Moog Reports First Quarter Sales up 3%

EAST AURORA, NY—(Marketwire – Jan 25, 2013) – Moog Inc. (NYSE: MOG.A) (NYSE: MOG.B) today announced first quarter sales of $621 million, up 3% from a year ago. Net earnings were $34 million and earnings per share were $.75, both 6% lower compared to last year’s first quarter on lower industrial sales.

Aircraft segment sales of $252 million were up 9% from last year with gains in both military and commercial markets. Commercial aircraft sales increased 16% compared to a year ago. Strong OEM production sales of $75 million included a 47% increase in sales to Boeing. Commercial aircraft aftermarket sales of $27 million were 5% higher.

Military aircraft sales were up 5% to $150 million. Military aftermarket sales were 17% higher, at $57 million, and OEM sales were unchanged.

Space and Defense sales at $87 million were down marginally from a year ago. Sales in satellite-related businesses were stronger and helped by recent acquisitions. This increase offset weaker launch vehicle and NASA sales. Sales for ground vehicle and security and surveillance systems were also soft during the quarter.

Industrial Systems sales of $148 million were down 6% from a year ago. Sales of simulation and test systems were 3% higher, at $33 million, while industrial automation sales were down 4% and sales of wind power controls were down 36%.

Components Group sales of $99 million were very strong, up 13% in the quarter. Sales of energy market products, including marine sales, more than doubled to $24 million compared to a year ago. Medical components sales were 8% higher partially offsetting lower sales into defense and industrial markets.

Medical Devices sales were unchanged at $35 million. Pump sales were down while sales of administration sets were up 12%.

Twelve month consolidated backlog was $1.3 billion, unchanged from a year ago.

The Company also updated its projections for fiscal 2013. Given the results of the first quarter, the Company’s revised forecast includes sales of $2.62 billion, a net earnings range of $160 million to $165 million and a range of $3.50 to $3.60 for earnings per share. The midpoint of the range, at $3.55, represents a 7% increase in EPS.

“We’re off to a slow start in 2013,” said John Scannell, CEO. “The weakness in the major economies around the world is affecting our industrial business. On the other hand, the aircraft market is strong. We have moderated our forecast for the year slightly but we are still projecting growth in both sales and earnings in 2013, despite the headwinds in our industrial markets.”

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, wind energy, marine and medical equipment. Additional information about the company can be found at www.moog.com.