By Owen Tucker-Smith
Moog shares dropped after the company forecast a decline in earnings during the second quarter.
Shares of the aerospace and defense company were recently down 9.6% at $189.70. The stock remains up by about 32% over the past year.
The company Friday reported net income of $53.1 million, or $1.64 a share, compared with $47.8 million, or $1.48 a share, for the same period the previous year. On an adjusted basis, the company reported earnings per share of $1.78, up from $1.53 a year earlier. Analysts surveyed by FactSet were expecting $1.70.
In the second quarter, the company expects earnings of between $1.65 and $1.85 a share, indicating a year-over-year decline. The company reported $1.86 a share during the second quarter last year.
Moog posted first-quarter sales of $910.3 million, compared with $856.9 million a year before. Analysts were expecting $872 million. Sales declined in the company's industrial segment due to divestitures, while they rose in the aerospace and defense businesses.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 24, 2025 10:42 ET (15:42 GMT)
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