Moog Inc. Reports Strong Third Quarter 2024 Results with Further Margin Expansion

Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal third quarter 2024 diluted earnings per share of $1.74 and adjusted diluted earnings per share of $1.91.

"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 increased 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 increased 32% due to higher operating profit, partially offset by restructuring charges and a higher tax rate.
• Adjusted diluted earnings per share of $1.91 increased 39%, driven by operating margin expansion and incremental profit from higher sales.
• Free cash flow improved by $17 million as compared to last year.

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 18% to $207 million due to the ramp of the FLRAA program and other OEM production programs. Space and Defense sales increased 7% to $258 million driven by strong U.S. and European defense demand. Commercial Aircraft sales increased 6% to $189 million due to the increased production in our widebody business. Industrial segment sales decreased 1% to $250 million due to a slowdown in orders for industrial automation applications, partially offset by higher product demand in other markets.

Operating margin increased 170 basis points to 11.6% in the third quarter of 2024 compared to the third quarter of 2023. Space and Defense operating margin increased 490 basis points to 12.6% due to improved performance on space vehicle development programs. Commercial Aircraft operating margin increased 190 basis points to 12.9%, driven by higher sales volume and pricing initiatives, as well as mix. Military Aircraft operating margin increased 130 basis points to 11.6%, driven by cost absorption on the FLRAA program. Industrial operating margin decreased 130 basis points to 9.8%, impacted by higher restructuring and inventory write-down charges.

Adjusted operating margin in the third quarter of 2024 increased 210 basis points to 12.3% compared to the third quarter of 2023. The only segment with significant adjustments was Industrial, whose adjusted operating margin increased as the benefits of pricing more than offset an unfavorable sales mix and planned product transfers.

Twelve-month backlog remains robust, increasing 7% to $2.5 billion, driven by strong product demand across the aerospace and defense businesses.

Free cash flow in the third quarter was a use of cash of $2 million, an improvement of $17 million year-over-year, driven by higher net cash from operating activities and lower capital expenditures.

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 8%, our adjusted operating margin will expand by 150 basis points and our adjusted earnings per share will increase by 20%."

(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 +/- $0.10.

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, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

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, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

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, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

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, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

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, 2024

 

September 30, 2023

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, 2024

 

July 1, 2023

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, 2024

 

July 1, 2023

 

June 29, 2024

 

July 1, 2023

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