- Moog Inc (NYSE: MOG-A) reported first-quarter FY23 sales growth of 5% year-over-year to $760 million. Adjusted EPS improved to $1.25 (+14% Y/Y).
- Segment revenues: Aircraft Controls $310.26 million (+2% Y/Y); Space and Defense $217.79 million (+5% Y/Y) and Industrial Systems $232.06 million (+17% Y/Y).
- The consolidated 12-month backlog improved by 8% Y/Y to $2.3 billion.
- The gross margin expanded by 16 bps to 26.8%.
- Adjusted operating margin expanded by 130 bps to 10.4%.
- Moog used an adjusted free cash flow of $(22) million, compared to $31 million a year ago. It held cash and cash equivalents of $165.9 million at the end of the quarter.
- "I'm pleased by our strong financial performance and how our employees, together, overcame many constraints to meet our increased customer demand," said Pat Roche, Chief Executive Officer. "As the new CEO, I am very excited for the future of Moog. We have a solid core business with positive growth drivers, and we are creating new opportunities by entering new markets and redefining our position in existing markets."
- Moog declared a quarterly dividend of $0.27 per share on Class A and Class B common stock, representing a 4% increase over the previous dividend. The dividend will be paid on Mar. 6, 2023, to all shareholders of record on Feb. 17, 2023.
- FY23 Outlook: Moog reiterated sales of $3.175 billion and adjusted EPS of $5.70.
- The company reiterated an adjusted operating margin of 11.0% and reduced free cash flow guidance from $130 million to $100 million.
- Price Action: MOG-A shares are trading lower by 0.79% at $93.98 on the last check Friday.
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