More Buy List Earnings

The Buy List is recovering today along with the rest of the stock market. Sysco (SYY), which has been a frustrating stock recently, is up today thanks to a good earnings report. For the third straight quarter, the company beat expectations. Sysco earned 45 cents a share which was three cents more than the Street expected. Sales fell for the fifth straight quarter. Reuters writes: “Operating expenses fell 7 percent to $1.23 billion. Sysco has been cutting costs by reducing headcount, bonuses and commissions to offset weak demand.”
Moog (MOG-A) also reported earnings today. This stock gained nearly 50% from its October low to its January high. The company earned 47 cents a share which matched Wall Street’s estimate. This is a big drop from last year.

Moog’s profits slid to $21.6 million, or 47 cents per share, during the quarter that ended on Jan. 2, down from $30.3 million, or 70 cents per share, a year earlier.
The company’s sales rose to $495.2 million from $446.1 million, aided by Moog’s acquisitions last year of a British flight controls business and the Fernau navigation aids unit.
Much of the drop in earnings came from the company’s space and defense business, one of Moog’s strongest performers last year, where operating profits fell by 45 percent to $7.5 million on a 3 percent drop in sales.
Earnings also declined at Moog’s components group, where profits were down 19 percent to $12.1 million, despite a 4 percent increase in revenues to $84.9 million.
Operating profits jumped by 30 percent to $17.6 million at the company’s aircraft controls business, where sales grew by 7 percent to $175 million. Earnings at Moog’s industrial systems business were nearly flat at $11.2 million, despite a 24 percent increase in sales at $136.4 million. The firm’s medical device business, which lost $2.2 million a year ago, returned to profitability with a $139,000 operating profit as sales jumped by 47 percent to $29.4 million.

Posted by on February 1st, 2010 at 12:15 pm


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