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UPDATE 1-Moog Q3 profit beats Street; sees higher FY11 revenue
July 30, 2010 / 12:44 PM / in 7 years

UPDATE 1-Moog Q3 profit beats Street; sees higher FY11 revenue

* Q3 EPS $0.64 vs est $0.63

* Revenue up 21 pct

* Sees FY11 rev up 7 pct

July 30 (Reuters) - Moog Inc (MOGa.N), which makes precision control components, posted a better-than-expected quarterly profit on an 18 percent rise in aircraft segment sales, and said it expects fiscal 2011 sales to rise 7 percent.

Moog, which makes the components for aircrafts, satellites and industrial machinery, forecast 2011 earnings of $2.70 a share, on revenue of $2.24 billion. [ID:nWNAB1740]

The company forecast 2010 earnings of $2.35 a share, on revenue of $2.09 billion.

For the third quarter, Moog’s net income was $29.2 million, or 64 cents a share, compared with $15.9 million, or 37 cents a share, a year ago.

Revenue rose 21 percent to $536.8 million. Aircraft sales in the quarter rose to $191 million.

Analysts were expecting earnings of 63 cents a share on revenue of $531.1 million, according to Thomson Reuters I/B/E/S.

The company reported backlog of $1.15 billion, up 16 percent from a year ago.

Shares of the company closed at $34.84 Thursday on the New York Stock Exchange. (Reporting by Bijoy Koyitty in Bangalore; Editing by Anne Pallivathuckal)

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