Financial Performance - Net sales for the three months ended January 3, 2026, were $1,100,346, an increase of 21.2% compared to $907,882 for the same period in 2024[10] - Gross profit for the same period was $294,240, representing a gross margin of 26.8%, up from $245,078 and a gross margin of 27.0% in the prior year[10] - Net earnings increased to $78,851, a 37.1% rise from $57,526 in the previous year, resulting in diluted earnings per share of $2.46 compared to $1.78[10] - Operating profit for the same period was $135,446, up 30.7% from $103,604 in the prior year[87] - The company reported earnings before income taxes of $101,214, compared to $74,435 in the same period last year, marking a 36% increase[87] Research and Development - Research and development expenses rose to $24,634, up from $23,605, indicating continued investment in innovation[10] - Research and development expenses totaled $24,634, slightly higher than $23,605 in the prior year[86] Assets and Equity - Total assets as of January 3, 2026, were $4,551,893, an increase from $4,426,055 as of September 27, 2025[15] - Shareholders' equity grew to $2,065,800, up from $1,992,555, indicating a stronger financial position[15] - Cash and cash equivalents increased to $73,359 from $62,013, reflecting improved liquidity[15] Cash Flow and Financing - Net cash used by operating activities was $(44,768,000) for the three months ended January 3, 2026, compared to $(132,910,000) for the same period in 2024, indicating a significant improvement[22] - The company reported a net cash provided by financing activities of $87,722,000 for the three months ended January 3, 2026, compared to $163,867,000 for the same period in 2024[22] - Proceeds from revolving lines of credit amounted to $372,900,000 for the three months ended January 3, 2026, while payments on revolving lines of credit were $261,900,000[22] Dividends - The company declared cash dividends of $0.29 per share for the three months ended January 3, 2026, compared to $0.28 per share in the previous year[18] - A quarterly dividend of $0.30 per share was declared on January 29, 2026, payable on February 26, 2026, to shareholders of record on February 17, 2026[94] Inventory and Receivables - Total inventories, net amounted to $915,691 as of January 3, 2026, slightly up from $914,302 in September 27, 2025[52] - Receivables, net increased to $554,295 as of January 3, 2026, from $506,768 in September 27, 2025, marking a growth of about 9.4%[46] - As of January 3, 2026, total unbilled receivables increased to $817,605 from $744,352 in September 27, 2025, reflecting a growth of approximately 9.5%[42] Liabilities - Long-term debt increased to $1,052,312 million as of January 3, 2026, compared to $944,123 million as of September 27, 2025[64] - The total lease liabilities as of January 3, 2026, were $68,644 for operating leases and $143,834 for finance leases[59] - Warranty accrual at the end of the period was $24,016 million, up from $22,502 million at the end of the previous period[67] Foreign Currency and Tax - The company reported a foreign currency translation adjustment of $4,656, contrasting with a loss of $41,596 in the prior year, indicating improved currency conditions[13] - The effective tax rate for the three months ended January 3, 2026, was 22.1%, slightly lower than 22.7% for the same period in 2024[77] - The company recorded a net gain of $9 million from foreign currency contracts for the three months ended January 3, 2026[71] Acquisitions and Capital Expenditures - The company acquired COTSWORKS, Inc. on July 1, 2025, enhancing its capabilities in rugged optical components for harsh environments[44] - Capital expenditures for the three months ended January 3, 2026, totaled $34,380, compared to $32,778 in the prior year[87] Other Financial Metrics - The company recognized additional revenue of $12,547,000 for the three months ended January 3, 2026, due to adjustments made to performance obligations satisfied in previous periods, compared to $8,669,000 for the same period in 2024[36] - The company is currently reviewing new accounting standards that may impact financial disclosures, with planned adoption dates in fiscal years 2026 and 2028[27]
Moog(MOG_A) - 2026 Q1 - Quarterly Report