Moog Earns 96 Cents Per Share

This morning, Moog ($MOG-A) reported earnings of 96 cents per share which matched estimates. This was for their fiscal fourth quarter. For the entire year, Moog earned $3.50 per share which is up 5% from last year. Their backlog is up to $1.3 billion.

Moog reiterated its forecast for the new fiscal year of earnings ranging between $3.90 and $4.10 per share. The midpoint is a 14% increase over last year. John Scannell, Moog’s CEO said, “Fiscal ’13 will be remembered as the year of restructuring and write-offs. Looking past these adjustments, our fiscal ’13 operational performance was actually up on fiscal ’12 and we look forward to further improvements in fiscal ’14.“

Here are some details of the quarter.

Aircraft Controls sales for the year crossed the billion dollar mark for the first time. Sales of $1.1 billion were up 10%. Commercial aircraft sales were very strong, up 20%. Total military sales were $596 million, up 4%, on K-46 tanker development, F-35 production and aftermarket sales. Military aftermarket sales were $231 million, 8% higher.

In the fourth quarter, Aircraft Controls sales of $276 million increased 9% from the same quarter last year. Commercial revenues increased 23% as production rates for aircraft continue to ramp up. Military aircraft sales were down slightly, at $146 million, on slower OEM deliveries. Military aftermarket sales were marginally higher at $62 million.

Space and Defense sales of $396 million for the year were 10% higher. Sales of controls for spacecraft, payloads and space exploration programs increased 28%, driven by acquisitions and NASA program sales. Defense sales were 5% lower as program deliveries slowed. Security product sales were $48 million. For the fourth quarter, Space and Defense sales mirrored the trend for the year.

Industrial Systems had revenues for the year of $592 million, a 7% decrease from last year. Wind energy sales were down 38% from a year ago as demand in China and Europe declined. Industrial automation sales were down 3%, with most of the underlying markets experiencing softness. Sales for simulation and test equipment were stronger, up 6%. Non-renewable energy product sales were 3% higher. Industrial Systems sales in the fourth quarter were up 2% at $153 million.

Components segment sales were $415 million for the year, up 11%. The growth was in energy, industrial and medical markets with aerospace and defense sales unchanged. Sales for the quarter were a record $105 million. Both the year and fourth quarter sales reflected higher energy and industrial sales because of the Tritech and Aspen Motion Technologies acquisitions.

Medical Devices generated sales of $147 million for the year, up 5% from the year previous on higher pump and administration set sales. For the quarter, sales in Medical Devices of $39 million were up 9% from a year ago.

Posted by on November 1st, 2013 at 8:16 am


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