Moog Earned 82 Cents per Share

Moog ($MOG-A) just reported earnings of 82 cents per share which matched estimates.

Moog Inc. today announced second quarter net earnings of $38 million and earnings per share of $.82, a 3% increase over last year. Total sales of $650 million were up 1% from a year ago.

Total Aircraft Controls sales in the quarter were $275 million, up 6%. The Company’s commercial OEM sales were $99 million, 17% higher, including $58 million in sales to Boeing and $17 million in Airbus sales. Commercial aftermarket sales of $35 million were up 19% on initial provisioning spares for the 787 program.

Military aircraft sales were down 3% to $141 million. F-35 Joint Strike Fighter production revenues were higher but offset by lower revenues for other fighter and helicopter programs including Light Combat Aircraft, Black Hawk and the V-22 tilt rotor aircraft. Military aftermarket sales were down 4% to $59 million.

Space and Defense segment sales, at $95 million, were 10% lower than a year ago. Products sold for satellite and launch vehicles were $52 million, down 16%. Defense sector sales for ground vehicles were lower but were offset by stronger sales of security products, which increased 10%.

The Company’s Industrial Systems segment had sales of $151 million, an increase of $7 million, or 5%. Sales of controls for industrial automation applications were $9 million higher, at $80 million. Sales of energy controls totaled $39 million and included a $3 million increase in sales of wind energy pitch controls. Simulation and test products, including motion bases for flight training simulators, were down $4 million as major simulation customers adjusted their inventories.

Sales for the Components Group of $101 million were $2 million higher than last year’s second quarter. Sales of industrial products were stronger due to the Aspen Motion Control acquisition completed a year ago. Aerospace and defense sales were down 11% while medical and energy sales were unchanged.

The Medical Devices segment had sales of $27 million, down $8 million year over year, the result of the June 2013 Ethox Buffalo sale as well as recent inventory adjustments for pumps and sets at a distribution partner.

The Company’s twelve month backlog is $1.4 billion.

The Company also updated its projections for 2014 to include sales for the year at $2.64 billion, net earnings of $169 million and earnings per share of $3.65.

“This was a good news quarter with earnings coming in ahead of plan and healthy cash flow,” said John Scannell, Chairman and CEO. “We are anticipating margins will improve in the second half on slightly higher sales and an improving mix.”

Posted by on April 25th, 2014 at 8:04 am


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