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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Moog Inc | NYSE:MOG.B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 198.38 | 207.10 | 198.38 | 207.10 | 46 | 22:00:00 |
New York | 1-5129 | 16-0757636 |
(State or Other Jurisdiction | (Commission | (I.R.S. Employer |
of Incorporation) | File Number) | Identification No.) |
East Aurora, New York | 14052-0018 |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits. |
99.1 | Press release dated January 30, 2015, announcing Moog Inc.’s results of operations for the quarter ended January 3, 2015. |
MOOG INC. | |||
Dated: January 30, 2015 | By: | /s/ Jennifer Walter | |
Name: | Jennifer Walter | ||
Controller |
Exhibit | Description |
99.1 | Press release dated January 30, 2015, announcing Moog Inc.’s results of operations for the quarter ended January 3, 2015. |
release date | Immediate | contact | Ann Marie Luhr |
January 30, 2015 | 716-687-4225 |
• | the markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate; |
• | we operate in highly competitive markets with competitors who may have greater resources than we possess; |
• | we depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs; |
• | we make estimates in accounting for long-term contracts, and changes in these estimates may have significant impacts on our earnings; |
• | we enter into fixed-price contracts, which could subject us to losses if we have cost overruns; |
• | we may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects; |
• | if our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; |
• | contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment; |
• | the loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; |
• | our new product research and development efforts may not be successful which could reduce our sales and earnings; |
• | our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; |
• | our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations; |
• | our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility; |
• | significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements; |
• | a write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; |
• | our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or if we engage in divesting activities; |
• | our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments; |
• | unforeseen exposure to additional income tax liabilities may affect our operating results; |
• | government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business; |
• | new governmental regulations and customer demands related to conflict minerals may adversely impact our operating results; |
• | the failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages; |
• | future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; |
• | our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs; and |
• | we are involved in various legal proceedings, the outcome of which may be unfavorable to us. |
Moog Inc. |
CONSOLIDATED STATEMENTS OF EARNINGS |
(dollars in thousands, except per share data) |
Three Months Ended | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
NET SALES | $ | 630,523 | $ | 643,385 | ||||
COST OF SALES | 446,605 | 444,076 | ||||||
GROSS PROFIT | 183,918 | 199,309 | ||||||
Research and development | 31,321 | 35,755 | ||||||
Selling, general and administrative | 97,827 | 99,901 | ||||||
Interest | 5,368 | 5,129 | ||||||
Redemption of senior subordinated notes | — | 8,002 | ||||||
Other | (36 | ) | 3,665 | |||||
EARNINGS BEFORE INCOME TAXES | 49,438 | 46,857 | ||||||
INCOME TAXES | 14,173 | 14,760 | ||||||
NET EARNINGS | $ | 35,265 | $ | 32,097 | ||||
NET EARNINGS PER SHARE | ||||||||
Basic | $ | 0.87 | $ | 0.71 | ||||
Diluted | $ | 0.86 | $ | 0.70 | ||||
AVERAGE COMMON SHARES OUTSTANDING | ||||||||
Basic | 40,594,886 | 45,384,652 | ||||||
Diluted | 41,080,179 | 46,010,035 |
Moog Inc. |
CONSOLIDATED SALES AND OPERATING PROFIT |
(dollars in thousands) |
Three Months Ended | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
Net sales: | ||||||||
Aircraft Controls | $ | 266,368 | $ | 265,416 | ||||
Space and Defense Controls | 99,955 | 99,450 | ||||||
Industrial Systems | 133,366 | 144,079 | ||||||
Components | 99,905 | 102,685 | ||||||
Medical Devices | 30,929 | 31,755 | ||||||
Net sales | $ | 630,523 | $ | 643,385 | ||||
Operating profit and margins: | ||||||||
Aircraft Controls | $ | 24,458 | $ | 31,771 | ||||
9.2 | % | 12.0 | % | |||||
Space and Defense Controls | 8,726 | 7,853 | ||||||
8.7 | % | 7.9 | % | |||||
Industrial Systems | 13,219 | 12,286 | ||||||
9.9 | % | 8.5 | % | |||||
Components | 14,700 | 16,189 | ||||||
14.7 | % | 15.8 | % | |||||
Medical Devices | 4,598 | 3,628 | ||||||
14.9 | % | 11.4 | % | |||||
Total operating profit | 65,701 | 71,727 | ||||||
10.4 | % | 11.1 | % | |||||
Deductions from operating profit: | ||||||||
Interest expense | 5,368 | 5,129 | ||||||
Equity-based compensation expense | 3,398 | 3,774 | ||||||
Redemption of senior subordinated notes | — | 8,002 | ||||||
Corporate expenses and other | 7,497 | 7,965 | ||||||
Earnings before income taxes | $ | 49,438 | $ | 46,857 |
Moog Inc. |
CONSOLIDATED BALANCE SHEETS |
(dollars in thousands) |
January 3, 2015 | September 27, 2014 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 240,240 | $ | 231,292 | ||||
Receivables | 706,373 | 780,874 | ||||||
Inventories | 523,823 | 517,056 | ||||||
Other current assets | 128,906 | 134,842 | ||||||
TOTAL CURRENT ASSETS | 1,599,342 | 1,664,064 | ||||||
PROPERTY, PLANT AND EQUIPMENT, net | 546,329 | 555,348 | ||||||
GOODWILL | 746,557 | 757,852 | ||||||
INTANGIBLE ASSETS, net | 166,391 | 178,070 | ||||||
OTHER ASSETS | 57,116 | 53,118 | ||||||
TOTAL ASSETS | $ | 3,115,735 | $ | 3,208,452 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short-term borrowings | $ | 100,415 | $ | 103,660 | ||||
Current installments of long-term debt | 36 | 5,262 | ||||||
Accounts payable | 153,148 | 162,667 | ||||||
Customer advances | 143,094 | 145,500 | ||||||
Contract loss reserves | 33,914 | 35,984 | ||||||
Other accrued liabilities | 223,479 | 269,731 | ||||||
TOTAL CURRENT LIABILITIES | 654,086 | 722,804 | ||||||
LONG-TERM DEBT, excluding current installments | ||||||||
Senior debt | 551,099 | 765,114 | ||||||
Senior notes | 300,000 | — | ||||||
LONG-TERM PENSION AND RETIREMENT OBLIGATIONS | 279,219 | 288,216 | ||||||
DEFERRED INCOME TAXES | 89,545 | 83,931 | ||||||
OTHER LONG-TERM LIABILITIES | 1,670 | 972 | ||||||
TOTAL LIABILITIES | 1,875,619 | 1,861,037 | ||||||
COMMITMENTS AND CONTINGENCIES | — | — | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock | 51,280 | 51,280 | ||||||
Other shareholders' equity | 1,188,836 | 1,296,135 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 1,240,116 | 1,347,415 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,115,735 | $ | 3,208,452 |
Moog Inc. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(dollars in thousands) |
Three Months Ended | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings | $ | 35,265 | $ | 32,097 | ||||
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||||||||
Depreciation | 19,833 | 19,444 | ||||||
Amortization | 6,741 | 7,950 | ||||||
Equity-based compensation expense | 3,398 | 3,774 | ||||||
Redemption of senior subordinated notes | — | 8,002 | ||||||
Other | 7,824 | 5,631 | ||||||
Changes in assets and liabilities providing (using) cash: | ||||||||
Receivables | 62,772 | 36,329 | ||||||
Inventories | (15,381 | ) | (2,270 | ) | ||||
Accounts payable | (6,528 | ) | (16,042 | ) | ||||
Customer advances | (1,019 | ) | 383 | |||||
Accrued expenses | (35,922 | ) | (25,964 | ) | ||||
Accrued income taxes | (3,060 | ) | 3,081 | |||||
Pension assets and liabilities | 970 | (3,360 | ) | |||||
Other assets and liabilities | 3,580 | (820 | ) | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 78,473 | 68,235 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property, plant and equipment | (20,160 | ) | (20,019 | ) | ||||
Other investing transactions | 71 | (8,577 | ) | |||||
NET CASH USED BY INVESTING ACTIVITIES | (20,089 | ) | (28,596 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net short term repayments | (3,236 | ) | (600 | ) | ||||
Net (repayments) proceeds from revolving lines of credit | (214,000 | ) | 182,165 | |||||
Net (repayments) proceeds on long-term debt | (5,234 | ) | 36 | |||||
Proceeds from senior notes, net of issuance cost | 294,718 | — | ||||||
Payments on senior subordinated notes | — | (191,575 | ) | |||||
Payment of premium on redemption of senior subordinated notes | — | (6,945 | ) | |||||
Proceeds from sale of treasury stock | 9,951 | 1,530 | ||||||
Purchase of outstanding shares for treasury | (122,443 | ) | (2,617 | ) | ||||
Purchase of stock held by SECT | (4,460 | ) | (1,792 | ) | ||||
Excess tax benefits from equity-based payment arrangements | 4,855 | 1,112 | ||||||
NET CASH USED BY FINANCING ACTIVITIES | (39,849 | ) | (18,686 | ) | ||||
Effect of exchange rate changes on cash | (9,587 | ) | 1,526 | |||||
INCREASE IN CASH AND CASH EQUIVALENTS | 8,948 | 22,479 | ||||||
Cash and cash equivalents at beginning of period | 231,292 | 157,090 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 240,240 | $ | 179,569 |
1 Year Moog Chart |
1 Month Moog Chart |
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