Moog (MOG.A) Q3 FY2024 earnings: revenue $914 million, up 7.5% on the year

Moog Inc. (MOG.A) reported revenue of $914 million for Q3 FY2024, the quarter ended 29 June 2024, up 7.5% on the same quarter a year earlier. Net income was $59 million, up 39.5% on the year, and diluted earnings per share $1.74. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2024.

Revenue$914 millionup 7.5%

Net income$59 millionup 39.5%

Diluted EPS$1.74

QuarterQ3 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	914	920	n/a	n/a
Cost of revenue	657	661	n/a	n/a
Gross profit	256	259	n/a	n/a
Gross margin	28.0%	28.1%	n/a
Research and development	27.8	28.4	n/a	n/a
Selling, general and administrative	128	126	n/a	n/a
Operating income	105	112	n/a	n/a
Operating margin	11.5%	12.2%	n/a
Interest expense	17.0	16.8	n/a	n/a
Pre-tax income	74.5	71.6	n/a	n/a
Income tax	15.4	17.1	n/a	n/a
Effective tax rate	20.7%	23.8%	n/a
Net income	59.1	54.5	n/a	n/a
Net margin	6.5%	5.9%	n/a
Diluted EPS	$1.74	$1.86	n/a	n/a

$ million except per share.

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. 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.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	30.2	-44.0	n/a	n/a
Capital expenditure	32.1	40.1	n/a	n/a
Free cash flow	-1.9	-84.1	n/a	n/a
Free cash flow margin	-0.2%	-9.1%	n/a
Cash from investing	-30.6	-40.8	n/a	n/a
Cash from financing	-7.3	19.0	n/a	n/a
Depreciation and amortisation	24.4	23.9	n/a	n/a
Share-based compensation	4.1	3.0	n/a	n/a
Buybacks	1.6	11.5	n/a	n/a
Dividends paid	8.9	9.0	n/a	n/a
Dividend per share	$0.28	$0.28	n/a	n/a
Diluted shares, weighted	32m	32m	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	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,794	1,753	n/a	n/a
Debt	958	949	n/a	n/a
Operating lease liabilities	56.7	56.8	n/a	n/a
Finance lease liabilities	82.9	80.0	n/a	n/a
Other liabilities	1,176	1,200	n/a	n/a
Total liabilities and equity	4,068	4,039	n/a	n/a
Fixed assets	886	869	n/a	n/a
Goodwill	827	828	n/a	n/a
Intangible assets	66.4	68.9	n/a	n/a
Cash and equivalents	50.6	59.1	n/a	n/a
Inventory	831	810	n/a	n/a
Other assets	1,406	1,403	n/a	n/a
Total assets	4,068	4,039	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-Q for the period ended 29 June 2024, filed 8 August 2024, accession 0000067887-24-000061: the filing on EDGAR. All of Moog Inc.'s filings: EDGAR company page.

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