Moog Announces Fourth Quarter EPS Up 10% and Fiscal 2012 EPS Up 13%

EAST AURORA, NY—(Marketwire – Nov 2, 2012) – Moog Inc. (NYSE: MOG.A) (NYSE: MOG.B) announced today fiscal year 2012 sales of $2.47 billion, up 6%. Net earnings of $152 million were 12% higher and earnings per share of $3.33 were 13% higher compared to last year. For the fourth quarter, sales of $633 million were up 2%. Net earnings were $42 million, up 10%, and earnings per share of $.91 were 10% higher than last year.

Aircraft sales for the year were $963 million, up 13%. Commercial aircraft sales for the year of $388 million were up 21%. OEM sales to Boeing increased 19%, sales to business jet manufacturers were 35% higher and commercial aftermarket revenues of $117 million were up 14% over a year ago. Total military sales were $576 million, up 9%, led by strong foreign military sales, F-35 production and aftermarket sales. Military aftermarket sales were a record $214 million.

In the fourth quarter, Aircraft sales of $254 million increased 11% from the same quarter last year. Commercial revenues increased 28% as production rates for the Boeing 787 aircraft continued to ramp up. Military aircraft sales were up marginally on strong aftermarket activity.

Space and Defense segment sales of $359 million for the year were 1% higher than a year ago. Sales of controls for launch vehicles and NASA increased 22%, in part due to new common thrust vector controls for the Delta IV and Atlas launch vehicles. Sales of satellite controls were 34% higher due to recent acquisitions, while security product sales were lower as sales for the Driver’s Vision Enhancer program wound down. For the fourth quarter, Space and Defense sales mirrored the year’s trend.

The Industrial Systems segment had revenues for the year of $634 million, a slight increase over last year. Sales for simulation and test equipment were very strong, up 22%. Non-renewable energy products were 20% higher. Industrial automation sales were softer, down 5%, due to currency effects. Wind energy sales were 14% lower than last year as demand in China continued to wane. Industrial Systems sales in the fourth quarter were down 14% on softer industrial automation sales, reduced demand for wind energy products and a stronger U.S. dollar.

Components Group sales were $374 million for the year, up 6%. Growth in marine, medical and industrial markets more than offset slightly lower aircraft sales. Sales for the quarter were a record $100 million. The quarter results reflected higher marine sales, in part due to the recent Tritech acquisition.

The Medical Devices segment generated sales of $140 million for the year, down 2% from the year previous on lower sensor and surgical handpiece sales. For the quarter, sales in Medical Devices of $36 million were down 3% from a year ago.
Year-end backlog of $1.3 billion was level with the prior year.

The Company also updated its projections for fiscal 2013. Given the uncertain global industrial economic outlook, the Company’s forecast includes sales of $2.65 billion with a range of +/- $25 million. Net earnings are forecast between $160 million and $170 million and earnings per share between $3.50 and $3.70. The midpoint, $3.60, represents an 8% increase in EPS.

“Over the last three years, sales have increased 34% and earnings per share are up 68%,” said John Scannell, CEO. “We have delivered this improvement despite the reduced military spending and the tepid industrial recovery. We believe our diversity across markets and geographies, as well as our excellent position on the most important military and commercial programs has been the key to this strong performance and we’re confident these factors will continue to benefit us in 2013.”