We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Moat A Shares | LSE:MOGB | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.59 | -1.35% | 43.02 | 43.05 | 43.10 | 43.49 | 42.745 | 43.38 | 6,711 | 16:35:13 |
Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and controls systems, today reported fiscal first quarter 2024 diluted earnings per share of $1.48 and adjusted diluted earnings per share of $1.53.
(in millions, except per share results)
Three Months Ended
Q1 2024
Q1 2023
Deltas
Net sales
$
857
$
760
13
%
Operating margin
11.0
%
11.4
%
-40 bps
Adjusted operating margin
11.3
%
10.4
%
90 bps
Diluted net earnings per share
$
1.48
$
1.44
3
%
Adjusted diluted net earnings per share
$
1.53
$
1.25
22
%
Net cash provided by operating activities*
$
60
$
8
$
52
Free cash flow*
$
23
$
(22
)
$
45
See the reconciliations of adjusted financial results to reported results included in the financial statements herein for the quarters ended December 30, 2023 and December 31, 2022.
* Favorably impacted by a $25 million benefit related to the expansion of the securitization facility.
Quarter Highlights
"We had a great start to fiscal 2024, setting us up nicely to deliver margin enhancement in line with our investor day plan," said Pat Roche, CEO. "Our highly engaged employees are delivering for our customers and are driving margin improvements across the business."
Quarter Results
Sales in the first quarter of 2024 increased across all segments compared to the first quarter of 2023. Commercial Aircraft sales increased 47% to $194 million due to the continued market recovery in widebody aircraft in both OEM and aftermarket programs. Sales in Industrial increased 6% to $246 million due to higher demand for flight simulation systems and industrial automation applications. Within Space and Defense, sales increased 6% to $230 million, driven by strong defense demand across both the space and defense markets. Sales in Military Aircraft increased 5% to $186 million due to the ramp up on the V-280 program.
Operating margin decreased 40 basis points to 11.0% in the first quarter of 2024 compared to the first quarter of 2023. Industrial operating margin decreased 400 basis points, as the prior year benefited $10 million from the sale of two buildings related to the footprint rationalization initiative. Military Aircraft operating margin increased 200 basis points to 10.5%, driven by increased activity on the V-280 program and by a more favorable sales mix. Space and Defense operating margin increased 170 basis points to 11.0% due to production efficiencies and pricing initiatives. Commercial Aircraft operating margin decreased 40 basis points to 10.6% since favorable retrofit activity from last year did not repeat.
Adjusted operating margin in the first quarter of 2024 increased 90 basis points to 11.3% compared to the first quarter of 2023. The only segment with significant adjustments is Industrial, which increased 30 basis points to 12.6% as the benefits of pricing initiatives were partially offset by the absence of the prior year's favorable sales mix.
Free Cash Flow Results
Free cash flow was $23 million, which included a $25 million benefit related to the expansion of the securitization facility. Higher collections from customers were mostly offset by growth in physical inventories to support the growth across the aerospace and defense businesses. Capital expenditures were $37 million.
2024 Financial Guidance
"We are raising our sales and earnings per share guidance for the year based on our first quarter results, and are holding our operating margin guidance," said Jennifer Walter, CFO. "Our sales in fiscal year 2024 will grow by 5%, operating margin will expand by 110 basis points and earnings per share will increase by 12%. We are confident we are on track to deliver exceptional results again this year."
(in millions, except per share results)
FY 2024 Guidance
Current
Previous
Net sales
$
3,500
$
3,450
Operating margin
12.0
%
12.0
%
Adjusted diluted net earnings per share
$
6.90
$
6.80
Adjusted earnings per share figures are forecasted to be within range of +/- $0.20.
Diluted net earnings per share for the second quarter of 2024 is forecasted to be $1.70, plus or minus $0.10.
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
Information included or incorporated by reference in this press release 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 forward-looking 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. In evaluating these forward-looking statements, you should carefully consider the factors set forth below.
Although it is not possible to create a comprehensive list of all factors that may cause 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 that arise from time to time are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC and include the following:
Strategic risks
Market condition risks
Operational risks
Financial risks
Legal and compliance risks
General risks
While we believe we have identified and discussed above 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 made 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 report, except as required by law.
Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended
December 30, 2023
December 31, 2022
Net sales
$
856,850
$
760,103
Cost of sales
623,651
556,417
Gross profit
233,199
203,686
Research and development
30,579
23,862
Selling, general and administrative
118,725
113,165
Interest
16,694
13,132
Restructuring
1,889
1,078
Gain on sale of buildings
—
(9,503
)
Other
2,701
1,651
Earnings before income taxes
62,611
60,301
Income taxes
14,799
14,285
Net earnings
$
47,812
$
46,016
Net earnings per share
Basic
$
1.50
$
1.45
Diluted
$
1.48
$
1.44
Weighted average common shares outstanding
Basic
31,902,101
31,746,001
Diluted
32,249,313
31,874,718
Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTIVE NET EARNINGS PER SHARE (UNAUDITED)
(dollars in thousands)
Three Months Ended
December 30, 2023
December 31, 2022
As Reported:
Earnings before income taxes
$
62,611
$
60,301
Income taxes
14,799
14,285
Effective income tax rate
23.6
%
23.7
%
Net earnings
47,812
46,016
Diluted net earnings per share
$
1.48
$
1.44
Gain on Sale of Buildings:
Earnings before income taxes
$
—
$
(9,503
)
Income taxes
—
(1,986
)
Net earnings
—
(7,517
)
Diluted net earnings per share
$
—
$
(0.24
)
Restructuring and Other Charges:
Earnings before income taxes
$
1,889
$
1,533
Income taxes
498
274
Net earnings
1,391
1,259
Diluted net earnings per share
$
0.04
$
0.04
As Adjusted:
Earnings before income taxes
$
64,500
$
52,331
Income taxes
15,297
12,573
Effective income tax rate
23.7
%
24.0
%
Net earnings
49,203
39,758
Diluted net earnings per share
$
1.53
$
1.25
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 the sale of buildings formerly used in Industrial, as well as restructuring and other charges including the impact of continued portfolio shaping activities. 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
December 30, 2023
December 31, 2022
Net sales:
Space and Defense
$
230,128
$
217,785
Military Aircraft
186,244
177,800
Commercial Aircraft
194,222
132,459
Industrial
246,256
232,059
Net sales
$
856,850
$
760,103
Operating profit:
Space and Defense
$
25,297
$
20,294
11.0
%
9.3
%
Military Aircraft
19,589
15,201
10.5
%
8.5
%
Commercial Aircraft
20,626
14,517
10.6
%
11.0
%
Industrial
29,024
36,751
11.8
%
15.8
%
Total operating profit
94,536
86,763
11.0
%
11.4
%
Deductions from operating profit:
Interest expense
16,694
13,132
Equity-based compensation expense
4,165
2,974
Non-service pension expense
3,187
3,099
Corporate and other expenses, net
7,879
7,257
Earnings before income taxes
$
62,611
$
60,301
Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)
Three Months Ended
December 30, 2023
December 31, 2022
Space and Defense operating profit - as reported
$
25,297
$
20,294
Restructuring
—
176
Space and Defense operating profit - as adjusted
$
25,297
$
20,470
11.0
%
9.4
%
Military Aircraft operating profit - as reported and adjusted
$
19,589
$
15,201
10.5
%
8.5
%
Commercial Aircraft operating profit - as reported and adjusted
$
20,626
$
14,517
10.6
%
11.0
%
Industrial operating profit - as reported
$
29,024
$
36,751
Gain on sale of buildings
—
(9,503
)
Restructuring and other
1,889
1,357
Industrial operating profit - as adjusted
$
30,913
$
28,605
12.6
%
12.3
%
Total operating profit - as adjusted
$
96,425
$
78,793
11.3
%
10.4
%
Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
December 30, 2023
September 30, 2023
ASSETS
Current assets
Cash and cash equivalents
$
126,398
$
68,959
Restricted cash
430
185
Receivables, net
381,609
434,723
Unbilled receivables
760,561
706,601
Inventories, net
788,040
724,002
Prepaid expenses and other current assets
59,577
50,862
Total current assets
2,116,615
1,985,332
Property, plant and equipment, net
842,682
814,696
Operating lease right-of-use assets
59,489
56,067
Goodwill
833,413
821,301
Intangible assets, net
72,663
71,637
Deferred income taxes
9,284
8,749
Other assets
53,809
50,254
Total assets
$
3,987,955
$
3,808,036
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
261,155
264,573
Accrued compensation
64,099
111,154
Contract advances and progress billings
445,706
377,977
Accrued liabilities and other
238,871
211,769
Total current liabilities
1,009,831
965,473
Long-term debt, excluding current installments
920,103
863,092
Long-term pension and retirement obligations
160,825
157,455
Deferred income taxes
35,214
37,626
Other long-term liabilities
154,765
148,303
Total liabilities
2,280,738
2,171,949
Shareholders’ equity
Common stock - Class A
43,826
43,822
Common stock - Class B
7,454
7,458
Additional paid-in capital
673,261
608,270
Retained earnings
2,536,172
2,496,979
Treasury shares
(1,065,654
)
(1,057,938
)
Stock Employee Compensation Trust
(146,373
)
(114,769
)
Supplemental Retirement Plan Trust
(119,869
)
(93,126
)
Accumulated other comprehensive loss
(221,600
)
(254,609
)
Total shareholders’ equity
1,707,217
1,636,087
Total liabilities and shareholders’ equity
$
3,987,955
$
3,808,036
Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Three Months Ended
December 30, 2023
December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings
$
47,812
$
46,016
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation
20,927
18,392
Amortization
2,720
2,992
Deferred income taxes
(4,547
)
(1,342
)
Equity-based compensation expense
4,165
2,974
Gain on sale of buildings
—
(9,503
)
Other
(2,478
)
1,145
Changes in assets and liabilities providing (using) cash:
Receivables
58,887
(27,387
)
Unbilled receivables
(51,015
)
(26,570
)
Inventories
(46,852
)
(44,435
)
Accounts payable
(5,752
)
(9,679
)
Contract advances and progress billings
64,171
72,889
Accrued expenses
(31,814
)
(35,186
)
Accrued income taxes
12,324
12,632
Net pension and post retirement liabilities
2,957
3,988
Other assets and liabilities
(11,114
)
1,157
Net cash provided by operating activities
60,391
8,083
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired
(5,212
)
—
Purchase of property, plant and equipment
(37,416
)
(30,125
)
Net proceeds from businesses sold
—
1,124
Net proceeds from buildings sold
—
7,432
Other investing transactions
(479
)
(3,724
)
Net cash used by investing activities
(43,107
)
(25,293
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit
279,500
241,000
Payments on revolving lines of credit
(223,000
)
(160,300
)
Payments on long-term debt
—
(93
)
Payments on finance lease obligations
(1,286
)
(884
)
Payment of dividends
(8,619
)
(8,257
)
Proceeds from sale of treasury stock
581
1,869
Purchase of outstanding shares for treasury
(8,711
)
(12,721
)
Proceeds from sale of stock held by SECT
5,001
2,561
Purchase of stock held by SECT
(4,561
)
(1,753
)
Other financing transactions
—
(2,026
)
Net cash provided by financing activities
38,905
59,396
Effect of exchange rate changes on cash
1,495
4,492
Increase in cash, cash equivalents and restricted cash
57,684
46,678
Cash, cash equivalents and restricted cash at beginning of period
69,144
117,328
Cash, cash equivalents and restricted cash at end of period
$
126,828
$
164,006
Moog Inc.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(dollars in thousands)
Three Months Ended
December 30, 2023
December 31, 2022
Net cash provided by operating activities
$
60,391
$
8,083
Purchase of property, plant and equipment
(37,416
)
(30,125
)
Free cash flow
22,975
(22,042
)
Amounts may not reconcile when totaled due to rounding.
Free cash flow is defined as net cash provided by operating activities less capital expenditures. 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240126668248/en/
Aaron Astrachan - 716.687.4225
1 Year Moat A Chart |
1 Month Moat A Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions