Moog Inc. (MOG.A) Q1 2020 Earnings Call Transcript

Moog Inc. (MOG.A) Q1 2020 Earnings Call Transcript

Good day, and welcome to the Moog's First Quarter Fiscal Year 2020 Earnings Conference Call.. This morning, we report on the first quarter of fiscal '20 and fine-tune our guidance for the full year.. Overall, it was a strong start to our new fiscal year, in terms of both sales and operating performance.. Within our industry sectors, there have been developments in both our Commercial Aircraft and Industrial markets.. Sales were up 11%, operating profit was up 14%, and earnings per share were up 18%.. We refinanced our debt structure, reducing our interest rates and providing additional capital deployment flexibility.. In the quarter, we repurchased 670,000 shares under our outstanding authorization.. We're increasing our sales forecast by $35 million to account for the sales of the GAT acquisition in our Industrial Group.. The overall result is full year sales of $3.05 billion and earnings per share of $5.50 plus or minus $0.20.. OEM sales on foreign platforms were up nicely in the quarter while F-35 sales to Lockheed were down slightly after a very strong first quarter last year.. For the full year, we anticipate OEM sales on the F-35 will be up 17% over last year.. As the fleet