Financial Performance - Net sales for Q3 2024 reached $905 million, a 6% increase compared to $850 million in Q3 2023[2] - Adjusted diluted earnings per share rose to $1.91, a 39% increase from $1.37 in Q3 2023[3] - Net earnings for the three months ended June 29, 2024, were $56,360,000, compared to $42,387,000 for the same period in 2023, marking a 33.1% increase[13] - Diluted net earnings per share increased to $1.74 for the three months ended June 29, 2024, from $1.32 in the same period last year, a rise of 31.8%[13] - Net earnings for the nine months ended June 29, 2024, increased to $164,175 thousand, up from $131,416 thousand for the same period last year, representing a growth of approximately 25%[18] Operating Margin and Profit - Operating margin improved to 11.6%, up 170 basis points from 9.9% in the prior year[3] - The operating profit for the same period was $105,380,000, up from $84,508,000 in the prior year, reflecting a 24.7% increase[14] - The Space and Defense segment achieved an operating profit of $32,635,000 for the three months ended June 29, 2024, compared to $18,585,000 in the prior year, a growth of 75.7%[15] - The Military Aircraft segment's operating profit rose to $23,965,000 from $18,143,000, reflecting a 32.3% increase[15] - The Commercial Aircraft segment reported an operating profit of $24,367,000, up from $19,745,000, indicating a 23.4% increase[15] - The Industrial segment's operating profit decreased to $24,413,000 from $28,035,000, a decline of 13.4%[15] Sales Growth and Backlog - Military Aircraft sales increased by 18% to $207 million, driven by the ramp-up of the FLRAA program[4] - Space and Defense sales grew by 7% to $258 million, supported by strong U.S. and European defense demand[4] - Twelve-month backlog increased by 7% to $2.5 billion, reflecting strong product demand in aerospace and defense[6] - Fiscal year 2024 guidance projects an 8% sales growth, with adjusted operating margin expanding by 150 basis points[7] Cash Flow and Financial Position - Free cash flow improved by $17 million year-over-year, resulting in a cash use of $2 million in Q3 2024[6] - Free cash flow for the nine months ended June 29, 2024, was reported at $(63,061) thousand, compared to $(142,171) thousand for the same period last year, showing an improvement of approximately 56%[19] - The company reported a net cash provided by operating activities of $46,555 thousand for the nine months ended June 29, 2024, compared to $(17,097) thousand for the same period last year[19] Assets and Liabilities - Total assets as of September 30, 2023, were reported at $4,067,748,000, an increase from $3,808,036,000 year-over-year[16] - Total current liabilities rose to $988,404 thousand, compared to $965,473 thousand in the previous year, reflecting an increase of about 2%[17] - Total liabilities increased to $2,273,956 thousand from $2,171,949 thousand, marking a rise of approximately 5%[17] - Shareholders' equity grew to $1,793,792 thousand, up from $1,636,087 thousand, indicating an increase of around 10%[17] Future Projections - Adjusted diluted earnings per share for FY 2024 is expected to increase by 20% to $7.40[7] - Operating margin for FY 2024 is projected at 11.8%, slightly down from the previous estimate of 11.9%[7]
Moog(MOG_A) - 2024 Q3 - Quarterly Results