Moog Inc., a manufacturer of precision control elements and systems, announced an upward revision to its full-year guidance during its first-quarter earnings report on Friday. The adjustment is based on an encouraging first quarter performance.
According to Jennifer Walter, the CFO of Moog, the company is predicting a 5% growth in sales during the fiscal year 2024. Additionally, an operating margin expansion of 110 basis points and a 12% increase in earnings per share are expected. She expressed confidence in delivering exceptional results for the year based on the current trajectory.
Moog is now projecting an adjusted income per share of approximately $6.90 (with a margin of $0.20) for the full year. This contrasts with the previous estimation of $6.80 per share.
A survey of three analysts conducted by Thomson Reuters suggests that the company could earn an estimated $6.87 per share for the year, excluding any special items.
Sales projections have been increased to $3.500 billion, surpassing the previous prediction and the current analyst forecast of $3.450 billion.
For the second quarter, Moog predicts a net income per share of approximately $1.70 (with a margin of $0.10), which is higher than the analysts' prediction of $1.69 per share.
For the first quarter, Moog reported net earnings of $47.812 million or $1.48 per share. This is an improvement from the $46.016 million or $1.44 per share reported during the same period in the prior year.
When excluding certain items, the reported earnings were $49.203 million or $1.53 per share, surpassing the analysts' prediction of $1.46 per share.
The company recorded a revenue of $856.850 million, a notable increase compared to the figure of $760.103 million reported in 2022.
