Moog, the maker of precision control components and systems, announced its financial results for the third quarter. Despite increased sales, the company experienced a smaller profit and weaker-than-expected adjusted earnings.
In the third quarter, Moog reported a quarterly profit of $42.4 million, or $1.32 per share, compared to $50.4 million, or $1.57 per share, in the same period last year. Adjusted earnings, excluding one-time items, were $1.37 per share. This fell short of analysts’ expectations of $1.47 per share.
Moog saw a rise in sales during the third quarter, with revenue reaching $850.2 million, compared to $772.9 million in the year-ago quarter. This exceeded analyst forecasts of $797.8 million.
The company also adjusted its earnings and sales guidance for the full year. Earnings for 2023 are now projected to be $5.82 per share, a one-cent increase from the previous outlook. Adjusted earnings are expected to be $5.75 per share, up by five cents from the previous forecast. Sales are anticipated to reach $3.25 billion, up from the previous estimate of $3.19 billion.
Moog Shares Fell
Following the release of the third-quarter results, Moog’s shares experienced an 11% downturn, reaching $99.97 in midday trading. However, overall share prices have seen a 14% increase since the beginning of the year.