Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter ended April 2, 2022.
Second Quarter Highlights
- Sales of $771 million were up 5% from a year ago;
- GAAP diluted earnings per share of $0.91 included $0.59 per share in restructuring and impairment charges;
- Non-GAAP diluted adjusted earnings per share of $1.49, up 12% from adjusted earnings per share a year ago;
- GAAP operating margins of 7.4% with adjusted operating margins of 10.6%;
- $23 million GAAP cash flow from operating activities and $13 million adjusted cash flow from operating activities;
- GAAP effective tax rate of 24.9% and adjusted effective tax rate of 24.4%.
Segment Results
Aircraft Controls segment revenues in the quarter were $311 million, 2% higher year over year. Commercial aircraft revenues were $119 million, a 16% increase. Sales to commercial OEM customers were unchanged with an increase in A350, 737, and business jet sales compensating for slower sales of 787 and other OEM products. Commercial aftermarket sales increased 61% on very strong repair and overhaul activity, particularly on the 787 aircraft, and one-time sales of test equipment that were booked in the quarter.
Military aircraft sales were $192 million, down 5% year over year. Military OEM sales were down 11%, to $137 million. Lower F-35 Joint Strike Fighter sales and foreign military sales were partially offset by increased V-22 sales. Military aftermarket sales were 14% higher on increases across multiple programs.
Space and Defense segment revenues were $223 million, an increase of 8% year over year. Defense sales of $136 million increased 15%. Strong sales of the RIwP® turret and various components continued and offset lower sales for tactical missile applications. Space sales were mostly unchanged, at $87 million, the result of reduced hypersonic development activity and lower sales of heritage space components, offset by growth in sales of new space vehicles.
Industrial Systems segment sales in the quarter were $236 million, up 10% from a year ago, excluding the impact of foreign exchange movements and portfolio shaping activities. Sales of simulation and test products were 50% higher, as flight simulation activity for pilot training increased. Energy sales were up 14%, tied to the strength in oil prices and associated onshore and offshore exploration activity. Sales of products for industrial automation applications were down marginally, as the company completed minor portfolio shaping activities. Medical product sales were down 4%, the result of slower sales of components used in ventilators.
In the second quarter, the Company incurred $25 million of restructuring and impairment charges. Delayed recovery in the commercial aircraft OEM business resulted in $19 million of charges within the Aircraft Controls segment. The Company also recorded $4 million related to further portfolio refinements in the Space and Defense Controls and Industrial Systems segments and $2 million of asset write-downs related to exiting activities in Russia as a result of the invasion of Ukraine.
Consolidated 12-month backlog was $2.3 billion, up 17% from a year ago.
“We’re pleased with our results this quarter which came in ahead of forecast,” said John Scannell, Chairman and CEO. “Our backlog continues to grow, and our longer-term outlook remains positive. We’re managing through the on-going challenges associated with COVID and supply chain disruptions and are confident in meeting our forecast for the remainder of the year.”
Fiscal 2022 Outlook
The Company updated its fiscal 2022 projections and adjusted figures provided 90 days ago.
- Forecasted sales of $3.0 billion;
- Forecasted GAAP diluted earnings per share of $5.24, and adjusted diluted earnings per share of $5.50, both plus or minus $0.20;
- Forecasted GAAP operating margins of 10.0% and adjusted operating margins of 10.3%;
- Forecasted cash flow from operating activities of $328 million and adjusted cash flow from operating activities of $228 million; and
- Forecasted GAAP effective tax rate of 25.0% and adjusted effective tax rate of 25.4%.
In conjunction with today’s release, Moog will host a conference call today beginning at 10:00 a.m. ET, which will be broadcast live over the Internet. John Scannell, Chairman and CEO, and Jennifer Walter, CFO, will host the call.
Listeners can access the call live or in replay mode at www.moog.com/investors/communications. Supplemental financial data will be available on the webcast web page 90 minutes prior to the conference call.
About Moog
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.
CAUTIONARY STATEMENT
Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. In evaluating these forward-looking statements, you should carefully consider the factors set forth below.
Although it is not possible to create a comprehensive list of all factors that may cause actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties that arise from time to time are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC and include the following:
COVID-19 PANDEMIC RISKS
- We face various risks related to health pandemics such as the global COVID-19 pandemic, which may have material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.
STRATEGIC RISKS
- We operate in highly competitive markets with competitors who may have greater resources than we possess;
- Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
- Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and
- Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.
MARKET CONDITION RISKS
- The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
- We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
- The loss of The Boeing Company or Lockheed Martin as a customer or a significant reduction in sales to either company could adversely impact our operating results; and
- We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects.
OPERATIONAL RISKS
- Our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
- We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
- If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
- The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.
FINANCIAL RISKS
- We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
- We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
- Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
- The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
- Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
- A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
- Unforeseen exposure to additional income tax liabilities may affect our operating results.
LEGAL AND COMPLIANCE RISKS
- Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
- Our operations in foreign countries expose us to currency, political and trade risks and adverse changes in local legal and regulatory environments could impact our results of operations;
- Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
- We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
- Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.
GENERAL RISKS
- Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
- Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.
While we believe we have identified and discussed above the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this report, except as required by law.
Moog Inc.
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
|||||||
Net sales |
|
$ |
770,787 |
|
$ |
736,402 |
|
|
$ |
1,494,873 |
|
|
$ |
1,420,356 |
|
Cost of sales |
|
|
556,070 |
|
|
536,493 |
|
|
|
1,085,776 |
|
|
|
1,030,804 |
|
Inventory write-down |
|
|
1,705 |
|
|
— |
|
|
|
3,205 |
|
|
|
— |
|
Gross profit |
|
|
213,012 |
|
|
199,909 |
|
|
|
405,892 |
|
|
|
389,552 |
|
Research and development |
|
|
30,720 |
|
|
30,453 |
|
|
|
58,428 |
|
|
|
58,461 |
|
Selling, general and administrative |
|
|
111,019 |
|
|
105,131 |
|
|
|
222,816 |
|
|
|
204,734 |
|
Interest |
|
|
8,263 |
|
|
8,629 |
|
|
|
16,245 |
|
|
|
17,049 |
|
Gain on sale of business |
|
|
— |
|
|
— |
|
|
|
(16,146 |
) |
|
|
— |
|
Asset impairment |
|
|
15,236 |
|
|
— |
|
|
|
15,236 |
|
|
|
— |
|
Restructuring |
|
|
7,793 |
|
|
— |
|
|
|
7,793 |
|
|
|
— |
|
Other |
|
|
1,268 |
|
|
(6,432 |
) |
|
|
1,384 |
|
|
|
(3,191 |
) |
Earnings before income taxes |
|
|
38,713 |
|
|
62,128 |
|
|
|
100,136 |
|
|
|
112,499 |
|
Income taxes |
|
|
9,626 |
|
|
13,440 |
|
|
|
24,784 |
|
|
|
25,969 |
|
Net earnings |
|
$ |
29,087 |
|
$ |
48,688 |
|
|
$ |
75,352 |
|
|
$ |
86,530 |
|
|
|
|
|
|
|
|
|
|
|||||||
Net earnings per share |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
0.91 |
|
$ |
1.51 |
|
|
$ |
2.35 |
|
|
$ |
2.69 |
|
Diluted |
|
$ |
0.91 |
|
$ |
1.51 |
|
|
$ |
2.34 |
|
|
$ |
2.68 |
|
|
|
|
|
|
|
|
|
|
|||||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
31,984,674 |
|
|
32,146,247 |
|
|
|
32,021,036 |
|
|
|
32,110,365 |
|
Diluted |
|
|
32,120,726 |
|
|
32,325,494 |
|
|
|
32,154,442 |
|
|
|
32,281,158 |
|
Results shown in the previous table include impacts associated with the gain on the sale of our Navigation Aids business, as well as inventory write-down charges, asset impairment and restructuring related to the impact of continued portfolio shaping activities and the Ukraine crisis. The table below adjusts the income taxes, net earnings and diluted net earnings per share to exclude these impacts. While management believes that these non-GAAP financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
Reconciliation to non-GAAP adjusted income taxes, net earnings and diluted net earnings per share are as follows:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
||||||||
As Reported: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
38,713 |
|
|
$ |
62,128 |
|
|
$ |
100,136 |
|
|
$ |
112,499 |
|
Income taxes |
|
|
9,626 |
|
|
|
13,440 |
|
|
|
24,784 |
|
|
|
25,969 |
|
Effective income tax rate |
|
|
24.9 |
% |
|
|
21.6 |
% |
|
|
24.8 |
% |
|
|
23.1 |
% |
Net earnings |
|
|
29,087 |
|
|
|
48,688 |
|
|
|
75,352 |
|
|
|
86,530 |
|
Diluted net earnings per share |
|
$ |
0.91 |
|
|
$ |
1.51 |
|
|
$ |
2.34 |
|
|
$ |
2.68 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gain on Sale of Business: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(16,146 |
) |
|
$ |
— |
|
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
(4,273 |
) |
|
|
— |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
(11,873 |
) |
|
|
— |
|
Diluted net earnings per share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.37 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Other Charges: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
24,734 |
|
|
$ |
— |
|
|
$ |
26,234 |
|
|
$ |
— |
|
Income taxes |
|
|
5,883 |
|
|
|
— |
|
|
|
6,237 |
|
|
|
— |
|
Net earnings |
|
|
18,851 |
|
|
|
— |
|
|
|
19,997 |
|
|
|
— |
|
Diluted net earnings per share |
|
$ |
0.59 |
|
|
$ |
— |
|
|
$ |
0.62 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Pension Curtailment Gain: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
— |
|
|
$ |
(5,830 |
) |
|
$ |
— |
|
|
$ |
(5,830 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net earnings |
|
|
— |
|
|
|
(5,830 |
) |
|
|
— |
|
|
|
(5,830 |
) |
Diluted net earnings per share |
|
$ |
— |
|
|
$ |
(0.18 |
) |
|
$ |
— |
|
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
|
||||||||
As Adjusted: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
63,447 |
|
|
$ |
56,298 |
|
|
$ |
110,224 |
|
|
$ |
106,669 |
|
Income taxes |
|
|
15,509 |
|
|
|
13,440 |
|
|
|
26,748 |
|
|
|
25,969 |
|
Effective income tax rate |
|
|
24.4 |
% |
|
|
23.9 |
% |
|
|
24.3 |
% |
|
|
24.3 |
% |
Net earnings |
|
|
47,938 |
|
|
|
42,858 |
|
|
|
83,476 |
|
|
|
80,700 |
|
Diluted net earnings per share |
|
$ |
1.49 |
|
|
$ |
1.33 |
|
|
$ |
2.60 |
|
|
$ |
2.50 |
|
The diluted net earnings per share associated with the adjustments have been calculated individually and in total using the quarterly average outstanding shares in the period in which the adjustments occurred. Accordingly, adjusted diluted net earnings per share may not reconcile when totaled due to rounding.
Moog Inc.
|
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
||||||||
Net sales: |
|
|
|
|
|
|
|
|
||||||||
Aircraft Controls |
|
$ |
311,268 |
|
|
$ |
304,361 |
|
|
$ |
614,585 |
|
|
$ |
591,135 |
|
Space and Defense Controls |
|
|
223,349 |
|
|
|
206,168 |
|
|
|
431,205 |
|
|
|
394,330 |
|
Industrial Systems |
|
|
236,170 |
|
|
|
225,873 |
|
|
|
449,083 |
|
|
|
434,891 |
|
Net sales |
|
$ |
770,787 |
|
|
$ |
736,402 |
|
|
$ |
1,494,873 |
|
|
$ |
1,420,356 |
|
Operating profit: |
|
|
|
|
|
|
|
|
||||||||
Aircraft Controls |
|
$ |
12,441 |
|
|
$ |
22,018 |
|
|
$ |
54,356 |
|
|
$ |
49,940 |
|
|
|
|
4.0 |
% |
|
|
7.2 |
% |
|
|
8.8 |
% |
|
|
8.4 |
% |
Space and Defense Controls |
|
|
24,075 |
|
|
|
26,652 |
|
|
|
45,374 |
|
|
|
49,698 |
|
|
|
|
10.8 |
% |
|
|
12.9 |
% |
|
|
10.5 |
% |
|
|
12.6 |
% |
Industrial Systems |
|
|
20,723 |
|
|
|
23,813 |
|
|
|
37,914 |
|
|
|
43,711 |
|
|
|
|
8.8 |
% |
|
|
10.5 |
% |
|
|
8.4 |
% |
|
|
10.1 |
% |
Total operating profit |
|
|
57,239 |
|
|
|
72,483 |
|
|
|
137,644 |
|
|
|
143,349 |
|
|
|
|
7.4 |
% |
|
|
9.8 |
% |
|
|
9.2 |
% |
|
|
10.1 |
% |
Deductions from operating profit: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
8,263 |
|
|
|
8,629 |
|
|
|
16,245 |
|
|
|
17,049 |
|
Equity-based compensation expense |
|
|
1,920 |
|
|
|
2,127 |
|
|
|
4,578 |
|
|
|
4,629 |
|
Non-service pension expense (income) |
|
|
1,472 |
|
|
|
(4,901 |
) |
|
|
2,957 |
|
|
|
(3,981 |
) |
Corporate and other expenses, net |
|
|
6,871 |
|
|
|
4,500 |
|
|
|
13,728 |
|
|
|
13,153 |
|
Earnings before income taxes |
|
$ |
38,713 |
|
|
$ |
62,128 |
|
|
$ |
100,136 |
|
|
$ |
112,499 |
|
Operating Profit and Margins - as adjusted are as follows:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
||||||||
Aircraft Controls operating profit - as reported |
|
$ |
12,441 |
|
|
$ |
22,018 |
|
|
$ |
54,356 |
|
|
$ |
49,940 |
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
(16,146 |
) |
|
|
— |
|
Restructuring |
|
|
4,232 |
|
|
|
— |
|
|
|
4,232 |
|
|
|
— |
|
Asset impairment |
|
|
14,594 |
|
|
|
— |
|
|
|
14,594 |
|
|
|
— |
|
Aircraft Controls operating profit - as adjusted |
|
$ |
31,267 |
|
|
$ |
22,018 |
|
|
$ |
57,036 |
|
|
$ |
49,940 |
|
|
|
|
10.0 |
% |
|
|
7.2 |
% |
|
|
9.3 |
% |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Space and Defense Controls operating profit - as reported |
|
$ |
24,075 |
|
|
$ |
26,652 |
|
|
$ |
45,374 |
|
|
$ |
49,698 |
|
Inventory write-down |
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
— |
|
Restructuring |
|
|
1,837 |
|
|
|
— |
|
|
|
1,837 |
|
|
|
— |
|
Space and Defense Controls operating profit - as adjusted |
|
$ |
25,912 |
|
|
$ |
26,652 |
|
|
$ |
48,711 |
|
|
$ |
49,698 |
|
|
|
|
11.6 |
% |
|
|
12.9 |
% |
|
|
11.3 |
% |
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Industrial Systems operating profit - as reported |
|
$ |
20,723 |
|
|
$ |
23,813 |
|
|
$ |
37,914 |
|
|
$ |
43,711 |
|
Inventory write-down |
|
|
1,705 |
|
|
|
— |
|
|
|
1,705 |
|
|
|
— |
|
Restructuring |
|
|
1,724 |
|
|
|
— |
|
|
|
1,724 |
|
|
|
— |
|
Asset impairment |
|
|
642 |
|
|
|
— |
|
|
|
642 |
|
|
|
— |
|
Industrial Systems operating profit - as adjusted |
|
$ |
24,794 |
|
|
$ |
23,813 |
|
|
$ |
41,985 |
|
|
$ |
43,711 |
|
|
|
|
10.5 |
% |
|
|
10.5 |
% |
|
|
9.3 |
% |
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Total operating profit - as adjusted |
|
$ |
81,973 |
|
|
$ |
72,483 |
|
|
$ |
147,732 |
|
|
$ |
143,349 |
|
|
10.6 |
% |
9.8 |
% |
9.9 |
% |
10.1 |
% |
Moog Inc.
|
||||||||
|
April 2,
|
|
October 2,
|
|||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
120,395 |
|
|
$ |
99,599 |
|
Restricted cash |
|
|
1,736 |
|
|
|
1,315 |
|
Receivables, net |
|
|
931,297 |
|
|
|
945,929 |
|
Inventories, net |
|
|
591,601 |
|
|
|
613,095 |
|
Prepaid expenses and other current assets |
|
|
67,802 |
|
|
|
58,842 |
|
Total current assets |
|
|
1,712,831 |
|
|
|
1,718,780 |
|
Property, plant and equipment, net |
|
|
668,602 |
|
|
|
645,778 |
|
Operating lease right-of-use assets |
|
|
61,659 |
|
|
|
60,355 |
|
Goodwill |
|
|
842,203 |
|
|
|
851,605 |
|
Intangible assets, net |
|
|
104,608 |
|
|
|
106,095 |
|
Deferred income taxes |
|
|
16,022 |
|
|
|
17,769 |
|
Other assets |
|
|
35,568 |
|
|
|
32,787 |
|
Total assets |
|
$ |
3,441,493 |
|
|
$ |
3,433,169 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Current installments of long-term debt |
|
$ |
372 |
|
|
$ |
80,365 |
|
Accounts payable |
|
|
222,986 |
|
|
|
200,602 |
|
Accrued compensation |
|
|
79,709 |
|
|
|
112,703 |
|
Contract advances |
|
|
321,594 |
|
|
|
263,686 |
|
Accrued liabilities and other |
|
|
217,780 |
|
|
|
212,005 |
|
Total current liabilities |
|
|
842,441 |
|
|
|
869,361 |
|
Long-term debt, excluding current installments |
|
|
832,391 |
|
|
|
823,355 |
|
Long-term pension and retirement obligations |
|
|
157,962 |
|
|
|
162,728 |
|
Deferred income taxes |
|
|
70,636 |
|
|
|
64,642 |
|
Other long-term liabilities |
|
|
107,415 |
|
|
|
112,939 |
|
Total liabilities |
|
|
2,010,845 |
|
|
|
2,033,025 |
|
Shareholders’ equity |
|
|
|
|
||||
Common stock - Class A |
|
|
43,804 |
|
|
|
43,803 |
|
Common stock - Class B |
|
|
7,476 |
|
|
|
7,477 |
|
Additional paid-in capital |
|
|
543,292 |
|
|
|
509,622 |
|
Retained earnings |
|
|
2,296,849 |
|
|
|
2,237,848 |
|
Treasury shares |
|
|
(1,028,414 |
) |
|
|
(1,007,506 |
) |
Stock Employee Compensation Trust |
|
|
(94,548 |
) |
|
|
(79,776 |
) |
Supplemental Retirement Plan Trust |
|
|
(73,876 |
) |
|
|
(63,764 |
) |
Accumulated other comprehensive loss |
|
|
(263,935 |
) |
|
|
(247,560 |
) |
Total shareholders’ equity |
|
|
1,430,648 |
|
|
|
1,400,144 |
|
Total liabilities and shareholders’ equity |
|
$ |
3,441,493 |
|
|
$ |
3,433,169 |
|
Moog Inc.
|
||||||||
|
Six Months Ended |
|||||||
|
|
April 2,
|
|
April 3,
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Net earnings |
|
$ |
75,352 |
|
|
$ |
86,530 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation |
|
|
38,316 |
|
|
|
37,622 |
|
Amortization |
|
|
6,735 |
|
|
|
6,436 |
|
Deferred income taxes |
|
|
4,834 |
|
|
|
(1,187 |
) |
Equity-based compensation expense |
|
|
4,578 |
|
|
|
4,629 |
|
Gain on sale of business |
|
|
(16,146 |
) |
|
|
— |
|
Asset impairment and Inventory write-down |
|
|
18,441 |
|
|
|
— |
|
Other |
|
|
2,692 |
|
|
|
(3,115 |
) |
Changes in assets and liabilities providing (using) cash: |
|
|
|
|
||||
Receivables |
|
|
(4,223 |
) |
|
|
(47,697 |
) |
Inventories |
|
|
6,951 |
|
|
|
9,301 |
|
Accounts payable |
|
|
24,388 |
|
|
|
(5,088 |
) |
Contract advances |
|
|
60,392 |
|
|
|
51,349 |
|
Accrued expenses |
|
|
(28,324 |
) |
|
|
(1,799 |
) |
Accrued income taxes |
|
|
8,217 |
|
|
|
12,691 |
|
Net pension and post retirement liabilities |
|
|
8,927 |
|
|
|
3,846 |
|
Other assets and liabilities |
|
|
(30,933 |
) |
|
|
(16,151 |
) |
Net cash provided by operating activities |
|
|
180,197 |
|
|
|
137,367 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired |
|
|
(11,837 |
) |
|
|
(77,600 |
) |
Purchase of property, plant and equipment |
|
|
(74,087 |
) |
|
|
(58,019 |
) |
Other investing transactions |
|
|
37,776 |
|
|
|
1,895 |
|
Net cash used by investing activities |
|
|
(48,148 |
) |
|
|
(133,724 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Proceeds from revolving lines of credit |
|
|
463,950 |
|
|
|
503,200 |
|
Payments on revolving lines of credit |
|
|
(455,476 |
) |
|
|
(467,700 |
) |
Proceeds from long-term debt |
|
|
— |
|
|
|
39,800 |
|
Payments on long-term debt |
|
|
(80,181 |
) |
|
|
(39,903 |
) |
Payments on finance lease obligations |
|
|
(1,085 |
) |
|
|
(1,042 |
) |
Payment of dividends |
|
|
(16,351 |
) |
|
|
(16,046 |
) |
Proceeds from sale of treasury stock |
|
|
8,701 |
|
|
|
4,230 |
|
Purchase of outstanding shares for treasury |
|
|
(26,481 |
) |
|
|
(18,844 |
) |
Proceeds from sale of stock held by SECT |
|
|
7,574 |
|
|
|
274 |
|
Purchase of stock held by SECT |
|
|
(10,396 |
) |
|
|
(2,559 |
) |
Net cash (used) provided by financing activities |
|
|
(109,745 |
) |
|
|
1,410 |
|
Effect of exchange rate changes on cash |
|
|
(1,087 |
) |
|
|
887 |
|
Increase in cash, cash equivalents and restricted cash |
|
|
21,217 |
|
|
|
5,940 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
100,914 |
|
|
|
85,072 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
122,131 |
|
|
$ |
91,012 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220429005106/en/
Contacts
Ann Marie Luhr
716-687-4225