Moog Inc. reported consolidated earnings results for the first quarter ended December 29, 2012. For the quarter, the company reported net sales of $620.8 million, earnings before income taxes of $49.1 million and net earnings of $34.1 million or $0.75 per diluted share compared to net sales of $600.6 million, earnings before income taxes of $52.9 million and net earnings of $36.4 million or $0.80 per diluted share reported in the same period last year. The company's net debt decreased by $9 million during the first quarter to $607 million, and free cash flow is $6 million. Capital expenditures were $22 million.

The company revised earnings guidance for the year 2013. The company's revised forecast includes sales of $2.62 billion, a net earnings range of $160 million to $165 million and a range of $3.50 to $3.60 for earnings per share. The midpoint of the range, at $3.55, represents a 7% increase in EPS. The company is now forecasting its effective tax rate for all of fiscal 2013 to be 30%, 30.0%, down slightly from its forecast of 30.6% 3 months ago. The company is leaving its forecast for CapEx and depreciation and amortization for all of fiscal 2013 unchanged at $105 million and $114 million, respectively.