they sell to various clients, ranging from Boeing to the United States Government. Their most recent contract is with Bell Helicopters for their flight controls on their Bell 525 Relentless. Figure 2 Bell 525 Relentless Source: www.aviationtoday.com Moog’s motion control technology can also be found on almost every Boeing aircraft, the retractable roof at Wimbledon, and on the Mars rover, Curiosity. Financial Analysis Moog Inc. can be seen as a very financially stable company. Sales last year were at an all-time record of $2.47 billion, and are expected to be even higher in 2013. Historically their sales have seen constant growth, from $755 million in 2003 to their current sales record of $2.47 billion. Moog is also constantly acquiring other businesses to add to their diversified product lines. Their most recent acquisitions include Aspen Motion Technologies which they bought in March 2013 for $34 million cash, and Broad Reach Engineering Company which they purchased in January 2013 for $48 million, $37 million of which was in cash. Their abundance of cash, $148 million at the end of 2012, allows them to continually invest in the success of their company without carrying heavy debt. Figure 4 Prepared by B. Holmes with information from Hoovers.com Stock History Moog Inc. can be found on the NYSE traded under MOG and was first traded in 1959. There are currently over 45 million shares of Moog stock and is trading at $44.09 per share. Since their IPO in 1959, Moog’s stock price has been steadily climbing and reached an all-time high of $48.18 before the stock market crash in 2009 which saw a drop to $18.51. However it has slowly made a rebound and is currently trading around $45, and is considered a “buy” or at least a “hold” by analysts. Figure 5 Prepared by B. Holmes with information from Hoovers.com
Management Structure Moog Inc. has a corporate structure similar to most large businesses, with a CEO, John Scannel, Executive Chairman, Robert Brady, and CFO/ Vice President, Donald Fishback. Being as large of a company as Moog is, they also have five presidents, one for each of their groups, Aircraft Controls, Space and Defense, Industrial, Components and Medical Devices. Since Moog is a publicly traded company, they also have a board of directors, which consists of six members from local area businesses, and retired Moog executives. In recent years, Moog Inc. has made a move to diversify their corporate structure, adding minorities and women to an industry once dominated by white males. Another move Moog has made to their corporate structure was the recent addition of John Scannel as CEO, and at only 49 years old, he is one of the younger CEO’s in the industry. The addition of minorities and the appointment of a younger CEO, Moog is preparing themselves for the future and showing that good ideas and leadership can come from any race, gender, or age. Employee Relations Policy Moog has an outstand record of employee satisfaction, and they boast of a “supportive culture where people feel free to make their own decisions.” They credit this culture with the reason they have as many good products as they do, and how they continue to build upon their product line. As a whole, Moog has been growing, and in the past 10 years the number of employees has risen from 4,700 to almost 11,000. They are also above the industry average as far as tenure for their CEO, formally Robert Brady who had 47 years with the company. Their other top executives also have 30, 34 and 47 years with Moog. Moog has been named 3 times to the “Top 100 companies to work for,” most recently in 2009. With a forward thinking culture, and long tenured executives, Moog has shown how stable a company they are, and will continue to be. Figure 6 Prepared by B. Holmes with information from Hoovers.com