Moog Q4 Profit More Than Doubles, Affirms 2015 Earnings Outlook

(RTTNews) - Moog Inc. (MOG-A, MOG-B), a maker of precision motion and fluid controls, on Friday reported a profit for the fourth quarter that more than doubled from last year, when results included a goodwill impairment charge.

However, quarterly sales edged down slightly from last year. Looking ahead to fiscal 2015, the company affirmed its earnings outlook, but slightly lowered its sales forecast.

The New York-based company's net earnings for the fourth quarter were $40.25 million or $0.93 per share, up from $15.63 million or $0.34 per share in the year-ago period.

The latest quarter's results include a restructuring charge of $0.19 per share. In the year-ago period, the company recorded a goodwill impairment charge in the Medical Devices segment of $0.52 per share.

Net sales for the quarter edged down to $671.42 million from $675.85 million last year.

Aircraft Controls sales in the quarter rose 3 percent from the year-ago period to $283.24 million, while Systems Components sales increased 6 percent to $110.70 million.

Meanwhile, Space and Defense segment sales declined 6 percent to $97.25 million, Industrial Systems sales decreased 3 percent to $147.97 million, and Medical Devices sales declined 17 percent to $32.27 million.

The company's operating margin for the quarter expanded to 9.6 percent from 4.8 percent in the same period last year.

For fiscal 2014, Moog's net earnings increased to $158.20 million or $3.52 per share from $120.50 million or $2.63 per share in the prior year. Adjusted earnings for the year were $3.52 per share, compared to $3.26 per share in the prior year.

Net sales for the year grew 1 percent to $2.65 billion from $2.61 billion last year.

Looking ahead to fiscal 2015, Moog affirmed its outlook for earnings per share of $4.25. The company now forecasts full-year sales of $2.66 billion, down from the prior forecast for sales of $2.69 billion.

MOG-A is trading at $77.31, up $2.70 or 3.62 percent on a volume of 32,217 shares.