Moog Inc. (MOG-A) a provider of precision control components and systems, Friday posted higher profit for the second quarter on the back on higher revenue for the period. However, the company revised down the guidance for the full-year.
For the quarter the firm posted net income of $36.52 million, up from $35.42 million reported a year ago. On a per share basis earnings for the quarter totaled $0.80 versus $0.77 last year.
Revenue for the three months was $643.02 million, up from $624.97 million reported for the prior-year period.
Commenting on the results, John Scannell, CEO said, "Our industrial markets remain soft so fiscal 2013 looks like it will continue to be a challenging year and we are working to ensure that we meet our operating goals...Sales in the second half of the year will be higher than the first half, and we should see a pickup in earnings in both our Industrial and Space & Defense segments."
Looking ahead, the company said it now sees net earnings in the range of $156 million to $160 million or $3.40 to $3.50 per share, lower than prior expectations of $160 million to $165 million or $3.50 to $3.60 per share. The company further expects sales of $2.59 billion, lower than prior view of $2.62 billion.
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