American aerospace and defence company Moog has posted a 6% growth in sales for the first quarter (Q1) of fiscal 2022.
During the period that ended on 1 January 2022, the company generated $724m in sales.
The growth has been registered despite a 10% year on year drop in military aircraft sales, compared to the same period last year.
In addition, military original equipment manufacturer (OEM) sales dropped 9% to $136m, and military aftermarket sales were also down 12% across multiple programs.
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By GlobalDataThe space and defence segment saw a 10% increase in revenue to $208m, from last year, driven by a 13% increase in space sales, and a 9% growth in defence.
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The company presented a GAAP diluted earnings per share (EPS) of $1.44, and non-GAAP diluted adjusted EPS of $1.11.
In addition, its combined 12-month backlog increased by 14%, to $2.2bn, from last year.
Moog chairman and CEO John Scannell said: “It was a solid quarter for our business, in line with our guidance of 90 days ago. The emergence of the Omicron variant made this quarter more challenging than we had projected, but we still achieved our plan.
“We had an exciting quarter for program successes, and product announcements tied to our organic investments. Overall, business sentiment in our markets remains positive and our outlook is optimistic for the remainder of the year.”
For fiscal 2022, Moog expects its sales to reach $3.0bn, and anticipates a GAAP diluted EPS of $5.83.
It also expects GAAP operating margins of 10.8%, and a cash flow from operating activities of $338m.
Moog designs, manufactures, and integrates precision control components and systems.
Earlier this month, Moog announced that it would support the US Defense Advanced Research Projects Agency (DARPA)’s Gremlins programme demonstration.
