EAST AURORA, N.Y.--(BUSINESS WIRE)--Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter ended July 3, 2021.
Third Quarter Highlights
- Sales of $707 million, up 8% from a year ago;
- GAAP diluted earnings per share of $1.12, up from ($0.39) a year ago;
- GAAP diluted earnings per share of $1.12 were up 20% over adjusted earnings per share of $0.93 a year ago;
- Operating margins of 9.2%;
- Effective tax rate of 25.7%; and
- $93 million cash flow from operating activities.
Segment Results
Aircraft Controls segment sales in the quarter were $272 million, up 9% year over year with higher commercial sales compensating for marginally lower military sales. Total commercial aircraft revenues were $96 million, 34% higher. Sales to commercial OEM customers increased 26% mostly tied to acquired sales from the recent Genesys acquisition. Commercial aftermarket sales were up 56%, to $28 million, the result of aircraft returning to service and repair and overhaul work on legacy components.
Total military aircraft sales were down marginally, to $176 million. Military OEM sales of $128 million were 19% higher, helped by funded development and activity across a range of programs in the portfolio. Military aftermarket sales of $48 million decreased 31%, as our customers adjusted their inventory.
Space and Defense segment sales were $205 million, up 11% year over year. Space sales of $86 million increased 16% on strength across the portfolio, led by integrated space vehicles and work on NASA programs. Defense sales were 8% higher, at $119 million, the result of increased sales of vehicle and naval applications and component products.
Industrial Systems segment sales were $230 million, a 3% increase over last year. Sales of industrial automation products were up 19%, attributed to stronger capital spending globally. Medical product sales, including pumps and components for respirator products, were down 15% as sales moderated from the COVID-driven demand seen a year ago. Energy sales and sales into simulation and test applications were mostly unchanged.
Consolidated 12-month backlog was $2.0 billion, up 21% from a year ago.
“It was solid quarter for our business with strong cash flow and earnings per share in line with our projections,” said John Scannell, Chairman and CEO. “For the full year, we’re tweaking our sales outlook slightly and keeping our earnings per share forecast unchanged at $5.00, plus or minus $0.15. All in all, steady as she goes.”
Fiscal 2021 Outlook
The Company updated its fiscal 2021 projections of 90 days ago.
- Forecast sales of $2.82 billion;
- Forecast diluted earnings per share of $5.00, plus or minus $0.15;
- Forecast full year operating margins of 10.0%;
- Forecast effective tax rate of 24.2%; and
- Forecast cash flow from operations of $292 million.
In conjunction with today’s release, Moog will host a conference call on Friday, July 30, 2021 beginning at 10:00 a.m. ET, which will be broadcast live over the Internet. John Scannell, Chairman and CEO, and Jennifer Walter, CFO, will host the call.
Listeners can access the call live or in replay mode at www.moog.com/investors/communications. Supplemental financial data will be available on the webcast web page approximately 90 minutes prior to the conference call.
About Moog Inc.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.
Cautionary Statement
Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to certain current and future events and financial performance and are not guarantees of future performance. This includes but is not limited to, the Company’s expectation and ability to pay a quarterly cash dividend on its common stock in the future, subject to the determination by the board of directors, and based on an evaluation of company earnings, financial condition and requirements, business conditions, capital allocation determinations and other factors, risks and uncertainties. The impact or occurrence of these could cause actual results to differ materially from the expected results described in the forward-looking statements. These important factors, risks and uncertainties include:
COVID-19 Pandemic Risks
- We face various risks related to health pandemics such as the global COVID-19 pandemic, which may have material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.
Strategic Risks
- We operate in highly competitive markets with competitors who may have greater resources than we possess;
- Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
- Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and
- Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.
Market Condition Risks
- The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
- We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
- The loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; and
- We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects.
Operational Risks
- Our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
- We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
- If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
- The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.
Financial Risks
- We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
- We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
- Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
- The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
- Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
- A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
- Unforeseen exposure to additional income tax liabilities may affect our operating results.
Legal and Compliance Risks
- Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
- Our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments;
- Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
- We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
- Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.
General Risks
- The United Kingdom's decision to exit the European Union may result in short-term and long-term adverse impacts on our results of operations;
- Escalating tariffs, restrictions on imports or other trade barriers between the United States and various countries may impact our results of operations;
- Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
- Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.
These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report.
Moog Inc.
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
July 3,
|
|
June 27,
|
|
July 3,
|
|
June 27,
|
||||||
Net sales |
|
$ |
707,352 |
|
$ |
657,539 |
|
|
$ |
2,127,708 |
|
|
$ |
2,177,659 |
Cost of sales |
|
|
516,750 |
|
|
486,760 |
|
|
|
1,547,554 |
|
|
|
1,587,569 |
Inventory write-down |
|
|
— |
|
|
18,795 |
|
|
|
— |
|
|
|
18,795 |
Gross profit |
|
|
190,602 |
|
|
151,984 |
|
|
|
580,154 |
|
|
|
571,295 |
Research and development |
|
|
33,095 |
|
|
27,407 |
|
|
|
91,556 |
|
|
|
82,303 |
Selling, general and administrative |
|
|
100,597 |
|
|
96,899 |
|
|
|
305,331 |
|
|
|
302,517 |
Interest |
|
|
8,239 |
|
|
9,440 |
|
|
|
25,288 |
|
|
|
29,923 |
Long-lived asset impairment |
|
|
— |
|
|
31,871 |
|
|
|
— |
|
|
|
31,871 |
Restructuring |
|
|
— |
|
|
5,306 |
|
|
|
— |
|
|
|
5,306 |
Other |
|
|
76 |
|
|
4,415 |
|
|
|
(3,115 |
) |
|
|
14,294 |
Earnings (loss) before income taxes |
|
|
48,595 |
|
|
(23,354 |
) |
|
|
161,094 |
|
|
|
105,081 |
Income taxes (benefit) |
|
|
12,473 |
|
|
(10,764 |
) |
|
|
38,442 |
|
|
|
17,899 |
Net earnings (loss) |
|
$ |
36,122 |
|
$ |
(12,590 |
) |
|
$ |
122,652 |
|
|
$ |
87,182 |
|
|
|
|
|
|
|
|
|
||||||
Net earnings (loss) per share |
|
|
|
|
|
|
|
|
||||||
Basic |
|
$ |
1.12 |
|
$ |
(0.39 |
) |
|
$ |
3.82 |
|
|
$ |
2.60 |
Diluted |
|
$ |
1.12 |
|
$ |
(0.39 |
) |
|
$ |
3.80 |
|
|
$ |
2.59 |
|
|
|
|
|
|
|
|
|
||||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
32,125,524 |
|
|
32,601,481 |
|
|
|
32,115,400 |
|
|
|
33,515,584 |
Diluted |
|
|
32,355,238 |
|
|
32,601,481 |
|
|
|
32,305,834 |
|
|
|
33,722,723 |
|
|
|
|
|
|
|
|
|
Results shown in the previous table include charges associated with the COVID-19 pandemic. These impacts include inventory write-down, long-lived asset impairment and restructuring charges. The table below adjusts the income taxes (benefit), net earnings (loss) and diluted net earnings (loss) per share to exclude these impacts.
Reconciliation to non-GAAP adjusted income taxes (benefit), net earnings (loss) and diluted net earnings (loss) per share are as follows:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
July 3,
|
|
June 27,
|
|
July 3,
|
|
June 27,
|
||||||||
As Reported: |
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) before income taxes |
|
$ |
48,595 |
|
|
$ |
(23,354 |
) |
|
$ |
161,094 |
|
|
$ |
105,081 |
|
Income taxes (benefit) |
|
|
12,473 |
|
|
|
(10,764 |
) |
|
|
38,442 |
|
|
|
17,899 |
|
Effective income tax rate |
|
|
25.7 |
% |
|
|
46.1 |
% |
|
|
23.9 |
% |
|
|
17.0 |
% |
Net earnings (loss) |
|
|
36,122 |
|
|
|
(12,590 |
) |
|
|
122,652 |
|
|
|
87,182 |
|
Diluted net earnings (loss) per share |
|
$ |
1.12 |
|
|
$ |
(0.39 |
) |
|
$ |
3.80 |
|
|
$ |
2.59 |
|
|
|
|
|
|
|
|
|
|
||||||||
COVID-19 Pandemic Charges: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
— |
|
|
$ |
55,972 |
|
|
$ |
— |
|
|
$ |
55,972 |
|
Income taxes |
|
|
— |
|
|
|
13,012 |
|
|
|
— |
|
|
|
13,012 |
|
Net earnings |
|
|
— |
|
|
|
42,960 |
|
|
|
— |
|
|
|
42,960 |
|
Diluted net earnings per share |
|
$ |
— |
|
|
$ |
1.32 |
|
|
$ |
— |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
||||||||
As Adjusted: |
|
|
|
|
|
|
|
|
||||||||
Earnings before income taxes |
|
$ |
48,595 |
|
|
$ |
32,618 |
|
|
$ |
161,094 |
|
|
$ |
161,053 |
|
Income taxes |
|
|
12,473 |
|
|
|
2,248 |
|
|
|
38,442 |
|
|
|
30,911 |
|
Effective income tax rate |
|
|
25.7 |
% |
|
|
6.9 |
% |
|
|
23.9 |
% |
|
|
19.2 |
% |
Net earnings |
|
|
36,122 |
|
|
|
30,370 |
|
|
|
122,652 |
|
|
|
130,142 |
|
Diluted net earnings per share |
|
$ |
1.12 |
|
|
$ |
0.93 |
|
|
$ |
3.80 |
|
|
$ |
3.91 |
|
The diluted net earnings per share associated with the charges have been calculated using the quarterly average outstanding shares in the period in which the charges were incurred.
Moog Inc.
|
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
|
July 3,
|
|
June 27,
|
|
July 3,
|
|
June 27,
|
||||||||
Net sales: |
|
|
|
|
|
|
|
|
||||||||
Aircraft Controls |
|
$ |
272,131 |
|
|
$ |
249,388 |
|
|
$ |
863,266 |
|
|
$ |
930,749 |
|
Space and Defense Controls |
|
|
204,887 |
|
|
|
183,906 |
|
|
|
599,217 |
|
|
|
563,156 |
|
Industrial Systems |
|
|
230,334 |
|
|
|
224,245 |
|
|
|
665,225 |
|
|
|
683,754 |
|
Net sales |
|
$ |
707,352 |
|
|
$ |
657,539 |
|
|
$ |
2,127,708 |
|
|
$ |
2,177,659 |
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
||||||||
Aircraft Controls |
|
$ |
20,545 |
|
|
$ |
(42,053 |
) |
|
$ |
70,485 |
|
|
$ |
31,240 |
|
|
|
|
7.5 |
% |
|
|
(16.9 |
)% |
|
|
8.2 |
% |
|
|
3.4 |
% |
Space and Defense Controls |
|
|
21,339 |
|
|
|
22,290 |
|
|
|
71,037 |
|
|
|
72,224 |
|
|
|
|
10.4 |
% |
|
|
12.1 |
% |
|
|
11.9 |
% |
|
|
12.8 |
% |
Industrial Systems |
|
|
23,004 |
|
|
|
17,903 |
|
|
|
66,715 |
|
|
|
69,477 |
|
|
|
|
10.0 |
% |
|
|
8.0 |
% |
|
|
10.0 |
% |
|
|
10.2 |
% |
Total operating profit (loss) |
|
|
64,888 |
|
|
|
(1,860 |
) |
|
|
208,237 |
|
|
|
172,941 |
|
|
|
|
9.2 |
% |
|
|
(0.3 |
)% |
|
|
9.8 |
% |
|
|
7.9 |
% |
Deductions from operating profit: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
8,239 |
|
|
|
9,440 |
|
|
|
25,288 |
|
|
|
29,923 |
|
Equity-based compensation expense |
|
|
1,791 |
|
|
|
1,390 |
|
|
|
6,420 |
|
|
|
4,661 |
|
Non-service pension expense (income) |
|
|
928 |
|
|
|
4,241 |
|
|
|
(3,053 |
) |
|
|
11,440 |
|
Corporate and other expenses, net |
|
|
5,335 |
|
|
|
6,423 |
|
|
|
18,488 |
|
|
|
21,836 |
|
Earnings (loss) before income taxes |
|
$ |
48,595 |
|
|
$ |
(23,354 |
) |
|
$ |
161,094 |
|
|
$ |
105,081 |
|
Operating Profit and Margins - as adjusted are as follows: |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
July 3,
|
|
June 27,
|
|
July 3,
|
|
June 27,
|
||||||||
Aircraft Controls operating profit (loss) - as reported |
|
$ |
20,545 |
|
|
$ |
(42,053 |
) |
|
$ |
70,485 |
|
|
$ |
31,240 |
|
Inventory write-down |
|
|
— |
|
|
|
18,535 |
|
|
|
— |
|
|
|
18,535 |
|
Long-lived asset impairment |
|
|
— |
|
|
|
31,530 |
|
|
|
— |
|
|
|
31,530 |
|
Restructuring |
|
|
— |
|
|
|
2,896 |
|
|
|
— |
|
|
|
2,896 |
|
Aircraft Controls operating profit - as adjusted |
|
$ |
20,545 |
|
|
$ |
10,908 |
|
|
$ |
70,485 |
|
|
$ |
84,201 |
|
|
|
|
7.5 |
% |
|
|
4.4 |
% |
|
|
8.2 |
% |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Space and Defense Controls operating profit - as reported |
|
$ |
21,339 |
|
|
$ |
22,290 |
|
|
$ |
71,037 |
|
|
$ |
72,224 |
|
Long-lived asset impairment |
|
|
— |
|
|
|
341 |
|
|
|
— |
|
|
|
341 |
|
Restructuring |
|
|
— |
|
|
|
185 |
|
|
|
— |
|
|
|
185 |
|
Space and Defense Controls operating profit - as adjusted |
|
$ |
21,339 |
|
|
$ |
22,816 |
|
|
$ |
71,037 |
|
|
$ |
72,750 |
|
|
|
|
10.4 |
% |
|
|
12.4 |
% |
|
|
11.9 |
% |
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Industrial Systems operating profit - as reported |
|
$ |
23,004 |
|
|
$ |
17,903 |
|
|
$ |
66,715 |
|
|
$ |
69,477 |
|
Inventory write-down |
|
|
— |
|
|
|
260 |
|
|
|
— |
|
|
|
260 |
|
Restructuring |
|
|
— |
|
|
|
2,225 |
|
|
|
— |
|
|
|
2,225 |
|
Industrial Systems operating profit - as adjusted |
|
$ |
23,004 |
|
|
$ |
20,388 |
|
|
$ |
66,715 |
|
|
$ |
71,962 |
|
|
|
|
10.0 |
% |
|
|
9.1 |
% |
|
|
10.0 |
% |
|
|
10.5 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Total operating profit - as adjusted |
|
$ |
64,888 |
|
|
$ |
54,112 |
|
|
$ |
208,237 |
|
|
$ |
228,913 |
|
9.2 |
% |
8.2 |
% |
9.8 |
% |
10.5 |
% |
Moog Inc.
|
||||||||
|
July 3,
|
|
October 3,
|
|||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
90,550 |
|
|
$ |
84,583 |
|
Restricted cash |
|
1,108 |
|
|
489 |
|
||
Receivables, net |
|
896,998 |
|
|
855,535 |
|
||
Inventories, net |
|
632,359 |
|
|
623,043 |
|
||
Prepaid expenses and other current assets |
|
49,513 |
|
|
49,837 |
|
||
Total current assets |
|
1,670,528 |
|
|
1,613,487 |
|
||
Property, plant and equipment, net |
|
639,202 |
|
|
600,498 |
|
||
Operating lease right-of-use assets |
|
62,507 |
|
|
68,393 |
|
||
Goodwill |
|
860,268 |
|
|
821,856 |
|
||
Intangible assets, net |
|
111,867 |
|
|
85,046 |
|
||
Deferred income taxes |
|
18,467 |
|
|
18,924 |
|
||
Other assets |
|
20,471 |
|
|
17,627 |
|
||
Total assets |
|
$ |
3,383,310 |
|
|
$ |
3,225,831 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Current installments of long-term debt |
|
$ |
56,062 |
|
|
$ |
350 |
|
Accounts payable |
|
162,890 |
|
|
176,868 |
|
||
Accrued compensation |
|
111,159 |
|
|
109,510 |
|
||
Contract advances |
|
259,425 |
|
|
203,338 |
|
||
Accrued liabilities and other |
|
216,625 |
|
|
220,488 |
|
||
Total current liabilities |
|
806,161 |
|
|
710,554 |
|
||
Long-term debt, excluding current installments |
|
863,682 |
|
|
929,982 |
|
||
Long-term pension and retirement obligations |
|
181,400 |
|
|
183,366 |
|
||
Deferred income taxes |
|
54,168 |
|
|
40,474 |
|
||
Other long-term liabilities |
|
110,694 |
|
|
118,372 |
|
||
Total liabilities |
|
2,016,105 |
|
|
1,982,748 |
|
||
Shareholders’ equity |
|
|
|
|
||||
Common stock - Class A |
|
43,802 |
|
|
43,799 |
|
||
Common stock - Class B |
|
7,478 |
|
|
7,481 |
|
||
Additional paid-in capital |
|
519,636 |
|
|
472,645 |
|
||
Retained earnings |
|
2,211,305 |
|
|
2,112,734 |
|
||
Treasury shares |
|
(1,007,754) |
|
|
(990,783) |
|
||
Stock Employee Compensation Trust |
|
(85,314) |
|
|
(64,242) |
|
||
Supplemental Retirement Plan Trust |
|
(69,448) |
|
|
(53,098) |
|
||
Accumulated other comprehensive loss |
|
(252,500) |
|
|
(285,453) |
|
||
Total shareholders’ equity |
|
1,367,205 |
|
|
1,243,083 |
|
||
Total liabilities and shareholders’ equity |
|
$ |
3,383,310 |
|
|
$ |
3,225,831 |
|
Moog Inc.
|
||||||||
|
Nine Months Ended |
|||||||
|
|
July 3,
|
|
June 27,
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
||||
Net earnings |
|
$ |
122,652 |
|
|
$ |
87,182 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation |
|
|
56,806 |
|
|
|
55,859 |
|
Amortization |
|
|
10,000 |
|
|
|
9,847 |
|
Deferred income taxes |
|
|
4,161 |
|
|
|
(10,766 |
) |
Equity-based compensation expense |
|
|
6,420 |
|
|
|
4,661 |
|
Impairment of long-lived assets and inventory write-down |
|
|
— |
|
|
|
50,666 |
|
Other |
|
|
(2,781 |
) |
|
|
6,831 |
|
Changes in assets and liabilities providing (using) cash: |
|
|
|
|
||||
Receivables |
|
|
(21,329 |
) |
|
|
63,272 |
|
Inventories |
|
|
9,509 |
|
|
|
(86,050 |
) |
Accounts payable |
|
|
(17,530 |
) |
|
|
(85,136 |
) |
Contract advances |
|
|
54,414 |
|
|
|
73,040 |
|
Accrued expenses |
|
|
3,503 |
|
|
|
1,827 |
|
Accrued income taxes |
|
|
14,776 |
|
|
|
(20,555 |
) |
Net pension and post retirement liabilities |
|
|
8,380 |
|
|
|
24,706 |
|
Other assets and liabilities |
|
|
(18,401 |
) |
|
|
12,463 |
|
Net cash provided by operating activities |
|
|
230,580 |
|
|
|
187,847 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired |
|
|
(77,600 |
) |
|
|
(54,265 |
) |
Purchase of property, plant and equipment |
|
|
(88,573 |
) |
|
|
(70,423 |
) |
Other investing transactions |
|
|
3,615 |
|
|
|
(3,429 |
) |
Net cash used by investing activities |
|
|
(162,558 |
) |
|
|
(128,117 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
||||
Proceeds from revolving lines of credit |
|
|
653,500 |
|
|
|
977,850 |
|
Payments on revolving lines of credit |
|
|
(651,986 |
) |
|
|
(968,459 |
) |
Proceeds from long-term debt |
|
|
42,300 |
|
|
|
6,935 |
|
Payments on long-term debt |
|
|
(55,891 |
) |
|
|
(52,253 |
) |
Proceeds from senior notes, net of issuance costs |
|
|
— |
|
|
|
491,769 |
|
Payments on senior notes |
|
|
— |
|
|
|
(300,000 |
) |
Payments on finance lease obligations |
|
|
(1,588 |
) |
|
|
(730 |
) |
Payment of dividends |
|
|
(24,081 |
) |
|
|
(17,049 |
) |
Proceeds from sale of treasury stock |
|
|
4,603 |
|
|
|
3,199 |
|
Purchase of outstanding shares for treasury |
|
|
(26,702 |
) |
|
|
(191,961 |
) |
Proceeds from sale of stock held by SECT |
|
|
679 |
|
|
|
17,082 |
|
Purchase of stock held by SECT |
|
|
(3,535 |
) |
|
|
(6,241 |
) |
Other financing transactions |
|
|
— |
|
|
|
(5,879 |
) |
Net cash used by financing activities |
|
|
(62,701 |
) |
|
|
(45,737 |
) |
Effect of exchange rate changes on cash |
|
|
1,265 |
|
|
|
(932 |
) |
Increase in cash, cash equivalents and restricted cash |
|
|
6,586 |
|
|
|
13,061 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
85,072 |
|
|
|
92,548 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
91,658 |
|
|
$ |
105,609 |
|