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Moog raises earnings forecast after strong third quarter

Moog Inc. is feeling more confident about its current fiscal year.

The Elma-based maker of motion control equipment raised its guidance for its full-year earnings by 25 cents per share, to $3.75. Moog cited a stronger operational performance by the company and a reduced tax rate. The company also raised its forecast for its full-year sales by $10 million, to $2.5 billion.

In its fiscal third quarter, which ended July 1, Moog reported net income of $40.1 million, up 10.5 percent from $36.3 million a year ago.

"Nine months in the bank, we're feeling pretty good about fiscal '17," said John Scannell, Moog's chairman and CEO, in a Friday conference call with analysts.

Sales in Moog's aircraft controls, space and defense controls and components segments each increased from a year ago, while its industrial systems sales declined. Aircraft controls, which led all of Moog's segments in sales, increased 4 percent to $283 million.

 

 

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