Moog Inc. reported a net sales increase of 6.2% for the first quarter of fiscal year 2025, reaching $910.3 million compared to $856.9 million in the same period last year. The company's gross profit also rose to $242.3 million, up from $233.2 million, resulting in a gross margin of 26.6%. Net earnings for the quarter were $53.1 million, or $1.64 per diluted share, compared to $47.8 million, or $1.48 per diluted share, in the prior year. The effective tax rate for the quarter was 22.6%, slightly lower than the 23.6% reported in the previous year.
The financial performance reflects several strategic developments, including the acquisition of Data Collection Limited (DCL) for $6 million, which specializes in pavement surveying equipment. This acquisition is expected to enhance Moog's capabilities within its Military Aircraft segment. However, the company also faced challenges, particularly in its Industrial segment, where net sales decreased by 7% to $228.2 million, attributed to divestitures and lower demand. The company recorded losses of $15 million related to the sale of a motors business in the Czech Republic and a hydraulic systems business in Luxembourg.
Operationally, Moog's total assets increased to $4.19 billion from $4.09 billion, driven by higher cash and receivables. The company reported a total of 31.97 million basic shares outstanding as of December 28, 2024. The twelve-month backlog remained relatively flat, with increases in the Space and Defense segments offset by declines in Industrial and Military Aircraft. The company recognized 65% of its revenue over time, primarily from government contracts, while 35% was recognized at the point of sale.
Looking ahead, Moog Inc. anticipates continued growth driven by demand in the aerospace and defense sectors, particularly in Military Aircraft and Commercial Aircraft. The company plans to invest in automation and technology to enhance operational efficiency and is committed to returning capital to shareholders through dividends and share repurchases. The outlook remains cautiously optimistic, with management emphasizing the importance of strategic initiatives to navigate market challenges and capitalize on growth opportunities.
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