segment's
The Space and Defense segment's
While the aerospace segments show strength, the slight decline in the Industrial segment highlights the cyclical nature of Moog's diverse portfolio. The slowdown in industrial automation applications could be a reflection of broader economic trends affecting manufacturing and automation investments.
Overall, Moog's aerospace-focused segments are demonstrating resilience and growth, positioning the company well in high-value, technologically advanced markets. The backlog growth of
"We delivered a solid performance in the third quarter of 2024, with significant improvements in our financial results," said Pat Roche, CEO. "Our teams continue to execute well, driving both top-line growth and margin expansion across our businesses. Our commitment to achieving our Investor Day targets remains strong, with clear progress in our pricing and simplification initiatives. With this momentum we are confident in our continued success and growth."
(in millions, except per share results) |
Three Months Ended |
||||||||
|
Q3 2024 |
Q3 2023 |
Deltas |
||||||
Net sales |
$ |
905 |
|
$ |
850 |
|
|
6 |
% |
Operating margin |
|
11.6 |
% |
|
9.9 |
% |
170 bps |
||
Adjusted operating margin |
|
12.3 |
% |
|
10.2 |
% |
210 bps |
||
Diluted net earnings per share |
$ |
1.74 |
|
$ |
1.32 |
|
|
32 |
% |
Adjusted diluted net earnings per share |
$ |
1.91 |
|
$ |
1.37 |
|
|
39 |
% |
Net cash provided by operating activities |
$ |
30 |
|
$ |
16 |
|
$ |
14 |
|
Free cash flow |
$ |
(2 |
) |
$ |
(19 |
) |
$ |
17 |
|
See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the quarters ended June 29, 2024 and July 1, 2023. |
|||||||||
Quarter Highlights
-
Net sales of
$905 million 6% compared to the prior year's quarter, with increases in our aerospace and defense businesses, while Industrial was slightly down. -
Operating margin of
11.6% increased 170 basis points, driven by improved performance in Space and Defense, Commercial Aircraft and Military Aircraft, while Industrial declined 130 basis points. -
Adjusted operating margin of
12.3% increased 210 basis points, reflecting improved business performance across all segments. -
Diluted earnings per share of
$1.74 32% due to higher operating profit, partially offset by restructuring charges and a higher tax rate. -
Adjusted diluted earnings per share of
$1.91 39% , driven by operating margin expansion and incremental profit from higher sales. -
Free cash flow improved by
$17 million
Quarter Results
Sales in the third quarter of 2024 increased compared to the third quarter of 2023, with notable growth in Military Aircraft, Space and Defense and Commercial Aircraft. Military Aircraft sales increased
Operating margin increased 170 basis points to
Adjusted operating margin in the third quarter of 2024 increased 210 basis points to
Twelve-month backlog remains robust, increasing
Free cash flow in the third quarter was a use of cash of
2024 Financial Guidance
"Fiscal year 2024 is measuring up to be a great step towards achieving our long-term financial targets," said Jennifer Walter, CFO. "This year, our sales will grow by
(in millions, except per share results) |
FY 2024 Guidance |
|||||
|
Current |
Previous |
||||
Net sales |
$ |
3,575 |
|
$ |
3,550 |
|
Operating margin |
|
11.8 |
% |
|
11.9 |
% |
Adjusted operating margin |
|
12.4 |
% |
|
12.4 |
% |
Diluted net earnings per share* |
$ |
6.85 |
|
$ |
6.87 |
|
Adjusted diluted net earnings per share* |
$ |
7.40 |
|
$ |
7.25 |
|
*Diluted net earnings per share figures for 2024 are forecasted to be within range of +/- |
||||||
When the company provides adjusted, non-GAAP figures on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort.
Conference call information
In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call live, or in replay mode, at www.moog.com/investors/communications. Supplemental financial data will be available on the website approximately 90 minutes prior to the conference call.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.
Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.
While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.
Moog Inc. CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (dollars in thousands, except per share data) |
|||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
June 29,
|
|
July 1,
|
|
June 29,
|
|
July 1,
|
|||||
Net sales |
|
$ |
904,735 |
|
$ |
850,176 |
|
$ |
2,691,888 |
|
$ |
2,447,071 |
|
Cost of sales |
|
|
651,672 |
|
|
627,543 |
|
|
1,938,673 |
|
|
1,799,437 |
|
Inventory write-down |
|
|
1,600 |
|
|
— |
|
|
1,775 |
|
|
— |
|
Gross profit |
|
|
251,463 |
|
|
222,633 |
|
|
751,440 |
|
|
647,634 |
|
Research and development |
|
|
27,791 |
|
|
26,502 |
|
|
86,752 |
|
|
77,107 |
|
Selling, general and administrative |
|
|
126,361 |
|
|
121,935 |
|
|
370,047 |
|
|
351,795 |
|
Interest |
|
|
18,153 |
|
|
17,256 |
|
|
52,850 |
|
|
45,351 |
|
Asset impairment |
|
|
112 |
|
|
435 |
|
|
6,862 |
|
|
1,654 |
|
Restructuring |
|
|
3,984 |
|
|
1,642 |
|
|
12,623 |
|
|
4,737 |
|
Gain on sale of buildings |
|
|
— |
|
|
— |
|
|
— |
|
|
(10,030 |
) |
Other |
|
|
4,157 |
|
|
4,525 |
|
|
10,041 |
|
|
10,077 |
|
Earnings before income taxes |
|
|
70,905 |
|
|
50,338 |
|
|
212,265 |
|
|
166,943 |
|
Income taxes |
|
|
14,545 |
|
|
7,951 |
|
|
48,090 |
|
|
35,527 |
|
Net earnings |
|
$ |
56,360 |
|
$ |
42,387 |
|
$ |
164,175 |
|
$ |
131,416 |
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings per share |
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
1.76 |
|
$ |
1.33 |
|
$ |
5.14 |
|
$ |
4.13 |
|
Diluted |
|
$ |
1.74 |
|
$ |
1.32 |
|
$ |
5.08 |
|
$ |
4.11 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
31,960,165 |
|
|
31,838,961 |
|
|
31,943,365 |
|
|
31,811,034 |
|
Diluted |
|
|
32,409,370 |
|
|
32,067,391 |
|
|
32,342,700 |
|
|
31,995,340 |
|
|
|
|
|
|
|
|
|
|
|||||
Moog Inc. RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTED NET EARNINGS PER SHARE (UNAUDITED) (dollars in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 29,
|
|
July 1,
|
|
June 29,
|
|
July 1,
|
||||||||
As Reported: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
70,905 |
|
|
$ |
50,338 |
|
|
$ |
212,265 |
|
|
$ |
166,943 |
|
Income taxes |
|
|
14,545 |
|
|
|
7,951 |
|
|
|
48,090 |
|
|
|
35,527 |
|
Effective income tax rate |
|
|
20.5 |
% |
|
|
15.8 |
% |
|
|
22.7 |
% |
|
|
21.3 |
% |
Net earnings |
|
|
56,360 |
|
|
|
42,387 |
|
|
|
164,175 |
|
|
|
131,416 |
|
Diluted net earnings per share |
|
$ |
1.74 |
|
|
$ |
1.32 |
|
|
$ |
5.08 |
|
|
$ |
4.11 |
|
|
|
|
|
|
|
|
|
|
||||||||
Restructuring and Other Charges: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
5,817 |
|
|
$ |
1,642 |
|
|
$ |
15,296 |
|
|
$ |
5,786 |
|
Income taxes |
|
|
1,502 |
|
|
|
386 |
|
|
|
3,852 |
|
|
|
1,303 |
|
Net earnings |
|
|
4,315 |
|
|
|
1,256 |
|
|
|
11,444 |
|
|
|
4,483 |
|
Diluted net earnings per share |
|
$ |
0.13 |
|
|
$ |
0.04 |
|
|
$ |
0.35 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
||||||||
Asset Impairment: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
112 |
|
|
$ |
435 |
|
|
$ |
6,862 |
|
|
$ |
1,654 |
|
Income taxes (benefit) |
|
|
(1,223 |
) |
|
|
66 |
|
|
|
370 |
|
|
|
349 |
|
Net earnings |
|
|
1,335 |
|
|
|
369 |
|
|
|
6,492 |
|
|
|
1,305 |
|
Diluted net earnings per share |
|
$ |
0.04 |
|
|
$ |
0.01 |
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gain on Sale of Buildings: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(10,030 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,086 |
) |
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,944 |
) |
Diluted net earnings per share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
||||||||
As Adjusted: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
76,834 |
|
|
$ |
52,415 |
|
|
$ |
234,423 |
|
|
$ |
164,353 |
|
Income taxes |
|
|
14,824 |
|
|
|
8,403 |
|
|
|
52,312 |
|
|
|
35,093 |
|
Effective income tax rate |
|
|
19.3 |
% |
|
|
16.0 |
% |
|
|
22.3 |
% |
|
|
21.4 |
% |
Net earnings |
|
|
62,010 |
|
|
|
44,012 |
|
|
|
182,111 |
|
|
|
129,260 |
|
Diluted net earnings per share |
|
$ |
1.91 |
|
|
$ |
1.37 |
|
|
$ |
5.63 |
|
|
$ |
4.04 |
|
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding. |
||||||||||||||||
Results shown above have been adjusted to exclude impacts associated with restructuring and other charges related to continued portfolio shaping activities, asset impairments and other charges due to program termination and the devaluation of an investment, as well as impacts from the sale of buildings. While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
Moog Inc. CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED) (dollars in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 29,
|
|
July 1,
|
|
June 29,
|
|
July 1,
|
||||||||
Net sales: |
|
|
|
|
|
|
|
|
||||||||
Space and Defense |
|
$ |
258,409 |
|
|
$ |
242,402 |
|
|
$ |
755,324 |
|
|
$ |
706,040 |
|
Military Aircraft |
|
|
207,177 |
|
|
|
176,217 |
|
|
|
595,921 |
|
|
|
536,770 |
|
Commercial Aircraft |
|
|
189,365 |
|
|
|
178,808 |
|
|
|
591,181 |
|
|
|
475,518 |
|
Industrial |
|
|
249,784 |
|
|
|
252,749 |
|
|
|
749,462 |
|
|
|
728,743 |
|
Net sales |
|
$ |
904,735 |
|
|
$ |
850,176 |
|
|
$ |
2,691,888 |
|
|
$ |
2,447,071 |
|
Operating profit: |
|
|
|
|
|
|
|
|
||||||||
Space and Defense |
|
$ |
32,635 |
|
|
$ |
18,585 |
|
|
$ |
100,175 |
|
|
$ |
66,386 |
|
|
|
|
12.6 |
% |
|
|
7.7 |
% |
|
|
13.3 |
% |
|
|
9.4 |
% |
Military Aircraft |
|
|
23,965 |
|
|
|
18,143 |
|
|
|
60,323 |
|
|
|
49,525 |
|
|
|
|
11.6 |
% |
|
|
10.3 |
% |
|
|
10.1 |
% |
|
|
9.2 |
% |
Commercial Aircraft |
|
|
24,367 |
|
|
|
19,745 |
|
|
|
69,838 |
|
|
|
49,943 |
|
|
|
|
12.9 |
% |
|
|
11.0 |
% |
|
|
11.8 |
% |
|
|
10.5 |
% |
Industrial |
|
|
24,413 |
|
|
|
28,035 |
|
|
|
81,592 |
|
|
|
89,183 |
|
|
|
|
9.8 |
% |
|
|
11.1 |
% |
|
|
10.9 |
% |
|
|
12.2 |
% |
Total operating profit |
|
|
105,380 |
|
|
|
84,508 |
|
|
|
311,928 |
|
|
|
255,037 |
|
|
|
|
11.6 |
% |
|
|
9.9 |
% |
|
|
11.6 |
% |
|
|
10.4 |
% |
Deductions from operating profit: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
18,153 |
|
|
|
17,256 |
|
|
|
52,850 |
|
|
|
45,351 |
|
Equity-based compensation expense |
|
|
4,089 |
|
|
|
2,356 |
|
|
|
11,301 |
|
|
|
8,121 |
|
Non-service pension expense |
|
|
3,188 |
|
|
|
3,124 |
|
|
|
9,566 |
|
|
|
9,338 |
|
Corporate and other expenses, net |
|
|
9,045 |
|
|
|
11,434 |
|
|
|
25,946 |
|
|
|
25,284 |
|
Earnings before income taxes |
|
$ |
70,905 |
|
|
$ |
50,338 |
|
|
$ |
212,265 |
|
|
$ |
166,943 |
|
Moog Inc. RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED) (dollars in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 29,
|
|
July 1,
|
|
June 29,
|
|
July 1,
|
||||||||
Space and Defense operating profit - as reported |
|
$ |
32,635 |
|
|
$ |
18,585 |
|
|
$ |
100,175 |
|
|
$ |
66,386 |
|
Asset impairment |
|
|
112 |
|
|
|
— |
|
|
|
416 |
|
|
|
219 |
|
Restructuring and other |
|
|
— |
|
|
|
273 |
|
|
|
— |
|
|
|
1,554 |
|
Space and Defense operating profit - as adjusted |
|
$ |
32,747 |
|
|
$ |
18,858 |
|
|
$ |
100,591 |
|
|
$ |
68,159 |
|
|
|
|
12.7 |
% |
|
|
7.8 |
% |
|
|
13.3 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Military Aircraft operating profit - as reported |
|
$ |
23,965 |
|
|
$ |
18,143 |
|
|
$ |
60,323 |
|
|
$ |
49,525 |
|
Inventory write-down |
|
|
— |
|
|
|
— |
|
|
|
175 |
|
|
|
— |
|
Asset impairment |
|
|
— |
|
|
|
97 |
|
|
|
6,446 |
|
|
|
1,097 |
|
Restructuring and other |
|
|
609 |
|
|
|
275 |
|
|
|
4,397 |
|
|
|
275 |
|
Military Aircraft operating profit - as adjusted |
|
$ |
24,574 |
|
|
$ |
18,515 |
|
|
$ |
71,341 |
|
|
$ |
50,897 |
|
|
|
|
11.9 |
% |
|
|
10.5 |
% |
|
|
12.0 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Commercial Aircraft operating profit - as reported |
|
$ |
24,367 |
|
|
$ |
19,745 |
|
|
$ |
69,838 |
|
|
$ |
49,943 |
|
Asset impairment |
|
|
— |
|
|
|
338 |
|
|
|
— |
|
|
|
338 |
|
Restructuring |
|
|
408 |
|
|
|
— |
|
|
|
408 |
|
|
|
— |
|
Commercial Aircraft operating profit - as adjusted |
|
$ |
24,775 |
|
|
$ |
20,083 |
|
|
$ |
70,246 |
|
|
$ |
50,281 |
|
|
|
|
13.1 |
% |
|
|
11.2 |
% |
|
|
11.9 |
% |
|
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Industrial operating profit - as reported |
|
$ |
24,413 |
|
|
$ |
28,035 |
|
|
$ |
81,592 |
|
|
$ |
89,183 |
|
Inventory write-down |
|
|
1,600 |
|
|
|
— |
|
|
|
1,600 |
|
|
|
— |
|
Gain on sale of buildings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,030 |
) |
Restructuring and other |
|
|
3,200 |
|
|
|
1,094 |
|
|
|
8,716 |
|
|
|
3,957 |
|
Industrial operating profit - as adjusted |
|
$ |
29,213 |
|
|
$ |
29,129 |
|
|
$ |
91,908 |
|
|
$ |
83,110 |
|
|
|
|
11.7 |
% |
|
|
11.5 |
% |
|
|
12.3 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Total operating profit - as adjusted |
|
$ |
111,309 |
|
|
$ |
86,585 |
|
|
$ |
334,086 |
|
|
$ |
252,447 |
|
|
|
|
12.3 |
% |
|
|
10.2 |
% |
|
|
12.4 |
% |
|
|
10.3 |
% |
While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
Moog Inc. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands) |
||||||||
|
|
June 29,
|
|
September 30,
|
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
50,572 |
|
|
$ |
68,959 |
|
Restricted cash |
|
|
946 |
|
|
|
185 |
|
Receivables, net |
|
|
452,967 |
|
|
|
434,723 |
|
Unbilled receivables |
|
|
766,445 |
|
|
|
706,601 |
|
Inventories, net |
|
|
831,377 |
|
|
|
724,002 |
|
Prepaid expenses and other current assets |
|
|
70,081 |
|
|
|
50,862 |
|
Total current assets |
|
|
2,172,388 |
|
|
|
1,985,332 |
|
Property, plant and equipment, net |
|
|
886,013 |
|
|
|
814,696 |
|
Operating lease right-of-use assets |
|
|
57,669 |
|
|
|
56,067 |
|
Goodwill |
|
|
827,319 |
|
|
|
821,301 |
|
Intangible assets, net |
|
|
66,422 |
|
|
|
71,637 |
|
Deferred income taxes |
|
|
9,050 |
|
|
|
8,749 |
|
Other assets |
|
|
48,887 |
|
|
|
50,254 |
|
Total assets |
|
$ |
4,067,748 |
|
|
$ |
3,808,036 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
266,294 |
|
|
$ |
264,573 |
|
Accrued compensation |
|
|
98,981 |
|
|
|
111,154 |
|
Contract advances and progress billings |
|
|
353,496 |
|
|
|
377,977 |
|
Accrued liabilities and other |
|
|
269,633 |
|
|
|
211,769 |
|
Total current liabilities |
|
|
988,404 |
|
|
|
965,473 |
|
Long-term debt, excluding current installments |
|
|
958,127 |
|
|
|
863,092 |
|
Long-term pension and retirement obligations |
|
|
160,635 |
|
|
|
157,455 |
|
Deferred income taxes |
|
|
13,668 |
|
|
|
37,626 |
|
Other long-term liabilities |
|
|
153,122 |
|
|
|
148,303 |
|
Total liabilities |
|
|
2,273,956 |
|
|
|
2,171,949 |
|
Shareholders’ equity |
|
|
|
|
||||
Common stock - Class A |
|
|
43,835 |
|
|
|
43,822 |
|
Common stock - Class B |
|
|
7,445 |
|
|
|
7,458 |
|
Additional paid-in capital |
|
|
726,656 |
|
|
|
608,270 |
|
Retained earnings |
|
|
2,634,633 |
|
|
|
2,496,979 |
|
Treasury shares |
|
|
(1,073,027 |
) |
|
|
(1,057,938 |
) |
Stock Employee Compensation Trust |
|
|
(167,757 |
) |
|
|
(114,769 |
) |
Supplemental Retirement Plan Trust |
|
|
(140,449 |
) |
|
|
(93,126 |
) |
Accumulated other comprehensive loss |
|
|
(237,544 |
) |
|
|
(254,609 |
) |
Total shareholders’ equity |
|
|
1,793,792 |
|
|
|
1,636,087 |
|
Total liabilities and shareholders’ equity |
|
$ |
4,067,748 |
|
|
$ |
3,808,036 |
|
Moog Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (dollars in thousands) |
||||||||
|
|
Nine Months Ended |
||||||
|
|
June 29,
|
|
July 1,
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Net earnings |
|
$ |
164,175 |
|
|
$ |
131,416 |
|
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: |
|
|
|
|
||||
Depreciation |
|
|
64,302 |
|
|
|
56,780 |
|
Amortization |
|
|
7,677 |
|
|
|
8,725 |
|
Deferred income taxes |
|
|
(26,483 |
) |
|
|
(26,680 |
) |
Equity-based compensation expense |
|
|
11,301 |
|
|
|
8,121 |
|
Gain on sale of buildings |
|
|
— |
|
|
|
(10,030 |
) |
Asset impairment and inventory write-down |
|
|
8,637 |
|
|
|
1,654 |
|
Other |
|
|
5,374 |
|
|
|
5,083 |
|
Changes in assets and liabilities providing (using) cash: |
|
|
|
|
||||
Receivables |
|
|
(18,677 |
) |
|
|
(62,439 |
) |
Unbilled receivables |
|
|
(57,723 |
) |
|
|
(100,820 |
) |
Inventories |
|
|
(105,629 |
) |
|
|
(102,782 |
) |
Accounts payable |
|
|
918 |
|
|
|
8,514 |
|
Contract advances and progress billings |
|
|
(26,882 |
) |
|
|
65,746 |
|
Accrued expenses |
|
|
36,928 |
|
|
|
(30,697 |
) |
Accrued income taxes |
|
|
9,832 |
|
|
|
21,568 |
|
Net pension and post retirement liabilities |
|
|
8,783 |
|
|
|
11,199 |
|
Other assets and liabilities |
|
|
(35,978 |
) |
|
|
(2,455 |
) |
Net cash provided (used) by operating activities |
|
|
46,555 |
|
|
|
(17,097 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired |
|
|
(5,911 |
) |
|
|
— |
|
Purchase of property, plant and equipment |
|
|
(109,616 |
) |
|
|
(125,074 |
) |
Net proceeds from businesses sold |
|
|
1,627 |
|
|
|
959 |
|
Net proceeds from buildings sold |
|
|
— |
|
|
|
19,702 |
|
Other investing transactions |
|
|
(646 |
) |
|
|
(9,482 |
) |
Net cash used by investing activities |
|
|
(114,546 |
) |
|
|
(113,895 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Proceeds from revolving lines of credit |
|
|
784,500 |
|
|
|
711,732 |
|
Payments on revolving lines of credit |
|
|
(691,000 |
) |
|
|
(536,826 |
) |
Payments on long-term debt |
|
|
— |
|
|
|
(219 |
) |
Payments on finance lease obligations |
|
|
(4,468 |
) |
|
|
(3,449 |
) |
Payment of dividends |
|
|
(26,521 |
) |
|
|
(25,459 |
) |
Proceeds from sale of treasury stock |
|
|
7,579 |
|
|
|
12,765 |
|
Purchase of outstanding shares for treasury |
|
|
(21,832 |
) |
|
|
(23,133 |
) |
Proceeds from sale of stock held by SECT |
|
|
16,670 |
|
|
|
9,863 |
|
Purchase of stock held by SECT |
|
|
(14,296 |
) |
|
|
(10,035 |
) |
Other financing transactions |
|
|
— |
|
|
|
(2,026 |
) |
Net cash provided by financing activities |
|
|
50,632 |
|
|
|
133,213 |
|
Effect of exchange rate changes on cash |
|
|
(267 |
) |
|
|
3,950 |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(17,626 |
) |
|
|
6,171 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
69,144 |
|
|
|
119,233 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
51,518 |
|
|
$ |
125,404 |
|
|
|
|
|
|
||||
Moog Inc. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) (dollars in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
June 29,
|
|
July 1,
|
|
June 29,
|
|
July 1,
|
||||||||
Net cash provided (used) by operating activities |
|
$ |
30,166 |
|
|
$ |
15,919 |
|
|
$ |
46,555 |
|
|
$ |
(17,097 |
) |
Purchase of property, plant and equipment |
|
|
(32,086 |
) |
|
|
(35,331 |
) |
|
|
(109,616 |
) |
|
|
(125,074 |
) |
Free cash flow |
|
$ |
(1,920 |
) |
|
$ |
(19,412 |
) |
|
$ |
(63,061 |
) |
|
$ |
(142,171 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Free cash flow is defined as net cash provided (used) by operating activities less purchase of property, plant and equipment. Free cash flow is not a measure determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes this adjusted financial measure may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240802537627/en/
Aaron Astrachan - 716.687.4225
Source: Moog Inc.
FAQ
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