Financial Performance - Net sales for the three months ended March 29, 2025, were $934,840,000, a slight increase from $930,303,000 for the same period in 2024, representing a growth of 0.2%[11] - Gross profit for the six months ended March 29, 2025, was $498,318,000, compared to $499,977,000 for the same period in 2024, indicating a decrease of 0.3%[11] - Net earnings for the three months ended March 29, 2025, were $55,754,000, down from $60,003,000 in the same period of 2024, reflecting a decline of 7.4%[11] - Comprehensive income for the three months ended March 29, 2025, was $80,866,000, compared to $48,650,000 for the same period in 2024, showing an increase of 66.1%[14] - Net earnings for the six months ended March 29, 2025, were $108,867,000, compared to $107,815,000 for the same period in 2024, reflecting a slight increase of 0.97%[25] - Operating profit for the three months ended March 29, 2025, was $109.31 million, compared to $112.01 million for the same period in 2024, reflecting a decrease of approximately 2.3%[99] - Total operating profit for the six months ended March 29, 2025, was $210.46 million, compared to $206.55 million for the same period in 2024, reflecting a growth of approximately 1.9%[99] Expenses and Costs - Research and development expenses decreased to $24,481,000 for the three months ended March 29, 2025, down from $28,382,000 in the same period of 2024, a reduction of 13.4%[11] - The company reported a depreciation expense of $45,822,000 for the six months ended March 29, 2025, compared to $42,276,000 for the same period in 2024, indicating an increase of 6.03%[25] - Total finance lease cost for the six months ended March 29, 2025, increased to $10,365, up 60% from $6,465 in the same period in 2024[64] - The total expense for U.S. defined benefit plans was $4,272 million for the three months ended March 29, 2025, compared to $5,922 million for the same period in 2024[89] Assets and Liabilities - Total assets increased to $4,319,255,000 as of March 29, 2025, from $4,093,626,000 as of September 28, 2024, representing a growth of 5.5%[16] - The company’s long-term debt, excluding current installments, increased to $1,165,662,000 as of March 29, 2025, from $874,139,000 as of September 28, 2024, a rise of 33.3%[16] - Accounts receivable increased to $502,093 as of March 29, 2025, compared to $388,841 as of September 28, 2024[51] - Total inventories, net of reserves, were $902,551 as of March 29, 2025, up from $863,702 as of September 28, 2024[57] - The company recognized additional revenue of $2,604 and $11,274 for the three and six months ended March 29, 2025, respectively, due to adjustments made to performance obligations satisfied in previous periods[40] Cash Flow and Dividends - Cash and cash equivalents rose to $62,124,000 as of March 29, 2025, compared to $61,694,000 as of September 28, 2024, a slight increase of 0.7%[16] - Cash dividends were $0.29 per share for the three months ended March 29, 2025, compared to $0.28 per share for the same period in 2024, an increase of 3.6%[20] - The company reported a net cash used by operating activities of $(92,862,000) for the six months ended March 29, 2025, compared to a net cash provided of $16,389,000 for the same period in 2024[25] Segment Performance - The Space and Defense segment generated net sales of $270.18 million for the three months ended March 29, 2025, compared to $266.79 million in the same period of 2024, indicating a growth of about 1.5%[97] - The Military Aircraft segment reported an operating profit of $23.72 million for the three months ended March 29, 2025, up from $16.77 million in the same period of 2024, representing an increase of approximately 41.5%[99] - The Industrial segment reported net sales of $234.43 million for the three months ended March 29, 2025, down from $253.42 million in the same period of 2024, a decrease of approximately 7.5%[97] Tax and Compliance - The effective tax rate for the three months ended March 29, 2025, was 24.2%, higher than the U.S. federal statutory tax rate of 21% due to various factors including state income taxes[90] - The company expects to adopt ASU no. 2023-07 for segment reporting in FY 2025, which will require additional disclosures regarding segment expenses[30] - The company is currently reviewing ASU no. 2023-09, which will expand annual income tax disclosures effective for fiscal years beginning after December 15, 2024[30] Other Financial Metrics - The company recorded a net gain of $250 from equity method investments for the three months ended March 29, 2025, compared to a gain of $338 for the same period in 2024[69] - The company recorded a net gain of $3,533 on foreign currency contracts for the three months ended March 29, 2025, compared to a loss of $2,919 for the same period in 2024[84] - The accumulated other comprehensive income (loss) at March 29, 2025, was $(216,999), reflecting changes in foreign currency translation and derivatives[92]
Moog(MOG_A) - 2025 Q2 - Quarterly Report