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EAST AURORA, N.Y.--(BUSINESS WIRE)--Nov 4, 2022--
Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter and fiscal year ended October 1, 2022.
Fourth Quarter Highlights
Full-Year 2022 Highlights
Fiscal 2023 Guidance
Segment Results
Aircraft Controls segment revenues in the quarter were $324 million, 9% higher year over year. Commercial aircraft revenues were $137 million, a 39% increase. Sales to commercial OEM customers were $95 million, driven by increases in sales for the Boeing book of business and strength in business jet sales. Commercial aftermarket sales increased 46% on strong repair and overhaul activity and higher 787 and A350 spares.
Military aircraft sales were $186 million, 6% lower year over year. Military OEM sales were down 6%, at $135 million. Supply chain constraints on the F-35 and V-22 programs contributed to the sales reduction. Military aftermarket sales were also off 6%.
Full-year Aircraft Controls segment sales increased 8%, to $1.26 billion. Commercial aircraft sales were 35% higher on OEM production rates. Commercial aftermarket sales were very strong, up 59%, as the recovery in air traffic accelerated. Total military aircraft sales were off 5%, at $745 million. Military OEM sales totaled $540 million, down 6% from a year ago, mostly tied to slower F-35 activity. Military aftermarket sales were down 1%, as lower F-18 and B-2 repairs were only partially offset by higher V-22 and F-15 repair volume.
Space and Defense segment revenue in the quarter was $217 million, an increase of 9% year over year. Defense sales of $143 million increased 20%. The continued production ramp on the RIwP ® turret for M-SHORAD drove the increase. Space sales were down 8%, to $75 million, on slowing hypersonic development and NASA launch vehicle activity.
Space and Defense sales for the year increased 9%, to $872 million. Defense sales of $535 million were 15% higher as the RIwP turret production ramped. Space sales were $338 million, up 1%. Increased spacecraft component and avionics sales were partially offset by decreases in funded development and NASA activity.
Industrial Systems segment revenues in the quarter were $227 million, in line with a year ago. Excluding the impact of foreign exchange movements, underlying sales increased 6%. Sales of products for industrial automation applications were $111 million, up 3% on demand for factory automation equipment. Medical product sales were $62 million, also up 3%, driven by growth of components used by OEMs. Energy sales were mostly flat at $31 million. Sales of simulation and test products were $23 million, down 10%.
Full-year Industrial Systems segment sales were $907 million, up 2%. Excluding the impact of foreign exchange movements, underlying sales increased 5%. Industrial automation sales of $435 million were 2% higher. Energy sales were up 4%, to $126 million. Simulation and test sales increased 12% as the flight simulator market improved. Sales of medical pumps and associated products, at $247 million, were 3% lower.
Consolidated 12-month backlog was $2.3 billion, up 9% from a year ago.
“Fiscal ’22 was a record year for the company in terms of both sales and adjusted earnings per share,” said John Scannell, Chairman and CEO. “Our commercial aircraft business recovered nicely and demand for our products was strong across all our major markets. The disruption from COVID receded during the course of the year but was replaced with supply chain challenges and labor constraints. Despite these challenges, the company performed extremely well. We are excited about our prospects for the future. As we look to fiscal ’23, we anticipate another year of organic growth and margin expansion.”
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 Inc.
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 press release 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:
STRATEGIC RISKS
MARKET CONDITION RISKS
OPERATIONAL RISKS
FINANCIAL RISKS
LEGAL AND COMPLIANCE RISKS
GENERAL RISKS
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. | |||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | |||||||||||
|
| October 1, |
| October 2, |
| October 1, |
| October 2, | |||||||
Net sales |
| $ | 767,999 |
|
| $ | 724,285 |
| $ | 3,035,783 |
|
| $ | 2,851,993 |
|
Cost of sales |
|
| 564,642 |
|
|
| 528,716 |
|
| 2,211,384 |
|
|
| 2,076,270 |
|
Inventory write-down |
|
| 191 |
|
|
| — |
|
| 3,598 |
|
|
| — |
|
Gross profit |
|
| 203,166 |
|
|
| 195,569 |
|
| 820,801 |
|
|
| 775,723 |
|
Research and development |
|
| 25,209 |
|
|
| 33,972 |
|
| 109,527 |
|
|
| 125,528 |
|
Selling, general and administrative |
|
| 111,829 |
|
|
| 106,697 |
|
| 448,531 |
|
|
| 412,028 |
|
Interest |
|
| 11,381 |
|
|
| 8,604 |
|
| 36,757 |
|
|
| 33,892 |
|
Asset impairment |
|
| 2,125 |
|
|
| 1,500 |
|
| 18,053 |
|
|
| 1,500 |
|
Restructuring |
|
| 1,140 |
|
|
| — |
|
| 9,509 |
|
|
| — |
|
Loss on sale of businesses |
|
| 19,492 |
|
|
| 1,536 |
|
| 3,346 |
|
|
| 1,536 |
|
Gain on sale of building |
|
| (9,075 | ) |
|
| — |
|
| (9,075 | ) |
|
| — |
|
Other |
|
| (1,969 | ) |
|
| 580 |
|
| 1,174 |
|
|
| (2,535 | ) |
Earnings before income taxes |
|
| 43,034 |
|
|
| 42,680 |
|
| 202,979 |
|
|
| 203,774 |
|
Income taxes |
|
| 13,618 |
|
|
| 8,112 |
|
| 47,802 |
|
|
| 46,554 |
|
Net earnings |
| $ | 29,416 |
|
| $ | 34,568 |
| $ | 155,177 |
|
| $ | 157,220 |
|
|
|
|
|
|
|
|
|
| |||||||
Net earnings per share |
|
|
|
|
|
|
|
| |||||||
Basic |
| $ | 0.92 |
|
| $ | 1.08 |
| $ | 4.85 |
|
| $ | 4.90 |
|
Diluted |
| $ | 0.92 |
|
| $ | 1.07 |
| $ | 4.83 |
|
| $ | 4.87 |
|
|
|
|
|
|
|
|
|
| |||||||
Average common shares outstanding |
|
|
|
|
|
|
|
| |||||||
Basic |
|
| 31,945,478 |
|
|
| 32,104,127 |
|
| 31,977,482 |
|
|
| 32,112,589 |
|
Diluted |
|
| 32,086,583 |
|
|
| 32,274,296 |
|
| 32,117,028 |
|
|
| 32,297,956 |
|
Moog Inc. | ||||||||||||||||
RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTIVE NET EARNINGS PER SHARE | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| October 1, |
| October 2, |
| October 1, |
| October 2, | ||||||||
As Reported: |
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| $ | 43,034 |
|
| $ | 42,680 |
|
| $ | 202,979 |
|
| $ | 203,774 |
|
Income taxes |
|
| 13,618 |
|
|
| 8,112 |
|
|
| 47,802 |
|
|
| 46,554 |
|
Effective income tax rate |
|
| 31.6 | % |
|
| 19.0 | % |
|
| 23.6 | % |
|
| 22.8 | % |
Net earnings |
|
| 29,416 |
|
|
| 34,568 |
|
|
| 155,177 |
|
|
| 157,220 |
|
Diluted net earnings per share |
| $ | 0.92 |
|
| $ | 1.07 |
|
| $ | 4.83 |
|
| $ | 4.87 |
|
|
|
|
|
|
|
|
|
| ||||||||
Loss on Sale of Businesses: |
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| $ | 19,492 |
|
| $ | 1,536 |
|
| $ | 3,346 |
|
| $ | 1,536 |
|
Income taxes |
|
| 970 |
|
|
| (461 | ) |
|
| (3,303 | ) |
|
| (461 | ) |
Net earnings |
|
| 18,522 |
|
|
| 1,997 |
|
|
| 6,649 |
|
|
| 1,997 |
|
Diluted net earnings per share |
| $ | 0.58 |
|
| $ | 0.06 |
|
| $ | 0.21 |
|
| $ | 0.06 |
|
|
|
|
|
|
|
|
|
| ||||||||
Gain on Sale of Building: |
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| $ | (9,075 | ) |
| $ | — |
|
| $ | (9,075 | ) |
| $ | — |
|
Income taxes |
|
| (2,142 | ) |
|
| — |
|
|
| (2,142 | ) |
|
| — |
|
Net earnings |
|
| (6,933 | ) |
|
| — |
|
|
| (6,933 | ) |
|
| — |
|
Diluted net earnings per share |
| $ | (0.22 | ) |
| $ | — |
|
| $ | (0.22 | ) |
| $ | — |
|
|
|
|
|
|
|
|
|
| ||||||||
Pension Curtailment Gain: |
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (5,830 | ) |
Income taxes |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Net earnings |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (5,830 | ) |
Diluted net earnings per share |
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | (0.18 | ) |
|
|
|
|
|
|
|
|
| ||||||||
Other Charges: |
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| $ | 3,457 |
|
| $ | 5,368 |
|
| $ | 31,160 |
|
| $ | 5,368 |
|
Income taxes |
|
| 845 |
|
|
| 1,227 |
|
|
| 7,447 |
|
|
| 1,227 |
|
Net earnings |
|
| 2,612 |
|
|
| 4,141 |
|
|
| 23,713 |
|
|
| 4,141 |
|
Diluted net earnings per share |
| $ | 0.08 |
|
| $ | 0.13 |
|
| $ | 0.74 |
|
| $ | 0.13 |
|
|
|
|
|
|
|
|
|
| ||||||||
As Adjusted: |
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| $ | 56,908 |
|
| $ | 49,584 |
|
| $ | 228,410 |
|
| $ | 204,848 |
|
Income taxes |
|
| 13,291 |
|
|
| 8,878 |
|
|
| 49,804 |
|
|
| 47,320 |
|
Effective income tax rate |
|
| 23.4 | % |
|
| 17.9 | % |
|
| 21.8 | % |
|
| 23.1 | % |
Net earnings |
|
| 43,617 |
|
|
| 40,706 |
|
|
| 178,606 |
|
|
| 157,528 |
|
Diluted net earnings per share |
| $ | 1.36 |
|
| $ | 1.26 |
|
| $ | 5.56 |
|
| $ | 4.88 |
|
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. |
Results shown above have been adjusted to exclude impacts associated with the sale of a building located in Salt Lake City used in our Industrial Systems operations during 2022, a pension curtailment gain in 2021, and the sale of businesses during each period presented. In addition, inventory write-down charges, asset impairment and restructuring related to the impact of continued portfolio shaping activities and the Ukraine crisis have also been excluded. 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. | |||||||||||||||
RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA | |||||||||||||||
(dollars in thousands) | |||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | |||||||||||
|
| October 1, |
| October 2, |
| October 1, |
| October 2, | |||||||
Net earnings |
| $ | 29,416 |
|
| $ | 34,568 |
| $ | 155,177 |
|
| $ | 157,220 |
|
Add back (deduct): |
|
|
|
|
|
|
|
| |||||||
Income taxes |
|
| 13,618 |
|
|
| 8,112 |
|
| 47,802 |
|
|
| 46,554 |
|
Interest |
|
| 11,381 |
|
|
| 8,604 |
|
| 36,757 |
|
|
| 33,892 |
|
Depreciation |
|
| 19,070 |
|
|
| 19,865 |
|
| 75,238 |
|
|
| 76,671 |
|
Amortization |
|
| 3,153 |
|
|
| 3,488 |
|
| 13,151 |
|
|
| 13,488 |
|
Loss on sale of businesses |
|
| 19,492 |
|
|
| 1,536 |
|
| 3,346 |
|
|
| 1,536 |
|
Gain on sale of building |
|
| (9,075 | ) |
|
| — |
|
| (9,075 | ) |
|
| — |
|
Pension curtailment gain |
|
| — |
|
|
| — |
|
| — |
|
|
| (5,830 | ) |
Other Charges: |
|
|
|
|
|
|
|
| |||||||
Inventory write-down |
|
| 192 |
|
|
| — |
|
| 3,598 |
|
|
| — |
|
Asset impairment |
|
| 2,125 |
|
|
| 1,500 |
|
| 18,053 |
|
|
| 1,500 |
|
Restructuring and other |
|
| 1,140 |
|
|
| 3,868 |
|
| 9,509 |
|
|
| 3,868 |
|
Adjusted EBITDA |
| $ | 90,512 |
|
| $ | 81,541 |
| $ | 353,556 |
|
| $ | 328,899 |
|
Adjusted EBITDA is defined as net earnings before income taxes, interest, depreciation, amortization, and other adjustments. Adjusted EBITDA is not a measure determined in accordance with GAAP and may not be comparable with the measures as used by other companies, however management believes this adjusted financial measure 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. | ||||||||||||||||
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED) | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| October 1, |
| October 2, |
| October 1, |
| October 2, | ||||||||
Net sales: |
|
|
|
|
|
|
|
| ||||||||
Aircraft Controls |
| $ | 323,859 |
|
| $ | 297,972 |
|
| $ | 1,256,461 |
|
| $ | 1,161,238 |
|
Space and Defense Controls |
|
| 217,494 |
|
|
| 200,018 |
|
|
| 872,343 |
|
|
| 799,235 |
|
Industrial Systems |
|
| 226,646 |
|
|
| 226,295 |
|
|
| 906,979 |
|
|
| 891,520 |
|
Net sales |
| $ | 767,999 |
|
| $ | 724,285 |
|
| $ | 3,035,783 |
|
| $ | 2,851,993 |
|
Operating profit: |
|
|
|
|
|
|
|
| ||||||||
Aircraft Controls |
| $ | 34,811 |
|
| $ | 26,193 |
|
| $ | 123,620 |
|
| $ | 96,678 |
|
|
|
| 10.7 | % |
|
| 8.8 | % |
|
| 9.8 | % |
|
| 8.3 | % |
Space and Defense Controls |
|
| 16,102 |
|
|
| 17,296 |
|
|
| 86,844 |
|
|
| 88,333 |
|
|
|
| 7.4 | % |
|
| 8.6 | % |
|
| 10.0 | % |
|
| 11.1 | % |
Industrial Systems |
|
| 14,986 |
|
|
| 19,233 |
|
|
| 72,384 |
|
|
| 85,948 |
|
|
|
| 6.6 | % |
|
| 8.5 | % |
|
| 8.0 | % |
|
| 9.6 | % |
Total operating profit |
|
| 65,899 |
|
|
| 62,722 |
|
|
| 282,848 |
|
|
| 270,959 |
|
|
|
| 8.6 | % |
|
| 8.7 | % |
|
| 9.3 | % |
|
| 9.5 | % |
Deductions from operating profit: |
|
|
|
|
|
|
|
| ||||||||
Interest expense |
|
| 11,381 |
|
|
| 8,604 |
|
|
| 36,757 |
|
|
| 33,892 |
|
Equity-based compensation expense |
|
| 2,135 |
|
|
| 1,041 |
|
|
| 8,882 |
|
|
| 7,461 |
|
Non-service pension expense (income) |
|
| 1,673 |
|
|
| 859 |
|
|
| 6,072 |
|
|
| (2,194 | ) |
Corporate and other expenses, net |
|
| 7,676 |
|
|
| 9,538 |
|
|
| 28,158 |
|
|
| 28,026 |
|
Earnings before income taxes |
| $ | 43,034 |
|
| $ | 42,680 |
|
| $ | 202,979 |
|
| $ | 203,774 |
|
Moog Inc. | ||||||||||||||||
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| October 1, |
| October 2, |
| October 1, |
| October 2, | ||||||||
Aircraft Controls operating profit - as reported |
| $ | 34,811 |
|
| $ | 26,193 |
|
| $ | 123,620 |
|
| $ | 96,678 |
|
Gain on sale of business |
|
| — |
|
|
| — |
|
|
| (16,146 | ) |
|
| — |
|
Other charges |
|
| — |
|
|
| — |
|
|
| 19,484 |
|
|
| — |
|
Aircraft Controls operating profit - as adjusted |
| $ | 34,811 |
|
| $ | 26,193 |
|
| $ | 126,958 |
|
| $ | 96,678 |
|
|
|
| 10.7 | % |
|
| 8.8 | % |
|
| 10.1 | % |
|
| 8.3 | % |
|
|
|
|
|
|
|
|
| ||||||||
Space and Defense Controls operating profit - as reported |
| $ | 16,102 |
|
| $ | 17,296 |
|
| $ | 86,844 |
|
| $ | 88,333 |
|
Loss on sale of business |
|
| 4,112 |
|
|
| — |
|
|
| 4,112 |
|
|
| — |
|
Other charges |
|
| 331 |
|
|
| 2,510 |
|
|
| 3,755 |
|
|
| 2,510 |
|
Space and Defense Controls operating profit - as adjusted |
| $ | 20,545 |
|
| $ | 19,806 |
|
| $ | 94,711 |
|
| $ | 90,843 |
|
|
|
| 9.4 | % |
|
| 9.9 | % |
|
| 10.9 | % |
|
| 11.4 | % |
|
|
|
|
|
|
|
|
| ||||||||
Industrial Systems operating profit - as reported |
| $ | 14,986 |
|
| $ | 19,233 |
|
| $ | 72,384 |
|
| $ | 85,948 |
|
Loss on sale of business |
|
| 15,379 |
|
|
| 1,536 |
|
|
| 15,379 |
|
|
| 1,536 |
|
Gain on sale of building |
|
| (9,075 | ) |
|
| — |
|
|
| (9,075 | ) |
|
| — |
|
Other charges |
|
| 3,126 |
|
|
| 2,858 |
|
|
| 7,922 |
|
|
| 2,858 |
|
Industrial Systems operating profit - as adjusted |
| $ | 24,416 |
|
| $ | 23,627 |
|
| $ | 86,610 |
|
| $ | 90,342 |
|
|
|
| 10.8 | % |
|
| 10.4 | % |
|
| 9.5 | % |
|
| 10.1 | % |
|
|
|
|
|
|
|
|
| ||||||||
Total operating profit - as adjusted |
| $ | 79,772 |
|
| $ | 69,626 |
|
| $ | 308,279 |
|
| $ | 277,863 |
|
|
|
| 10.4 | % |
|
| 9.6 | % |
|
| 10.2 | % |
|
| 9.7 | % |
Moog Inc. | ||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
(dollars in thousands) | ||||||||
|
| October 1, |
| October 2, | ||||
ASSETS |
|
|
|
| ||||
Current assets |
|
|
|
| ||||
Cash and cash equivalents |
| $ | 103,895 |
|
| $ | 99,599 |
|
Restricted cash |
|
| 15,338 |
|
|
| 1,315 |
|
Receivables, net |
|
| 990,262 |
|
|
| 945,929 |
|
Inventories, net |
|
| 588,466 |
|
|
| 613,095 |
|
Prepaid expenses and other current assets |
|
| 60,349 |
|
|
| 58,842 |
|
Total current assets |
|
| 1,758,310 |
|
|
| 1,718,780 |
|
Property, plant and equipment, net |
|
| 668,908 |
|
|
| 645,778 |
|
Operating lease right-of-use assets |
|
| 69,072 |
|
|
| 60,355 |
|
Goodwill |
|
| 805,320 |
|
|
| 851,605 |
|
Intangible assets, net |
|
| 85,410 |
|
|
| 106,095 |
|
Deferred income taxes |
|
| 8,630 |
|
|
| 17,769 |
|
Other assets |
|
| 36,191 |
|
|
| 32,787 |
|
Total assets |
| $ | 3,431,841 |
|
| $ | 3,433,169 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
| ||||
Current liabilities |
|
|
|
| ||||
Current installments of long-term debt |
| $ | 916 |
|
| $ | 80,365 |
|
Accounts payable |
|
| 232,104 |
|
|
| 200,602 |
|
Accrued compensation |
|
| 93,141 |
|
|
| 112,703 |
|
Contract advances |
|
| 296,899 |
|
|
| 263,686 |
|
Accrued liabilities and other |
|
| 215,376 |
|
|
| 212,005 |
|
Total current liabilities |
|
| 838,436 |
|
|
| 869,361 |
|
Long-term debt, excluding current installments |
|
| 836,872 |
|
|
| 823,355 |
|
Long-term pension and retirement obligations |
|
| 140,602 |
|
|
| 162,728 |
|
Deferred income taxes |
|
| 63,527 |
|
|
| 64,642 |
|
Other long-term liabilities |
|
| 115,591 |
|
|
| 112,939 |
|
Total liabilities |
|
| 1,995,028 |
|
|
| 2,033,025 |
|
Shareholders’ equity |
|
|
|
| ||||
Common stock - Class A |
|
| 43,807 |
|
|
| 43,803 |
|
Common stock - Class B |
|
| 7,473 |
|
|
| 7,477 |
|
Additional paid-in capital |
|
| 516,123 |
|
|
| 509,622 |
|
Retained earnings |
|
| 2,360,055 |
|
|
| 2,237,848 |
|
Treasury shares |
|
| (1,047,012 | ) |
|
| (1,007,506 | ) |
Stock Employee Compensation Trust |
|
| (73,602 | ) |
|
| (79,776 | ) |
Supplemental Retirement Plan Trust |
|
| (58,989 | ) |
|
| (63,764 | ) |
Accumulated other comprehensive loss |
|
| (311,042 | ) |
|
| (247,560 | ) |
Total shareholders’ equity |
|
| 1,436,813 |
|
|
| 1,400,144 |
|
Total liabilities and shareholders’ equity |
| $ | 3,431,841 |
|
| $ | 3,433,169 |
|
Moog Inc. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
(dollars in thousands) | ||||||||
|
| Twelve Months Ended | ||||||
|
| October 1, |
| October 2, | ||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| ||||
Net earnings |
| $ | 155,177 |
|
| $ | 157,220 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
| ||||
Depreciation |
|
| 75,238 |
|
|
| 76,671 |
|
Amortization |
|
| 13,151 |
|
|
| 13,488 |
|
Deferred income taxes |
|
| 11,739 |
|
|
| 8,162 |
|
Equity-based compensation expense |
|
| 8,882 |
|
|
| 7,461 |
|
Loss on sale of business |
|
| 3,346 |
|
|
| 1,536 |
|
Asset impairment and Inventory write-down |
|
| 21,651 |
|
|
| 1,500 |
|
Other |
|
| (2,257 | ) |
|
| (791 | ) |
Changes in assets and liabilities providing (using) cash: |
|
|
|
| ||||
Receivables |
|
| (86,867 | ) |
|
| (73,459 | ) |
Inventories |
|
| (28,677 | ) |
|
| 19,576 |
|
Accounts payable |
|
| 43,349 |
|
|
| 20,520 |
|
Contract advances |
|
| 42,097 |
|
|
| 59,298 |
|
Accrued expenses |
|
| (4,445 | ) |
|
| 2,290 |
|
Accrued income taxes |
|
| 3,070 |
|
|
| 4,653 |
|
Net pension and post retirement liabilities |
|
| 18,093 |
|
|
| 12,503 |
|
Other assets and liabilities |
|
| (26,745 | ) |
|
| (17,402 | ) |
Net cash provided by operating activities |
|
| 246,802 |
|
|
| 293,226 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| ||||
Acquisitions of businesses, net of cash acquired |
|
| (11,832 | ) |
|
| (77,600 | ) |
Purchase of property, plant and equipment |
|
| (139,431 | ) |
|
| (128,734 | ) |
Net proceeds from businesses and buildings sold |
|
| 70,612 |
|
|
| 14,675 |
|
Other investing transactions |
|
| (2,668 | ) |
|
| 502 |
|
Net cash used by investing activities |
|
| (83,319 | ) |
|
| (191,157 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| ||||
Proceeds from revolving lines of credit |
|
| 840,475 |
|
|
| 799,950 |
|
Payments on revolving lines of credit |
|
| (827,801 | ) |
|
| (838,936 | ) |
Proceeds from long-term debt |
|
| — |
|
|
| 78,700 |
|
Payments on long-term debt |
|
| (80,364 | ) |
|
| (68,080 | ) |
Payments on finance lease obligations |
|
| (2,524 | ) |
|
| (2,156 | ) |
Payment of dividends |
|
| (32,970 | ) |
|
| (32,106 | ) |
Proceeds from sale of treasury stock |
|
| 18,414 |
|
|
| 10,866 |
|
Purchase of outstanding shares for treasury |
|
| (48,558 | ) |
|
| (31,673 | ) |
Proceeds from sale of stock held by SECT |
|
| 13,250 |
|
|
| 679 |
|
Purchase of stock held by SECT |
|
| (14,830 | ) |
|
| (4,239 | ) |
Net cash used by financing activities |
|
| (134,908 | ) |
|
| (86,995 | ) |
Effect of exchange rate changes on cash |
|
| (10,256 | ) |
|
| 768 |
|
Increase in cash, cash equivalents and restricted cash |
|
| 18,319 |
|
|
| 15,842 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
| 100,914 |
|
|
| 85,072 |
|
Cash, cash equivalents and restricted cash at end of period |
| $ | 119,233 |
|
| $ | 100,914 |
|
|
|
|
|
|
View source version on businesswire.com:https://www.businesswire.com/news/home/20221104005148/en/
CONTACT: Ann Marie Luhr
716-687-4225
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY CONTRACTS AIR ENGINEERING TRANSPORT SATELLITE AEROSPACE MANUFACTURING DEFENSE
SOURCE: Moog Inc.
Copyright Business Wire 2022.
PUB: 11/04/2022 07:55 AM/DISC: 11/04/2022 07:56 AM
http://www.businesswire.com/news/home/20221104005148/en