Moog(MOG_A) - 2026 Q1 - Quarterly Results

Financial Performance - Moog Inc. reported record net sales of $1.1 billion for Q1 2026, a 21% increase from $908 million in Q1 2025[2] - The company achieved a diluted net earnings per share of $2.46, up 38% from $1.78 in the previous year[2] - Net sales for the three months ended January 3, 2026, reached $1,100,346, a 21.2% increase from $907,882 for the same period in 2024[24] - Total operating profit for the same period was $135,446, representing a 30.7% increase from $103,604 in the prior year, with an operating margin of 12.3%[24] - Adjusted total operating profit increased to $142,498, with an adjusted operating margin of 13.0%, compared to 12.1% in the previous year[26] - Net earnings for the three months ended January 3, 2026, were $78,851, up from $57,526 in the same period last year[30] Bookings and Backlog - Bookings for the quarter totaled $2.3 billion, primarily driven by growth in Commercial Aircraft and new awards in Space and Defense[3] - The twelve-month backlog increased by 30% to a record $3.3 billion, indicating strong demand across all markets[3] Operating Margins - Operating margin improved by 90 basis points to 12.3%, while adjusted operating margin also increased by 90 basis points to 13.0%[5][6] - The adjusted operating margin for the Space and Defense segment increased by 280 basis points to 14.8%, reflecting higher sales and incremental profit[6] - Military Aircraft operating profit increased to $28,128, with an adjusted margin of 11.9%, compared to 11.3% in the previous year[26] - The company reported a significant increase in Space and Defense operating profit to $42,770, up from $28,780, with an adjusted margin of 14.8%[26] Cash Flow and Liquidity - Free cash flow was a use of $79 million, primarily due to cash used by physical inventories and timing of payments[7] - Free cash flow for the period was $(79,148), a slight improvement from $(165,688) in the prior year, with a free cash flow conversion rate of -94%[31] - Cash and cash equivalents increased to $73,359 from $62,013, reflecting improved liquidity[28] Capital Expenditures and Guidance - Capital expenditures for the quarter totaled $34 million, reflecting continued investment to support future growth[7] - The company raised its FY 2026 guidance for net sales to $4.3 billion from the previous $4.2 billion, and adjusted diluted net earnings per share to $10.20 from $10.00[8] Assets and Debt - Total assets rose to $4,551,893, up from $4,426,055, indicating growth in the company's asset base[28] - Long-term debt, excluding current installments, increased to $1,052,312 from $944,123, reflecting increased leverage[28] Segment Performance - Space and Defense segment sales rose by 31% to $324 million, driven by strong defense demand, particularly in missile controls and satellite components[4]