Company Announcements

Moog Inc. Reports Second Quarter Results

EAST AURORA, N.Y.--(BUSINESS WIRE)--Apr. 29, 2022-- Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter ended April 2, 2022.

Second Quarter Highlights

  • Sales of $771 million were up 5% from a year ago;
  • GAAP diluted earnings per share of $0.91 included $0.59 per share in restructuring and impairment charges;
  • Non-GAAP diluted adjusted earnings per share of $1.49, up 12% from adjusted earnings per share a year ago;
  • GAAP operating margins of 7.4% with adjusted operating margins of 10.6%;
  • $23 million GAAP cash flow from operating activities and $13 million adjusted cash flow from operating activities;
  • GAAP effective tax rate of 24.9% and adjusted effective tax rate of 24.4%.

Segment Results

Aircraft Controls segment revenues in the quarter were $311 million, 2% higher year over year. Commercial aircraft revenues were $119 million, a 16% increase. Sales to commercial OEM customers were unchanged with an increase in A350, 737, and business jet sales compensating for slower sales of 787 and other OEM products. Commercial aftermarket sales increased 61% on very strong repair and overhaul activity, particularly on the 787 aircraft, and one-time sales of test equipment that were booked in the quarter.

Military aircraft sales were $192 million, down 5% year over year. Military OEM sales were down 11%, to $137 million. Lower F-35 Joint Strike Fighter sales and foreign military sales were partially offset by increased V-22 sales. Military aftermarket sales were 14% higher on increases across multiple programs.

Space and Defense segment revenues were $223 million, an increase of 8% year over year. Defense sales of $136 million increased 15%. Strong sales of the RIwP® turret and various components continued and offset lower sales for tactical missile applications. Space sales were mostly unchanged, at $87 million, the result of reduced hypersonic development activity and lower sales of heritage space components, offset by growth in sales of new space vehicles.

Industrial Systems segment sales in the quarter were $236 million, up 10% from a year ago, excluding the impact of foreign exchange movements and portfolio shaping activities. Sales of simulation and test products were 50% higher, as flight simulation activity for pilot training increased. Energy sales were up 14%, tied to the strength in oil prices and associated onshore and offshore exploration activity. Sales of products for industrial automation applications were down marginally, as the company completed minor portfolio shaping activities. Medical product sales were down 4%, the result of slower sales of components used in ventilators.

In the second quarter, the Company incurred $25 million of restructuring and impairment charges. Delayed recovery in the commercial aircraft OEM business resulted in $19 million of charges within the Aircraft Controls segment. The Company also recorded $4 million related to further portfolio refinements in the Space and Defense Controls and Industrial Systems segments and $2 million of asset write-downs related to exiting activities in Russia as a result of the invasion of Ukraine.

Consolidated 12-month backlog was $2.3 billion, up 17% from a year ago.

“We’re pleased with our results this quarter which came in ahead of forecast,” said John Scannell, Chairman and CEO. “Our backlog continues to grow, and our longer-term outlook remains positive. We’re managing through the on-going challenges associated with COVID and supply chain disruptions and are confident in meeting our forecast for the remainder of the year.”

Fiscal 2022 Outlook

The Company updated its fiscal 2022 projections and adjusted figures provided 90 days ago.

  • Forecasted sales of $3.0 billion;
  • Forecasted GAAP diluted earnings per share of $5.24, and adjusted diluted earnings per share of $5.50, both plus or minus $0.20;
  • Forecasted GAAP operating margins of 10.0% and adjusted operating margins of 10.3%;
  • Forecasted cash flow from operating activities of $328 million and adjusted cash flow from operating activities of $228 million; and
  • Forecasted GAAP effective tax rate of 25.0% and adjusted effective tax rate of 25.4%.

In conjunction with today’s release, Moog will host a conference call today 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 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 report 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 may have 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;
  • Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; 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 or Lockheed Martin as a customer or a significant reduction in sales to either 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 (UNAUDITED)
(dollars in thousands, except per share data)

 

 

Three Months Ended

 

Six Months Ended

 

 

April 2,
2022

 

April 3,
2021

 

April 2,
2022

 

April 3,
2021

Net sales

 

$

770,787

 

$

736,402

 

 

$

1,494,873

 

 

$

1,420,356

 

Cost of sales

 

 

556,070

 

 

536,493

 

 

 

1,085,776

 

 

 

1,030,804

 

Inventory write-down

 

 

1,705

 

 

 

 

 

3,205

 

 

 

 

Gross profit

 

 

213,012

 

 

199,909

 

 

 

405,892

 

 

 

389,552

 

Research and development

 

 

30,720

 

 

30,453

 

 

 

58,428

 

 

 

58,461

 

Selling, general and administrative

 

 

111,019

 

 

105,131

 

 

 

222,816

 

 

 

204,734

 

Interest

 

 

8,263

 

 

8,629

 

 

 

16,245

 

 

 

17,049

 

Gain on sale of business

 

 

 

 

 

 

 

(16,146

)

 

 

 

Asset impairment

 

 

15,236

 

 

 

 

 

15,236

 

 

 

 

Restructuring

 

 

7,793

 

 

 

 

 

7,793

 

 

 

 

Other

 

 

1,268

 

 

(6,432

)

 

 

1,384

 

 

 

(3,191

)

Earnings before income taxes

 

 

38,713

 

 

62,128

 

 

 

100,136

 

 

 

112,499

 

Income taxes

 

 

9,626

 

 

13,440

 

 

 

24,784

 

 

 

25,969

 

Net earnings

 

$

29,087

 

$

48,688

 

 

$

75,352

 

 

$

86,530

 

 

 

 

 

 

 

 

 

 

Net earnings per share

 

 

 

 

 

 

 

 

Basic

 

$

0.91

 

$

1.51

 

 

$

2.35

 

 

$

2.69

 

Diluted

 

$

0.91

 

$

1.51

 

 

$

2.34

 

 

$

2.68

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

31,984,674

 

 

32,146,247

 

 

 

32,021,036

 

 

 

32,110,365

 

Diluted

 

 

32,120,726

 

 

32,325,494

 

 

 

32,154,442

 

 

 

32,281,158

 

Results shown in the previous table include impacts associated with the gain on the sale of our Navigation Aids business, as well as inventory write-down charges, asset impairment and restructuring related to the impact of continued portfolio shaping activities and the Ukraine crisis. The table below adjusts the income taxes, net earnings and diluted net earnings per share to exclude these impacts. While management believes that these non-GAAP financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.

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

 

 

Three Months Ended

 

Six Months Ended

 

 

April 2,
2022

 

April 3,
2021

 

April 2,
2022

 

April 3,
2021

As Reported:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

38,713

 

 

$

62,128

 

 

$

100,136

 

 

$

112,499

 

Income taxes

 

 

9,626

 

 

 

13,440

 

 

 

24,784

 

 

 

25,969

 

Effective income tax rate

 

 

24.9

%

 

 

21.6

%

 

 

24.8

%

 

 

23.1

%

Net earnings

 

 

29,087

 

 

 

48,688

 

 

 

75,352

 

 

 

86,530

 

Diluted net earnings per share

 

$

0.91

 

 

$

1.51

 

 

$

2.34

 

 

$

2.68

 

 

 

 

 

 

 

 

 

 

Gain on Sale of Business:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

 

 

$

 

 

$

(16,146

)

 

$

 

Income taxes

 

 

 

 

 

 

 

 

(4,273

)

 

 

 

Net earnings

 

 

 

 

 

 

 

 

(11,873

)

 

 

 

Diluted net earnings per share

 

$

 

 

$

 

 

$

(0.37

)

 

$

 

 

 

 

 

 

 

 

 

 

Other Charges:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

24,734

 

 

$

 

 

$

26,234

 

 

$

 

Income taxes

 

 

5,883

 

 

 

 

 

 

6,237

 

 

 

 

Net earnings

 

 

18,851

 

 

 

 

 

 

19,997

 

 

 

 

Diluted net earnings per share

 

$

0.59

 

 

$

 

 

$

0.62

 

 

$

 

 

 

 

 

 

 

 

 

 

Pension Curtailment Gain:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

 

 

$

(5,830

)

 

$

 

 

$

(5,830

)

Income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

(5,830

)

 

 

 

 

 

(5,830

)

Diluted net earnings per share

 

$

 

 

$

(0.18

)

 

$

 

 

$

(0.18

)

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

63,447

 

 

$

56,298

 

 

$

110,224

 

 

$

106,669

 

Income taxes

 

 

15,509

 

 

 

13,440

 

 

 

26,748

 

 

 

25,969

 

Effective income tax rate

 

 

24.4

%

 

 

23.9

%

 

 

24.3

%

 

 

24.3

%

Net earnings

 

 

47,938

 

 

 

42,858

 

 

 

83,476

 

 

 

80,700

 

Diluted net earnings per share

 

$

1.49

 

 

$

1.33

 

 

$

2.60

 

 

$

2.50

 

The diluted net earnings per share associated with the adjustments have been calculated individually and in total using the quarterly average outstanding shares in the period in which the adjustments occurred. Accordingly, adjusted diluted net earnings per share may not reconcile when totaled due to rounding.

Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)

 

 

Three Months Ended

 

Six Months Ended

 

 

April 2,
2022

 

April 3,
2021

 

April 2,
2022

 

April 3,
2021

Net sales:

 

 

 

 

 

 

 

 

Aircraft Controls

 

$

311,268

 

 

$

304,361

 

 

$

614,585

 

 

$

591,135

 

Space and Defense Controls

 

 

223,349

 

 

 

206,168

 

 

 

431,205

 

 

 

394,330

 

Industrial Systems

 

 

236,170

 

 

 

225,873

 

 

 

449,083

 

 

 

434,891

 

Net sales

 

$

770,787

 

 

$

736,402

 

 

$

1,494,873

 

 

$

1,420,356

 

Operating profit:

 

 

 

 

 

 

 

 

Aircraft Controls

 

$

12,441

 

 

$

22,018

 

 

$

54,356

 

 

$

49,940

 

 

 

 

4.0

%

 

 

7.2

%

 

 

8.8

%

 

 

8.4

%

Space and Defense Controls

 

 

24,075

 

 

 

26,652

 

 

 

45,374

 

 

 

49,698

 

 

 

 

10.8

%

 

 

12.9

%

 

 

10.5

%

 

 

12.6

%

Industrial Systems

 

 

20,723

 

 

 

23,813

 

 

 

37,914

 

 

 

43,711

 

 

 

 

8.8

%

 

 

10.5

%

 

 

8.4

%

 

 

10.1

%

Total operating profit

 

 

57,239

 

 

 

72,483

 

 

 

137,644

 

 

 

143,349

 

 

 

 

7.4

%

 

 

9.8

%

 

 

9.2

%

 

 

10.1

%

Deductions from operating profit:

 

 

 

 

 

 

 

 

Interest expense

 

 

8,263

 

 

 

8,629

 

 

 

16,245

 

 

 

17,049

 

Equity-based compensation expense

 

 

1,920

 

 

 

2,127

 

 

 

4,578

 

 

 

4,629

 

Non-service pension expense (income)

 

 

1,472

 

 

 

(4,901

)

 

 

2,957

 

 

 

(3,981

)

Corporate and other expenses, net

 

 

6,871

 

 

 

4,500

 

 

 

13,728

 

 

 

13,153

 

Earnings before income taxes

 

$

38,713

 

 

$

62,128

 

 

$

100,136

 

 

$

112,499

 

Operating Profit and Margins - as adjusted are as follows:

 

 

Three Months Ended

 

Six Months Ended

 

 

April 2,
2022

 

April 3,
2021

 

April 2,
2022

 

April 3,
2021

Aircraft Controls operating profit - as reported

 

$

12,441

 

 

$

22,018

 

 

$

54,356

 

 

$

49,940

 

Gain on sale of business

 

 

 

 

 

 

 

 

(16,146

)

 

 

 

Restructuring

 

 

4,232

 

 

 

 

 

 

4,232

 

 

 

 

Asset impairment

 

 

14,594

 

 

 

 

 

 

14,594

 

 

 

 

Aircraft Controls operating profit - as adjusted

 

$

31,267

 

 

$

22,018

 

 

$

57,036

 

 

$

49,940

 

 

 

 

10.0

%

 

 

7.2

%

 

 

9.3

%

 

 

8.4

%

 

 

 

 

 

 

 

 

 

Space and Defense Controls operating profit - as reported

 

$

24,075

 

 

$

26,652

 

 

$

45,374

 

 

$

49,698

 

Inventory write-down

 

 

 

 

 

 

 

 

1,500

 

 

 

 

Restructuring

 

 

1,837

 

 

 

 

 

 

1,837

 

 

 

 

Space and Defense Controls operating profit - as adjusted

 

$

25,912

 

 

$

26,652

 

 

$

48,711

 

 

$

49,698

 

 

 

 

11.6

%

 

 

12.9

%

 

 

11.3

%

 

 

12.6

%

 

 

 

 

 

 

 

 

 

Industrial Systems operating profit - as reported

 

$

20,723

 

 

$

23,813

 

 

$

37,914

 

 

$

43,711

 

Inventory write-down

 

 

1,705

 

 

 

 

 

 

1,705

 

 

 

 

Restructuring

 

 

1,724

 

 

 

 

 

 

1,724

 

 

 

 

Asset impairment

 

 

642

 

 

 

 

 

 

642

 

 

 

 

Industrial Systems operating profit - as adjusted

 

$

24,794

 

 

$

23,813

 

 

$

41,985

 

 

$

43,711

 

 

 

 

10.5

%

 

 

10.5

%

 

 

9.3

%

 

 

10.1

%

 

 

 

 

 

 

 

 

 

Total operating profit - as adjusted

 

$

81,973

 

 

$

72,483

 

 

$

147,732

 

 

$

143,349

 

 

10.6

%

9.8

%

9.9

%

10.1

%

Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)

 

 

April 2,
2022

 

October 2,
2021

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

120,395

 

 

$

99,599

 

Restricted cash

 

 

1,736

 

 

 

1,315

 

Receivables, net

 

 

931,297

 

 

 

945,929

 

Inventories, net

 

 

591,601

 

 

 

613,095

 

Prepaid expenses and other current assets

 

 

67,802

 

 

 

58,842

 

Total current assets

 

 

1,712,831

 

 

 

1,718,780

 

Property, plant and equipment, net

 

 

668,602

 

 

 

645,778

 

Operating lease right-of-use assets

 

 

61,659

 

 

 

60,355

 

Goodwill

 

 

842,203

 

 

 

851,605

 

Intangible assets, net

 

 

104,608

 

 

 

106,095

 

Deferred income taxes

 

 

16,022

 

 

 

17,769

 

Other assets

 

 

35,568

 

 

 

32,787

 

Total assets

 

$

3,441,493

 

 

$

3,433,169

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Current installments of long-term debt

 

$

372

 

 

$

80,365

 

Accounts payable

 

 

222,986

 

 

 

200,602

 

Accrued compensation

 

 

79,709

 

 

 

112,703

 

Contract advances

 

 

321,594

 

 

 

263,686

 

Accrued liabilities and other

 

 

217,780

 

 

 

212,005

 

Total current liabilities

 

 

842,441

 

 

 

869,361

 

Long-term debt, excluding current installments

 

 

832,391

 

 

 

823,355

 

Long-term pension and retirement obligations

 

 

157,962

 

 

 

162,728

 

Deferred income taxes

 

 

70,636

 

 

 

64,642

 

Other long-term liabilities

 

 

107,415

 

 

 

112,939

 

Total liabilities

 

 

2,010,845

 

 

 

2,033,025

 

Shareholders’ equity

 

 

 

 

Common stock - Class A

 

 

43,804

 

 

 

43,803

 

Common stock - Class B

 

 

7,476

 

 

 

7,477

 

Additional paid-in capital

 

 

543,292

 

 

 

509,622

 

Retained earnings

 

 

2,296,849

 

 

 

2,237,848

 

Treasury shares

 

 

(1,028,414

)

 

 

(1,007,506

)

Stock Employee Compensation Trust

 

 

(94,548

)

 

 

(79,776

)

Supplemental Retirement Plan Trust

 

 

(73,876

)

 

 

(63,764

)

Accumulated other comprehensive loss

 

 

(263,935

)

 

 

(247,560

)

Total shareholders’ equity

 

 

1,430,648

 

 

 

1,400,144

 

Total liabilities and shareholders’ equity

 

$

3,441,493

 

 

$

3,433,169

 

Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)

 

 

Six Months Ended

 

 

April 2,
2022

 

April 3,
2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net earnings

 

$

75,352

 

 

$

86,530

 

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

 

 

 

 

Depreciation

 

 

38,316

 

 

 

37,622

 

Amortization

 

 

6,735

 

 

 

6,436

 

Deferred income taxes

 

 

4,834

 

 

 

(1,187

)

Equity-based compensation expense

 

 

4,578

 

 

 

4,629

 

Gain on sale of business

 

 

(16,146

)

 

 

 

Asset impairment and Inventory write-down

 

 

18,441

 

 

 

 

Other

 

 

2,692

 

 

 

(3,115

)

Changes in assets and liabilities providing (using) cash:

 

 

 

 

Receivables

 

 

(4,223

)

 

 

(47,697

)

Inventories

 

 

6,951

 

 

 

9,301

 

Accounts payable

 

 

24,388

 

 

 

(5,088

)

Contract advances

 

 

60,392

 

 

 

51,349

 

Accrued expenses

 

 

(28,324

)

 

 

(1,799

)

Accrued income taxes

 

 

8,217

 

 

 

12,691

 

Net pension and post retirement liabilities

 

 

8,927

 

 

 

3,846

 

Other assets and liabilities

 

 

(30,933

)

 

 

(16,151

)

Net cash provided by operating activities

 

 

180,197

 

 

 

137,367

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

(11,837

)

 

 

(77,600

)

Purchase of property, plant and equipment

 

 

(74,087

)

 

 

(58,019

)

Other investing transactions

 

 

37,776

 

 

 

1,895

 

Net cash used by investing activities

 

 

(48,148

)

 

 

(133,724

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from revolving lines of credit

 

 

463,950

 

 

 

503,200

 

Payments on revolving lines of credit

 

 

(455,476

)

 

 

(467,700

)

Proceeds from long-term debt

 

 

 

 

 

39,800

 

Payments on long-term debt

 

 

(80,181

)

 

 

(39,903

)

Payments on finance lease obligations

 

 

(1,085

)

 

 

(1,042

)

Payment of dividends

 

 

(16,351

)

 

 

(16,046

)

Proceeds from sale of treasury stock

 

 

8,701

 

 

 

4,230

 

Purchase of outstanding shares for treasury

 

 

(26,481

)

 

 

(18,844

)

Proceeds from sale of stock held by SECT

 

 

7,574

 

 

 

274

 

Purchase of stock held by SECT

 

 

(10,396

)

 

 

(2,559

)

Net cash (used) provided by financing activities

 

 

(109,745

)

 

 

1,410

 

Effect of exchange rate changes on cash

 

 

(1,087

)

 

 

887

 

Increase in cash, cash equivalents and restricted cash

 

 

21,217

 

 

 

5,940

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

100,914

 

 

 

85,072

 

Cash, cash equivalents and restricted cash at end of period

 

$

122,131

 

 

$

91,012

 

 

Ann Marie Luhr
716-687-4225

Source: Moog Inc.