Moog Inc. reported consolidated earnings results for the first quarter of 2014. For the quarter, the company reported net sales of $643,385,000 compared to $620,803,000 a year ago. Earnings before income taxes were $46,857,000 compared to $49,071,000 a year ago. Net earnings were $32 million and earnings per share were $0.70, both lower compared to last year's first quarter. Adjusted diluted earnings per share of $0.88 were up 17% from a year ago. Adjusted net earnings were $40,326,000 compared to $34,118,000 a year ago. Capital expenditures were $20 million. Net debt decreased by $33 million during the quarter to $519 million.

The company provided earnings guidance for the fiscal year of 2014. For the period, the company reduced its sales forecast for the year by $45 million, which will result in $0.10 lower earnings. The new forecast is for sales of $2.63 billion and EPS of $3.65. Net earnings expected to be of $169 million. Free cash flow outlook for the year remains unchanged since the company's last forecast at $165 million. The forecast for CapEx and depreciation and amortization for all of fiscal 2014 unchanged at $105 million and $113 million, respectively. For the full year fiscal 2014, the company forecasting margins of 11.3%, up from fiscal 2013 operating margins of 8.7%, excluding specials.