Moog's record profits bolster its Western New York operations
Summary
Moog Inc.s space and aerospace businesses are growing steadily — and thats good news for the Elma companys local operations. With Moogs defense-related business growing at a double-digit pace during the second quarter, the company is in the midst of a project to expand its Elma campus and is looking to add engineering talent. Rising sales of components that Moog makes for the F-35 fighter jet are contributing to the growing workload at its local facilities, Scannell said. Moog also said it was sticking with its previous guidance that earnings during the fiscal year that ends in September would come in around $5.05 per share, with sales of $2.9 billion. That decline in the profitability of the aircraft controls business, however, led to a 7% drop in Moogs share price after the earnings were released Friday morning.