Financial Performance - Net sales for Q4 2024 reached $917 million, a 5% increase from $872 million in Q4 2023, contributing to a total of $3.609 billion for the fiscal year, up 9% from $3.319 billion in 2023[2][9] - Diluted net earnings per share for Q4 2024 increased by 8% to $1.33, compared to $1.23 in Q4 2023, with adjusted diluted net earnings per share rising 3% to $2.16[2][3] - Net earnings for the three months ended September 28, 2024, were $43,045,000, up from $39,582,000 in the prior year, representing a 3.7% increase[19] - The company reported a net earnings increase to $207,220 thousand for the twelve months ended September 28, 2024, compared to $170,998 thousand in the previous year, a growth of 21.1%[24] Operating Margins - Operating margin for Q4 2024 decreased to 9.1%, down 100 basis points from 10.1% in Q4 2023, while the adjusted operating margin remained unchanged at 12.5%[2][6][7] - Adjusted operating margin for FY 2025 is also projected at 13%, up from 12.4% in FY 2024, reflecting ongoing pricing and simplification initiatives[12] - The adjusted operating margin in Military Aircraft improved by 300 basis points to 12.0% for FY 2024, attributed to cost absorption on the FLRAA program[11] Sales Performance - Military Aircraft sales surged 17% to $216 million in Q4 2024, driven by the ramp-up of the FLRAA program, while Space and Defense sales rose 9% to $263 million[5][9] - Commercial Aircraft sales increased by 18% to $788 million for FY 2024, supported by production ramps across various aircraft programs[9] Cash Flow and Liquidity - Free cash flow for Q4 2024 was $109 million, a 5% increase from $105 million in Q4 2023, driven by strong customer collections[2][8] - Net cash provided by operating activities for the twelve months ended September 28, 2024, was $202,344 thousand, up from $135,935 thousand in the prior year, representing a 48.8% increase[24] - Free cash flow for the twelve months ended September 28, 2024, was $21,326 thousand, a significant improvement from a negative $37,351 thousand in the previous year[25] - The company emphasizes that free cash flow and free cash flow conversion are not GAAP measures but are useful for evaluating liquidity and financial condition[25] Assets and Liabilities - Total assets as of September 30, 2023, were $4,128,452 thousand, an increase from $3,808,036 thousand year-over-year[22] - Total liabilities as of September 30, 2023, were $2,267,819 thousand, compared to $2,171,949 thousand in the previous year, reflecting a rise of 4.4%[23] Research and Development - Research and development expenses decreased to $26,021,000 for the three months ended September 28, 2024, from $29,444,000 in the same period last year[17] Inventory and Write-downs - The company incurred an inventory write-down of $29,176 thousand for the twelve months ended September 28, 2024, compared to $18,973 thousand in the previous year, reflecting a significant increase in write-downs[24] Strategic Focus - The company continues to focus on improving its financial metrics and operational efficiency as part of its strategic initiatives[25]
Moog(MOG_A) - 2024 Q4 - Annual Results