Moog Inc. Reports Second Quarter 2025 Results With Record Sales and Strong Operational Performance
EAST AURORA, N.Y.–(BUSINESS WIRE)–
Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal second quarter 2025 diluted earnings per share of $1.75 and adjusted diluted earnings per share of $1.92, reflecting strong operational performance.
|
(in millions, except per share results) |
Three Months Ended |
||||||||||
|
|
Q2 2025 |
Q2 2024 |
Deltas |
||||||||
|
Net sales |
$ |
935 |
|
$ |
930 |
|
|
0 |
% |
||
|
Operating margin |
|
11.7 |
% |
|
12.0 |
% |
(30) bps |
||||
|
Adjusted operating margin |
|
12.5 |
% |
|
13.6 |
% |
(110) bps |
||||
|
Diluted net earnings per share |
$ |
1.75 |
|
$ |
1.86 |
|
|
(6 |
)% |
||
|
Adjusted diluted net earnings per share |
$ |
1.92 |
|
$ |
2.19 |
|
|
(12 |
)% |
||
|
Net cash provided (used) by operating activities |
$ |
39 |
|
$ |
(44 |
) |
$ |
83 |
|
||
|
Free cash flow |
$ |
2 |
|
$ |
(84 |
) |
$ |
86 |
|
||
|
See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the periods ended March 29, 2025, and March 30, 2024. |
|||||||||||
Quarter Highlights
- Net sales increased primarily in Military Aircraft and Commercial Aircraft, while sales in Industrial declined due to simplification actions.
- Operating margin declined modestly due to the absence of the prior year’s one-time 150 basis point benefit from the Employee Retention Credit (ERC), masking stronger operational performance.
- Adjusted operating margin declined due to the absence of prior year benefit which offset stronger operational performance, primarily in Industrial and in Military Aircraft.
- Diluted net earnings per share declined due to last year’s ERC, partially offset by lower adjustments and higher operating margin.
- Adjusted diluted net earnings per share declined due to last year’s ERC, partially offset by higher adjusted operating margin.
- Free cash flow was driven by lower working capital requirements.
- Twelve-month backlog remained steady at $2.5 billion.
- Reiterated 2025 guidance, noting potential net tariff risk to operating profit of $10 million to $20 million.
“We have delivered another quarter of strong financial results due to our unrelenting focus on operational performance,” said Pat Roche, CEO. “We achieved record sales and drove improved operating margin and earnings per share, both net of the prior year’s one-time Employee Retention Credit. In addition, we delivered free cash flow in line with our plan.”
Segment Results
Sales in the second quarter of 2025 increased marginally to $935 million compared to the second quarter of 2024. Military Aircraft sales increased 6% to $214 million, driven by the continued ramp-up of the FLRAA program. Commercial Aircraft sales increased 4% to $216 million, reflecting strong aftermarket demand partially offset by production delays on certain business jet and narrow-body programs. Space and Defense sales increased 1% to $270 million, supported by broad-based defense demand. These gains were partially offset by a 7% decline in Industrial sales to $234 million, primarily due to divestitures and purposeful product exits.
Operating margin was 11.7% in the second quarter, down 30 basis points compared to the second quarter of 2024, which included a one-time 150 basis point benefit from the ERC. Space and Defense operating margin declined 370 basis points to 12.1%, reflecting the absence of the prior year’s ERC benefit. Commercial Aircraft operating margin declined 20 basis points to 11.8%, driven by pressures arising from OEM customers’ production delays, partially offset by stronger aftermarket activity. Partially offsetting these margin declines was a Military Aircraft operating margin increase of 280 basis points to 11.1%. Lower amounts of restructuring and other charges, along with stronger operational performance in the current quarter, were partially offset by the prior year’s benefits of the mature product line sale and the ERC. Additionally, Industrial operating margin increased 50 basis points to 11.6%, driven by simplification initiatives.
Adjusted operating margin excludes $14 million and $7 million in restructuring and other charges in the second quarters of 2024 and 2025, respectively. Excluding these charges, total company adjusted operating margin decreased 110 basis points from 13.6% in 2024 to 12.5% in 2025. However, adjusted operating margin increased 40 basis points from a year ago, excluding the ERC benefit. Adjusted operating margin in Industrial increased 90 basis points to 13.4% driven by simplification initiatives. Commercial Aircraft adjusted operating margin declined 20 basis points to 11.8%, driven by pressures arising from OEM customers’ production delays, partially offset by stronger aftermarket activity. Military Aircraft adjusted operating margin decreased 140 basis points as the prior year’s benefits of the mature product line sale and the ERC were partially offset by stronger operational performance in the current quarter. Space and Defense adjusted operating margin decreased 330 basis points due to the absence of the prior year’s ERC.
Free Cash Flow Results
Free cash flow in the second quarter was $2 million. This result reflects strong earnings, halted growth in physical inventories and secured customer advances, partially offset by the timing of collections.
2025 Financial Guidance
“Our underlying business is strong, and we are reiterating our guidance on sales, adjusted operating margin and adjusted earnings per share,” said Jennifer Walter, CFO. “We acknowledge the potential for pressure on our results from tariffs and we are taking appropriate steps to significantly mitigate the impact on our business.”
|
|
FY 2025 Guidance |
||||||
|
|
Current (1) |
Previous |
|||||
|
Net sales (in billions) |
$ |
3.7 |
|
$ |
3.7 |
|
|
|
Operating margin |
|
12.7 |
% |
|
12.9 |
% |
|
|
Adjusted operating margin |
|
13.0 |
% |
|
13.0 |
% |
|
|
Diluted net earnings per share(2) |
$ |
7.89 |
|
$ |
8.06 |
|
|
|
Adjusted diluted net earnings per share(2) |
$ |
8.20 |
|
$ |
8.20 |
|
|
|
Free cash flow conversion |
|
50 |
% |
|
50 – 75 |
% |
|
|
(1) Current guidance excludes potential net tariff risk. (2) Diluted net earnings per share and Adjusted diluted net earnings per share figures are forecasted to be within range of +/- $0.20. |
|||||||
Conference call information
In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor 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.
Although it is not possible to create a comprehensive list of all factors that may cause our 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 are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.
While we believe we have identified and discussed in our SEC filings 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 we make 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 press release, except as required by applicable law.
|
Moog Inc. |
|||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||
|
|
March 29, |
March 30, |
March 29, |
March 30, |
|||||||
|
Net sales |
$ |
934,840 |
$ |
930,303 |
$ |
1,845,155 |
$ |
1,787,153 |
|||
|
Cost of sales |
|
676,648 |
|
663,350 |
|
1,344,688 |
|
1,287,001 |
|||
|
Inventory write-down |
|
2,149 |
|
175 |
|
2,149 |
|
175 |
|||
|
Gross profit |
|
256,043 |
|
266,778 |
|
498,318 |
|
499,977 |
|||
|
Research and development |
|
24,481 |
|
28,382 |
|
48,086 |
|
58,961 |
|||
|
Selling, general and administrative |
|
133,102 |
|
124,961 |
|
260,883 |
|
243,686 |
|||
|
Interest |
|
19,548 |
|
18,003 |
|
36,550 |
|
34,697 |
|||
|
Asset impairment |
|
— |
|
6,750 |
|
— |
|
6,750 |
|||
|
Restructuring |
|
2,425 |
|
6,750 |
|
6,209 |
|
8,639 |
|||
|
Other |
|
2,908 |
|
3,183 |
|
4,432 |
|
5,884 |
|||
|
Earnings before income taxes |
|
73,579 |
|
78,749 |
|
142,158 |
|
141,360 |
|||
|
Income taxes |
|
17,825 |
|
18,746 |
|
33,291 |
|
33,545 |
|||
|
Net earnings |
$ |
55,754 |
$ |
60,003 |
$ |
108,867 |
$ |
107,815 |
|||
|
|
|
|
|
|
|||||||
|
Net earnings per share |
|
|
|
|
|||||||
|
Basic |
$ |
1.77 |
$ |
1.88 |
$ |
3.43 |
$ |
3.38 |
|||
|
Diluted |
$ |
1.75 |
$ |
1.86 |
$ |
3.38 |
$ |
3.34 |
|||
|
|
|
|
|
|
|||||||
|
Weighted average common shares outstanding |
|
|
|
|
|||||||
|
Basic |
|
31,558,372 |
|
31,967,828 |
|
31,764,917 |
|
31,934,965 |
|||
|
Diluted |
|
31,942,315 |
|
32,335,418 |
|
32,174,804 |
|
32,295,762 |
|||
|
Moog Inc. |
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
|
|
March 29, |
March 30, |
March 29, |
March 30, |
|||||||||||
|
As Reported: |
|
|
|
|
|||||||||||
|
Earnings before income taxes |
$ |
73,579 |
|
$ |
78,749 |
|
$ |
142,158 |
|
$ |
141,360 |
|
|||
|
Income taxes |
|
17,825 |
|
|
18,746 |
|
|
33,291 |
|
|
33,545 |
|
|||
|
Effective income tax rate |
|
24.2 |
% |
|
23.8 |
% |
|
23.4 |
% |
|
23.7 |
% |
|||
|
Net earnings |
|
55,754 |
|
|
60,003 |
|
|
108,867 |
|
|
107,815 |
|
|||
|
Diluted net earnings per share |
$ |
1.75 |
|
$ |
1.86 |
|
$ |
3.38 |
|
$ |
3.34 |
|
|||
|
|
|
|
|
|
|||||||||||
|
Restructuring and Other Charges: |
|
|
|
||||||||||||
|
Earnings before income taxes |
$ |
7,343 |
|
$ |
7,590 |
|
$ |
13,399 |
|
$ |
9,479 |
|
|||
|
Income taxes |
|
1,801 |
|
|
1,852 |
|
|
3,313 |
|
|
2,350 |
|
|||
|
Net earnings |
|
5,542 |
|
|
5,738 |
|
|
10,086 |
|
|
7,129 |
|
|||
|
Diluted net earnings per share |
$ |
0.17 |
|
$ |
0.18 |
|
$ |
0.31 |
|
$ |
0.22 |
|
|||
|
|
|
|
|
|
|||||||||||
|
Asset Impairment: |
|
|
|
|
|||||||||||
|
Earnings before income taxes |
$ |
— |
|
$ |
6,750 |
|
$ |
— |
|
$ |
6,750 |
|
|||
|
Income taxes |
|
— |
|
|
1,593 |
|
|
— |
|
|
1,593 |
|
|||
|
Net earnings |
|
— |
|
|
5,157 |
|
|
— |
|
|
5,157 |
|
|||
|
Diluted net earnings per share |
$ |
— |
|
$ |
0.16 |
|
$ |
— |
|
$ |
0.16 |
|
|||
|
|
|
|
|
|
|||||||||||
|
As Adjusted: |
|
|
|
|
|||||||||||
|
Earnings before income taxes |
$ |
80,922 |
|
$ |
93,089 |
|
$ |
155,557 |
|
$ |
157,589 |
|
|||
|
Income taxes |
|
19,626 |
|
|
22,191 |
|
|
36,604 |
|
|
37,488 |
|
|||
|
Effective income tax rate |
|
24.3 |
% |
|
23.8 |
% |
|
23.5 |
% |
|
23.8 |
% |
|||
|
Net earnings |
|
61,296 |
|
|
70,898 |
|
|
118,953 |
|
|
120,101 |
|
|||
|
Diluted net earnings per share |
$ |
1.92 |
|
$ |
2.19 |
|
$ |
3.70 |
|
$ |
3.72 |
|
|||
|
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding. |
|||||||||||||||
Results shown above have been adjusted to exclude impacts associated with restructuring and other charges related to continued portfolio shaping and footprint rationalization activities, as well as asset impairments due to program termination and the devaluation of an investment. While management believes that these adjusted 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.
|
Moog Inc. |
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
|
|
March 29, |
March 30, |
March 29, |
March 30, |
|||||||||||
|
Net sales: |
|
|
|
|
|||||||||||
|
Space and Defense |
$ |
270,184 |
|
$ |
266,787 |
|
$ |
517,968 |
|
$ |
496,915 |
|
|||
|
Military Aircraft |
|
213,849 |
|
|
202,500 |
|
|
427,269 |
|
|
388,744 |
|
|||
|
Commercial Aircraft |
|
216,381 |
|
|
207,594 |
|
|
437,304 |
|
|
401,816 |
|
|||
|
Industrial |
|
234,426 |
|
|
253,422 |
|
|
462,614 |
|
|
499,678 |
|
|||
|
Net sales |
$ |
934,840 |
|
$ |
930,303 |
|
$ |
1,845,155 |
|
$ |
1,787,153 |
|
|||
|
Operating profit: |
|
|
|
|
|||||||||||
|
Space and Defense |
$ |
32,781 |
|
$ |
42,243 |
|
$ |
61,320 |
|
$ |
67,540 |
|
|||
|
|
|
12.1 |
% |
|
15.8 |
% |
|
11.8 |
% |
|
13.6 |
% |
|||
|
Military Aircraft |
|
23,722 |
|
|
16,769 |
|
|
46,638 |
|
|
36,358 |
|
|||
|
|
|
11.1 |
% |
|
8.3 |
% |
|
10.9 |
% |
|
9.4 |
% |
|||
|
Commercial Aircraft |
|
25,591 |
|
|
24,845 |
|
|
49,795 |
|
|
45,471 |
|
|||
|
|
|
11.8 |
% |
|
12.0 |
% |
|
11.4 |
% |
|
11.3 |
% |
|||
|
Industrial |
|
27,213 |
|
|
28,155 |
|
|
52,711 |
|
|
57,179 |
|
|||
|
|
|
11.6 |
% |
|
11.1 |
% |
|
11.4 |
% |
|
11.4 |
% |
|||
|
Total operating profit |
|
109,307 |
|
|
112,012 |
|
|
210,464 |
|
|
206,548 |
|
|||
|
|
|
11.7 |
% |
|
12.0 |
% |
|
11.4 |
% |
|
11.6 |
% |
|||
|
Deductions from operating profit: |
|
|
|
|
|||||||||||
|
Interest expense |
|
19,548 |
|
|
18,003 |
|
|
36,550 |
|
|
34,697 |
|
|||
|
Equity-based compensation expense |
|
3,695 |
|
|
3,047 |
|
|
8,020 |
|
|
7,212 |
|
|||
|
Non-service pension expense |
|
1,939 |
|
|
3,191 |
|
|
3,885 |
|
|
6,378 |
|
|||
|
Corporate and other expenses, net |
|
10,546 |
|
|
9,022 |
|
|
19,851 |
|
|
16,901 |
|
|||
|
Earnings before income taxes |
$ |
73,579 |
|
$ |
78,749 |
|
$ |
142,158 |
|
$ |
141,360 |
|
|||
|
Moog Inc. |
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
|
|
March 29, |
March 30, |
March 29, |
March 30, |
|||||||||||
|
Space and Defense operating profit – as reported |
$ |
32,781 |
|
$ |
42,243 |
|
$ |
61,320 |
|
$ |
67,540 |
|
|||
|
Asset impairment |
|
— |
|
|
304 |
|
|
— |
|
|
304 |
|
|||
|
Restructuring and other |
|
1,138 |
|
|
— |
|
|
2,068 |
|
|
— |
|
|||
|
Space and Defense operating profit – as adjusted |
$ |
33,919 |
|
$ |
42,547 |
|
$ |
63,388 |
|
$ |
67,844 |
|
|||
|
|
|
12.6 |
% |
|
15.9 |
% |
|
12.2 |
% |
|
13.7 |
% |
|||
|
|
|
|
|
|
|||||||||||
|
Military Aircraft operating profit – as reported |
$ |
23,722 |
|
$ |
16,769 |
|
$ |
46,638 |
|
$ |
36,358 |
|
|||
|
Asset impairment |
|
— |
|
|
6,446 |
|
|
— |
|
|
6,446 |
|
|||
|
Restructuring and other |
|
2,000 |
|
|
3,963 |
|
|
2,591 |
|
|
3,963 |
|
|||
|
Military Aircraft operating profit – as adjusted |
$ |
25,722 |
|
$ |
27,178 |
|
$ |
49,229 |
|
$ |
46,767 |
|
|||
|
|
|
12.0 |
% |
|
13.4 |
% |
|
11.5 |
% |
|
12.0 |
% |
|||
|
|
|
|
|
|
|||||||||||
|
Commercial Aircraft operating profit – as reported and adjusted |
$ |
25,591 |
|
$ |
24,845 |
|
$ |
49,795 |
|
$ |
45,471 |
|
|||
|
|
|
11.8 |
% |
|
12.0 |
% |
|
11.4 |
% |
|
11.3 |
% |
|||
|
|
|
|
|
|
|||||||||||
|
Industrial operating profit – as reported |
$ |
27,213 |
|
$ |
28,155 |
|
$ |
52,711 |
|
$ |
57,179 |
|
|||
|
Restructuring and other |
|
4,205 |
|
|
3,627 |
|
|
8,740 |
|
|
5,516 |
|
|||
|
Industrial operating profit – as adjusted |
$ |
31,418 |
|
$ |
31,782 |
|
$ |
61,451 |
|
$ |
62,695 |
|
|||
|
|
|
13.4 |
% |
|
12.5 |
% |
|
13.3 |
% |
|
12.5 |
% |
|||
|
|
|
|
|
|
|||||||||||
|
Total operating profit – as adjusted |
$ |
116,650 |
|
$ |
126,352 |
|
$ |
223,863 |
|
$ |
222,777 |
|
|||
|
|
|
12.5 |
% |
|
13.6 |
% |
|
12.1 |
% |
|
12.5 |
% |
|||
While management believes that these adjusted 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.
|
Moog Inc. |
|||||||
|
|
March 29, |
September 28, |
|||||
|
ASSETS |
|
|
|||||
|
Current assets |
|
|
|||||
|
Cash and cash equivalents |
$ |
62,124 |
|
$ |
61,694 |
|
|
|
Restricted cash |
|
602 |
|
|
123 |
|
|
|
Receivables, net |
|
537,179 |
|
|
419,971 |
|
|
|
Unbilled receivables |
|
733,762 |
|
|
709,014 |
|
|
|
Inventories, net |
|
902,551 |
|
|
863,702 |
|
|
|
Prepaid expenses and other current assets |
|
95,554 |
|
|
86,245 |
|
|
|
Total current assets |
|
2,331,772 |
|
|
2,140,749 |
|
|
|
Property, plant and equipment, net |
|
960,015 |
|
|
929,357 |
|
|
|
Operating lease right-of-use assets |
|
55,354 |
|
|
52,591 |
|
|
|
Goodwill |
|
825,415 |
|
|
833,764 |
|
|
|
Intangible assets, net |
|
57,915 |
|
|
63,479 |
|
|
|
Deferred income taxes |
|
31,638 |
|
|
20,991 |
|
|
|
Other assets |
|
57,146 |
|
|
52,695 |
|
|
|
Total assets |
$ |
4,319,255 |
|
$ |
4,093,626 |
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|||||
|
Current liabilities |
|
|
|||||
|
Accounts payable |
$ |
293,052 |
|
$ |
292,988 |
|
|
|
Accrued compensation |
|
69,411 |
|
|
101,127 |
|
|
|
Contract advances and progress billings |
|
306,772 |
|
|
299,732 |
|
|
|
Accrued liabilities and other |
|
282,180 |
|
|
305,180 |
|
|
|
Total current liabilities |
|
951,415 |
|
|
999,027 |
|
|
|
Long-term debt, excluding current installments |
|
1,165,662 |
|
|
874,139 |
|
|
|
Long-term pension and retirement obligations |
|
172,395 |
|
|
167,161 |
|
|
|
Deferred income taxes |
|
26,384 |
|
|
27,738 |
|
|
|
Other long-term liabilities |
|
167,982 |
|
|
164,928 |
|
|
|
Total liabilities |
|
2,483,838 |
|
|
2,232,993 |
|
|
|
Shareholders’ equity |
|
|
|||||
|
Common stock – Class A |
|
43,852 |
|
|
43,835 |
|
|
|
Common stock – Class B |
|
7,428 |
|
|
7,445 |
|
|
|
Additional paid-in capital |
|
750,119 |
|
|
784,509 |
|
|
|
Retained earnings |
|
2,759,484 |
|
|
2,668,723 |
|
|
|
Treasury shares |
|
(1,204,032 |
) |
|
(1,082,240 |
) |
|
|
Stock Employee Compensation Trust |
|
(162,945 |
) |
|
(194,049 |
) |
|
|
Supplemental Retirement Plan Trust |
|
(141,490 |
) |
|
(163,821 |
) |
|
|
Accumulated other comprehensive loss |
|
(216,999 |
) |
|
(203,769 |
) |
|
|
Total shareholders’ equity |
|
1,835,417 |
|
|
1,860,633 |
|
|
|
Total liabilities and shareholders’ equity |
$ |
4,319,255 |
|
$ |
4,093,626 |
|
|
|
Moog Inc. |
|||||||
|
|
Six Months Ended |
||||||
|
|
March 29, |
March 30, |
|||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|||||
|
Net earnings |
$ |
108,867 |
|
$ |
107,815 |
|
|
|
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: |
|
|
|||||
|
Depreciation |
|
45,822 |
|
|
42,276 |
|
|
|
Amortization |
|
4,629 |
|
|
5,296 |
|
|
|
Deferred income taxes |
|
(12,252 |
) |
|
(17,805 |
) |
|
|
Equity-based compensation expense |
|
8,020 |
|
|
7,212 |
|
|
|
Asset impairment |
|
— |
|
|
6,750 |
|
|
|
Other |
|
2,997 |
|
|
2,382 |
|
|
|
Changes in assets and liabilities providing (using) cash: |
|
|
|||||
|
Receivables |
|
(123,555 |
) |
|
17,469 |
|
|
|
Unbilled receivables |
|
(26,967 |
) |
|
(86,197 |
) |
|
|
Inventories |
|
(54,209 |
) |
|
(77,396 |
) |
|
|
Accounts payable |
|
1,975 |
|
|
1,847 |
|
|
|
Contract advances and progress billings |
|
9,964 |
|
|
24,512 |
|
|
|
Accrued expenses |
|
(30,966 |
) |
|
903 |
|
|
|
Accrued income taxes |
|
(24,986 |
) |
|
10,833 |
|
|
|
Net pension and post retirement liabilities |
|
12,986 |
|
|
5,687 |
|
|
|
Other assets and liabilities |
|
(15,187 |
) |
|
(35,195 |
) |
|
|
Net cash provided (used) by operating activities |
|
(92,862 |
) |
|
16,389 |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|||||
|
Acquisitions of businesses, net of cash acquired |
|
— |
|
|
(5,911 |
) |
|
|
Purchase of property, plant and equipment |
|
(70,382 |
) |
|
(77,530 |
) |
|
|
Net proceeds from businesses sold |
|
13,487 |
|
|
— |
|
|
|
Other investing transactions |
|
(2,062 |
) |
|
(515 |
) |
|
|
Net cash provided (used) by investing activities |
|
(58,957 |
) |
|
(83,956 |
) |
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|||||
|
Proceeds from revolving lines of credit |
|
752,500 |
|
|
509,500 |
|
|
|
Payments on revolving lines of credit |
|
(462,000 |
) |
|
(425,000 |
) |
|
|
Payments on finance lease obligations |
|
(4,501 |
) |
|
(2,741 |
) |
|
|
Payment of dividends |
|
(18,106 |
) |
|
(17,572 |
) |
|
|
Proceeds from sale of treasury stock |
|
7,825 |
|
|
7,579 |
|
|
|
Purchase of outstanding shares for treasury |
|
(126,425 |
) |
|
(20,238 |
) |
|
|
Proceeds from sale of stock held by SECT |
|
19,289 |
|
|
15,788 |
|
|
|
Purchase of stock held by SECT |
|
(14,808 |
) |
|
(9,407 |
) |
|
|
Other financing transactions |
|
(1,457 |
) |
|
— |
|
|
|
Net cash provided (used) by financing activities |
|
152,317 |
|
|
57,909 |
|
|
|
Effect of exchange rate changes on cash |
|
(2,309 |
) |
|
245 |
|
|
|
Increase (decrease) in cash, cash equivalents and restricted cash |
|
(1,811 |
) |
|
(9,413 |
) |
|
|
Cash, cash equivalents and restricted cash at beginning of year (1) |
|
64,537 |
|
|
69,144 |
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
62,726 |
|
$ |
59,731 |
|
|
|
(1) Beginning of year cash balance at September 29, 2024, includes cash related to assets held for sale of $2,720. |
|||||||
|
Moog Inc. |
|||||||||||||||
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||
|
|
March 29, |
March 30, |
March 29, |
March 30, |
|||||||||||
|
Net cash provided (used) by operating activities |
$ |
39,422 |
|
$ |
(44,002 |
) |
$ |
(92,862 |
) |
$ |
16,389 |
|
|||
|
Purchase of property, plant and equipment |
|
(37,604 |
) |
|
(40,114 |
) |
|
(70,382 |
) |
|
(77,530 |
) |
|||
|
Receivables Purchase Agreement |
|
— |
|
|
— |
|
|
— |
|
|
(25,000 |
) |
|||
|
Free cash flow |
$ |
1,818 |
|
$ |
(84,116 |
) |
$ |
(163,244 |
) |
$ |
(86,141 |
) |
|||
|
Adjusted net earnings |
$ |
61,296 |
|
$ |
70,898 |
|
$ |
118,953 |
|
$ |
120,101 |
|
|||
|
Free cash flow conversion |
|
3 |
% |
|
(119 |
)% |
|
(137 |
)% |
|
(72 |
)% |
|||
Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250425602346/en/
Aaron Astrachan
716.687.4225
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS: Satellite Defense Other Defense Military Engineering Technology Aerospace Manufacturing
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