| Over a week ago | ||||
The Board of Directors… The Board of Directors has elected Mark Trabert as Executive Vice President and COO. Previously Mr. Trabert served as Vice President and President, Aircraft. He replaces Pat Roche who became the company's CEO effective February 1, 2023. | ||||
| Over a month ago | ||||
The board of directors of… The board of directors of Moog declared a quarterly dividend of 27c per share on the company's issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on March 6 to all shareholders of record as of the close of business on February 17. The 27c per share dividend represents a 4% increase over the previous dividend. The dividend represents a use of cash of approximately $9M. Future declarations of quarterly dividends are subject to the determination and discretion of Moog's board of directors. | ||||
Backs FY23 revenue… Backs FY23 revenue $3.18B, consensus $3.16B. Sees FY23 adjusted operating margin 11%. Sees FY23 free cash flow $100M. "It was a great start to the year from an operational perspective. We achieved our adjusted earnings per share guidance of $1.25 despite the negative impact from the storms in Western New York," said Jennifer Walter, CFO. "We are reiterating our fiscal year 2023 guidance for sales, adjusted operating margin and adjusted earnings per share. Our backlog is strong, and our performance is on track to achieve these results." | ||||
Reports Q1 revenue… Reports Q1 revenue $760.1M, consensus $781M. "I'm pleased by our strong financial performance and how our employees, together, overcame many constraints to meet our increased customer demand," said Pat Roche, CEO. "As the new CEO, I am very excited for the future of Moog. We have a solid core business with positive growth drivers, and we are creating new opportunities by entering new markets and redefining our position in existing markets. My focus will be on organic growth and simplifying our business to enhance margins. I'm confident this will drive shareholder value." | ||||
| Over a quarter ago | ||||
Moog announced that John… Moog announced that John Scannell, chairman and CEO, has announced his intention to retire as CEO effective February 1, 2023. He will continue to serve on Moog's board of directors as non-executive chairman. Scannell began his career with Moog in 1990. Prior to serving as CEO, Scannell held various roles in the company including COO and CFO. Moog's board of directors has appointed Patrick Roche to succeed Scannell as CEO effective February 1, 2023. Roche is currently executive VP and COO, a role he assumed in December 2021. | ||||
Moog announced that the… Moog announced that the company's space products played a role in successfully launching Artemis 1, which is the first uncrewed test flight of NASA's mission to return to the Moon. | ||||
Moog announced that the… Moog announced that the company's space products played a critical role in successfully launching Artemis 1, which is the first uncrewed test flight of NASA's mission to return to the Moon. The Space Launch System SLS rocket lifted off from Kennedy Space Center in Cape Canaveral, Florida early this morning. The rocket is the most powerful ever built, putting off 8.8 million pounds of thrust and traveling nearly 23,000 miles per hour. Moog actuators and controllers are responsible for controlling that power by precisely positioning the engines to steer all stages of the SLS rocket. Artemis 1 is the first in a series of increasingly complex missions to build a long-term human presence on the lunar surface. This is the first integrated test of NASA's deep space exploration systems, which include the SLS rocket, Orion Crew Capsule, and Ground Systems at Kennedy Space Center. The primary goal of Artemis 1 is to test all the systems with complicated maneuvers before astronauts fly Artemis 2, which is scheduled for no earlier than 2024. The Moog team designed, built, and tested several components essential to the mission. Additional Moog technology areas supporting the Artemis mission include avionics, environmental control and life support, propulsion, and spacecraft mechanisms. More than 500 Moog employees across the United States have contributed to Artemis 1. | ||||
Sees FY23 revenue $3.2B,… Sees FY23 revenue $3.2B, consensus $3.14B. Sees FY23 tax rate 25%. Sees FY23 operating margin 11%. | ||||
Reports Q4 revenue $768M,… Reports Q4 revenue $768M, consensus $760.02M. "Fiscal '22 was a record year for the company in terms of both sales and adjusted earnings per share," said John Scannell, chairman and CEO. "Our commercial aircraft business recovered nicely and demand for our products was strong across all our major markets. The disruption from COVID receded during the course of the year but was replaced with supply chain challenges and labor constraints. Despite these challenges, the company performed extremely well. We are excited about our prospects for the future. As we look to fiscal '23, we anticipate another year of organic growth and margin expansion." | ||||
Truist analyst Michael… Truist analyst Michael Ciarmoli lowered the firm's price target on Moog to $75 from $83 and keeps a Hold rating on the shares. The analyst is "decidedly more cautious" on cyclically exposed commercial aerospace names amid the deteriorating global macro backdrop and ongoing supply chain challenges. Ciarmoli moderated his Boeing (BA) and Airbus (EADSY) production forecasts to account for supply chain constraints and says global demand "remains a watch item for now." | ||||
