Core Viewpoint - Wall Street anticipates a year-over-year increase in Moog's earnings driven by higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Moog is expected to report quarterly earnings of $2.24 per share, reflecting a year-over-year increase of +25.8% [3]. - Revenues are projected to reach $990.13 million, an increase of 8.8% from the previous year [3]. Estimate Revisions - The consensus EPS estimate for Moog has remained unchanged over the last 30 days, indicating a stable outlook from analysts [4]. - Moog's Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.56%, suggesting a bearish sentiment among analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, but its predictive power is stronger for positive readings [9][10]. - Moog's combination of a negative Earnings ESP and a Zacks Rank of 2 makes it challenging to predict an earnings beat conclusively [12]. Historical Performance - In the last reported quarter, Moog exceeded the expected earnings of $2.24 per share by delivering $2.56, resulting in a surprise of +14.29% [13]. - Over the past four quarters, Moog has consistently beaten consensus EPS estimates [14]. Industry Context - Teledyne Technologies, a peer in the aerospace and defense equipment industry, is expected to report earnings of $5.83 per share, with a year-over-year change of +5.6% and revenues of $1.57 billion, up 4.5% [18]. - Teledyne's consensus EPS estimate has been revised up by 0.3% over the last 30 days, but it also has a negative Earnings ESP of -0.52% [19].

Summary of Moog's Conference Call Company Overview - Moog is a leader in electromechanical and electrohydraulic control systems, primarily serving aerospace, defense, industrial, and medical markets, with projected sales of approximately $4.2 billion for fiscal 2026 and a workforce of about 14,000 employees [3][4][9] Key Business Segments - **Defense**: Over 50% of Moog's business, with significant growth opportunities in missile programs, including a $250 million missile business growing at over 20% annually [7][14] - **Commercial Aerospace**: Accounts for over 20% of business, with strong demand for wide-body aircraft components and aftermarket services [7][29] - **Industrial**: Involves high-value capital equipment for automotive and plastic production [8] - **Medical**: Focuses on high-performance medical pumps for chronic illness patients [8] Growth Opportunities - **Defense Sector**: - Significant demand for missile systems due to global conflicts, particularly the Russia-Ukraine war, leading to replenishment needs for military arsenals [14][24] - Programs like FLRAA (Future Long-Range Assault Aircraft) are expected to enter low-rate production in the late 2020s, with potential for high future demand [17][18] - European defense spending is increasing, with commitments to raise spending to 3.5% of GDP, creating additional opportunities [19][26] - **Commercial Aerospace**: - Boeing and Airbus are ramping up production rates, with Moog's exposure primarily in wide-body aircraft [29][30] - Strong aftermarket demand due to aging fleets and increased aircraft usage [29] - **Space Business**: - Moog has a long history in space applications, providing components for satellites and launch vehicles, with increasing demand as space becomes a warfighting domain [34][36] Financial Performance - Sales growth from 2022 to 2025 is projected at an 8% CAGR, exceeding initial expectations of 5-7% [42] - Operating margin improved by an average of 110 basis points annually, with earnings per share increasing by 16% CAGR [43] - Free cash flow at 46%, below the target of 75-100%, attributed to significant business growth and capital investments [44] Risks and Challenges - Potential program cancellations in defense could impact revenue, but Moog's diverse exposure across multiple programs mitigates this risk [21][22] - Supply chain issues affecting Airbus could impact Moog's inventory management and production rates [30][31] Capital Allocation and Future Outlook - Moog plans to maintain elevated capital expenditures to support growth, particularly in defense and aerospace sectors [50] - The company aims to continue its transformation journey, focusing on operational efficiency and financial performance [52] Conclusion - Moog is well-positioned for growth in defense, aerospace, and space markets, with a strong focus on operational improvements and capital investments to support future demand [28][52]

Core Insights - ATI shares increased by 5.3% to close at $104.73, supported by higher trading volume compared to normal sessions, contrasting with a 1.5% gain over the past four weeks [1] - The stock's rally is attributed to optimism regarding ATI's strong performance in the aerospace and defense sectors, which is enhancing its revenue and margins [2] - The recent appointment of James Robert Foster as Senior Vice President, Finance and CFO is expected to contribute operational depth and financial discipline to ATI's growth [2] Financial Performance - ATI is projected to report quarterly earnings of $0.88 per share, reflecting an 11.4% year-over-year increase, with revenues anticipated at $1.2 billion, a 2.6% rise from the previous year [3] - The consensus EPS estimate for ATI has been revised 0.7% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] Industry Context - ATI holds a Zacks Rank of 2 (Buy) and is part of the Zacks Aerospace - Defense Equipment industry, which includes Moog (MOG.A), another stock in the sector that saw a 2% increase to $239.2 [5] - Moog's consensus EPS estimate remains at $2.31, representing a 29.8% increase from the previous year, and it currently holds a Zacks Rank of 3 (Hold) [6]

Financial Performance - The twelve-month backlog as of September 27, 2025, was $3.0 billion, an increase of 20% compared to September 28, 2024[16] - Net sales to the five largest customers represented approximately 31% of total sales in 2025[41] - Aerospace and defense OEM customers accounted for 61% of total sales in 2025, with U.S. Government contracts representing 38% of total sales[40][42] - Aftermarket sales accounted for 14% of total sales in 2025[40] - Industrial market sales represented 25% of total sales in 2025, with lead times of 90 days or less[40] Research and Development - Research and development expenses were $94 million, representing approximately 2.4% of sales in 2025[20] - Internal research and development activities are significant, with a focus on advanced motion control products[37] - The company maintains a patent portfolio that includes patents related to motion control and actuation systems, which are significant for future revenue opportunities[19] Employee Management - The company hired over 1,400 new employees and rehired over 70 employees in 2025[23] - The average voluntary attrition rate over the last five years was approximately 7%[30] - The company conducts an extensive talent review annually, including succession planning for critical roles[36] - Moog's leadership development programs include an 18-month Moog Leadership Program and a nine-month Emerging Leadership Program[34] - The company’s leadership development strategy focuses on internal growth and development of leaders through on-the-job experiences[33] Environmental Commitment - The company aims to reduce combined Scope 1 and 2 emissions by 40% from the 2022 baseline by 2030[43] - The company has established baselines for water consumption and hazardous waste from 2022 data, with improvement goals set[43] - Moog launched a pilot of paid Volunteer Time Off, allowing employees one paid shift per year to volunteer, with plans to expand in 2025[43] Operational Insights - The company operates through wholly-owned foreign subsidiaries primarily in Europe and the Asia-Pacific region, facing risks such as currency fluctuations and local government regulations[44] - The company emphasizes a strong commitment to health and safety, regularly conducting training and measuring EHS results continuously[27] - The company’s sales and marketing organization consists of individuals with specialized technical expertise to meet customer precision control requirements[14] - The company’s operations are not generally seasonal, although certain products in the energy market may experience seasonal variations in sales levels[18]

Financial Performance - The twelve-month backlog as of September 27, 2025, was $3.0 billion, an increase of 20% compared to September 28, 2024[16]. - Net sales to the five largest customers represented approximately 31% of total sales in 2025[41]. - Aerospace and defense OEM customers accounted for 61% of total sales in 2025, with U.S. Government contracts representing 38% of total sales[40][42]. - Aftermarket sales accounted for 14% of total sales in 2025[40]. - Industrial market sales represented 25% of total sales in 2025, typically based on lead times of 90 days or less[40]. Research and Development - Research and development expenses were $94 million, representing approximately 2.4% of sales in 2025[20]. - Internal research and development activities are significant, with a focus on innovation in motion control products[20]. - The company maintains a patent portfolio that includes patents related to motion control and actuation systems, which are significant for future revenue opportunities[19]. Employee and Leadership Development - The company hired over 1,400 new employees and rehired over 70 employees in 2025[23]. - The average voluntary attrition rate over the last five years was approximately 7%[30]. - The company’s leadership development strategy focuses on internal growth and development of leaders through on-the-job experiences[33]. - Moog's leadership development programs include an 18-month Moog Leadership Program and a nine-month Emerging Leadership Program[34]. - The company has established a Global Mentoring Program and an on-demand learning library to support employee development[35]. Environmental Commitment - The company aims to reduce combined Scope 1 and 2 emissions by 40% from the 2022 baseline by 2030[43]. - The company has refined its corporate charitable giving guidelines to prioritize twelve key United Nations Sustainable Development Goals[43]. Operational Insights - The company operates through wholly-owned foreign subsidiaries primarily in Europe and the Asia-Pacific region, facing risks such as currency fluctuations and local government regulations[44]. - Moog's international operations are primarily located in Europe and the Asia-Pacific region, facing typical risks of international trade[44]. - The company emphasizes a strong commitment to health and safety, regularly conducting training and measuring EHS results continuously[27]. - The company’s sales and marketing organization consists of individuals with specialized technical expertise to meet customer precision control requirements[14]. - The company’s operations are not generally seasonal, although certain products in the energy market may experience seasonal variations[18].

Market Overview - The U.S. stock market experienced a significant rebound on November 21, 2025, with major indexes closing higher, recovering from earlier losses driven by optimism regarding potential interest rate cuts by the Federal Reserve [1][4] - The Dow Jones Industrial Average (DJI) rose 1.4%, adding 650 points, while the S&P 500 (SPX) gained 1.4%, closing at 6,590 points, and the Nasdaq Composite (IXIC) increased by 1.5% [2] Federal Reserve Influence - New York Federal Reserve President John Williams indicated support for a potential interest rate cut "in the near term," which shifted market expectations significantly, raising the likelihood of a rate cut at the December meeting to 73.1% from 39.1% [4] Corporate Performance - Nvidia (NVDA) reported a 62% year-over-year revenue increase to $57 billion, but its shares fell 3.2% on Thursday and 1.7% on Friday due to concerns over AI valuations [5] - Walmart (WMT) saw its stock decline by approximately 2% on Friday after a strong performance on Thursday, where it had jumped 6.5% following better-than-expected third-quarter results [6] - Retailers like Gap (GPS) and Ross Stores (ROST) had positive performances, with Gap surging 9.5% and Ross jumping 8.5% due to strong earnings [7] Notable Stock Movements - Alphabet (GOOGL) increased by over 3%, while Meta Platforms (META) added 1%. In contrast, Microsoft (MSFT) shares fell approximately 1%, and Oracle (ORCL) slid more than 4% [8] Upcoming Earnings and Economic Data - Several companies, including BJ's Wholesale Club Holdings (BJ) and IES Holdings (IESC), reported earnings after the market closed, with BJ's EPS at $1.16 against a forecast of $1.10 [9][10] - The upcoming week will feature key economic data releases, including the Producer Price Index (PPI) and Retail Sales for September, which were delayed due to a government shutdown [12]

Moog (MOG.A) came out with quarterly earnings of $2.56 per share, beating the Zacks Consensus Estimate of $2.24 per share. This compares to earnings of $2.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +14.29%. A quarter ago, it was expected that this aerospace contractor would post earnings of $2.1 per share when it actually produced earnings of $2.37, delivering a surprise of +12.86%.Over the last four quarters, the comp ...

Financial Performance - Moog Inc. achieved record net sales of $1,049 million in Q4 2025, a 14% increase from $919 million in Q4 2024[2] - The company reported a diluted net earnings per share of $2.01 for Q4 2025, reflecting a 53% increase from $1.31 in Q4 2024[2] - For fiscal 2025, net sales increased by 7% to $3.861 billion, with significant contributions from Commercial Aircraft, Space and Defense, and Military Aircraft segments[9] - Net sales for the three months ended September 27, 2025, were $1,049,138, a 13.9% increase from $919,395 in the same period of 2024[22] - Net earnings for the three months ended September 27, 2025, were $64,406, representing a 51.5% increase from $42,534 in the same period of 2024[24] - Diluted net earnings per share for the twelve months ended September 27, 2025, increased to $7.33, up from $6.45 in the previous year, a rise of 13.6%[24] - Net earnings for the twelve months ended September 27, 2025, were $235,028 thousand, an increase of 12.58% compared to $208,786 thousand for the same period in 2024[39] Cash Flow and Financial Health - Free cash flow reached a record $199 million in Q4 2025, up from $109 million in Q4 2024, driven by strong cash generation from customer advances[8] - Free cash flow for the twelve months ended September 27, 2025, was $128,355 thousand, significantly up from $20,867 thousand in the previous year, indicating a conversion rate of 46%[41] - Free cash flow conversion for fiscal 2026 is anticipated to be 60%, compared to 46% in fiscal 2025[15] - Cash and cash equivalents at the end of the period were $62,213 thousand, down from $64,537 thousand, a decrease of 3.61%[39] Operating Performance - Operating margin for fiscal 2025 improved by 40 basis points to 11.6%, supported by stronger financial performance across all segments[10] - The company expects operating margin and adjusted operating margin for fiscal 2026 to be 13.4%, reflecting continued operational improvements[15] - Total operating profit for the three months ended September 27, 2025, was $125,040, a 34.5% increase from $92,881 in the same period of 2024[31] - Total operating profit as adjusted for the twelve months ended September 27, 2025, was $501,268, with a margin of 13.0%[33] Research and Development - Research and development expenses decreased to $23,679 for the three months ended September 27, 2025, down from $26,021 in the same period of 2024, a decline of 8.9%[22] - Research and development expenses for the twelve months ended September 28, 2024, remained steady at $112,773 thousand[53] Future Projections - Moog Inc. forecasts fiscal 2026 net sales to reach $4.2 billion, an increase from $3.9 billion in fiscal 2025[15] - Adjusted diluted net earnings per share for fiscal 2026 is projected to be $10.00, up from $8.69 in fiscal 2025[15] Backlog and Demand - The twelve-month backlog increased by 20%, reaching a record $3.0 billion, indicating strong future demand[4] Assets and Liabilities - Total assets increased to $4,426,055 thousand as of September 27, 2025, up from $4,077,647 thousand a year earlier, representing a growth of 8.55%[36] - Current assets rose to $2,369,980 thousand, a 11.65% increase from $2,122,646 thousand in the prior year[36] - Long-term debt, excluding current installments, increased to $944,123 thousand from $874,139 thousand, reflecting a rise of 7.98%[36] - The company reported a total current liabilities of $1,119,068 thousand, which is an increase of 10.43% from $1,013,414 thousand in the previous year[36] Acquisitions and Strategic Moves - The company made acquisitions totaling $41,179 thousand during the year, compared to $5,911 thousand in the previous year, indicating a strategic expansion[39] Corrections and Adjustments - The company identified and corrected immaterial misstatements in prior financial statements, impacting the reported figures for 2023 and 2024[45]

Financial Performance - Moog Inc. achieved record net sales of $1,049 million in Q4 2025, a 14% increase from $919 million in Q4 2024[2] - The company reported a diluted net earnings per share of $2.01 for Q4 2025, reflecting a 53% increase from $1.31 in Q4 2024[2] - For fiscal 2025, net sales increased by 7% to $3.861 billion, with significant contributions from Commercial Aircraft, Space and Defense, and Military Aircraft segments[9] - Net sales for the three months ended September 27, 2025, were $1,049,138, an increase of 14.1% compared to $919,395 for the same period in 2024[22] - Net earnings for the three months ended September 27, 2025, were $64,406, representing a 51.5% increase from $42,534 in the same period of 2024[24] - Diluted net earnings per share for the twelve months ended September 27, 2025, increased to $7.33, compared to $6.45 in 2024, a rise of 13.6%[24] - Net earnings for the twelve months ended September 27, 2025, were $235,028 thousand, an increase of 12.58% compared to $208,786 thousand for the same period in 2024[39] Cash Flow and Assets - Free cash flow reached a record $199 million in Q4 2025, up from $109 million in Q4 2024, driven by strong cash generation from customer advances[8] - Free cash flow for the twelve months ended September 27, 2025, was $128,355 thousand, significantly up from $20,867 thousand in the previous year, indicating a substantial improvement in cash generation[41] - The company reported a free cash flow conversion rate of 46% for the twelve months ended September 27, 2025, compared to just 8% for the same period in 2024[41] - Total assets increased to $4,426,055 thousand as of September 27, 2025, up from $4,077,647 thousand a year earlier, representing a growth of 8.55%[36] - Cash and cash equivalents at the end of the period were $62,213 thousand, a decrease from $64,537 thousand at the end of the previous year[39] Operating Performance - Operating margin for fiscal 2025 improved by 40 basis points to 11.6%, supported by stronger financial performance across all segments[10] - The company expects an operating margin of 13.4% for fiscal 2026, up from 11.6% in fiscal 2025, despite anticipated tariff pressures[15] - Total operating profit for the three months ended September 27, 2025, was $125,040, an increase of 34.5% from $92,881 in the same period of 2024[31] - Total adjusted operating profit for the twelve months ended September 27, 2025, was $501,268, reflecting an increase from $457,862 in 2024[33] Future Outlook - Moog Inc. forecasts fiscal 2026 net sales to reach $4.2 billion, an increase from $3.9 billion in fiscal 2025[15] - Adjusted diluted net earnings per share for fiscal 2026 are projected to be $10.00, compared to $8.69 in fiscal 2025[15] - The adjusted operating margin for fiscal 2026 is also expected to be 13.4%, reflecting continued operational strength[15] Segment Performance - Space and Defense segment net sales for the three months ended September 27, 2025, were $307,355, up 16.9% from $262,824 in 2024[31] - Military Aircraft segment operating profit margin improved to 14.0% for the three months ended September 27, 2025, compared to 11.9% in the same period of 2024[31] Liabilities and Equity - Current liabilities rose to $1,119,068 thousand, an increase of 10.43% from $1,013,414 thousand in the previous year[36] - Long-term debt, excluding current installments, increased to $944,123 thousand, up from $874,139 thousand, reflecting a rise of 7.98%[36] - Total shareholders' equity increased to $1,992,555 thousand, up from $1,828,817 thousand, marking a growth of 8.95%[36] Research and Development - Research and development expenses decreased to $23,679 for the three months ended September 27, 2025, from $26,021 in the same period of 2024, a decline of 8.9%[22] - Research and development expenses for the twelve months were $112,773 thousand, unchanged from the previous report, indicating consistent investment in innovation[53] Adjustments and Corrections - The company identified and corrected immaterial misstatements in previously issued financial statements, impacting prior periods but deemed not material to the overall financial condition[45]

Core Insights - Elbit Systems reported quarterly earnings of $3.35 per share, exceeding the Zacks Consensus Estimate of $2.75 per share, and showing an increase from $2.21 per share a year ago, resulting in an earnings surprise of +21.82% [1] - The company posted revenues of $1.92 billion for the quarter ended September 2025, which was 3.66% below the Zacks Consensus Estimate, but an increase from $1.72 billion year-over-year [2] - Elbit shares have appreciated approximately 95% since the beginning of the year, significantly outperforming the S&P 500's gain of 13.4% [3] Earnings Outlook - The future performance of Elbit's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $3.02 on revenues of $2.08 billion, and for the current fiscal year, it is $11.83 on revenues of $7.95 billion [7] Industry Context - The Aerospace - Defense Equipment industry, to which Elbit belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, indicating potential challenges ahead [8] - Moog, another company in the same industry, is expected to report quarterly earnings of $2.24 per share, reflecting a year-over-year change of +3.7%, with revenues projected at $964.02 million, up 5.1% from the previous year [9]