Moog Beats and Guides Higher

The futures market indicates that stocks are poised to open higher today on the news of Bin Laden’s demise. The S&P 500 may break 1370 today and we could make a run at 1400 which we haven’t seen in nearly three years.

We had another Buy List earnings report this morning. Moog ($MOG-A) reported fiscal Q2 earnings of 66 cents per share which was two cents more than estimates. Even better news is that the company is raising its full-year guidance from $2.75 per share to $2.80 per share.

This is the second time Moog has raised guidance. Three months ago, Moog beat earnings by ten cents per share and they raised full-year guidance from $2.70 per to $2.75 per share.

Moog Inc which makes precision control components, posted better-than-expected quarterly results, helped in part by a 30 percent increase in sales at its industrial systems segment, and raised its full-year outlook for the second time.

Moog, whose products are used in aircraft, satellites and industrial machinery, now expects full-year earnings of $2.80 a share, up from its prior forecast of $2.75 a share.

The company raised its revenue forecast to $2.27 billion from $2.25 billion.

For the quarter ended April 2, Moog’s net income was $30.6 million, or 66 cents a share, compared with $25 million, or 55 cents a share, a year ago.

Revenue rose about 13 percent to $574.2 million. Industrial systems sales increased to $156 million. Sales from aircraft controls, Moog’s largest segment, and space and defense controls segment also rose.

Analysts expected earnings of 64 cents a share on revenue of $551 million, according to Thomson Reuters I/B/E/S.

Posted by on May 2nd, 2011 at 8:37 am

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