Moog Reports Better Than Expected Q3 Results; Clocks 9% Sales Growth

  • Moog Inc (NYSE: MOG-A) reported third-quarter FY22 sales growth of 9.3% year-over-year to $773 million, beating the consensus of $768.68 million.
  • Adjusted EPS improved to $1.61 (+44% Y/Y), beating the consensus of $1.42.
  • Segment revenues: Aircraft Controls $318 million (+17% Y/Y); Space and Defense $224 million (+9% Y/Y) and Industrial Systems $231 million (flat).
  • The consolidated 12-month backlog improved 10% Y/Y to $2.2 billion.
  • The gross margin expanded by 45 bps to 27.4%. The operating income increased by 22.2% Y/Y to $79.3 million, and the margin expanded by 109 bps to 10.3%.
  • Adjusted operating margin expanded by 130 bps to 10.5%.
  • Moog generated cash from operating activities year-to-date of $184.26 million, compared to $230.58 million a year ago. It held cash and cash equivalents of $95.6 million at the end of the quarter.
  • “The second half of our fiscal year is playing out as we anticipated. Our sales forecast for Q4 is in line with Q3, and our EPS forecast for Q4 is unchanged from 90 days ago. Demand for our products is strong across all our major markets, and we’re managing well through the challenges posed by supply chain constraints, inflation, and labor availability,” commented John Scannell, Chairman, and CEO.
  • FY22 Outlook: Moog expects sales of $3 billion, against the consensus of $3.07 billion.
  • It forecasts GAAP EPS of $5.36 and adjusted EPS of $5.65, plus or minus $0.15, vs. a consensus of $5.57.
  • The company sees GAAP operating margins of 9.9% and adjusted operating margins of 10.3%, cash flow from operating activities of $276 million, and adjusted cash flow from operating activities of $176 million.
  • Price Action: MOG.A shares are trading higher by 0.21% at $85.52 on the last check Friday.
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