Moog Inc. reported stronger profits in its fiscal third quarter, and the Elma-based aerospace company gave an upbeat forecast of its fiscal 2005 financial picture.
Moog announced net income of $14.8 million for the quarter ending June 30, up 37 percent from a year ago. Its diluted earnings per share were 56 cents, which was 10 cents higher than a year ago.
Moog's sales rose 24 percent from last year to nearly $239 million, thanks in largely to its components sector. Moog in 2003 acquired Northrop Grumman's Litton Poly-Scientific division, which generated $33 million in quarterly sales.
"These results were a continuation of steady progress we've been making quarter by quarter," said Robert T. Brady, Moog's chairman and chief executive officer.
Moog's industrial sector also showed significant improvement, with sales rising by 17 percent to $81 million. Each of its major product lines reported increases.
The company said it is confident it will meet its projected earnings per share of $2.17 for its full 2004 fiscal year, which ends in late September.
Moog believes its performance will carry over. It predicts 2005 fiscal year earnings per share of $2.39 to $2.48, which would be up 10 percent to 14 percent from 2004.
Moog predicts each of its four segments -- aircraft, industrial, space and components -- to post higher sales next year. But the strongest sales growth is expected in its industrial sector, a segment which has gained momentum from a recovering national economy.
Moog's industrial sales are expected to rise between 6 percent and 12.5 percent in the 2005 fiscal year, depending on changes in currency exchange rates, Brady said.
Its aircraft sales are expected to grow by about 1 percent, thanks to higher sales on the commercial aircraft side of the business. Moog's military sales are expected to drop by about $12 million, but would still generate the majority of total aircraft sector sales.
Part of the drop in military revenues is related to Moog's work for the Air Force's joint strike fighter. Moog's revenues on that project were higher in earlier stages of the jet's development program.
Moog announced in May that it had won a contract to supply the primary flight control actuation system for Boeing Co.'s new 7E7 Dreamliner commercial jet. It also signed four-year contract extensions with Boeing on its existing 7-series aircraft, extending the work to 2012.