Financial Performance - Net sales for Q2 2024 reached $930 million, an 11% increase compared to $837 million in Q2 2023[4] - Diluted earnings per share for Q2 2024 were $1.86, a 39% increase from $1.34 in Q2 2023[4] - Adjusted diluted earnings per share rose to $2.19, reflecting a 54% increase from $1.42 in the same quarter last year[4] - Operating profit for the same period rose to $112.0 million, compared to $83.8 million in the prior year, reflecting a margin increase from 10.0% to 12.0%[20] - Net earnings for the three months ended March 30, 2024, were reported at $60.0 million, a significant increase from $43.0 million in the previous year, marking a growth of 39.6%[17] - Diluted net earnings per share for the three months ended March 30, 2024, increased to $1.86, up from $1.34 in the same quarter last year, representing a growth of 38.8%[17] - Net earnings for the six months ended March 30, 2024, increased to $107,815 thousand, up from $89,029 thousand in the same period last year, representing a growth of approximately 21%[25] Sales and Backlog - The twelve-month backlog increased by 9% to a record level of $2.5 billion, driven by growth in aerospace and defense sectors[8] - Commercial Aircraft sales surged by 26% to $208 million, attributed to growth in widebody aircraft[5] - The Space and Defense segment reported net sales of $266.8 million, an increase of 8.5% from $245.9 million in the prior year[20] - The Industrial segment's net sales reached $253.4 million, up from $243.9 million, indicating a growth of 3.9%[20] Cash Flow and Expenses - Free cash flow improved by $17 million year-over-year, with a cash use of $84 million in Q2 2024 compared to $101 million in Q2 2023[4] - Net cash provided by operating activities for the six months ended March 30, 2024, was $16,389 thousand, a significant improvement compared to a net cash used of $33,016 thousand in the prior year[25] - Free cash flow for the six months ended March 30, 2024, was $(61,141) thousand, an improvement from $(122,759) thousand in the same period last year, indicating a reduction in cash outflow[26] - The company reported a net cash used by investing activities of $83,956 thousand for the six months ended March 30, 2024, compared to $74,200 thousand in the same period last year, indicating an increase in cash outflow for investments[25] Margins and Profitability - Operating margin for Q2 2024 was 12.0%, up 200 basis points from 10.0% in Q2 2023[4] - Adjusted operating margin increased to 13.6%, a rise of 320 basis points compared to the previous year[4] - Adjusted operating profit for the three months ended March 30, 2024, was $126.4 million, compared to $87.1 million in the same period last year, indicating a margin of 13.6%[21] Assets and Liabilities - Total assets as of March 30, 2024, were $4.04 billion, an increase from $3.81 billion as of September 30, 2023[23] - The company's total liabilities increased to $2.29 billion from $2.17 billion, reflecting a rise in long-term debt to $948.6 million[23] Capital Expenditures and Dividends - Capital expenditures for Q2 2024 were reported at $40 million[8] - The company paid dividends totaling $17,572 thousand during the six months ended March 30, 2024, compared to $16,859 thousand in the same period last year, reflecting a year-over-year increase of approximately 4%[25] Tax and Depreciation - The effective income tax rate for the six months ended March 30, 2024, was reported at 23.7%, consistent with the previous year[17] - The company reported a depreciation expense of $42,276 thousand for the six months ended March 30, 2024, compared to $36,810 thousand in the prior year, reflecting an increase of approximately 15%[25] Acquisitions and Debt - The company made acquisitions of businesses totaling $5,911 thousand during the six months ended March 30, 2024, compared to no acquisitions in the same period last year[25] - Total payments on long-term debt were $188 thousand in the prior year, with no payments reported for the current period[25] - Proceeds from revolving lines of credit were $509,500 thousand for the six months ended March 30, 2024, slightly up from $503,232 thousand in the prior year[25]
Moog(MOG_A) - 2024 Q2 - Quarterly Results