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.