Moog Earned 96 Cents per Share

For their fiscal Q2, Moog (MOG-A) brought in 96 cents per share. That was five cents more than estimates.

Moog Inc. today announced second quarter net earnings of $32 million and earnings per share of $.80, a 2% decrease from last year. Adjusted EPS of $.96 was up 17%. Total sales of $637 million were also down 2% from a year ago.

The results for the quarter included a non-cash charge of $8 million related to an accounting correction in the Space and Defense segment and a non-cash charge of $1 million on the sale of two small operations in the Medical Devices segment.

Aircraft segment sales in the quarter were $274 million, unchanged from a year ago. Commercial Aircraft sales were 5% higher, at $140 million, with commercial OEM sales, up 12% to $111 million. Sales to Boeing were $64 million and Airbus sales were $22 million. Commercial aftermarket sales of $29 million were off 16% on last year’s strong initial provisioning spares for the 787 program.

Military aircraft sales were down $7 million, to $134 million. OEM sales were down $2 million, to $80 million, with lower revenues on F-18 production and the KC-46 tanker development program offsetting higher F-35 Joint Strike Fighter and V-22 tilt rotor sales. Military aftermarket sales were down 8%, to $54 million.

Space and Defense segment sales were $93 million, down 2% from a year ago. Defense sales were up 2% on strong sales of missile and naval controls that were offset by weak security sales. Space sales were down 6%.

The Company’s Industrial Systems segment had sales of $129 million, down 15%, with the decline primarily tied to negative foreign currency effects. A general weakness across global industrial markets resulted in lower sales for industrial automation applications, down 15%. Sales of energy controls were off 16% and sales of simulation and test products, including motion bases for flight training simulators, were 12% lower.

Sales for the Components segment were 7% higher, at $109 million. Sales of aerospace and defense products were $46 million, up 11%. Industrial product sales were up 9%, energy sales were 6% higher and medical sales were mostly unchanged.

The Medical Devices segment had sales of $32 million, a 16% increase, with improvements in sales for pumps and administration sets.

The Company’s twelve month backlog is $1.3 billion.

The Company updated its projections for 2015 to include sales for the year at $2.54 billion, net earnings of $142 million and earnings per share of $3.55. The moderated guidance includes $.24 of negative special adjustments.

“We had some unusual charges this quarter,” said John Scannell, Chairman and CEO. “Excluding these charges, our underlying business performed well in the face of an adverse shift in our aircraft sales, and on-going macroeconomic headwinds. As we navigate through these challenges, we continue to focus on operational improvements, strong cash flow and allocating capital to create value for our shareholders.”

Posted by on May 1st, 2015 at 10:16 am


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