Moog Inc. (MOG.A) Tops Q1 EPS by 23c, Revenues Beat; Updated FY20 EPS/Revenue Mid-Point Guidance Below Consensus

Moog Inc. (AMEX: MOG.A) reported Q1 EPS of $1.44, $0.23 better than the analyst estimate of $1.21. Revenue for the quarter came in at $755 million versus the consensus estimate of $716.61 million.

First Quarter Highlights

• Sales of $755 million, up 11% from a year ago;
• Operating margins of 12.0% up from 11.7% a year ago;
• Effective tax rate of 25.2%;
• Diluted earnings per share of $1.44, up 18% from a year ago;
• $42 million cash flow from operating activities.

GUIDANCE:

Moog Inc. sees FY2020 EPS of $5.30-$5.70, versus the consensus of $5.52. Moog Inc. sees FY2020 revenue of $3 billion, versus the consensus of $3.02 billion.

The Company updated its fiscal 2020 projections of 90 days ago to adjust for the closing of a recent acquisition and the impact of recently completed financing activities.

• Forecast sales of $3.0 billion;
• Forecast full year operating margins of 11.3%;
• Forecast effective tax rate of 25.3%;
• Forecast diluted earnings per share of $5.50, plus or minus $0.20;
• Forecast cash flow from operations of $272 million.

“We’re very pleased with our first quarter results,” said John Scannell, Chairman and CEO. “Sales were up 11% and earnings per share were 18% higher relative to last year’s first quarter. Defense sales were strong across all our applications and we recently completed a very successful senior notes offering. We’re adjusting our forecast for the full year slightly, increasing our sales outlook by $35 million to account for the GAT acquisition. We’re also decreasing our EPS guidance by $0.05 to account for the combined impact of our recent debt offering and our share buyback activity.”

For earnings history and earnings-related data on Moog Inc. (MOG.A) click here.

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