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Stock Performance Summary: Moog Inc. (NYSE: MOG.A and MOG.B)

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Moog Inc. (NYSE: MOG.A and MOG.B) recently stated financial results for the 4th-quarter and financial year finished September 28, 2k19.

4th-Quarter Highlights

  • Sales of $765.00M, up 9.0 percent from a year ago;
  • Diluted earnings for each share of $1.310;
  • Operating margins of 10.40 percent;
  • Tax rate of 21.30 percent;
  • $52.00M cash flow from operating activities.

Full-Year 2k19 Highlights

  • Sales of $2.90B, up 7.0 percent from a year ago;
  • Diluted earnings for each share of $5.110;
  • Operating margins of 11.10 percent;
  • Tax rate of 23.10 percent;
  • $181.00M cash flow from operating activities.

Fiscal 2k20 Outlook

The Company offered its initial projections for fiscal 2k20.

  • Forecast sales of $3.00B, up 4.0 percent;
  • Forecast diluted earnings for each share of $5.550, plus or minus $0.200;
  • Forecast full-year operating margins of 11.50 percent;
  • Forecast tax rate of 25.30 percent;
  • Forecast $275.00M cash flow from operating activities.

Segment Results

Total Aircraft Controls segment sales in the quarter were $342.00M, up 12.00 percent year over year. Commercial aircraft revenues in the quarter were very strong, up 18.00 percent, to $184.00M. Sales of OEM products to Boeing were up 21.00 percent, to $73.00M, the result of turned up 787 activity. Airbus OEM sales turned up 32.00 percent, to $48.00M, on A350 sales. Commercial aftermarket sales were off 12.00 percent on lower initial provisioning spares for the Airbus A350 and legacy program repairs.

Military aircraft sales turned up 7.0 percent, to $158.00M. Military OEM sales were 11.00 percent higher, at $106.00M, on V-22 and funded development work. Military aftermarket sales were flat, at $52.00M, with turned-up F-35 repairs mostly offsetting slower repair work on other platforms.

Full-year Aircraft Controls sales were $1.30B, up 9.0 percent. Military aircraft sales of $622.00M were 9.0 percent higher. Military OEM sales turned up 9.0 percent, to $415.00M, on very strong F-35 and other fighter aircraft deliveries. Military aftermarket sales were 9.0 percent higher, the result of inclines in F-35 and V-22 repairs.

Commercial aircraft sales turned up 10.00 percent, to $681.00M, driven by OEM sales, which turned up 15.00 percent year over year. Boeing OEM sales were 11.00 percent higher, at $264.00M. Airbus OEM sales turned up 14.00 percent, to $173.00M, on A350 deliveries. Commercial aftermarket sales were off 7.0 percent on softer initial provisioning of spares for the A350.

In the quarter, Space and Defense segment sales were $190.00M, up 23.00 percent year over year. Defense sales were 28.00 percent higher on sales of missile controls, the RIwP reconfigurable turret platform and power and data component sales used on multiple platforms. Space sales were 13.00 percent higher, at $60.00M, attributed to hypersonic development and launch vehicle programs.

Space and Defense sales for the year turned up 18.00 percent, to $683.00M. The results were driven by most of the similar factors as the quarterly results. Defense sales turned up 27.00 percent, to $464.00M, the result of funded development work, higher sales for missile controls and demand for components used in various ground vehicle markets. Space sales were 2.0 percent higher, at $219.00M. A boost in launch vehicle program sales offset lower demand for satellite avionics products.

Industrial Systems segment sales in the quarter were $234.00M, down 4.0 percent from year ago. Energy sales were off $11.00M following the company’s exit from the wind pitch controls business last year. Medical product sales were up 11.00 percent, offsetting slightly lower sales of industrial automation and simulation and test products, where sales were both off 3.0 percent.

Full-year Industrial Systems sales were $918.00M, 2.0 percent lower, mainly because of foreign exchange movements. Energy sales were down 26.00 percent, to $121.00M, but were mostly unchanged after adjusting for the wind business exit. Sales of medical pumps and associated products turned up 7.0 percent, to $227.00M, in part because of market share gains for enteral pumps. Industrial automation sales of $448.00M, were up 4.0 percent. Simulation and test sales were 3.0 percent lower, attributed to sales of motion bases sold into entertainment applications.

Merged year-end 12-month backlog was $1.500B, up 1.0 percent from a year ago.

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