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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% | 160.80 | 0 | 09:09:56 |
First Quarter Highlights
Segment Results
Total Aircraft Controls sales in the quarter were $268 million, up 6% year over year. Military aircraft sales of $128 million were 6% higher. F-35 Joint Strike Fighter sales were up 26%, to $27 million. Other OEM sales were up 8%, to $53 million. Military aftermarket sales were $48 million, down slightly on lower B-2 spares and C-5 modernization activity.
Commercial aircraft revenues increased 5%, to $141 million. Sales of OEM products to Airbus increased 40%, to $35 million, including a 72% increase in A350 program sales. Boeing OEM sales were flat at $61 million. Commercial aftermarket sales were off marginally, at $27 million, due to lower initial provisioning of 787 and A350 spares.
Space and Defense segment sales were $93 million, up 11% year over year. Space sales were 13% higher, attributed to strong space avionics and satellite engine sales. Defense sales were up 10% on increased demand for ground vehicle, missile and naval products.
Industrial Systems segment sales in the quarter were $112 million, down 10%. Energy sales were off 6% and industrial automation sales were off 9%. Simulation and test sales were down 16% from last year’s strong first quarter.
Components segment sales in the quarter were $116 million, up 10% from a year ago, with sales increases seen in each of the three major markets. Aerospace and defense sales of $39 million were 11% higher largely attributed to sales for Northrop Grumman’s Guardian program. Medical market sales of $48 million were up 11% on increased sales of pumps and associated products. Industrial product sales for specialty markets were up 6%.
Consolidated year-end 12-month backlog was $1.2 billion.
Fiscal 2017 Outlook
“Earnings per share before specials of $0.91 were above our guidance from 90 days ago,” said John Scannell, Chairman and CEO. “It was a good start to the year and it puts us on track for our full year guidance. Most of our businesses have stabilized since this time last year and we are seeing positive results from restructuring and our portfolio reviews of the past few years.”
In conjunction with today’s release, Moog will host a conference call beginning at 10:00 a.m. ET, which will be broadcast live over the Internet. John Scannell, Chairman and CEO, and Don Fishback, CFO, will host the call. Listeners can access the call live or in replay mode at www.moog.com/investors/communications. Supplemental financial data will be available on the webcast web page 90 minutes prior to the conference call.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, wind energy, marine and medical equipment. Additional information about the company can be found at www.moog.com.
Cautionary Statement
Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not 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. These important factors, risks and uncertainties include:
These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report.
Moog Inc. | ||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||
(dollars in thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
December 31, 2016 | January 2, 2016 | |||||||
Net sales | $ | 589,670 | $ | 568,457 | ||||
Cost of sales | 417,164 | 406,997 | ||||||
Gross profit | 172,506 | 161,460 | ||||||
Research and development | 34,564 | 34,798 | ||||||
Selling, general and administrative | 85,063 | 82,994 | ||||||
Interest | 8,486 | 8,322 | ||||||
Other | 7,905 | (309 | ) | |||||
Earnings before income taxes | 36,488 | 35,655 | ||||||
Income taxes | 6,430 | 9,495 | ||||||
Net earnings attributable to Moog and noncontrolling interest | 30,058 | 26,160 | ||||||
Net earnings (loss) attributable to noncontrolling interest | (506 | ) | (81 | ) | ||||
Net earnings attributable to Moog | $ | 30,564 | $ | 26,241 | ||||
Net earnings per share attributable to Moog | ||||||||
Basic | $ | 0.85 | $ | 0.71 | ||||
Diluted | $ | 0.84 | $ | 0.71 | ||||
Average common shares outstanding | ||||||||
Basic | 35,869,052 | 36,713,949 | ||||||
Diluted | 36,272,767 | 37,028,331 | ||||||
Moog Inc. | ||||||||
CONSOLIDATED SALES AND OPERATING PROFIT | ||||||||
(dollars in thousands) | ||||||||
Three Months Ended | ||||||||
December 31, 2016 | January 2, 2016 | |||||||
Net sales: | ||||||||
Aircraft Controls | $ | 268,450 | $ | 253,957 | ||||
Space and Defense Controls | 92,930 | 83,518 | ||||||
Industrial Systems | 112,399 | 125,179 | ||||||
Components | 115,891 | 105,803 | ||||||
Net sales | $ | 589,670 | $ | 568,457 | ||||
Operating profit: | ||||||||
Aircraft Controls | $ | 23,111 | $ | 18,432 | ||||
8.6 | % | 7.3 | % | |||||
Space and Defense Controls | 7,096 | 11,515 | ||||||
7.6 | % | 13.8 | % | |||||
Industrial Systems | 10,701 | 13,633 | ||||||
9.5 | % | 10.9 | % | |||||
Components | 11,454 | 7,979 | ||||||
9.9 | % | 7.5 | % | |||||
Total operating profit | 52,362 | 51,559 | ||||||
8.9 | % | 9.1 | % | |||||
Deductions from operating profit: | ||||||||
Interest expense | 8,486 | 8,322 | ||||||
Equity-based compensation expense | 2,168 | 936 | ||||||
Corporate and other expenses, net | 5,220 | 6,646 | ||||||
Earnings before income taxes | $ | 36,488 | $ | 35,655 | ||||
Moog Inc. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(dollars in thousands) | ||||||||
December 31, 2016 | October 1, 2016 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 331,664 | $ | 325,128 | ||||
Receivables | 677,841 | 688,388 | ||||||
Inventories | 464,402 | 479,040 | ||||||
Prepaid expenses and other current assets | 39,659 | 34,688 | ||||||
Total current assets | 1,513,566 | 1,527,244 | ||||||
Property, plant and equipment, net | 508,656 | 522,369 | ||||||
Goodwill | 730,271 | 740,162 | ||||||
Intangible assets, net | 104,940 | 113,560 | ||||||
Deferred income taxes | 69,039 | 75,800 | ||||||
Other assets | 26,707 | 25,839 | ||||||
Total assets | $ | 2,953,179 | $ | 3,004,974 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Short-term borrowings | $ | 1,366 | $ | 1,379 | ||||
Current installments of long-term debt | 144 | 167 | ||||||
Accounts payable | 148,253 | 144,450 | ||||||
Accrued salaries, wages and commissions | 115,081 | 126,319 | ||||||
Customer advances | 171,530 | 167,514 | ||||||
Contract loss reserves | 30,045 | 32,543 | ||||||
Other accrued liabilities | 99,843 | 116,577 | ||||||
Total current liabilities | 566,262 | 588,949 | ||||||
Long-term debt, excluding current installments | 1,000,338 | 1,004,847 | ||||||
Long-term pension and retirement obligations | 385,962 | 401,747 | ||||||
Deferred income taxes | 10,157 | 11,026 | ||||||
Other long-term liabilities | 4,454 | 4,343 | ||||||
Total liabilities | 1,967,173 | 2,010,912 | ||||||
Commitment and contingencies | — | — | ||||||
Redeemable noncontrolling interest | 5,145 | 5,651 | ||||||
Shareholders’ equity | ||||||||
Common stock - Class A | 43,688 | 43,667 | ||||||
Common stock - Class B | 7,592 | 7,613 | ||||||
Additional paid-in capital | 469,971 | 465,762 | ||||||
Retained earnings | 1,737,103 | 1,706,539 | ||||||
Treasury shares | (740,838 | ) | (741,700 | ) | ||||
Stock Employee Compensation Trust | (59,307 | ) | (49,463 | ) | ||||
Supplemental Retirement Plan Trust | (9,924 | ) | (8,946 | ) | ||||
Accumulated other comprehensive loss | (467,424 | ) | (435,061 | ) | ||||
Total Moog shareholders’ equity | 980,861 | 988,411 | ||||||
Total liabilities and shareholders’ equity | $ | 2,953,179 | $ | 3,004,974 | ||||
Moog Inc. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(dollars in thousands) | ||||||||
Three Months Ended | ||||||||
December 31, 2016 | January 2, 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings attributable to Moog and noncontrolling interest | $ | 30,058 | $ | 26,160 | ||||
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | ||||||||
Depreciation | 17,918 | 19,208 | ||||||
Amortization | 4,541 | 5,877 | ||||||
Deferred income taxes | 1,371 | 3,532 | ||||||
Equity-based compensation expense | 2,168 | 936 | ||||||
Other | 9,868 | 804 | ||||||
Changes in assets and liabilities providing (using) cash: | ||||||||
Receivables | (11,012 | ) | 5,221 | |||||
Inventories | 6,996 | (11,131 | ) | |||||
Accounts payable | 6,737 | (22,522 | ) | |||||
Customer advances | 8,287 | (498 | ) | |||||
Accrued expenses | (17,479 | ) | (17,114 | ) | ||||
Accrued income taxes | (8,885 | ) | (2,685 | ) | ||||
Net pension and post retirement liabilities | (1,295 | ) | (5,709 | ) | ||||
Other assets and liabilities | 1,309 | (2,534 | ) | |||||
Net cash provided (used) by operating activities | 50,582 | (455 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisitions of businesses, net of cash acquired | — | (11,016 | ) | |||||
Purchase of property, plant and equipment | (14,849 | ) | (12,305 | ) | ||||
Other investing transactions | (976 | ) | 1,021 | |||||
Net cash (used) by investing activities | (15,825 | ) | (22,300 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from revolving lines of credit | 62,400 | 148,605 | ||||||
Payments on revolving lines of credit | (67,400 | ) | (93,605 | ) | ||||
Payments on long-term debt | (50 | ) | (9,540 | ) | ||||
Proceeds from sale of treasury stock | 2,135 | 2,230 | ||||||
Purchase of outstanding shares for treasury | (5,211 | ) | (3,034 | ) | ||||
Proceeds from sale of stock held by SECT | 867 | — | ||||||
Purchase of stock held by SECT | (5,709 | ) | (1,020 | ) | ||||
Excess tax benefits from equity-based payment arrangements | — | 580 | ||||||
Net cash provided (used) by financing activities | (12,968 | ) | 44,216 | |||||
Effect of exchange rate changes on cash | (15,253 | ) | (7,996 | ) | ||||
Increase in cash and cash equivalents | 6,536 | 13,465 | ||||||
Cash and cash equivalents at beginning of period | 325,128 | 309,853 | ||||||
Cash and cash equivalents at end of period | $ | 331,664 | $ | 323,318 |
Contact: Ann Marie Luhr 716-687-4225
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