Short answer
Moog Inc (MOG-A) filed its fiscal 2018 10-K annual report with the SEC on Nov 13, 2018. It reported revenue of $2.7B (+8.5% year over year) and net income of $97M.
- Top risk flagged: U.S. Department of Defense funding uncertainty: government contracts represented 33% of 2018 sales, with post-2019 spending subject to procurement reductions
FY2018 key financial metrics · XBRL
- Revenue
- $2.7B
- +8.5% YoY
- Net income
- $97M
- −31.7% YoY
- Operating margin
- 9.5%
- −0.5 pp YoY
- Gross margin
- 28.5%
- −0.8 pp YoY
- EPS (diluted)
- $2.68
- −31.3% YoY
- ROE
- 7.9%
- −3.8 pp YoY
- Operating cash flow
- $102M
- −53.0% YoY
Source: XBRL data from the Moog Inc (MOG-A) FY2018 10-K on SEC EDGAR. USD.
Moog Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Precision motion and fluid-control designer, manufacturer and systems integrator serving aerospace, defense and industrial markets
- Three operating segments: Aircraft Controls, Space and Defense Controls, and Industrial Systems
- Twelve-month backlog $1.5 billion, up 22% from September 30, 2017
- U.S. Government contracts represented 33% of 2018 sales, reinforcing defense exposure
- Aerospace and defense OEMs contributed 53% of sales, industrial OEMs 34%, aftermarket 13%
Management Discussion & Analysis
- Revenue $2.709B, up 8% YoY from $2.498B, with growth across all segments
- Gross margin 28.5% vs 29.3%; net earnings $97M, down 32% amid 47.4% effective tax rate
- Best segment: Aircraft Controls, $1.194B sales and 10.8% operating margin; worst: Industrial Systems, 6.7% margin
- Operating cash flow $102M; capex $95M, acquisitions $48M, buybacks $76M, dividends $18M
- 2019 outlook: sales $2.877B, operating margin 11.7%, EPS midpoint $5.25; risks include defense funding uncertainty and industrial cyclicality
Risk Factors
- U.S. Department of Defense funding uncertainty: government contracts represented 33% of 2018 sales, with post-2019 spending subject to procurement reductions
- Foreign-market exposure: 41% of net sales came from customers outside the United States, exposing results to tariffs, currency volatility and political instability
- Supplier and subcontractor failures: delayed components or services could impair prime-contract performance and trigger customer default termination
- Boeing concentration: Boeing represented 14% of 2018 sales, with commercial supply agreements expiring in 2019 and 2021
- Fixed-price contract exposure: 88% of percentage-of-completion sales came from fixed-price contracts, leaving Moog responsible for cost overruns
Generated from the filing text; verify against the original. How to read a 10-K
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