0000067887FALSE00000678872024-11-012024-11-010000067887us-gaap:CommonClassAMember2024-11-012024-11-010000067887us-gaap:CommonClassBMember2024-11-012024-11-01


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

November 1, 2024
Date of Report (date of earliest event reported)

MOOG Inc.
(Exact name of registrant as specified in its charter)
NY1-0512916-0757636
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
400 Jamison RdEast Aurora,New York14052-0018
(Address of Principal Executive Offices)
(Zip Code)
(716) 652-2000
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stockMOG.ANew York Stock Exchange
Class B common stockMOG.BNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 2.02Results of Operations and Financial Condition
 
On November 1, 2024, Moog Inc. (the “Company”) issued a press release discussing results of operations for the quarter and year ended September 28, 2024. A copy of the press release is included as exhibit 99.1 of this report.
The information in this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly stated by specific reference in such a filing.

Item 8.01Other Events
On November 1, 2024, the Company issued a press release announcing that the Company’s Board of Directors declared a quarterly dividend of $0.28 per share on the Company's issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on December 6, 2024 to all shareholders of record as of the close of business on November 21, 2024. A copy of the press release is included as Exhibit 99.2 of this report.

Item 9.01Financial Statements and Exhibits
 
(d)Exhibits.
Press release dated November 1, 2024, announcing Moog Inc.’s results of operations for the quarter and year ended September 28, 2024.
Press release dated November 1, 2024, announcing cash dividend.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  MOOG INC.
    
Dated:
November 1, 2024
By:/s/ Nicholas Hart
  Name:Nicholas Hart
   Controller
 

 

 


Exhibit 99.1
Moog Inc. ▪ East Aurora, New York ▪ 14052 ▪ 716-652-2000

Press Information
Release Date:November 1, 2024
IMMEDIATE
 

Moog Inc. Reports Strong Performance for Fourth Quarter 2024 and
Issues Positive Guidance for Fiscal 2025

East Aurora, NY -- Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported strong fiscal fourth quarter 2024 results that marked another record year.

"Our fourth quarter was strong, bringing to a close an exceptional year with record sales and expanded margins," said Pat Roche, CEO. "Our performance reflects the success in pricing and simplification initiatives that continue to build momentum into 2025, with stronger sales, expanded margin and improved cash flow generation."

(in millions, except per share results)Three Months EndedTwelve Months Ended
Q4 2024Q4 2023DeltasQ4 2024Q4 2023Deltas
Net sales$917 $872 5%$3,609 $3,319 9 %
Operating margin9.1 %10.1 %(100 bps)11.0 %10.3 %70 bps
Adjusted operating margin12.5 %12.5 %0 bps12.4 %10.9 %150 bps
Diluted net earnings per share$1.33 $1.23 8%$6.40 $5.34 20 %
Adjusted diluted net earnings per share$2.16 $2.10 3%$7.80 $6.15 27 %
Net cash provided by operating activities$156 $153 $3$202 $136 $66
Free cash flow$109 $105 $5$21 $(37)$59
See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the periods ended September 28, 2024 and September 30, 2023.

Quarter Highlights
•Net sales increased driven by growth in defense businesses.
•Operating margin declined due to higher levels of charges related to simplification initiatives.
•Adjusted operating margin improved within Military Aircraft, Industrial and Space and Defense, while Commercial Aircraft declined from a strong quarter a year ago.
•Diluted net earnings per share increased due to improved operational performance, partially offset by the net of prior and current year one-time charges and benefits.
•Adjusted diluted net earnings per share increased due to incremental profit from higher sales and the benefit of capitalizing interest, partially offset by the absence of last year's favorable litigation settlement.
•Twelve-month backlog increased 3%, reaching a record level of $2.5 billion.

Year Highlights
•Net sales increased due to higher demand across our aerospace and defense businesses.
•Operating margin increased within Space and Defense and Military Aircraft, while Industrial and Commercial Aircraft declined.
•Adjusted operating margin expanded in Military Aircraft, Space and Defense and Industrial reflecting the benefits of pricing and simplification initiatives, while Commercial Aircraft declined from a strong prior year.
•Diluted net earnings per share increased due to largely the same factors as the fourth quarter.
•Adjusted diluted net earnings per share increased driven by operating margin expansion and incremental profit from higher sales.




Exhibit 99.1
Quarter Results
"We had a great quarter," said Jennifer Walter, CFO. "Sales were very strong, adjusted operating margin was robust and on plan, and adjusted earnings per share exceeded the high end of our guidance range. In addition, we generated a substantial amount of free cash flow."

Sales in the fourth quarter of 2024 increased compared to the fourth quarter of 2023, with notable growth in Military Aircraft and Space and Defense. Military Aircraft sales increased 17% to $216 million due to the ramp of the FLRAA and other production programs. Space and Defense sales increased 9% to $263 million driven by strong European defense demand and launch vehicle activity. Commercial Aircraft sales increased 2% to $197 million due to increased production volume, muted by the absence of last year's retroactive pricing benefit and inventory sale from exiting a mature product line. Industrial segment sales decreased 5% to $242 million due to a slowdown in orders for industrial automation applications, partially offset by higher medical product and automotive test business demand.

Operating margin decreased 100 basis points to 9.1% in the fourth quarter of 2024 compared to the fourth quarter of 2023. Commercial Aircraft operating margin declined 680 basis points to 11.0%, driven by the absence of last year's benefits. Operating margins in Space and Defense and in Industrial declined 200 basis points and 130 basis points, respectively, due to incremental charges related to simplification initiatives. Military Aircraft operating margin improved 590 basis points to 11.8%, driven by reduced research and development expense, improved sales mix and cost absorption on the FLRAA program.

Adjusted operating margin in the fourth quarter of 2024 was unchanged at 12.5% compared to the fourth quarter of 2023. We incurred charges primarily in Industrial and in Space and Defense. Adjusted operating margin in Industrial increased 90 basis points to 12.8% as the benefits of pricing more than offset an unfavorable sales mix and planned product transfers. Adjusted operating margin in Space and Defense increased 70 basis points to 13.5% associated with improved performance across the business.

Non-operating expenses in the fourth quarter of 2024 declined compared to the fourth quarter of 2023. The fourth quarter of 2024 included a $10 million adjustment to capitalize interest for 2023 and 2024. Non-operating expenses in the fourth quarter of 2023 included a pension settlement charge and a favorable litigation settlement.

Free cash flow in the fourth quarter was driven by strong customer collections and by timing of vendor payments.

Year Results
Sales in 2024 increased compared to 2023 with notable growth in Commercial Aircraft, Military Aircraft and Space and Defense. Commercial Aircraft sales increased 18% to $788 million due to increased production ramps on widebody, narrowbody and business jet programs. Military Aircraft sales increased 13% to $812 million due largely to having a full year's worth FLRAA sales. Space and Defense sales increased 7% to $1 billion due to strong, broad-based, defense demand. Industrial sales increased slightly at 1% to $991 million, as softening industrial automation sales were compensated by growth in other sub-markets.

Operating margin in 2024 increased compared to 2023, reflecting the benefits of pricing and simplification efforts, partially offset by higher amounts of charges related to simplifying our operations. Operating margin increased in Space and Defense and Military Aircraft, while Commercial Aircraft operating margin decreased, all due to the same factors as the fourth quarter. Also, Industrial operating margin decreased due to higher amounts of simplification charges.

Adjusted operating margin increased in 2024 compared to 2023, inclusive of a 40 basis-point contribution from the Employee Retention Credit, and increased in all of our segments except for Commercial Aircraft. Adjusted operating margin in Military Aircraft increased 300 basis points to 12.0% due to cost absorption on the FLRAA program and due to lower research and development expense. Adjusted operating margin in Space and Defense increased 290 basis points to 13.4% due to strong operational performance, including improved performance on space vehicle programs. Adjusted operating margin in Industrial increased 90 basis points to 12.4% due largely to pricing initiatives. Adjusted operating margin in Commercial Aircraft decreased 90 basis points to 11.8% due to the absence of the prior year's one-time benefits, partially offset by efficiencies from the current year's higher production sales volume.




Exhibit 99.1
2025 Financial Guidance
(in millions, except per share results)FY 2025FY 2024
Net sales$3,700 $3,609 
Operating margin13.0 %11.0 %
Adjusted operating margin13.0 %12.4 %
Diluted net earnings per share*$8.20 $6.40 
Adjusted diluted net earnings per share*$8.20 $7.80 
Free cash flow conversion50 - 75%8 %
*Diluted net earnings per share figures for 2025 are forecasted to be within range of +/- $0.20.

When the company provides adjusted, non-GAAP figures on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort.

Conference call information

In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.

Cautionary Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.

Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.

While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.

Contact: Aaron Astrachan
716.687.4225




Exhibit 99.1
Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)
 
 Three Months EndedTwelve Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Net sales$917,272 $872,051 $3,609,160 $3,319,122 
Cost of sales666,541 623,808 2,605,214 2,423,245 
Inventory write-down5,252 4,345 7,027 4,345 
Gross profit245,479 243,898 996,919 891,532 
Research and development26,021 29,444 112,773 106,551 
Selling, general and administrative124,840 118,041 494,887 469,836 
Interest (1)
9,262 18,227 62,112 63,578 
Asset impairment and fair value adjustment15,287 12,974 22,149 14,628 
Restructuring11,165 3,260 23,788 7,997 
Loss on sale of businesses— 900 — 900 
Gain on sale of buildings(979)— (979)(10,030)
Pension settlement— 12,542 — 12,542 
Other4,335 (599)14,376 9,478 
Earnings before income taxes55,548 49,109 267,813 216,052 
Income taxes12,503 9,527 60,593 45,054 
Net earnings$43,045 $39,582 $207,220 $170,998 
Net earnings per share  
Basic$1.35 $1.24 $6.48 $5.37 
Diluted$1.33 $1.23 $6.40 $5.34 
Weighted average common shares outstanding  
Basic31,988,662 31,893,646 31,954,689 31,831,687 
Diluted32,458,411 32,187,501 32,359,338 32,044,226 
(1) During the three months ended September 28, 2024, we capitalized interest associated with major capital projects for a total of $9,847, which included an adjustment of $4,023 related to 2023 and an adjustment of $4,206 related to the nine months ended June 29, 2024.
 




















Exhibit 99.1
Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTED NET EARNINGS PER SHARE (UNAUDITED)
(dollars in thousands)

Three Months EndedTwelve Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
As Reported:
Earnings before income taxes$55,548 $49,109 $267,813 $216,052 
Income taxes12,503 9,527 60,593 45,054 
Effective income tax rate22.5 %19.4 %22.6 %20.9 %
Net earnings43,045 39,582 207,220 170,998 
Diluted net earnings per share$1.33 $1.23 $6.40 $5.34 
Inventory Write-down, Restructuring and Other Charges:
Earnings before income taxes$16,930 $7,605 $32,226 $13,391 
Income taxes4,270 1,746 8,122 3,050 
Net earnings12,660 5,859 24,104 10,341 
Diluted net earnings per share$0.39 $0.18 $0.74 $0.32 
Asset Impairment
Earnings before income taxes$391 $12,974 $7,253 $14,628 
Income taxes92 937 462 1,285 
Net earnings299 12,037 6,791 13,343 
Diluted net earnings per share$0.01 $0.37 $0.21 $0.42 
Loss (Gain) on Sale of Businesses, Buildings and Fair Value Adjustments:
Earnings before income taxes$13,918 $900 $13,918 $(9,130)
Income taxes(245)212 (245)(1,874)
Net earnings14,163 688 14,163 (7,256)
Diluted net earnings per share$0.44 $0.02 $0.44 $(0.23)
Pension Settlement:
Earnings before income taxes$— $12,542 $— $12,542 
Income taxes— 2,960 — 2,960 
Net earnings— 9,582 — 9,582 
Diluted net earnings per share$— $0.30 $— $0.30 
As Adjusted:
Earnings before income taxes$86,787 $83,130 $321,210 $247,483 
Income taxes16,620 15,382 68,932 50,475 
Effective income tax rate19.2 %18.5 %21.5 %20.4 %
Net earnings70,167 67,748 252,278 197,008 
Diluted net earnings per share$2.16 $2.10 $7.80 $6.15 
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding.
Results shown above have been adjusted to exclude impacts associated with restructuring and other charges related to continued portfolio shaping activities, asset impairments and other charges due to program termination and the devaluation of an investment, fair value adjustments from businesses being held for sale at year end, a one-time pension settlement charge, as well as impacts from the sale of buildings and a business. While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.



Exhibit 99.1
Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)
 
Three Months EndedTwelve Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Net sales:
Space and Defense$262,824 $241,211 $1,018,148 $947,251 
Military Aircraft215,645 183,562 811,566 720,332 
Commercial Aircraft197,119 193,297 788,300 668,815 
Industrial241,684 253,981 991,146 982,724 
Net sales$917,272 $872,051 $3,609,160 $3,319,122 
Operating profit:
Space and Defense$27,179 $29,563 $127,354 $95,949 
10.3 %12.3 %12.5 %10.1 %
Military Aircraft25,535 10,891 85,858 60,416 
11.8 %5.9 %10.6 %8.4 %
Commercial Aircraft21,634 34,444 91,472 84,387 
11.0 %17.8 %11.6 %12.6 %
Industrial9,065 12,982 90,657 102,165 
3.8 %5.1 %9.1 %10.4 %
Total operating profit83,413 87,880 395,341 342,917 
9.1 %10.1 %11.0 %10.3 %
Deductions from operating profit:
Interest expense9,262 18,227 62,112 63,578 
Equity-based compensation expense3,658 2,461 14,959 10,582 
Pension settlement— 12,542 — 12,542 
Non-service pension expense3,119 2,986 12,685 12,324 
Corporate and other expenses, net11,826 2,555 37,772 27,839 
Earnings before income taxes$55,548 $49,109 $267,813 $216,052 
























Exhibit 99.1

Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)

Three Months EndedTwelve Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Space and Defense operating profit - as reported$27,179 $29,563 $127,354 $95,949 
Inventory write-down1,918 — 1,918 — 
Asset impairment— — 416 219 
Restructuring and other6,307 1,348 6,307 2,902 
Space and Defense operating profit - as adjusted$35,404 $30,911 $135,995 $99,070 
13.5 %12.8 %13.4 %10.5 %
Military Aircraft operating profit - as reported$25,535 $10,891 $85,858 $60,416 
Inventory write-down— 1,616 175 1,616 
Asset impairment— 235 6,446 1,332 
Loss on sale of business— 900 — 900 
Restructuring and other335 124 4,732 399 
Military Aircraft operating profit - as adjusted$25,870 $13,766 $97,211 $64,663 
12.0 %7.5 %12.0 %9.0 %
Commercial Aircraft operating profit - as reported$21,634 $34,444 $91,472 $84,387 
Asset impairment391 — 391 338 
Gain on sale of buildings(979)— (979)— 
Restructuring and other1,342 44 1,750 44 
Commercial Aircraft operating profit - as adjusted$22,388 $34,488 $92,634 $84,769 
11.4 %17.8 %11.8 %12.7 %
Industrial operating profit - as reported$9,065 $12,982 $90,657 $102,165 
Inventory write-down3,334 2,729 4,934 2,729 
Asset impairment— 12,739 — 12,739 
Fair value adjustment14,897 — 14,897 — 
Gain on sale of buildings— — — (10,030)
Restructuring and other3,694 1,744 12,410 5,701 
Industrial operating profit - as adjusted$30,990 $30,194 $122,898 $113,304 
12.8 %11.9 %12.4 %11.5 %
Total operating profit - as adjusted$114,652 $109,359 $448,738 $361,806 
12.5 %12.5 %12.4 %10.9 %
While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.



Exhibit 99.1
Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
 
September 28,
2024		September 30,
2023
ASSETS
Current assets
Cash and cash equivalents$61,694 $68,959 
Restricted cash123 185 
Receivables, net388,517 434,723 
Unbilled receivables775,294 706,601 
Inventories, net863,702 724,002 
Prepaid expenses and other current assets86,245 50,862 
Total current assets2,175,575 1,985,332 
Property, plant and equipment, net929,357 814,696 
Operating lease right-of-use assets52,591 56,067 
Goodwill833,764 821,301 
Intangible assets, net63,479 71,637 
Deferred income taxes20,991 8,749 
Other assets52,695 50,254 
Total assets$4,128,452 $3,808,036 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$292,988 $264,573 
Accrued compensation101,127 111,154 
Contract advances and progress billings334,558 377,977 
Accrued liabilities and other305,180 211,769 
Total current liabilities1,033,853 965,473 
Long-term debt, excluding current installments874,139 863,092 
Long-term pension and retirement obligations167,161 157,455 
Deferred income taxes27,738 37,626 
Other long-term liabilities164,928 148,303 
Total liabilities2,267,819 2,171,949 
Shareholders’ equity
Common stock - Class A43,835 43,822 
Common stock - Class B7,445 7,458 
Additional paid-in capital784,509 608,270 
Retained earnings2,668,723 2,496,979 
Treasury shares(1,082,240)(1,057,938)
Stock Employee Compensation Trust(194,049)(114,769)
Supplemental Retirement Plan Trust(163,821)(93,126)
Accumulated other comprehensive loss(203,769)(254,609)
Total shareholders’ equity1,860,633 1,636,087 
Total liabilities and shareholders’ equity$4,128,452 $3,808,036 





Exhibit 99.1
Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Twelve Months Ended
September 28,
2024		September 30,
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$207,220 $170,998 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation82,957 78,692 
Amortization10,149 11,541 
Deferred income taxes(31,735)(35,531)
Equity-based compensation expense14,959 10,582 
Loss on sale of businesses— 900 
Gain on sale of buildings(979)(10,030)
Inventory write-down, asset impairment and fair value adjustments29,176 18,973 
Pension settlement— 12,542 
Other6,512 6,244 
Changes in assets and liabilities providing (using) cash:
Receivables54,716 (56,575)
Unbilled receivables(63,424)(87,915)
Inventories(126,978)(130,378)
Accounts payable26,446 28,641 
Contract advances and progress billings(49,470)79,983 
Accrued expenses43,989 (1,692)
Accrued income taxes16,219 22,869 
Net pension and post retirement liabilities 11,791 13,940 
Other assets and liabilities(29,204)2,151 
Net cash provided (used) by operating activities202,344 135,935 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired(5,911)— 
Purchase of property, plant and equipment(156,018)(173,286)
Net proceeds from businesses sold1,627 1,892 
Net proceeds from buildings sold1,453 19,702 
Other investing transactions(766)(11,455)
Net cash provided (used) by investing activities(159,615)(163,147)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit1,038,500 1,044,101 
Payments on revolving lines of credit(1,029,500)(1,017,420)
Payments on long-term debt— (916)
Payments on finance lease obligations(6,496)(4,620)
Payment of dividends (35,476)(34,074)
Proceeds from sale of treasury stock15,685 19,785 
Purchase of outstanding shares for treasury(36,738)(29,306)
Proceeds from sale of stock held by SECT28,202 15,713 
Purchase of stock held by SECT(22,837)(14,251)
Other financing transactions— (2,027)
Net cash provided (used) by financing activities(48,660)(23,015)
Effect of exchange rate changes on cash1,324 2,043 
Increase (decrease) in cash, cash equivalents and restricted cash(4,607)(48,184)
Cash, cash equivalents and restricted cash at beginning of year69,144 117,328 
Cash, cash equivalents and restricted cash at end of year (1)
$64,537 $69,144 
(1) End of year cash balance at September 28, 2024 includes cash related to assets held for sale of $2,720.



Exhibit 99.1
Moog Inc.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(dollars in thousands)

 Three Months EndedTwelve Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Net cash provided by operating activities$155,789 $153,032 $202,344 $135,935 
Purchase of property, plant and equipment(46,402)(48,212)(156,018)(173,286)
Receivables Purchase Agreement— — (25,000)— 
Free cash flow$109,387 $104,820 $21,326 $(37,351)
Adjusted net earnings$70,167 $67,748 $252,278 $197,008 
Free cash flow conversion156 %155 %8 %(19)%
Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.



Exhibit 99.2

Moog Inc. ▪ East Aurora, New York ▪ 14052 ▪ 716-652-2000

Press Information

Release Date:November 1, 2024
 IMMEDIATE
 

Moog Inc. Announces Cash Dividend


East Aurora, NY – The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) declared a quarterly dividend of $0.28 per share on the Company’s issued and outstanding shares of Class A and Class B common stock. The dividend will be paid on December 6, 2024 to all shareholders of record as of the close of business on November 21, 2024.

The dividend represents a net use of cash of approximately $9 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.

About Moog Inc.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites, space vehicles, launch vehicles, defense systems, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Contact: Aaron Astrachan
716.687.4225



v3.24.3
Document and Entity Information Document
Nov. 01, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 01, 2024
Entity Registrant Name MOOG Inc.
Entity Incorporation, State or Country Code NY
Entity File Number 1-05129
Entity Tax Identification Number 16-0757636
Entity Address, Address Line One 400 Jamison Rd
Entity Address, City or Town East Aurora,
Entity Address, State or Province NY
Entity Address, Postal Zip Code 14052-0018
City Area Code 716
Local Phone Number 652-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000067887
Amendment Flag false
Common Class A [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class A common stock
Trading Symbol MOG.A
Security Exchange Name NYSE
Common Class B [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Class B common stock
Trading Symbol MOG.B
Security Exchange Name NYSE
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