NYSE$MOG-A
Moog Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Moog reported record sales and increased full-year earnings per share guidance.
Moog Inc. reported a 10% increase in net sales to $850 million, with growth across all reporting segments. Diluted earnings per share were $1.32, and adjusted diluted earnings per share were $1.37. The company increased its full-year guidance for sales and adjusted earnings per share.
- Net sales increased by 10% compared to the third quarter of the previous year, with growth in all three reporting segments. Excluding divestitures, sales increased 11%.
- Adjusted operating margin decreased to 10.2% from 10.5% year-over-year, due to additional charges on space vehicle development programs.
- Adjusted diluted earnings per share decreased by 15%, as higher interest and corporate expenses offset increased operating profit.
- Free cash flow was a use of $19 million, primarily due to growth in net working capital balances, particularly physical inventories.
Headline financials
Revenue & EPS history
Moog · Revenue · Quarterly
$850M
Revenue by segment
Moog · $495M total across 2 segments · Q3 2023
- Industrial$253M—51.0%
- Space & Defense$242M—49.0%
Forward guidance
Moog is increasing its guidance for sales, adjusted operating profit, and adjusted earnings per share, while slightly modifying operating margin down. Free cash flow guidance is now a use of $60 million, reflecting the third quarter growth in physical inventories.
Tailwinds
- Net sales are expected to be $3,250 million.
- Operating margin is expected to be 11.0%.
- Adjusted operating margin is expected to be 10.9%.
- Diluted net earnings per share are expected to be $5.82.
- Adjusted diluted net earnings per share are expected to be $5.75.
Headwinds
- Free cash flow is now a use of $60 million, reflecting the third quarter growth in physical inventories.
- Incurred additional charges on space vehicle development programs of 150 basis points.
- Adjusted diluted earnings per share decreased 15%, as higher interest and corporate expenses were partially offset by increased operating profit.
- Working capital pressure was primarily due to growth in physical inventories.
- Adjusted operating margin decreased from 10.5% as compared to a year ago.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.3%
Avg return
Earnings day
+1.9%
Avg return
5 days after
+4.7%
Avg return
30 days after
55%
38 / 69 earnings
Positive
+11.0%
Q4 2025
Best reaction
-22.0%
Q1 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +2.3% | -1.3% | +4.2% | |
| Q1 2026 | +6.1% | +11.8% | +17.2% | |
| Q4 2025 | +11.0% | +14.7% | +24.7% | |
| Q3 2025 | +3.5% | +1.5% | +7.3% | |
| Q2 2025 | -0.2% | -1.0% | +6.7% | |
| Q1 2025 | -15.6% | -11.6% | -18.0% | |
| Q4 2024 | +3.9% | +20.1% | +17.3% | |
| Q3 2024 | -10.9% | -9.0% | +4.0% | |
| Q2 2024 | +3.4% | +2.1% | +10.7% | |
| Q1 2024 | +2.4% | -0.3% | +8.0% | |
| Q4 2023 | +11.0% | +7.4% | +18.5% | |
| Q3 2023 | -4.8% | -1.7% | +2.9% | |
| Q2 2023 | -0.6% | +0.6% | +7.1% | |
| Q1 2023 | +3.3% | +4.7% | +8.0% | |
| Q4 2022 | +5.6% | +3.7% | +7.1% | |
| Q3 2022 | -0.3% | -0.3% | -8.3% | |
| Q2 2022 | -6.8% | -5.3% | -4.2% | |
| Q1 2022 | +4.5% | +5.7% | +11.2% | |
| Q4 2021 | +5.7% | +5.0% | -10.0% | |
| Q3 2021 | -6.6% | -10.2% | -4.2% | |
| Q2 2021 | +1.3% | +1.5% | +5.6% | |
| Q1 2021 | +3.7% | +6.6% | +7.2% | |
| Q4 2020 | +9.5% | +12.2% | +26.5% | |
| Q3 2020 | +0.2% | +1.6% | +10.0% | |
| Q2 2020 | -4.2% | +4.7% | -1.5% | |
| Q1 2020 | -3.7% | -0.7% | -6.5% | |
| Q4 2019 | +4.4% | +3.6% | +2.6% | |
| Q3 2019 | -12.6% | -14.2% | -15.1% | |
| Q2 2019 | -2.3% | -4.3% | -11.8% | |
| Q1 2019 | +5.3% | +8.3% | +20.2% | |
| Q4 2018 | +9.5% | +11.7% | +16.8% | |
| Q3 2018 | -11.0% | -8.2% | -1.5% | |
| Q2 2018 | +0.9% | +0.9% | +2.3% | |
| Q1 2018 | +0.9% | -0.1% | -5.6% | |
| Q4 2017 | -3.9% | -4.9% | -4.9% | |
| Q3 2017 | +0.6% | -0.6% | -0.1% | |
| Q2 2017 | +0.1% | -0.4% | +2.2% | |
| Q1 2017 | +3.7% | +3.1% | +3.4% | |
| Q4 2016 | +0.4% | +12.0% | +20.7% | |
| Q3 2016 | +4.5% | +5.4% | +9.5% | |
| Q2 2016 | +8.7% | — | — | |
| Q1 2016 | -22.0% | — | — | |
| Q4 2015 | +1.2% | — | — | |
| Q3 2015 | -0.2% | — | — | |
| Q2 2015 | -4.3% | — | — | |
| Q1 2015 | -5.2% | — | — | |
| Q4 2014 | +2.7% | — | — | |
| Q3 2014 | -6.2% | — | — | |
| Q2 2014 | +3.0% | — | — | |
| Q1 2014 | -10.3% | — | — | |
| Q4 2013 | +0.6% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -2.6% | — | — | |
| Q2 2012 | +0.4% | — | — | |
| Q4 2012 | +0.7% | — | — | |
| Q3 2012 | +3.3% | — | — | |
| Q1 2012 | -0.2% | — | — | |
| Q2 2011 | +5.5% | — | — | |
| Q4 2011 | +5.5% | — | — | |
| Q3 2011 | -2.5% | — | — | |
| Q1 2010 | -0.6% | — | — | |
| Q1 2011 | -0.6% | — | — | |
| Q4 2010 | +6.6% | — | — | |
| Q4 2008 | +6.6% | — | — | |
| Q3 2009 | -8.4% | — | — | |
| Q4 2009 | -8.4% | — | — | |
| Q3 2010 | -8.4% | — | — | |
| Q2 2010 | -8.4% | — | — |
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