EAST AURORA, NY -- (Marketwired) -- 07/26/13 --
Moog Inc. (NYSE: MOG.A) (NYSE: MOG.B) announced today third quarter sales of $671 million, an increase of 10% over last year's $611 million. Net earnings of $34 million and EPS of $.75 were both lower as a result of asset write-downs totaling $.15 per share in the quarter. Excluding the effect of the write-downs, adjusted net earnings of $41 million were up 7% from last year and adjusted earnings per share of $.90 were 6% higher.
The Company's results included two asset write-downs during the quarter. The Medical Devices segment completed the divestiture of the Buffalo Ethox operation. The result, announced previously, was a pre-tax write-down of $7 million, or $.11 per share after-tax. In the Industrial Systems segment, the Company took a $2 million write-down, or $.04 per share, on a technology investment.
Aircraft sales in the quarter of $273 million were up 13% from a year ago. Stronger military aircraft sales of $156 million included F-35 sales of $29 million, up 42%, and higher sales for the KC-46 Tanker, up $3 million. Aftermarket sales were up 4% from a year ago.
Commercial aircraft sales of $117 million were up $16 million, or 16%. Sales of OEM products to Boeing were 46% higher, at $50 million, while Airbus sales were up 14%. Sales of controls for business jets were also higher. Commercial aftermarket revenue, at $28 million, was 8% lower in the quarter due to lower initial provisioning of 787 spares.
Space and Defense sales of $100 million were 15% higher in the quarter. The growth was all driven by sales from two recent acquisitions, Broad Reach Engineering and In-Space Propulsion. Excluding the impact of the acquisitions, space market sales were lower on weakness in commercial launch and satellite markets. Defense sales were stronger on increased sales of spares for the LAV-25 Light Armored Vehicle program. Security sales were unchanged.
The Industrial Systems segment contributed sales of $147 million, down 7% quarter over quarter. Energy sales were off $10 million as wind energy sales were down from last year's levels. Industrial automation sales were 5% lower. Sales of test and simulation products were up $3 million, or 8%, as demand continues to grow globally for flight simulators.
The Components segment had sales in the quarter of $113 million, up 25% from last year. Products sold into energy markets, including marine applications, were up $8 million, to $20 million. Industrial sales were 32% higher, helped by the recent acquisition of Aspen Motion Technologies. Sales into aerospace and defense markets were also higher on strong foreign military sales and additional spares activity.
The Medical Devices segment had sales of $38 million, up 13% from a year ago. Pump sales were up 3% and sales of administrative sets were 10% higher.