MOOG INC. MOOG | ||||||||||||||||||
Q4 2019 Supplemental Data | 11/1/2019 | |||||||||||||||||
(USD in millions except for per share data) | ||||||||||||||||||
Q4 | Q4 | % | FY | FY | FY | FY'20 v '19 | FY'19 v '18 | |||||||||||
2019 | 2018 | Change | 2020 F | 2019 A | 2018 A | Change | Change | |||||||||||
GAAP Results | ||||||||||||||||||
Sales | $ | 765.2 | $ | 700.9 | 9% | $ | 3,010.0 | $ | 2,904.7 | $ | 2,709.5 | 4% | 7% | |||||
Net Earnings | 45.9 | 40.6 | 13% | 194.8 | 179.7 | 96.5 | 8% | 86% | ||||||||||
Net Earnings Per Share | $ | 1.31 | $ | 1.14 | 15% | $ | 5.55 | * | $ | 5.11 | $ | 2.68 | 9% | 91% | ||||
Segment Sales | ||||||||||||||||||
Aircraft Controls | $ | 341.6 | $ | 303.9 | 12% | $ | 1,325.0 | $ | 1,303.0 | $ | 1,193.5 | 2% | 9% | |||||
Results | Space and Defense Controls | 189.5 | 154.1 | 23% | 770.0 | 683.5 | 580.9 | 13% | 18% | |||||||||
Operating Profit | 234.1 | 242.8 | (4%) | 915.0 | 918.2 | 935.1 | (0%) | (2%) | ||||||||||
Industrial Systems | ||||||||||||||||||
GAAP | $ | 765.2 | $ | 700.9 | 9% | $ | 3,010.0 | $ | 2,904.7 | $ | 2,709.5 | 4% | 7% | |||||
Aircraft Controls | $ | 27.9 | $ | 31.3 | (11%) | $ | 139.5 | $ | 122.7 | $ | 129.8 | 14% | (5%) | |||||
Space and Defense Controls | 25.9 | 17.4 | 49% | 100.0 | 89.0 | 67.6 | 12% | 32% | ||||||||||
Industrial Systems | 26.0 | 25.5 | 2% | 105.5 | 109.5 | 65.0 | (4%) | 68% | ||||||||||
$ | 79.8 | $ | 74.3 | 7% | $ | 345.0 | $ | 321.1 | $ | 262.4 | 7% | 22% | ||||||
Operating Margins | ||||||||||||||||||
Aircraft Controls | 8.2% | 10.3% | 10.5% | 9.4% | 10.9% | |||||||||||||
Space and Defense Controls | 13.7% | 11.3% | 13.0% | 13.0% | 11.6% | |||||||||||||
Industrial Systems | 11.1% | 10.5% | 11.5% | 11.9% | 6.9% | |||||||||||||
10.4% | 10.6% | 11.5% | 11.1% | 9.7% | ||||||||||||||
Effective Tax Rate | 21.3% | 26.7% | 25.3% | 23.1% | 47.4% | |||||||||||||
Note - numbers may not add to totals due to rounding |
- FY 2020 Net Earnings Per Share is forecasted to be within a range of $5.35 - $5.75.
Changes in results due to: adoption of Revenue Recognition standard
Effective September 30th, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASC 606). Net Earnings Per Share for 2019 includes an increase of $0.27 related to our adoption of ASC 606.
Changes in segment results due to: adoption of Pension ASU
Effective September 30th, 2018, we adopted ASU 2017-07, which reclassifies Non-Service Pension expense out of Segment Operating Profit and into Other Expense. All periods presented reflect this reclassification.
Non-GAAP Financial Measures
We present non-GAAP adjusted Operating Profit and Margin, Effective Tax Rate, Net Earnings and Net Earnings Per Share, which are reconciled in the table on page three. We also present Free Cash Flow, which is defined as Cash Flow from Operations less Capital Expenditures. Management believes these non-GAAP financial measures provide investors important insights and measurements into the company's ongoing operational performance. The company does not intend for the information to be considered in isolation or as substitutes to the most closely related GAAP measures.
1 of 3
MOOG | |||||||||||||||||
Q4 2019 Supplemental Data | 11/1/2019 | ||||||||||||||||
(USD in millions except for per share data) | |||||||||||||||||
Q4 | Q4 | % | FY | FY | FY | FY'20 v '19 | FY'19 v '18 | ||||||||||
2019 | 2018 | Change | 2020 F | 2019 A | 2018 A | Change | Change | ||||||||||
F-35 | $ | 34.2 | $ | 35.8 | (4%) | $ | 166.5 | $ | 141.8 | $ | 128.0 | 17% | 11% | ||||
Military OEM - Other | 72.1 | 59.8 | 21% | 276.9 | 272.9 | 253.5 | 1% | 8% | |||||||||
Military OEM | 106.3 | 95.6 | 11% | 443.4 | 414.7 | 381.5 | 7% | 9% | |||||||||
Military Aftermarket | 51.7 | 52.5 | (2%) | 220.2 | 207.4 | 190.4 | 6% | 9% | |||||||||
Military Aircraft | 158.0 | 148.1 | 7% | 663.5 | 622.1 | 571.9 | 7% | 9% | |||||||||
Boeing OEM | 72.5 | 59.9 | 21% | 243.8 | 264.4 | 238.1 | (8%) | 11% | |||||||||
Airbus | 47.5 | 36.1 | 32% | 162.8 | 172.8 | 151.7 | (6%) | 14% | |||||||||
Sales | Commercial OEM - Other | 28.0 | 19.5 | 43% | 109.0 | 102.6 | 80.3 | 6% | 28% | ||||||||
Commercial OEM | 148.0 | 115.5 | 28% | 515.6 | 539.8 | 470.1 | (4%) | 15% | |||||||||
Results: | Commercial Aftermarket | 35.5 | 40.3 | (12%) | 145.8 | 141.1 | 151.5 | 3% | (7%) | ||||||||
Commercial Aircraft | 183.5 | 155.9 | 18% | 661.4 | 680.8 | 621.6 | (3%) | 10% | |||||||||
Aircraft Controls | $ | 341.6 | $ | 303.9 | 12% | $ | 1,325.0 | $ | 1,303.0 | $ | 1,193.5 | 2% | 9% | ||||
GAAP | |||||||||||||||||
Space | $ | 59.7 | $ | 52.9 | 13% | $ | 253.0 | $ | 219.0 | $ | 214.7 | 16% | 2% | ||||
Defense | 129.8 | 101.2 | 28% | 517.0 | 464.5 | 366.1 | 11% | 27% | |||||||||
Space and Defense Controls | $ | 189.5 | $ | 154.1 | 23% | $ | 770.0 | $ | 683.5 | $ | 580.9 | 13% | 18% | ||||
Energy * * * | $ | 31.1 | $ | 41.8 | (26%) | $ | 121.5 | $ | 120.8 | $ | 163.9 | 1% | (26%) | ||||
Industrial Automation | 108.2 | 111.3 | (3%) | 425.0 | 447.5 | 430.8 | (5%) | 4% | |||||||||
Simulation and Test | 34.5 | 35.6 | (3%) | 129.5 | 122.9 | 127.3 | 5% | (3%) | |||||||||
Medical | 60.3 | 54.1 | 11% | 238.9 | 227.0 | 213.1 | 5% | 7% | |||||||||
Industrial Systems | $ | 234.1 | $ | 242.8 | (4%) | $ | 915.0 | $ | 918.2 | $ | 935.1 | (0%) | (2%) | ||||
Cash Flow from Operations | $ | 52 | $ | 58 | $ | 275 | $ | 181 | $ | 102 | |||||||
Results | Capital Expenditures | (27) | (24) | (120) | (118) | (95) | |||||||||||
Free Cash Flow | $ | 25 | $ | 34 | $ | 155 | $ | 63 | $ | 8 | |||||||
Acquisitions | - | (0) | - | - | (70) | ||||||||||||
Payment of Dividends | (9) | (9) | (35) * * | (35) | (18) | ||||||||||||
GAAP | Other items: including share buybacks | (20) | (56) | - | (32) | (69) | |||||||||||
Decrease (Increase) in Net Debt | $ | (3) | $ | (31) | $ | 120 | $ | (4) | $ | (148) | |||||||
Net Debt to Total Capitalization | 35.9% | 37.6% | 29.4% | 35.9% | 37.6% | ||||||||||||
Depreciation and Amortization | $ | 21 | $ | 20 | $ | 86 | $ | 85 | $ | 89 | |||||||
Note - numbers may not add to totals due to rounding |
- * FY 2020 forecasted at same rate as FY 2019, is not guaranteed and is subject to Board's approval.
- * * Decline in FY 2019 sales primarly relates to our 2018 decision to exit the wind pitch controls business.
Cautionary Statement Regarding Forward Looking Information
The forecasts, projections and estimates contained in these materials, which can be identified by the use of forward looking terms, such as "project," "estimate," "2020 F", or variations thereon or comparable terminology, are forward looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
2 of 3
MOOG | |||||||||||||||||||
Q4 2019 Supplemental Data | 11/1/2019 | ||||||||||||||||||
(USD in millions except for per share data) | |||||||||||||||||||
Q4 | Q4 | % | FY | FY | FY | FY'20 v '19 | FY'19 v '18 | ||||||||||||
2019 | 2018 | Change | 2020 F | 2019 A | 2018 A | Change | Change | ||||||||||||
Adjusted FY 2018 results | |||||||||||||||||||
Sales | $ | 765.2 | $ | 700.9 | 9% | $ | 3,010.0 | $ | 2,904.7 | $ | 2,709.5 | 4% | 7% | ||||||
Net Earnings | 45.9 | 45.6 | 1% | 194.8 | 179.7 | 165.1 | 8% | 9% | |||||||||||
Net Earnings Per Share | $ | 1.31 | $ | 1.28 | 2% | $ | 5.55 | * | $ | 5.11 | $ | 4.57 | 9% | 12% | |||||
Segment Sales | |||||||||||||||||||
Results | Aircraft Controls | $ | 341.6 | $ | 303.9 | 12% | $ | 1,325.0 | $ | 1,303.0 | $ | 1,193.5 | 2% | 9% | |||||
Space and Defense Controls | 189.5 | 154.1 | 23% | 770.0 | 683.5 | 580.9 | 13% | 18% | |||||||||||
Industrial Systems | 234.1 | 242.8 | (4%) | 915.0 | 918.2 | 935.1 | (0%) | (2%) | |||||||||||
2018 | $ | 765.2 | $ | 700.9 | 9% | $ | 3,010.0 | $ | 2,904.7 | $ | 2,709.5 | 4% | 7% | ||||||
Operating Profit | |||||||||||||||||||
FY | Aircraft Controls | $ | 27.9 | $ | 31.3 | (11%) | $ | 139.5 | $ | 122.7 | $ | 129.8 | 14% | (5%) | |||||
Adjusted | Space and Defense Controls | 25.9 | 17.4 | 49% | 100.0 | 89.0 | 67.6 | 12% | 32% | ||||||||||
Industrial Systems | 26.0 | 30.0 | (13%) | 105.5 | 109.5 | 101.6 | (4%) | 8% | |||||||||||
$ | 79.8 | $ | 78.7 | 1% | $ | 345.0 | $ | 321.1 | $ | 299.0 | 7% | 7% | |||||||
Operating Margins | |||||||||||||||||||
Aircraft Controls | 8.2% | 10.3% | 10.5% | 9.4% | 10.9% | ||||||||||||||
Space and Defense Controls | 13.7% | 11.3% | 13.0% | 13.0% | 11.6% | ||||||||||||||
Industrial Systems | 11.1% | 12.3% | 11.5% | 11.9% | 10.9% | ||||||||||||||
10.4% | 11.2% | 11.5% | 11.1% | 11.0% | |||||||||||||||
Effective Tax Rate | 21.3% | 23.7% | 25.3% | 23.1% | 25.1% | ||||||||||||||
Difference between GAAP and Adjusted FY 2018 results | |||||||||||||||||||
Adjusted | Net Earnings attributable to Moog | $ | - | $ | (5.1) | $ | - | $ | - | $ | (68.6) | ||||||||
Non-GAAP Net Earnings adjustment for Restructuring | - | (3.7) | - | - | (30.4) | ||||||||||||||
Non-GAAP Net Earnings adjustment for change due to Tax Reform | - | (1.4) | - | - | (38.2) | ||||||||||||||
& | results | Non-GAAP Net Earnings Per Share adjustment for Restructuring | $ | - | $ | (0.10) | $ | - | $ | - | $ | (0.84) | |||||||
GAAP | |||||||||||||||||||
Net Earnings Per Share attributable to Moog | $ | - | $ | (0.14) | $ | - | $ | - | $ | (1.89) | |||||||||
Non-GAAP Net Earnings Per Share adjustment for change due to Tax Reform | - | (0.04) | - | - | (1.05) | ||||||||||||||
between | 2018FY | ||||||||||||||||||
Operating Profit | |||||||||||||||||||
Industrial Systems - impact of Restructuring charge | $ | - | $ | (6.9) | $ | - | $ | - | $ | (39.2) | |||||||||
Difference | Industrial Systems - benefit of Wind product sale | - | 2.5 | - | - | 2.5 | |||||||||||||
Industrial Systems - impact of Restructuring charge | - | -1.8% | - | - | -3.9% | ||||||||||||||
Total Company Operating Profit | $ | - | $ | (4.4) | $ | - | $ | - | $ | (36.7) | |||||||||
Operating Margins | |||||||||||||||||||
Total Company Operating Margin | |||||||||||||||||||
- | -0.6% | - | - | -1.4% | |||||||||||||||
Note - numbers may not add to totals due to rounding |
3 of 3
Attachments
- Original document
- Permalink
Disclaimer
MOOG Inc. published this content on 01 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2019 20:57:00 UTC
