First Quarter Conference Call – Fiscal 2005
01 / 24 / 2005Highlights
Aircraft, Q1'05Space & Defense, Q1'05Industrial, Q1'05Components Group, Q1'05Summary of Updated GuidanceAttachments
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Bob Brady, Chairman and CEO
Good morning. Thanks for joining us. We're reporting, this morning, on our results for the first quarter of fiscal '05.
Sales for the quarter were $249 million, up 10% from a year ago. Sales were up in each of our four segments.
Net earnings were $15 million, up 18% from a year ago, and earnings per share, at 57 cents, were up 19% from last year.
This is a very strong start for fiscal '05.
Looking at the P&L, gross margins were up some in the quarter. R&D was up over $2 million, reflecting increased activity on the Northrop Grumman X-47 Unmanned Combat Air System and the start-up of the Boeing 7E7. SG&A was up $3 million. In addition to normal increases in personnel costs, higher sales commissions contributed to the increase. Interest was down a little from last year, but our tax rate's a little bit higher.
Bob Banta will discuss cash flow and debt levels in a few minutes. Before that, I'll go to our discussion of the segments.
Military aircraft sales, at $72 million, were up over $2 million from last year. We had an unusually strong quarter on our Indian Light Combat Aircraft Program. Sales of $5 million in this quarter compared to less than $1 million a year ago. This increase was driven, in part, by a new order for 15 additional shipsets for delivery through 2008. Sales in subsequent quarters will be at more normal levels and we're forecasting the LCA Program at $10 million for the year.
F-15 sales were up over $2 million compared to last year. The Korean T-50 Trainer and our new job on the Airbus A400M each generated sales of almost $1 million. The military aftermarket was up $2 million to $22.3 million for the quarter.
All of these increases offset an expected $4 million decline in the revenues on the Joint Strike Fighter. Our JSF activity level at Moog was down about $1.4 million in the quarter to about $5.6 million. The input to our sales from our sub-contracting partners, Parker, Hamilton Sundstrand, and Curtiss-Wright, was down $2.5 million to $7.9 million.
Good morning. Thanks for joining us. We're reporting, this morning, on our results for the first quarter of fiscal '05.
Sales for the quarter were $249 million, up 10% from a year ago. Sales were up in each of our four segments.
Net earnings were $15 million, up 18% from a year ago, and earnings per share, at 57 cents, were up 19% from last year.
This is a very strong start for fiscal '05.
Looking at the P&L, gross margins were up some in the quarter. R&D was up over $2 million, reflecting increased activity on the Northrop Grumman X-47 Unmanned Combat Air System and the start-up of the Boeing 7E7. SG&A was up $3 million. In addition to normal increases in personnel costs, higher sales commissions contributed to the increase. Interest was down a little from last year, but our tax rate's a little bit higher.
Bob Banta will discuss cash flow and debt levels in a few minutes. Before that, I'll go to our discussion of the segments.
Aircraft, Q1'05
Total Aircraft sales of $106 million were up 3 1/2%, or about $3.6 million from last year. For the year, we had been looking for growth of only about 1% from $412 million to $417 million. Based on the first quarter results and a revised forecast, we now think Aircraft growth will be more like 3% and we will generate sales of $424 million.Military aircraft sales, at $72 million, were up over $2 million from last year. We had an unusually strong quarter on our Indian Light Combat Aircraft Program. Sales of $5 million in this quarter compared to less than $1 million a year ago. This increase was driven, in part, by a new order for 15 additional shipsets for delivery through 2008. Sales in subsequent quarters will be at more normal levels and we're forecasting the LCA Program at $10 million for the year.
F-15 sales were up over $2 million compared to last year. The Korean T-50 Trainer and our new job on the Airbus A400M each generated sales of almost $1 million. The military aftermarket was up $2 million to $22.3 million for the quarter.
All of these increases offset an expected $4 million decline in the revenues on the Joint Strike Fighter. Our JSF activity level at Moog was down about $1.4 million in the quarter to about $5.6 million. The input to our sales from our sub-contracting partners, Parker, Hamilton Sundstrand, and Curtiss-Wright, was down $2.5 million to $7.9 million.
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