Moog Inc (MOG.A, Financial), a worldwide designer, manufacturer, and systems integrator of high-performance precision motion and fluid controls and controls systems, reported its fiscal year 2023 earnings on November 3, 2023. The company reported record net sales and continued margin expansion.
Financial Highlights
For the fourth quarter of 2023, Moog Inc (MOG.A, Financial) reported net sales of $872 million, marking a 14% increase compared to Q4 2022. The company's adjusted operating margin expanded by 210 basis points to 12.5%, benefiting from pricing and simplification. Adjusted diluted earnings per share increased by 54% due to incremental operating profit, and adjusted free cash flow increased by $86 million, driven by strong collections and timing of payments.
For the fiscal year 2023, net sales increased by 9% to a record $3.3 billion, or 11% excluding divestitures and foreign exchange impacts. Adjusted operating margin expanded by 70 basis points to 10.9%, and adjusted diluted earnings per share increased by 11%, driven by the growth in operating profit, offset by higher interest expense.
Company's Performance
Moog Inc (MOG.A, Financial) saw sales increase across all segments in Q4 2023 compared to Q4 2022. The company's Aircraft Controls' sales increased by 16% to $377 million, while sales in Space and Defense Controls increased by 11% to $241 million. Industrial Systems' sales increased by 12% to $254 million.
For the fiscal year 2023, sales increased across all segments compared to fiscal 2022. Aircraft Controls' sales increased by 11% to $1.4 billion, Space and Defense Controls' sales increased by 11% to $947 million, and Industrial Systems' sales increased by 12% to $983 million.
Looking Forward
For the fiscal year 2024, Moog Inc (MOG.A, Financial) expects net sales of $3.45 billion, an operating margin of 12.0%, and diluted net earnings per share of $6.80.
"Fiscal year 2024 will be another positive step on our journey towards our long-term financial targets," said Jennifer Walter, CFO of Moog Inc (MOG.A, Financial). "Our operating margin will expand by over 100 basis points and earnings per share will increase over 10%."
Explore the complete 8-K earnings release (here) from Moog Inc for further details.
