Financial Performance - Net sales for the three months ended March 30, 2024, were $930.3 million, a 11.2% increase from $836.8 million for the same period in 2023[10]. - Gross profit for the six months ended March 30, 2024, was $500.0 million, up 17.5% from $425.0 million in the prior year[10]. - Net earnings for the three months ended March 30, 2024, were $60.0 million, representing a 39.6% increase compared to $43.0 million for the same period in 2023[10]. - Basic net earnings per share for the three months ended March 30, 2024, were $1.88, up from $1.35 in the same period last year, reflecting a 39.1% increase[10]. - Net earnings for the six months ended March 30, 2024, were $107,815,000, an increase from $89,029,000 in the same period of 2023, representing a growth of approximately 21%[23]. - Total operating profit for the three months ended March 30, 2024, was $112,012 million, an increase of 34% compared to $83,766 million for the same period in 2023[110]. - Net sales for the quarter ended March 30, 2024, were $930 million, representing an 11% increase from $837 million in the same quarter of 2023[133]. - Diluted earnings per share rose to $1.86 for the quarter ended March 30, 2024, up 39% from $1.34 in the same quarter of 2023[133]. 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[15]. - Total liabilities increased to $2.29 billion as of March 30, 2024, compared to $2.17 billion as of September 30, 2023[15]. - The company’s retained earnings increased to $2.59 billion as of March 30, 2024, up from $2.50 billion as of September 30, 2023[15]. - Cash and cash equivalents decreased to $59.1 million as of March 30, 2024, down from $69.0 million as of September 30, 2023[15]. - The company reported a net cash outflow from investing activities of $83,956,000 for the six months ended March 30, 2024, compared to $74,200,000 in the prior year[23]. - Long-term debt as of March 30, 2024, was $948,615 million, an increase from $863,092 million as of September 30, 2023, reflecting a growth of 9.9%[80]. Cash Flow and Dividends - Operating cash flow for the six months ended March 30, 2024, was $16,389,000, compared to a cash outflow of $33,016,000 in the prior year[23]. - The company reported a cash dividend of $0.28 per share for the three months ended March 30, 2024, compared to $0.27 per share for the same period in 2023[19]. - Net cash provided by operating activities increased by $16 million in the first half of 2024 compared to the same period in 2023, primarily due to improved accounts receivable[168]. Research and Development - Research and development expenses for the six months ended March 30, 2024, were $59.0 million, an increase from $50.6 million in the prior year[10]. - Research and development expenses for the quarter were $28 million, a 6% increase from $27 million in the same quarter of 2023[133]. - Research and development expenses rose by $11 million in the first half of 2024, driven by new growth programs in Space and Defense[135]. Segment Performance - The Space and Defense segment reported net sales of $266.8 million for the three months ended March 30, 2024, compared to $245.9 million in the same period of 2023, marking an increase of approximately 8.5%[107]. - The Military Aircraft segment generated net sales of $202.5 million for the three months ended March 30, 2024, up from $182.8 million in the same period of 2023, indicating a growth of about 10.0%[107]. - The Commercial Aircraft segment saw net sales of $207.6 million for the three months ended March 30, 2024, compared to $164.3 million in the same period of 2023, representing a significant increase of approximately 26.3%[107]. - Space and Defense net sales increased by 9% in Q2 2024, driven by higher demand for defense applications, with operating profit at $28 million[140]. - Military Aircraft net sales increased by 11% in Q2 2024, with OEM sales up $15 million and aftermarket sales up $5 million[145]. - Commercial Aircraft net sales increased by 26% in Q2 2024, with OEM sales up $29 million and aftermarket sales up $14 million[151]. Backlog and Future Projections - Twelve-month backlog increased to $2,500 million, a 9% rise from $2,300 million in the previous year[133]. - Net sales for 2024 are projected to be $3,550 million, a 7% increase from $3,319 million in 2023, with significant growth in Commercial Aircraft sales expected to rise by 23%[162]. - Operating profit is expected to increase to $422 million in 2024, up 23% from $343 million in 2023, driven by improvements in Space and Defense segments[162]. Impairments and Charges - The company recorded an impairment charge of $1,152 million related to the cancellation of the Future Attack Reconnaissance Aircraft program during the three months ended March 30, 2024[51]. - The company recorded $175 million in write-downs due to the cancellation of the FARA program during the three months ended March 30, 2024[59]. - Restructuring charges for 2024 included $2,293 for severance and $2,390 for other costs, totaling $4,683[96]. Market Conditions and Trends - The space market consists of three customer markets: civil, U.S. Department of Defense, and commercial, with increasing investments expected in satellite technologies and small satellites[200]. - The industrial market is influenced by capital investment levels, product innovation pace, and economic conditions, with challenges arising from changing customer demands[202]. - The energy generation and exploration market is affected by fluctuating oil and natural gas prices, global urbanization, and investments in power generation infrastructure[204]. - The medical market is driven by economic conditions, regulatory environments, and advances in medical technology, leading to increased demand for medical devices and components[205].
Moog(MOG_A) - 2024 Q2 - Quarterly Report