MOGB Vaneck Esg Moat

Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and controls systems, today reported fiscal second quarter 2024 diluted earnings per share of $1.86 and adjusted diluted earnings per share of $2.19.

"The second quarter of 2024 was an exceptional quarter from a sales and earnings perspective," said Pat Roche, CEO. "Our margin enhancement efforts continue to drive financial performance improvements across our businesses and we look forward to continued strength through the year."

(in millions, except per share results)

Three Months Ended

 

Q2 2024

Q2 2023

Deltas

Net sales

$

930

 

$

837

 

 

11

%

Operating margin

 

12.0

%

 

10.0

%

200 bps

Adjusted operating margin

 

13.6

%

 

10.4

%

320 bps

Diluted net earnings per share

$

1.86

 

$

1.34

 

 

39

%

Adjusted diluted net earnings per share

$

2.19

 

$

1.42

 

 

54

%

Net cash used by operating activities

$

(44

)

$

(41

)

$

(3

)

Free cash flow

$

(84

)

$

(101

)

$

17

 

See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the quarters ended March 30, 2024 and April 1, 2023.

Quarter Highlights

• Net sales of $930 million increased 11% compared to the prior year's quarter, with increases in all four segments, including a 26% increase in Commercial Aircraft.

• Operating margin of 12.0% increased 200 basis points. Business performance across all segments contributed an incremental 165 basis points. Also, the current quarter included a 150 basis point benefit from the Employee Retention Credit associated with the CARES Act. The current quarter also included 115 basis points of higher impairments and restructuring.

• Adjusted operating margin of 13.6% increased 320 basis points, driven by the underlying business performance, as well as the Employee Retention Credit.

• Diluted earnings per share of $1.86 increased 39% due to the higher operating profit and the Employee Retention Credit, partially offset by the current quarter's restructuring and impairment charges.

• Adjusted diluted earnings per share of $2.19 increased 54%, reflecting earnings associated from higher sales across all of our segments and the Employee Retention Credit.

• Free cash flow improved by $17 million as compared to last year due to lower capital expenditures.

Quarter Results

Sales in the second quarter of 2024 increased across all segments compared to the second quarter of 2023. Commercial Aircraft sales increased 26% to $208 million due to the growth in widebody aircraft. Space and Defense sales increased 9% to $267 million, driven by strong demand for programs supporting emerging defense priorities. Sales in Military Aircraft increased 11% to $203 million due to the ramp-up of the FLRAA program and the sale of a mature product line. Sales in Industrial increased 4% to $253 million due to higher demand for flight simulation systems and energy products, and were partially offset by a slowdown in orders for industrial automation applications.

Operating margin increased 200 basis points to 12.0% in the second quarter of 2024 compared to the second quarter of 2023. Space and Defense operating margin increased 460 basis points to 15.8% due to improved performance on space vehicle programs and the benefit associated with the Employee Retention Credit. Commercial Aircraft operating margin increased 250 basis points to 12.0% due to pricing and higher sales volumes across our entire book of business. Industrial operating margin increased 110 basis points to 11.1%, as the Employee Retention Credit and benefits from pricing initiatives were partially offset by higher amounts of restructuring charges. Military Aircraft operating margin decreased 60 basis points to 8.3%, as impairment and restructuring charges more than offset the gain from the sale of a mature product line.

The current quarter includes $14 million of restructuring, impairment and other charges, primarily in Military Aircraft and Industrial. The second quarter of 2023 included $3 million of restructuring and other charges. Excluding charges in both periods, adjusted operating margin increased 320 basis points to 13.6% driven largely by the factors previously described. Space and Defense adjusted operating margin increased 420 basis points to 15.9%. Military Aircraft adjusted operating margin increased 400 basis points to 13.4%. Commercial Aircraft adjusted operating margin increased 250 basis points to 12.0%, and Industrial adjusted operating margin increased 210 basis points to 12.5%.

Twelve-month backlog increased 9% to a record level of $2.5 billion due to growth across our aerospace and defense businesses.

Free cash flow in the second quarter was a use of cash of $84 million. Unfavorable timing in accounts receivable and the work-down of milestones in customer advances pressured working capital. Also, growth in physical inventories, driven by the strong level of sales, pressured working capital. Capital expenditures in the second quarter of 2024 were $40 million.

2024 Financial Guidance

"Fiscal year 2024 is shaping up to be another great year of financial performance, and we're on track to achieve our long-term financial targets," said Jennifer Walter, CFO. "This year, our sales will grow by 7%, our adjusted operating margin will expand by 150 basis points and our adjusted earnings per share will increase by 18%."

(in millions, except per share results)

FY 2024 Guidance

 

Current

Previous

Net sales

$

3,550

 

$

3,500

 

Operating margin

 

11.9

%

 

12.0

%

Adjusted operating margin

 

12.4

%

 

12.0

%

Diluted net earnings per share*

$

6.87

 

$

6.86

 

Adjusted diluted net earnings per share*

$

7.25

 

$

6.90

 

*Diluted net earnings per share figures for 2024 are forecasted to be within range of +/- $0.20. Adjusted diluted net earnings per share for the third quarter of 2024 are forecasted to be $1.70, +/- $0.10.

When the company provides adjusted, non-GAAP figures on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort.

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 live, or in replay mode, at www.moog.com/investors/communications. Supplemental financial data will be available on the website approximately 90 minutes prior to the conference call.

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.

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

(dollars in thousands, except per share data)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 30, 2024

 

April 1, 2023

 

March 30, 2024

 

April 1, 2023

Net sales

 

$

930,303

 

$

836,792

 

 

$

1,787,153

 

$

1,596,895

 

Cost of sales

 

 

663,350

 

 

615,477

 

 

 

1,287,001

 

 

1,171,894

 

Inventory write-down

 

 

175

 

 

—

 

 

 

175

 

 

—

 

Gross profit

 

 

266,778

 

 

221,315

 

 

 

499,977

 

 

425,001

 

Research and development

 

 

28,382

 

 

26,743

 

 

 

58,961

 

 

50,605

 

Selling, general and administrative

 

 

124,961

 

 

116,695

 

 

 

243,686

 

 

229,860

 

Interest

 

 

18,003

 

 

14,963

 

 

 

34,697

 

 

28,095

 

Asset impairment

 

 

6,750

 

 

1,219

 

 

 

6,750

 

 

1,219

 

Restructuring

 

 

6,750

 

 

2,017

 

 

 

8,639

 

 

3,095

 

Gain on sale of buildings

 

 

—

 

 

(527

)

 

 

—

 

 

(10,030

)

Other

 

 

3,183

 

 

3,901

 

 

 

5,884

 

 

5,552

 

Earnings before income taxes

 

 

78,749

 

 

56,304

 

 

 

141,360

 

 

116,605

 

Income taxes

 

 

18,746

 

 

13,291

 

 

 

33,545

 

 

27,576

 

Net earnings

 

$

60,003

 

$

43,013

 

 

$

107,815

 

$

89,029

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

 

 

 

 

 

 

 

Basic

 

$

1.88

 

$

1.35

 

 

$

3.38

 

$

2.80

 

Diluted

 

$

1.86

 

$

1.34

 

 

$

3.34

 

$

2.79

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

31,967,828

 

 

31,848,140

 

 

 

31,934,965

 

 

31,797,071

 

Diluted

 

 

32,335,418

 

 

32,043,910

 

 

 

32,295,762

 

 

31,959,315

 

 

 

 

 

 

 

 

 

 

Moog Inc.

RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTED NET EARNINGS PER SHARE (UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 30, 2024

 

April 1, 2023

 

March 30, 2024

 

April 1, 2023

As Reported:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

78,749

 

 

$

56,304

 

 

$

141,360

 

 

$

116,605

 

Income taxes

 

 

18,746

 

 

 

13,291

 

 

 

33,545

 

 

 

27,576

 

Effective income tax rate

 

 

23.8

%

 

 

23.6

%

 

 

23.7

%

 

 

23.6

%

Net earnings

 

 

60,003

 

 

 

43,013

 

 

 

107,815

 

 

 

89,029

 

Diluted net earnings per share

 

$

1.86

 

 

$

1.34

 

 

$

3.34

 

 

$

2.79

 

 

 

 

 

 

 

 

 

 

Restructuring and Other Charges:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

7,590

 

 

$

2,611

 

 

$

9,479

 

 

$

4,144

 

Income taxes

 

 

1,852

 

 

 

643

 

 

 

2,350

 

 

 

917

 

Net earnings

 

 

5,738

 

 

 

1,968

 

 

 

7,129

 

 

 

3,227

 

Diluted net earnings per share

 

$

0.18

 

 

$

0.06

 

 

$

0.22

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

Asset Impairment:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

6,750

 

 

$

1,219

 

 

$

6,750

 

 

$

1,219

 

Income taxes

 

 

1,593

 

 

 

283

 

 

 

1,593

 

 

 

283

 

Net earnings

 

 

5,157

 

 

 

936

 

 

 

5,157

 

 

 

936

 

Diluted net earnings per share

 

$

0.16

 

 

$

0.03

 

 

$

0.16

 

 

$

0.03

 

 

 

 

 

 

 

 

 

 

Gain on Sale of Buildings:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

—

 

 

$

(527

)

 

$

—

 

 

$

(10,030

)

Income taxes

 

 

—

 

 

 

(100

)

 

 

—

 

 

 

(2,086

)

Net earnings

 

 

—

 

 

 

(427

)

 

 

—

 

 

 

(7,944

)

Diluted net earnings per share

 

$

—

 

 

$

(0.01

)

 

$

—

 

 

$

(0.25

)

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

93,089

 

 

$

59,607

 

 

$

157,589

 

 

$

111,938

 

Income taxes

 

 

22,191

 

 

 

14,117

 

 

 

37,488

 

 

 

26,690

 

Effective income tax rate

 

 

23.8

%

 

 

23.7

%

 

 

23.8

%

 

 

23.8

%

Net earnings

 

 

70,898

 

 

 

45,490

 

 

 

120,101

 

 

 

85,248

 

Diluted net earnings per share

 

$

2.19

 

 

$

1.42

 

 

$

3.72

 

 

$

2.67

 

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 the sale of buildings, asset impairments due to program termination and the devaluation of an investment, as well as restructuring and other charges related to continued portfolio shaping activities and the derecognition of revenue from the write-off of an unbilled receivable due to a program cancellation ($665). 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.

CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 30, 2024

 

April 1, 2023

 

March 30, 2024

 

April 1, 2023

Net sales:

 

 

 

 

 

 

 

 

Space and Defense

 

$

266,787

 

 

$

245,853

 

 

$

496,915

 

 

$

463,638

 

Military Aircraft

 

 

202,500

 

 

 

182,753

 

 

 

388,744

 

 

 

360,553

 

Commercial Aircraft

 

 

207,594

 

 

 

164,251

 

 

 

401,816

 

 

 

296,710

 

Industrial

 

 

253,422

 

 

 

243,935

 

 

 

499,678

 

 

 

475,994

 

Net sales

 

$

930,303

 

 

$

836,792

 

 

$

1,787,153

 

 

$

1,596,895

 

Operating profit:

 

 

 

 

 

 

 

 

Space and Defense

 

$

42,243

 

 

$

27,507

 

 

$

67,540

 

 

$

47,801

 

 

 

 

15.8

%

 

 

11.2

%

 

 

13.6

%

 

 

10.3

%

Military Aircraft

 

 

16,769

 

 

 

16,181

 

 

 

36,358

 

 

 

31,382

 

 

 

 

8.3

%

 

 

8.9

%

 

 

9.4

%

 

 

8.7

%

Commercial Aircraft

 

 

24,845

 

 

 

15,681

 

 

 

45,471

 

 

 

30,198

 

 

 

 

12.0

%

 

 

9.5

%

 

 

11.3

%

 

 

10.2

%

Industrial

 

 

28,155

 

 

 

24,397

 

 

 

57,179

 

 

 

61,148

 

 

 

 

11.1

%

 

 

10.0

%

 

 

11.4

%

 

 

12.8

%

Total operating profit

 

 

112,012

 

 

 

83,766

 

 

 

206,548

 

 

 

170,529

 

 

 

 

12.0

%

 

 

10.0

%

 

 

11.6

%

 

 

10.7

%

Deductions from operating profit:

 

 

 

 

 

 

 

 

Interest expense

 

 

18,003

 

 

 

14,963

 

 

 

34,697

 

 

 

28,095

 

Equity-based compensation expense

 

 

3,047

 

 

 

2,791

 

 

 

7,212

 

 

 

5,765

 

Non-service pension expense

 

 

3,191

 

 

 

3,115

 

 

 

6,378

 

 

 

6,214

 

Corporate and other expenses, net

 

 

9,022

 

 

 

6,593

 

 

 

16,901

 

 

 

13,850

 

Earnings before income taxes

 

$

78,749

 

 

$

56,304

 

 

$

141,360

 

 

$

116,605

 

Moog Inc.

RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 30, 2024

 

April 1, 2023

 

March 30, 2024

 

April 1, 2023

Space and Defense operating profit - as reported

 

$

42,243

 

 

$

27,507

 

 

$

67,540

 

 

$

47,801

 

Asset impairment

 

 

304

 

 

 

219

 

 

 

304

 

 

 

219

 

Restructuring and other

 

 

—

 

 

 

1,105

 

 

 

—

 

 

 

1,281

 

Space and Defense operating profit - as adjusted

 

$

42,547

 

 

$

28,831

 

 

$

67,844

 

 

$

49,301

 

 

 

 

15.9

%

 

 

11.7

%

 

 

13.7

%

 

 

10.6

%

 

 

 

 

 

 

 

 

 

Military Aircraft operating profit - as reported

 

$

16,769

 

 

$

16,181

 

 

$

36,358

 

 

$

31,382

 

Asset impairment

 

 

6,446

 

 

 

1,000

 

 

 

6,446

 

 

 

1,000

 

Restructuring and other

 

 

3,963

 

 

 

—

 

 

 

3,963

 

 

 

—

 

Military Aircraft operating profit - as adjusted

 

$

27,178

 

 

$

17,181

 

 

$

46,767

 

 

$

32,382

 

 

 

 

13.4

%

 

 

9.4

%

 

 

12.0

%

 

 

9.0

%

 

 

 

 

 

 

 

 

 

Commercial Aircraft operating profit - as reported and adjusted

 

$

24,845

 

 

$

15,681

 

 

$

45,471

 

 

$

30,198

 

 

 

 

12.0

%

 

 

9.5

%

 

 

11.3

%

 

 

10.2

%

 

 

 

 

 

 

 

 

 

Industrial operating profit - as reported

 

$

28,155

 

 

$

24,397

 

 

$

57,179

 

 

$

61,148

 

Gain on sale of buildings

 

 

—

 

 

 

(527

)

 

 

—

 

 

 

(10,030

)

Restructuring and other

 

 

3,627

 

 

 

1,506

 

 

 

5,516

 

 

 

2,863

 

Industrial operating profit - as adjusted

 

$

31,782

 

 

$

25,376

 

 

$

62,695

 

 

$

53,981

 

 

 

 

12.5

%

 

 

10.4

%

 

 

12.5

%

 

 

11.3

%

 

 

 

 

 

 

 

 

 

Total operating profit - as adjusted

 

$

126,352

 

 

$

87,069

 

 

$

222,777

 

 

$

165,862

 

 

 

 

13.6

%

 

 

10.4

%

 

 

12.5

%

 

 

10.4

%

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.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in thousands)

 

 

 

March 30, 2024

 

September 30, 2023

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

59,066

 

 

$

68,959

 

Restricted cash

 

 

665

 

 

 

185

 

Receivables, net

 

 

419,399

 

 

 

434,723

 

Unbilled receivables

 

 

794,167

 

 

 

706,601

 

Inventories, net

 

 

810,483

 

 

 

724,002

 

Prepaid expenses and other current assets

 

 

73,165

 

 

 

50,862

 

Total current assets

 

 

2,156,945

 

 

 

1,985,332

 

Property, plant and equipment, net

 

 

869,303

 

 

 

814,696

 

Operating lease right-of-use assets

 

 

57,074

 

 

 

56,067

 

Goodwill

 

 

828,469

 

 

 

821,301

 

Intangible assets, net

 

 

68,876

 

 

 

71,637

 

Deferred income taxes

 

 

9,063

 

 

 

8,749

 

Other assets

 

 

49,390

 

 

 

50,254

 

Total assets

 

$

4,039,120

 

 

$

3,808,036

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

267,731

 

 

$

264,573

 

Accrued compensation

 

 

73,961

 

 

 

111,154

 

Contract advances and progress billings

 

 

404,876

 

 

 

377,977

 

Accrued liabilities and other

 

 

257,960

 

 

 

211,769

 

Total current liabilities

 

 

1,004,528

 

 

 

965,473

 

Long-term debt, excluding current installments

 

 

948,615

 

 

 

863,092

 

Long-term pension and retirement obligations

 

 

160,265

 

 

 

157,455

 

Deferred income taxes

 

 

22,765

 

 

 

37,626

 

Other long-term liabilities

 

 

149,688

 

 

 

148,303

 

Total liabilities

 

 

2,285,861

 

 

 

2,171,949

 

Shareholders’ equity

 

 

 

 

Common stock - Class A

 

 

43,826

 

 

 

43,822

 

Common stock - Class B

 

 

7,454

 

 

 

7,458

 

Additional paid-in capital

 

 

702,272

 

 

 

608,270

 

Retained earnings

 

 

2,587,222

 

 

 

2,496,979

 

Treasury shares

 

 

(1,071,558

)

 

 

(1,057,938

)

Stock Employee Compensation Trust

 

 

(153,295

)

 

 

(114,769

)

Supplemental Retirement Plan Trust

 

 

(129,709

)

 

 

(93,126

)

Accumulated other comprehensive loss

 

 

(232,953

)

 

 

(254,609

)

Total shareholders’ equity

 

 

1,753,259

 

 

 

1,636,087

 

Total liabilities and shareholders’ equity

 

$

4,039,120

 

 

$

3,808,036

 

Moog Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)

 

 

 

Six Months Ended

 

 

March 30, 2024

 

April 1, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net earnings

 

$

107,815

 

 

$

89,029

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

Depreciation

 

 

42,276

 

 

 

36,810

 

Amortization

 

 

5,296

 

 

 

5,862

 

Deferred income taxes

 

 

(17,805

)

 

 

(9,970

)

Equity-based compensation expense

 

 

7,212

 

 

 

5,765

 

Gain on sale of buildings

 

 

—

 

 

 

(10,030

)

Asset impairment and inventory write-down

 

 

6,925

 

 

 

1,219

 

Other

 

 

2,207

 

 

 

3,292

 

Changes in assets and liabilities providing (using) cash:

 

 

 

 

Receivables

 

 

17,469

 

 

 

(10,836

)

Unbilled receivables

 

 

(86,197

)

 

 

(65,840

)

Inventories

 

 

(77,396

)

 

 

(72,346

)

Accounts payable

 

 

1,847

 

 

 

1,971

 

Contract advances and progress billings

 

 

24,512

 

 

 

17,067

 

Accrued expenses

 

 

903

 

 

 

(33,030

)

Accrued income taxes

 

 

10,833

 

 

 

11,965

 

Net pension and post retirement liabilities

 

 

5,687

 

 

 

7,119

 

Other assets and liabilities

 

 

(35,195

)

 

 

(11,063

)

Net cash provided (used) by operating activities

 

 

16,389

 

 

 

(33,016

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

(5,911

)

 

 

—

 

Purchase of property, plant and equipment

 

 

(77,530

)

 

 

(89,743

)

Net proceeds from businesses sold

 

 

—

 

 

 

959

 

Net proceeds from buildings sold

 

 

—

 

 

 

18,825

 

Other investing transactions

 

 

(515

)

 

 

(4,241

)

Net cash used by investing activities

 

 

(83,956

)

 

 

(74,200

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from revolving lines of credit

 

 

509,500

 

 

 

503,232

 

Payments on revolving lines of credit

 

 

(425,000

)

 

 

(381,300

)

Payments on long-term debt

 

 

—

 

 

 

(188

)

Payments on finance lease obligations

 

 

(2,741

)

 

 

(1,899

)

Payment of dividends

 

 

(17,572

)

 

 

(16,859

)

Proceeds from sale of treasury stock

 

 

7,579

 

 

 

9,148

 

Purchase of outstanding shares for treasury

 

 

(20,238

)

 

 

(20,457

)

Proceeds from sale of stock held by SECT

 

 

15,788

 

 

 

9,795

 

Purchase of stock held by SECT

 

 

(9,407

)

 

 

(7,221

)

Other financing transactions

 

 

—

 

 

 

(2,024

)

Net cash provided by financing activities

 

 

57,909

 

 

 

92,227

 

Effect of exchange rate changes on cash

 

 

245

 

 

 

5,410

 

Decrease in cash, cash equivalents and restricted cash

 

 

(9,413

)

 

 

(9,579

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

69,144

 

 

 

119,233

 

Cash, cash equivalents and restricted cash at end of period

 

$

59,731

 

 

$

109,654

 

 

 

 

 

 

Moog Inc.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)

(dollars in thousands)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 30, 2024

 

April 1, 2023

 

March 30, 2024

 

April 1, 2023

Net cash provided (used) by operating activities

 

$

(44,002

)

 

$

(41,099

)

 

$

16,389

 

 

$

(33,016

)

Purchase of property, plant and equipment

 

 

(40,114

)

 

 

(59,618

)

 

 

(77,530

)

 

 

(89,743

)

Free cash flow

 

$

(84,116

)

 

$

(100,717

)

 

$

(61,141

)

 

$

(122,759

)

 

 

 

 

 

 

 

 

 

Free cash flow is defined as net cash provided (used) by operating activities less purchase of property, plant and equipment. Free cash flow 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 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/20240426142803/en/

Aaron Astrachan - 716.687.4225