Moog (MOG.A) Q4 FY2023 earnings: revenue $872 million, up 13.5% on the year

Moog Inc. (MOG.A) reported revenue of $872 million for Q4 FY2023, the quarter ended 30 September 2023, up 13.5% on the same quarter a year earlier. Net income was $40 million, up 34.6% on the year, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2023.

Revenue$872 millionup 13.5%

Net income$40 millionup 34.6%

Diluted EPS$1.23

QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	872	n/a	n/a	n/a
Cost of revenue	624	n/a	n/a	n/a
Gross profit	244	n/a	n/a	n/a
Gross margin	28.0%	n/a	n/a
Research and development	29.4	n/a	n/a	n/a
Selling, general and administrative	118	n/a	n/a	n/a
Operating income	87.9	n/a	n/a	n/a
Operating margin	10.1%	n/a	n/a
Interest expense	18.2	n/a	n/a	n/a
Pre-tax income	49.1	n/a	n/a	n/a
Income tax	9.5	n/a	n/a	n/a
Effective tax rate	19.4%	n/a	n/a
Net income	39.6	n/a	n/a	n/a
Net margin	4.5%	n/a	n/a
Diluted EPS	$1.23	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	153	n/a	n/a	n/a
Capital expenditure	48.2	n/a	n/a	n/a
Free cash flow	105	n/a	n/a	n/a
Free cash flow margin	12.0%	n/a	n/a
Cash from investing	-49.3	n/a	n/a	n/a
Cash from financing	-156	n/a	n/a	n/a
Depreciation and amortisation	24.7	n/a	n/a	n/a
Share-based compensation	2.5	n/a	n/a	n/a
Buybacks	6.2	n/a	n/a	n/a
Dividends paid	8.6	n/a	n/a	n/a
Diluted shares, weighted	32m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,636	n/a	n/a	n/a
Debt	863	n/a	n/a	n/a
Operating lease liabilities	56.4	n/a	n/a	n/a
Finance lease liabilities	71.2	n/a	n/a	n/a
Other liabilities	1,181	n/a	n/a	n/a
Total liabilities and equity	3,808	n/a	n/a	n/a
Fixed assets	815	n/a	n/a	n/a
Goodwill	821	n/a	n/a	n/a
Intangible assets	71.6	n/a	n/a	n/a
Cash and equivalents	69.0	n/a	n/a	n/a
Inventory	724	n/a	n/a	n/a
Other assets	1,307	n/a	n/a	n/a
Total assets	3,808	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	872	857	920	914	917	908	935	971	1,044	1,100	1,052	1,117
Cost of revenue	624	614	661	657	658	663	675	697	760	806	764	769
Gross profit	244	241	259	256	256	245	257	267	289	294	288	347
Gross margin	28%	28%	28%	28%	28%	27%	27%	27%	28%	27%	27%	31%
R&D	29.4	30.6	28.4	27.8	26.0	23.6	24.5	21.9	23.7	24.6	26.7	33.0
SG&A	118	121	126	128	126	128	134	140	152	149	136	151
Operating income	87.9	94.5	112	105	83.4	104	109	112	125	135	138	176
Operating margin	10%	11%	12%	12%	9%	11%	12%	12%	12%	12%	13%	16%
Interest expense	18.2	15.1	16.8	17.0	17.4	16.2	19.5	17.8	18.5	17.2	15.5	15.8
Pre-tax income	49.1	68.9	71.6	74.5	54.8	74.4	72.1	76.4	89.8	101	109	137
Tax rate	19%	24%	24%	21%	22%	23%	24%	23%	28%	22%	25%	-11%
Net income	39.6	52.6	54.5	59.1	42.5	57.5	54.6	58.5	64.4	78.9	81.8	152
Net margin	5%	6%	6%	6%	5%	6%	6%	6%	6%	7%	8%	14%
Diluted EPS	$1.23	$1.48	$1.86	$1.74	$1.32	$1.64	$1.75	$1.87	$2.01	$2.46	$2.55	$4.74
Operating cash flow	153	61.9	-44.0	30.2	156	-133	39.4	125	n/a	-44.8	130	160
Capital expenditure	48.2	39.0	40.1	32.1	46.4	32.8	37.6	32.7	n/a	34.4	31.8	27.5
Free cash flow	105	22.9	-84.1	-1.9	109	-166	1.8	92.7	n/a	-79.1	97.8	133
Buybacks	6.2	8.7	11.5	1.6	14.9	55.7	70.7	1.4	14.9	37.8	12.6	12.2
Dividends paid	8.6	8.6	9.0	8.9	9.0	9.0	9.1	9.1	9.2	9.2	9.5	9.5
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 14 November 2023, accession 0000067887-23-000115: the filing on EDGAR. All of Moog Inc.'s filings: EDGAR company page.

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