[SatNews] Moog Inc. (NYSE: MOG.A) (NYSE: MOG.B) has announced second quarter earnings of…
…$36.5 million and earnings per share of $.80, a 4 percent increase over last year. Total sales of $643 million were up $18 million, or 3 percent, from a year ago. Space and Defense segment sales, at $106 million, were 18 percent higher than a year ago. Higher sales for space controls, at $62 million, were the result of two recent acquisitions. Sales of products sold into defense markets were down slightly from a year ago.
The Company has updated its guidance for the year. Sales for the year will be $2.59 billion. Net earnings are now projected at $156 to $160 million and earnings per share in a range of $3.40 to $3.50. The midpoint of $3.45 is an increase of 4 percent over the previous fiscal year.
“Sales, earnings and earnings per share were up this quarter, so the news is generally good,” said John Scannell, CEO. “Our industrial markets remain soft so fiscal 2013 looks like it will continue to be a challenging year and we are working to ensure that we meet our operating goals. Our operations should deliver earnings per share in the range of $3.55 to $3.65 but we’ll incur a total of $.15 per share in restructuring that reduces the range to $3.40 to $3.50 per share for the year. Sales in the second half of the year will be higher than the first half, and we should see a pickup in earnings in both our Industrial and Space & Defense segments.”
To read the entire financial report, select this direct web page link.
