Q3 2024 Moog Inc Earnings Call Transcript
Key Points
- Sales were strong, with double-digit growth in defense and mid-single-digit growth in commercial markets.
- Adjusted diluted earnings per share increased by almost 40% relative to the prior year.
- Cash flow improved compared to the prior year.
- New airline support contracts were announced, expanding the commercial aftermarket business.
- The company received full and final facility security clearance, enabling new classified program contract awards.
- Industrial sales were fairly flat, with a noted softening in industrial automation.
- Free cash flow for the third quarter was a $2 million use of cash, driven by growth in net working capital.
- Customer advances were a use of cash this quarter, reflecting significant progress across major defense programs.
- Capital expenditures were $32 million in the third quarter, indicating a high level of investment.
- The company faces ongoing macroeconomic challenges, including conflicts in Europe and the Middle East.
Good morning, and welcome to the Moog third-quarter fiscal year 2024 earnings conference call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Mr. Aaron Astrachan. Please go ahead.
Good morning, and thank you for joining Moog's third-quarter 2024 earnings release conference call. I'm Aaron Astrachan, Director of Investor Relations. With me today is Pat Roche, our Chief Executive Officer; and Jennifer Walter, our Chief Financial Officer.
Earlier this morning, we released our results and our supplemental slides, both of which are available on our website. Our earnings press release, our supplemental slides, and remarks made during our call today contain adjusted non-GAAP results. Reconciliations for these adjusted results to GAAP results are contained within the provided materials.
Lastly, our comment today may include statements related to expected future results and other forward-looking statements which are not guaranteed. Our actual results may differ
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