Aircraft motion and controls systems maker Moog has reported first quarter 2023 (Q1 2023) diluted earnings per share of $1.44, an increase of 14% compared to Q1 2022.
Net sales were up 6% on Q1 2022 to $740 million, the company reported. The operating margin for the quarter increased by just over 10%, reflecting "higher sales volumes in industrial systems and improved sales mix in both aircraft controls and industrial systems".
The performance was driven in part by commercial aircraft business making up for slower growth in military-related orders.
"Aircraft controls’ sales in the first quarter of 2023 increased 2%. Sales for commercial aftermarket programs increased significantly, driven by market recovery in wide-body programs including the 787 and A350 programmes," Moog reported.
"Industrial systems’ sales increased 17%, excluding both the impacts of weaker foreign currencies and the prior year’s sales associated with a divested business. The underlying sales growth was most significant in industrial automation products and in simulation and test products," the company added.
"As the new CEO, I am very excited for the future of Moog. We have a solid core business with positive growth drivers, and we are creating new opportunities by entering new markets and redefining our position in existing markets," said Pat Roche, the recently-appointed chief executive of Moog.