Financial Performance - Net sales for Q2 2024 reached $930 million, an 11% increase compared to $837 million in Q2 2023[4] - Adjusted diluted earnings per share rose 54% to $2.19, compared to $1.42 in Q2 2023, reflecting higher sales and the Employee Retention Credit[4] - 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 prior year, marking a growth of 39.6%[20] - Diluted net earnings per share for the three months ended March 30, 2024, increased to $1.86, up from $1.34, representing a growth of 38.8%[20] - Net earnings for the six months ended March 30, 2024, increased to $107,815 thousand from $89,029 thousand in the same period last year, representing a growth of approximately 21%[25] Operating Performance - Operating margin improved to 12.0%, up 200 basis points from 10.0% in the prior year, driven by performance across all segments[4] - Operating profit for the same period rose to $112.0 million, compared to $83.8 million, reflecting a margin improvement from 10.0% to 12.0%[20] - The company reported an adjusted total operating profit of $126.4 million for the three months ended March 30, 2024, compared to $87.1 million in the prior year, an increase of 45.1%[21] - The Space and Defense segment's operating margin increased by 460 basis points to 15.8% due to improved program performance[6] - The Space and Defense segment's operating profit margin improved to 15.9% for the three months ended March 30, 2024, compared to 11.7% in the same period last year[21] Sales and Backlog - Commercial Aircraft sales surged 26% to $208 million, attributed to growth in widebody aircraft[5] - Twelve-month backlog increased 9% to a record $2.5 billion, indicating strong demand in aerospace and defense sectors[8] - Fiscal year 2024 guidance projects net sales of $3.55 billion, a 7% increase from the previous year[9] Cash Flow and Investments - Free cash flow improved by $17 million year-over-year, with a cash use of $84 million in Q2 2024[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 invested $77,530 thousand in property, plant, and equipment during the six months ended March 30, 2024, compared to $89,743 thousand in the same period last year, reflecting a decrease of approximately 13.6%[25] Assets and Liabilities - Total assets as of March 30, 2024, increased to $4.04 billion, compared to $3.81 billion as of September 30, 2023, indicating a growth of 5.9%[23] - Current assets rose to $2.16 billion, up from $1.99 billion, reflecting an increase of 8.5%[23] - Long-term debt, excluding current installments, increased to $948.6 million from $863.1 million, representing a rise of 9.9%[23] Restructuring and Charges - Restructuring and impairment charges in Q2 2024 totaled $14 million, primarily affecting Military Aircraft and Industrial segments[7] Tax and Cash Equivalents - The effective income tax rate for the six months ended March 30, 2024, was 23.7%, consistent with the prior year rate of 23.6%[20] - Cash, cash equivalents, and restricted cash at the end of the period were $59,731 thousand, down from $109,654 thousand at the end of the same period last year, a decrease of approximately 45.5%[25]
Moog(MOG_B) - 2024 Q2 - Quarterly Results