Nov 1 (Reuters) - Military and commercial aircraft parts maker Moog Inc (MOGa.N) (MOGb.N) posted a 23 percent rise in quarterly profit, which topped analysts’ estimates, as strong sales at all of its segments helped offset increased costs.
The company, which also makes parts for missiles, automated industrial machinery and medical equipment, raised its sales outlook for 2008.
Fourth-quarter net earnings rose to $26.8 million, or 62 cents a share, from $21.8 million, or 51 cents a share, a year ago. Sales rose 21 percent to $413.4 million.
Analysts were looking for earnings of 61 cents a share, excluding items, on revenue of $398.2 million, according to Reuters Estimates.
The company reported higher sales at all five of its reporting segments, including aircraft and industrial divisions.
Revenue at its aircraft segment rose 12 percent to $160 million. Industrial segment sales rose 18 percent to $111 million.
The company, whose customers include the world’s biggest selling jet-maker Boeing (BA.N), Lockheed Martin (LMT.N), and the U.S. government, said sales to Boeing Commercial almost doubled to $24 million in the quarter.
Cost of sales rose about 21 percent, while selling, general and administrative expenses were up about 20 percent.
Looking ahead, the company expects net earnings of $115 million to $119 million, on sales of $1.785 billion to $1.805 billion for fiscal 2008.
In July, it had forecast earnings of $115 million to $118 million, on sales of $1.71 billion to $1.73 billion.
Analysts are expecting earnings of $2.70 a share, before items, on revenue of about $1.72 billion for the period.
Shares of the East Aurora, New York-based company were down 3 percent at $44.75 in noon trade on the New York Stock Exchange, on a day when both Dow Jones Industrial Average .DJI and S&P 500 Index .SPX were down more than 1 percent. (Reporting by Dhanya Ann Thoppil, Aniruddha Basu in Bangalore)