Company Announcements

Moog Inc. Reports Fiscal Year End 2021 Results and Initial Guidance for Fiscal Year 2022

EAST AURORA, N.Y.--(BUSINESS WIRE)--Nov. 5, 2021-- Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter and fiscal year ended October 2, 2021.

Fourth Quarter Highlights

  • Sales of $724 million, up 2% from a year ago;
  • GAAP diluted earnings per share of $1.07, up 32%, including $0.18 of one-time adjustments;
  • Operating margins of 8.7%;
  • Effective tax rate of 19.0%; and
  • $63 million cash flow from operating activities.

Full-Year 2021 Highlights

  • Sales of $2.9 billion, down 1% from a year ago;
  • GAAP diluted earnings per share of $4.87, including $0.18 of one-time adjustments, up 1% from adjusted results a year ago;
  • Operating margins of 9.5%;
  • Effective tax rate of 22.8%; and
  • $293 million cash flow from operating activities.

Fiscal 2022 Guidance

  • Sales of $3.0 billion, a 6% increase;
  • Forecast diluted earnings per share of $5.50, plus or minus $0.20;
  • Forecast full year operating margins of 10.3%;
  • Forecast tax rate of 25.5%; and
  • Forecast $338 million cash flow from operating activities.

Segment Results

Aircraft Controls segment sales in the quarter were $298 million, 8% higher year over year. Total commercial aircraft revenues were $99 million, up 23%. Sales from the Genesys acquisition and strong sales to Airbus for the A350 compensated for lower 787 sales to Boeing. Commercial aftermarket sales increased 25% on strong 787 activity.

Military aircraft revenues in the quarter were up 2% to $199 million. OEM revenues were 12% higher, to $144 million. Increased funded development and acquired sales from the Genesys acquisition offset lower F-35 Joint Strike Fighter sales. Military aftermarket sales of $55 million were off 16% when compared to a very strong quarter last year.

Full-year Aircraft Controls segment sales were $1.16 billion, down 4%. Total military aircraft sales increased 8%, to $782 million. Military OEM sales, led by F-35 program sales and foreign military sales, were $574 million, an increase of 22%. Military aftermarket sales were off 17%, with the decrease tied to lower F-35 spares and V-22 repair volume. Sales to commercial customers were down 22%, with aftermarket down 7% year over year, all related to COVID challenges.

Space and Defense segment sales in the quarter were $200 million, down 3% year over year. Space sales of $81 million were 3% lower on weakness in sales for launch vehicles, hypersonics, and satellite engines. Defense sales were down 4%, at $119 million, mainly tied to weaker sales of security products and missile controls.

Space and Defense sales for the year increased 4%, to $799 million. Space sales were $333 million, up 13%, driven by increases across space vehicles and avionics. Defense sales of $466 million were off 2% on lower sales of security products and missile controls.

Industrial Systems segment sales in the quarter were $226 million, in line with last year’s fourth quarter, excluding foreign exchange adjustments. Industrial automation sales were up 11% on strength across the portfolio tied to increases in global capital spending. Energy sales increased 10% year over year as off-shore production activity picked-up in the quarter. Sales into simulation and test applications were mostly flat. Medical product sales decreased 17% on slowing demand for OEM components used for sleep therapy and imaging.

Full-year Industrial Systems segment sales were $892 million, down 2%. Industrial automation sales of $427 million were 5% higher. Energy sales were down 6%, at $120 million. Simulation and test sales were 13% lower as the flight simulator market has not rebounded from the effects of the pandemic. Sales of medical pumps and associated products, at $255 million, were 7% lower after the surge experienced last year.

Consolidated 12-month backlog was $2.1 billion, up 24% from a year ago.

“As we entered fiscal ’21, we projected that COVID would be with us throughout the year and anticipated top and bottom results similar to the second half of fiscal ’20,” said John Scannell, Chairman and CEO. “Looking back on the year, our business performed much better than this. As we now enter fiscal ’22, we’re optimistic about the future, while remaining realistic about the challenges. We anticipate sales of just over $3 billion and earnings per share of $5.50, plus or minus $0.20, representing an increase of 6% on the top line and 13% on the bottom line.”

In conjunction with today’s release, Moog will host a conference call on Friday November 5, 2021 beginning at 10:00 a.m. ET, which will be broadcast live over the Internet. John Scannell, Chairman and CEO, and Jennifer Walter, CFO, will host the call. Listeners can access the call live or in replay mode at www.moog.com/investors/communications. Supplemental financial data will be available on the webcast web page approximately 90 minutes prior to the conference call.

About Moog

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, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Cautionary Statement

Information included or incorporated by reference in this press release that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. In evaluating these forward-looking statements, you should carefully consider the factors set forth below.

Although it is not possible to create a comprehensive list of all factors that may cause actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties that arise from time to time are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC and include the following:

COVID-19 PANDEMIC RISKS

  • We face various risks related to health pandemics such as the global COVID-19 pandemic, which have had material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.

STRATEGIC RISKS

  • We operate in highly competitive markets with competitors who may have greater resources than we possess;
  • Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
  • If we are unable to adequately enforce and protect our intellectual property or defend against assertions of infringement, our business and our ability to compete could be harmed; and
  • Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.

MARKET CONDITION RISKS

  • The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
  • We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
  • The loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; and
  • We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects.

OPERATIONAL RISKS

  • Our business operations may be adversely affected by information systems interruptions, intrusions, or new software implementations;
  • We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
  • If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
  • The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.

FINANCIAL RISKS

  • We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
  • We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
  • Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
  • The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
  • Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
  • A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
  • Unforeseen exposure to additional income tax liabilities may affect our operating results.

LEGAL AND COMPLIANCE RISKS

  • Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
  • Our operations in foreign countries expose us to currency, political and trade risks and adverse changes in local legal and regulatory environments could impact our results of operations;
  • Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
  • We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
  • Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.

GENERAL RISKS

  • Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
  • Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.

While we believe we have identified and discussed above the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this report, except as required by law.

Moog Inc.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED)

(dollars in thousands, except per share data)

 

 

 

Three Months Ended

 

Fiscal Year Ended

 

 

October 2,
2021

 

October 3,
2020

 

October 2,
2021

 

October 3,
2020

Net sales

 

$

724,285

 

 

$

706,895

 

 

$

2,851,993

 

 

$

2,884,554

 

Cost of sales

 

528,716

 

 

530,581

 

 

2,076,270

 

 

2,118,150

 

Inventory write-down

 

 

 

3,913

 

 

 

 

22,708

 

Gross profit

 

195,569

 

 

172,401

 

 

775,723

 

 

743,696

 

Research and development

 

33,972

 

 

28,562

 

 

125,528

 

 

110,865

 

Selling, general and administrative

 

106,697

 

 

95,430

 

 

412,028

 

 

397,947

 

Interest

 

8,604

 

 

8,974

 

 

33,892

 

 

38,897

 

Long-lived asset impairment

 

1,500

 

 

5,968

 

 

1,500

 

 

37,839

 

Restructuring

 

 

 

5,394

 

 

 

 

10,700

 

Pension settlement

 

 

 

121,324

 

 

 

 

121,324

 

Other

 

2,116

 

 

6,413

 

 

(999)

 

 

20,707

 

Earnings (loss) before income taxes

 

42,680

 

 

(99,664)

 

 

203,774

 

 

5,417

 

Income taxes (benefit)

 

8,112

 

 

(21,687)

 

 

46,554

 

 

(3,788)

 

Net earnings (loss)

 

$

34,568

 

 

$

(77,977)

 

 

$

157,220

 

 

$

9,205

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share

 

 

 

 

 

 

 

 

Basic

 

$

1.08

 

 

$

(2.40)

 

 

$

4.90

 

 

$

0.28

 

Diluted

 

$

1.07

 

 

$

(2.40)

 

 

$

4.87

 

 

$

0.28

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

32,104,127

 

 

32,539,248

 

 

32,112,589

 

 

33,257,684

 

Diluted

 

32,274,296

 

 

32,539,248

 

 

32,297,956

 

 

33,437,801

 

Results shown in the previous table include charges associated with the COVID-19 pandemic, as well as a charge associated with the purchase of a single premium non-participating group annuity contract from Metropolitan Tower Life Insurance Company and the related transfer of future benefit obligations and annuity administration for certain retirees and beneficiaries under the Moog Inc. Employees' Retirement Plan. COVID-19 impacts include inventory write-down, long-lived asset impairment and restructuring charges. The table below adjusts the income taxes (benefit), net earnings (loss) and diluted net earnings (loss) per share to exclude these impacts.

Reconciliation to non-GAAP adjusted income taxes (benefit), net earnings (loss) and diluted net earnings (loss) per share are as follows:

 

 

Three Months Ended

 

Fiscal Year Ended

 

 

October 2,
2021

 

October 3,
2020

 

October 2,
2021

 

October 3,
2020

As Reported:

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

$

42,680

 

 

$

(99,664)

 

 

$

203,774

 

 

$

5,417

 

Income taxes (benefit)

 

8,112

 

 

(21,687)

 

 

46,554

 

 

(3,788)

 

Effective income tax rate

 

19.0

%

 

21.8

%

 

22.8

%

 

(69.9)

%

Net earnings (loss)

 

34,568

 

 

(77,977)

 

 

157,220

 

 

9,205

 

Diluted net earnings (loss) per share

 

$

1.07

 

 

$

(2.40)

 

 

$

4.87

 

 

$

0.28

 

 

 

 

 

 

 

 

 

 

COVID-19 Pandemic Charges:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

 

 

$

15,275

 

 

$

 

 

$

71,247

 

Income taxes

 

 

 

3,494

 

 

 

 

16,506

 

Net earnings

 

 

 

11,781

 

 

 

 

54,741

 

Diluted net earnings per share

 

$

 

 

$

0.36

 

 

$

 

 

$

1.68

 

 

 

 

 

 

 

 

 

 

Pension Settlement:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

 

 

$

121,324

 

 

$

 

 

$

121,324

 

Income taxes

 

 

 

28,632

 

 

 

 

28,632

 

Net earnings

 

 

 

92,692

 

 

 

 

92,692

 

Diluted net earnings per share

 

$

 

 

$

2.85

 

 

$

 

 

$

2.85

 

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

42,680

 

 

$

36,935

 

 

$

203,774

 

 

$

197,988

 

Income taxes

 

8,112

 

 

10,439

 

 

46,554

 

 

41,350

 

Effective income tax rate

 

19.0

%

 

28.3

%

 

22.8

%

 

20.9

%

Net earnings

 

34,568

 

 

26,496

 

 

157,220

 

 

156,638

 

Diluted net earnings per share

 

$

1.07

 

 

$

0.81

 

 

$

4.87

 

 

$

4.81

 

The diluted net earnings per share associated with the charges have been calculated using the quarterly average outstanding shares in the period in which the charges were incurred.

Moog Inc.

CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)

(dollars in thousands)

 
 

 

Three Months Ended

 

Fiscal Year Ended

 

 

October 2,
2021

 

October 3,
2020

 

October 2,
2021

 

October 3,
2020

Net sales:

 

 

 

 

 

 

 

 

Aircraft Controls

 

$

297,972

 

 

$

275,001

 

 

$

1,161,238

 

 

$

1,205,750

 

Space and Defense Controls

 

200,018

 

 

206,958

 

 

799,235

 

 

770,114

 

Industrial Systems

 

226,295

 

 

224,936

 

 

891,520

 

 

908,690

 

Net sales

 

$

724,285

 

 

$

706,895

 

 

$

2,851,993

 

 

$

2,884,554

 

Operating profit:

 

 

 

 

 

 

 

 

Aircraft Controls

 

$

26,193

 

 

$

3,430

 

 

$

96,678

 

 

$

34,670

 

 

 

8.8

%

 

1.2

%

 

8.3

%

 

2.9

%

Space and Defense Controls

 

17,296

 

 

29,443

 

 

88,333

 

 

101,667

 

 

 

8.6

%

 

14.2

%

 

11.1

%

 

13.2

%

Industrial Systems

 

19,233

 

 

10,548

 

 

85,948

 

 

80,025

 

 

 

8.5

%

 

4.7

%

 

9.6

%

 

8.8

%

Total operating profit

 

62,722

 

 

43,421

 

 

270,959

 

 

216,362

 

 

 

8.7

%

 

6.1

%

 

9.5

%

 

7.5

%

Deductions from operating profit:

 

 

 

 

 

 

 

 

Interest expense

 

8,604

 

 

8,974

 

 

33,892

 

 

38,897

 

Equity-based compensation expense

 

1,041

 

 

1,000

 

 

7,461

 

 

5,661

 

Pension settlement

 

 

 

121,324

 

 

 

 

121,324

 

Non-service pension expense (income)

 

859

 

 

3,791

 

 

(2,194)

 

 

15,231

 

Corporate and other expenses, net

 

9,538

 

 

7,996

 

 

28,026

 

 

29,832

 

Earnings (loss) before income taxes

 

$

42,680

 

 

$

(99,664)

 

 

$

203,774

 

 

$

5,417

 

Operating Profit and Margins - as adjusted are as follows:

 

 

Three Months Ended

 

Fiscal Year Ended

 

 

October 2,
2021

 

October 3,
2020

 

October 2,
2021

 

October 3,
2020

Aircraft Controls operating profit - as reported

 

$

26,193

 

 

$

3,430

 

 

$

96,678

 

 

$

34,670

 

Inventory write-down

 

 

 

3,913

 

 

 

 

22,448

 

Long-lived asset impairment

 

 

 

(268)

 

 

 

 

31,262

 

Restructuring

 

 

 

444

 

 

 

 

3,340

 

Aircraft Controls operating profit - as adjusted

 

$

26,193

 

 

$

7,519

 

 

$

96,678

 

 

$

91,720

 

 

 

8.8

%

 

2.7

%

 

8.3

%

 

7.6

%

 

 

 

 

 

 

 

 

 

Space and Defense Controls operating profit - as reported

 

$

17,296

 

 

$

29,443

 

 

$

88,333

 

 

$

101,667

 

Long-lived asset impairment

 

 

 

 

 

 

 

341

 

Restructuring

 

 

 

 

 

 

 

185

 

Space and Defense Controls operating profit - as adjusted

 

$

17,296

 

 

$

29,443

 

 

$

88,333

 

 

$

102,193

 

 

 

8.6

%

 

14.2

%

 

11.1

%

 

13.3

%

 

 

 

 

 

 

 

 

 

Industrial Systems operating profit - as reported

 

$

19,233

 

 

$

10,548

 

 

$

85,948

 

 

$

80,025

 

Inventory write-down

 

 

 

 

 

 

 

260

 

Long-lived asset impairment

 

 

 

6,236

 

 

 

 

6,236

 

Restructuring

 

 

 

4,950

 

 

 

 

7,175

 

Industrial Systems operating profit - as adjusted

 

$

19,233

 

 

$

21,734

 

 

$

85,948

 

 

$

93,696

 

 

 

8.5

%

 

9.7

%

 

9.6

%

 

10.3

%

 

 

 

 

 

 

 

 

 

Total operating profit - as adjusted

 

$

62,722

 

 

$

58,696

 

 

$

270,959

 

 

$

287,609

 

8.7

%

8.3

%

9.5

%

10.0

%

Moog Inc.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in thousands)

 

 

October 2,
2021

 

October 3,
2020

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

99,599

 

 

$

84,583

 

Restricted cash

 

1,315

 

 

489

 

Receivables, net

 

945,929

 

 

855,535

 

Inventories, net

 

613,095

 

 

623,043

 

Prepaid expenses and other current assets

 

58,842

 

 

49,837

 

Total current assets

 

1,718,780

 

 

1,613,487

 

Property, plant and equipment, net

 

645,778

 

 

600,498

 

Operating lease right-of-use assets

 

60,355

 

 

68,393

 

Goodwill

 

851,605

 

 

821,856

 

Intangible assets, net

 

106,095

 

 

85,046

 

Deferred income taxes

 

17,769

 

 

18,924

 

Other assets

 

32,787

 

 

17,627

 

Total assets

 

$

3,433,169

 

 

$

3,225,831

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Current installments of long-term debt

 

$

80,365

 

 

$

350

 

Accounts payable

 

200,602

 

 

176,868

 

Accrued compensation

 

112,703

 

 

109,510

 

Contract advances

 

263,686

 

 

203,338

 

Accrued liabilities and other

 

212,005

 

 

220,488

 

Total current liabilities

 

869,361

 

 

710,554

 

Long-term debt, excluding current installments

 

823,355

 

 

929,982

 

Long-term pension and retirement obligations

 

162,728

 

 

183,366

 

Deferred income taxes

 

64,642

 

 

40,474

 

Other long-term liabilities

 

112,939

 

 

118,372

 

Total liabilities

 

2,033,025

 

 

1,982,748

 

Shareholders’ equity

 

 

 

 

Common stock - Class A

 

43,803

 

 

43,799

 

Common stock - Class B

 

7,477

 

 

7,481

 

Additional paid-in capital

 

509,622

 

 

472,645

 

Retained earnings

 

2,237,848

 

 

2,112,734

 

Treasury shares

 

(1,007,506)

 

 

(990,783)

 

Stock Employee Compensation Trust

 

(79,776)

 

 

(64,242)

 

Supplemental Retirement Plan Trust

 

(63,764)

 

 

(53,098)

 

Accumulated other comprehensive loss

 

(247,560)

 

 

(285,453)

 

Total shareholders’ equity

 

1,400,144

 

 

1,243,083

 

Total liabilities and shareholders’ equity

 

$

3,433,169

 

 

$

3,225,831

 

Moog Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)

 

 

Fiscal Year Ended

 

 

October 2,
2021

 

October 3,
2020

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net earnings

 

$

157,220

 

 

$

9,205

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

Depreciation

 

76,671

 

 

74,243

 

Amortization

 

13,488

 

 

12,729

 

Deferred income taxes

 

8,162

 

 

(40,845)

 

Equity-based compensation expense

 

7,461

 

 

5,661

 

Impairment of long-lived assets and inventory write-down

 

1,500

 

 

60,547

 

Pension settlement

 

 

 

121,324

 

Other

 

745

 

 

9,636

 

Changes in assets and liabilities providing (using) cash:

 

 

 

 

Receivables

 

(73,459)

 

 

111,525

 

Inventories

 

19,576

 

 

(99,015)

 

Accounts payable

 

20,520

 

 

(84,065)

 

Contract advances

 

59,298

 

 

65,680

 

Accrued expenses

 

2,290

 

 

(3,516)

 

Accrued income taxes

 

4,653

 

 

(17,964)

 

Net pension and post retirement liabilities

 

12,503

 

 

33,305

 

Other assets and liabilities

 

(17,402)

 

 

20,727

 

Net cash provided by operating activities

 

293,226

 

 

279,177

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

(77,600)

 

 

(54,265)

 

Purchase of property, plant and equipment

 

(128,734)

 

 

(88,284)

 

Other investing transactions

 

15,177

 

 

(3,644)

 

Net cash used by investing activities

 

(191,157)

 

 

(146,193)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from revolving lines of credit

 

799,950

 

 

1,151,550

 

Payments on revolving lines of credit

 

(838,936)

 

 

(1,187,159)

 

Proceeds from long-term debt

 

78,700

 

 

15,128

 

Payments on long-term debt

 

(68,080)

 

 

(74,470)

 

Proceeds from senior notes, net of issuance costs

 

 

 

491,769

 

Payments on senior notes

 

 

 

(300,000)

 

Payments on finance lease obligations

 

(2,156)

 

 

(1,167)

 

Payment of dividends

 

(32,106)

 

 

(25,210)

 

Proceeds from sale of treasury stock

 

10,866

 

 

7,014

 

Purchase of outstanding shares for treasury

 

(31,673)

 

 

(232,290)

 

Proceeds from sale of stock held by SECT

 

679

 

 

24,721

 

Purchase of stock held by SECT

 

(4,239)

 

 

(6,774)

 

Other financing transactions

 

 

 

(5,878)

 

Net cash used by financing activities

 

(86,995)

 

 

(142,766)

 

Effect of exchange rate changes on cash

 

768

 

 

2,306

 

Increase (decrease) in cash, cash equivalents and restricted cash

 

15,842

 

 

(7,476)

 

Cash, cash equivalents and restricted cash at beginning of period

 

85,072

 

 

92,548

 

Cash, cash equivalents and restricted cash at end of period

 

$

100,914

 

 

$

85,072

 

 

Ann Marie Luhr
716-687-4225

Source: Moog Inc.