Financial Performance - Net sales for the three months ended June 29, 2024, were $904.735 million, a 6.4% increase from $850.176 million for the same period last year[6]. - Gross profit for the nine months ended June 29, 2024, was $751.440 million, up 16.0% from $647.634 million in the prior year[6]. - Net earnings for the three months ended June 29, 2024, were $56.360 million, representing a 33.3% increase from $42.387 million in the same quarter of the previous year[6]. - The company reported a diluted earnings per share of $1.74 for the three months ended June 29, 2024, compared to $1.32 for the same period last year, marking a 31.6% increase[6]. - Net earnings for the nine months ended June 29, 2024, were $164,175,000, compared to $131,416,000 for the same period in 2023, representing a year-over-year increase of approximately 25%[15]. - The operating profit for the three months ended June 29, 2024, was $105.380 million, compared to $84.508 million for the same period in 2023, reflecting an increase of about 24.7%[105]. - The total net sales for the nine months ended June 29, 2024, were $2.691888 billion, compared to $2.447071 billion for the same period in 2023, reflecting an increase of about 10%[101]. Assets and Liabilities - Total current assets as of June 29, 2024, were $2.172 billion, an increase from $1.985 billion as of September 30, 2023[9]. - Total liabilities increased to $2.274 billion as of June 29, 2024, compared to $2.172 billion as of September 30, 2023[9]. - Shareholders' equity rose to $1.794 billion as of June 29, 2024, up from $1.636 billion as of September 30, 2023[9]. - The company’s cash and cash equivalents decreased to $50.572 million as of June 29, 2024, from $68.959 million as of September 30, 2023[9]. - Long-term debt increased to $958,127 as of June 29, 2024, from $863,092 as of September 30, 2023[70]. - Total assets increased to $4,067,748 thousand from $3,808,036 thousand, a growth of 6.8%[9]. Research and Development - Research and development expenses increased to $27.791 million for the three months ended June 29, 2024, compared to $26.502 million in the same period last year, reflecting a 4.8% rise[6]. - The total equity-based compensation expense for the nine months ended June 29, 2024, was $11,301,000, compared to $8,121,000 for the same period in 2023, reflecting a 39.5% increase[15]. Cash Flow and Investments - Cash flows from operating activities for the nine months ended June 29, 2024, were $46,555,000, a significant improvement from a cash outflow of $17,097,000 in the same period of 2023[15]. - The company incurred $109,616,000 in capital expenditures for the purchase of property, plant, and equipment during the nine months ended June 29, 2024[15]. - The company experienced a net cash outflow from investing activities of $114,546,000, slightly higher than the $113,895,000 outflow in the previous year[15]. Market Segments - The Space and Defense segment generated net sales of $258.409 million for the three months ended June 29, 2024, up from $242.402 million in the prior year, indicating a growth of approximately 6.9%[101]. - The Military Aircraft segment reported an operating profit of $23.965 million for the three months ended June 29, 2024, compared to $18.143 million in the same period last year, marking an increase of about 32.1%[105]. - The U.S. Government customer type generated net sales of $178.636 million for the three months ended June 29, 2024, compared to $192.897 million in the same period of 2023, a decline of about 7.4%[103]. Future Outlook - Net sales for 2024 are projected to be $3,575 million, an increase of $256 million or 8% compared to 2023[147]. - Operating profit is expected to reach $421 million in 2024, up $78 million or 23% from 2023[147]. - Adjusted diluted earnings per share are forecasted to be between $7.30 and $7.50, with a midpoint of $7.40[147]. - The adjusted operating margin is anticipated to improve to 12.4% in 2024 from 10.9% in 2023[147]. Miscellaneous - The company recorded a foreign currency translation adjustment loss of $6.650 million for the three months ended June 29, 2024[7]. - The company declared a quarterly dividend of $0.28 per share, payable on August 29, 2024[111]. - The company expects to recognize a pre-tax loss from the sale of its hydraulic systems business in Luxembourg, which is anticipated to close in Q4 2024[111].
Moog(MOG_A) - 2024 Q3 - Quarterly Report