Moog off to fast start in 1Q

January 30, 2012 Updated Jan 30, 2012 at 8:32 AM EDT

By WKBW News
By Business First by Allissa Kline, Buffalo Business First Reporter

January 30, 2012 Updated Jan 30, 2012 at 8:32 AM EDT

A strong first quarter at Moog Inc. - during which sales improved for four of its five manufacturing divisions - has driven increases in net sales and net earnings.

The East Aurora aerospace and defense manufacturing company (NYSE: MOG.A, MOG.B) on Friday reported net earnings of $36.4 million, or 80 cents per share, for the quarter ending Dec. 31. That's up 8.9 percent from $33.4 million, or 73 cents per share, in net earnings reported for the end of 2010.

Net sales totaled $600.6 million for the most recently completed quarter, up from $554.4 million a year ago.

"We are off to a great start for fiscal 2012," new CEO John Scannell said. "Our first quarter sales are up nicely and earnings per share were better than our forecast."

Analsyts expected first-quarter EPS of 74 cents on revenues of $596.58 million.

Sales in the aircraft, industrial systems, components and medical devices segments rose between 2 percent and 18 percent for the quarter, while sales dropped 8 percent in the space and defense segment.

The company's backlog as of Jan. 1 totaled $1.3 billion, an improvement of 9 percent from a year ago, officials said. It expects $2.5 billion in total sales for fiscal year 2012, which ends next fall.

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