Moog Clocks 5% Sales Growth In Q1; To Explore New Markets - Moog Inc. Class A Common Stock (NYSE:MOG/A)

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.

Market News and Data brought to you by Benzinga APIs