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Moog reports third-quarter results

Estimated reading time 2 minutes, 51 seconds.

 

Moog Inc. has announced third-quarter earnings per share of one dollar, up six percent from a year ago on slightly lower sales of $613 million.

Cash flow from operating activities was strong in the quarter, at $82 million, while net earnings were flat at $36 million.

Total aircraft controls sales in the quarter were $274 million, up one percent from a year ago. Commercial aircraft sales of $140 million were up eight percent. Sales of original equipment manufacturer (OEM) products to Airbus increased 45 percent, to $28 million, on the A350 production ramp up.

Boeing OEM product sales were 13 percent higher, at $66 million, on increased sales across all platforms. Commercial aftermarket revenues of $27 million were down 12 percent due to lower initial provisioning of 787 spares and softer business jet activity.

Military aircraft sales of $134 million were five percent lower year over year. OEM sales were down six percent, to $84 million, due to declines in Boeing V-22 tilt rotor and Sikorsky Black Hawk helicopter sales. Military aftermarket sales were down four percent, to $50 million.

Space and Defense segment sales were $91 million, five percent lower than last year. Space sales were $44 million, a decrease of eight percent due to lower sales of avionics and components.

Defense sales were $47 million, down marginally due to slower military vehicle sales.

Sales in the company’s industrial systems segment were flat at $130 million. Energy market sales were eight percent higher, at $33 million, helped by higher sales of wind energy products into Europe and China. Industrial automation sales were $69 million, off three percent.

Simulation and test product sales were $28 million, also off three percent, reflecting strong prior year sales of test equipment.

Components segment sales, at $92 million, were 18 percent lower than last year. Sales of aerospace and defense products were $42 million, down 14 percent, on softer OEM program and aftermarket sales.

Sales into energy, industrial and medical markets continued to experience weakness across a range of products and programs.

The company updated its projections for fiscal 2016, ending Oct. 1, 2016, to include sales of $2.42 billion. The earnings per share midpoint is unchanged, at $3.35, and the range has been narrowed to plus or minus $.10 per share.

“Overall we had a good third quarter,” said John Scannell, chairman and CEO. “Sales were slightly down but EPS [earnings per share] was ahead of our guidance and we had strong cash flow. In addition, our aircraft team celebrated the flawless operation of our flight controls as part of the successful first flight of the Embraer E2 jet. With one quarter left to go, we’re refining our sales forecast for the year, while keeping our EPS forecast unchanged from 90 days ago.”

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