Moog outlook below estimates, cautious on defense cuts
July 27 |
July 27 (Reuters) - Moog Inc's revenue forecast for fiscal 2013 fell short of analysts' estimates as the financial crisis in Europe and proposed defense cuts in the United States put pressure on the precision equipment maker.
Moog, which makes parts for aircraft, satellites and space shuttles, expects its international presence to see it through the difficult environment.
For 2013, the company expects earnings to be between $3.50 and $3.70 per share on revenue of $2.56 billion to $2.61 billion. Analysts on average had expected earnings of $3.68 per share on revenue of $2.62 billion, according to Thomson Reuters I/B/E/S.
Moog also cut its 2012 revenue forecast to $2.45 billion from $2.47 billion. Analysts were expecting $2.49 billion.
The company, however, posted a higher quarterly profit on strong sales of aircraft parts.
For the third quarter, Moog's earnings rose to $38.9 million, or 85 cents per share, for $33.8 million, or 73 cents per share, a year earlier.
Revenue rose 5 percent to $611.2 million.
The company's shares, which have shed 14 percent of their value in the last three months, closed at $35.87 on Thursday on the New York Stock Exchange.
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