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Moog Reports First Quarter Sales up 3%

2013-01-25 07:50 ET - News Release

EAST AURORA, NY -- (Marketwire) -- 01/25/13

Moog Inc. (NYSE: MOG.A) (NYSE: MOG.B) today announced first quarter sales of $621 million, up 3% from a year ago. Net earnings were $34 million and earnings per share were $.75, both 6% lower compared to last year's first quarter on lower industrial sales.

Aircraft segment sales of $252 million were up 9% from last year with gains in both military and commercial markets. Commercial aircraft sales increased 16% compared to a year ago. Strong OEM production sales of $75 million included a 47% increase in sales to Boeing. Commercial aircraft aftermarket sales of $27 million were 5% higher.

Military aircraft sales were up 5% to $150 million. Military aftermarket sales were 17% higher, at $57 million, and OEM sales were unchanged.

Space and Defense sales at $87 million were down marginally from a year ago. Sales in satellite-related businesses were stronger and helped by recent acquisitions. This increase offset weaker launch vehicle and NASA sales. Sales for ground vehicle and security and surveillance systems were also soft during the quarter.

Industrial Systems sales of $148 million were down 6% from a year ago. Sales of simulation and test systems were 3% higher, at $33 million, while industrial automation sales were down 4% and sales of wind power controls were down 36%.

Components Group sales of $99 million were very strong, up 13% in the quarter. Sales of energy market products, including marine sales, more than doubled to $24 million compared to a year ago. Medical components sales were 8% higher partially offsetting lower sales into defense and industrial markets.

Medical Devices sales were unchanged at $35 million. Pump sales were down while sales of administration sets were up 12%.

Twelve month consolidated backlog was $1.3 billion, unchanged from a year ago.

The Company also updated its projections for fiscal 2013. Given the results of the first quarter, the Company's revised forecast includes sales of $2.62 billion, a net earnings range of $160 million to $165 million and a range of $3.50 to $3.60 for earnings per share. The midpoint of the range, at $3.55, represents a 7% increase in EPS.

"We're off to a slow start in 2013," said John Scannell, CEO. "The weakness in the major economies around the world is affecting our industrial business. On the other hand, the aircraft market is strong. We have moderated our forecast for the year slightly but we are still projecting growth in both sales and earnings in 2013, despite the headwinds in our industrial markets."

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, wind energy, 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 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. These important factors, risks and uncertainties include:

  • 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 operate in highly competitive markets with competitors who may have greater resources than we possess
  • 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
  • we make estimates in accounting for long-term 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
  • 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
  • contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment
  • the loss of Boeing as a customer or a significant reduction in sales to Boeing could adversely impact our operating results
  • our new product research and development efforts 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
  • our business operations may be adversely affected by information systems interruptions or infringements
  • our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility
  • significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could affect our earnings, equity and 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
  • our sales and earnings growth may be affected if we cannot identify, acquire or integrate strategic acquisitions
  • our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments
  • unforeseen exposure to additional tax income liabilities may affect our operating results
  • government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business
  • 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
  • future terror attacks, natural disasters or other catastrophic events beyond our control could negatively impact our business
  • our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs
  • we are involved in various legal proceedings, the outcome of which may be unfavorable to us

These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time 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. We disclaim any obligation to update the forward-looking statements made in this report.


                                 Moog Inc.
                    CONSOLIDATED STATEMENTS OF EARNINGS
               (dollars in thousands, except per share data)

                                                    Three Months Ended
                                                December 29,   December 31,
                                                    2012           2011

                                               -------------  -------------

Net sales                                      $     620,803  $     600,618
Cost of sales                                        428,103        415,483
                                               -------------  -------------
Gross profit                                         192,700        185,135
                                               -------------  -------------

Research and development                              32,328         29,190
Selling, general and administrative                  105,075         95,798
Interest                                               8,596          8,546
Other                                                 (2,370)        (1,348)
                                               -------------  -------------
Earnings before income taxes                          49,071         52,949
Income taxes                                          14,953         16,576
                                               -------------  -------------
Net earnings                                   $      34,118  $      36,373
                                               =============  =============

Net earnings per share
  Basic                                        $        0.75  $        0.80
                                               =============  =============
  Diluted                                      $        0.75  $        0.80
                                               =============  =============

Average common shares outstanding
  Basic                                           45,353,332     45,211,734
                                               =============  =============
  Diluted                                         45,708,289     45,679,965
                                               =============  =============



                                  MoogInc.
                  CONSOLIDATED SALES AND OPERATING PROFIT
                           (dollars in thousands)

                                                    Three Months Ended
                                                December 29,   December 31,
                                                    2012           2011

                                               -------------  -------------
Net Sales
  Aircraft Controls                            $     252,281  $     231,080
  Space and Defense Controls                          86,465         88,394
  Industrial Systems                                 147,976        158,085
  Components                                          99,275         88,147
  Medical Devices                                     34,806         34,912
                                               -------------  -------------
Net sales                                      $     620,803  $     600,618
                                               =============  =============

Operating Profit and Margins
  Aircraft Controls                            $      31,075  $      24,827
                                                        12.3%          10.7%
  Space and Defense Controls                           8,228         12,743
                                                         9.5%          14.4%
  Industrial Systems                                   9,047         15,826
                                                         6.1%          10.0%
  Components                                          18,846         15,029
                                                        19.0%          17.0%
  Medical Devices                                      1,602          1,598
                                                         4.6%           4.6%
                                               -------------  -------------
Total operating profit                                68,798         70,023
                                                        11.1%          11.7%

Deductions from Operating Profit
  Interest expense                                     8,596          8,546
  Equity-based compensation expense                    3,891          4,105
  Corporate expenses and other                         7,240          4,423
                                               -------------  -------------
Earnings before Income Taxes                   $      49,071  $      52,949
                                               =============  =============



                                  Moog Inc.
                         CONSOLIDATED BALANCE SHEETS
                           (dollars in thousands)

                                                  December 29, September 29,
                                                      2012          2012
                                                 ------------- -------------

Cash                                             $     152,133 $     148,841
Receivables                                            744,356       744,551
Inventories                                            551,700       538,262
Other current assets                                   120,862       117,254
                                                 ------------- -------------
    Total current assets                             1,569,051     1,548,908
Property, plant and equipment                          549,171       546,179
Goodwill and intangible assets                         972,188       975,049
Other non-current assets                                35,990        35,771
                                                 ------------- -------------
  Total assets                                   $   3,126,400 $   3,105,907
                                                 ============= =============

Short-term borrowings                            $      77,537 $      90,774
Current installments of long-term debt                      64         3,186
Contract loss reserves                                  42,463        48,428
Other current liabilities                              502,621       521,488
                                                 ------------- -------------
    Total current liabilities                          622,685       663,876
Long-term debt                                         681,572       670,662
Other long-term liabilities                            467,362       466,579
                                                 ------------- -------------
    Total liabilities                                1,771,619     1,801,117
Shareholders' equity                                 1,354,781     1,304,790
                                                 ------------- -------------
    Total liabilities and shareholders' equity   $   3,126,400 $   3,105,907
                                                 ============= =============


Contact
Ann Marie Luhr
716-687-4225

MOOG INC.,
EAST AURORA
NEW YORK 14052
TEL-716/652-2000
FAX -716/687-4457

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