Moog Announces Better Than Expected Third Quarter Results; Clocks 9% sales growth

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  • Moog Inc. (NYSE: MOG-A) reported third-quarter FY22 sales growth of 9.3% year-on-year to $773 millionbeating the consensus of $768.68 million.
  • Adjusted EPS improved to $1.61 (+44% YoY), beating the consensus of $1.42.
  • Segment revenue: Aircraft Controls $318 million (+17% YoY); Space & Defense $224m (+9% YoY) and Industrial Systems $231m (fixed).
  • Consolidated 12-month backlog improved 10% year-on-year to $2.2 billion.
  • Gross margin increased by 45 basis points to 27.4%. Operating income increased 22.2% year-on-year to $79.3 million, and margin increased 109 basis points to 10.3%.
  • The adjusted operating margin increased by 130 basis points to 10.5%.
  • Moog generated cash from operations 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 exercise is going as planned. Our fourth quarter sales guidance is in line with the third quarter and our fourth quarter EPS guidance is unchanged from 90 days ago. Demand for our products is strong in all of our major markets and we are managing well the challenges posed by supply chain constraints, inflation and labor availability,” commented John Scannell, President and CEO.
  • Outlook for FY22: Moog expects sales of $3 billion, against a consensus of $3.07 billion.
  • It projects GAAP EPS of $5.36 and Adjusted EPS of $5.65, plus or minus $0.15, versus consensus of $5.57.
  • Company expects 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 up 0.21% at $85.52 when last checked on Friday.
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