Moog Inc.: 3Q Results: Data Center Cooling + Defense Drive the Beat; PT Maintained

研报英文原文证据摘录

Moog Inc.: 3Q Results: Data Center Cooling + Defense Drive the Beat; PT Maintained

J P M O R G A N North America Equity Research

03 August 2026

Moog Inc. Overweight

MOG/A, MOG/A US

3Q Results: Data Center Cooling + Defense Drive the Price (31 Jul 26):$389.85

Beat; PT Maintained Price Target (Dec-27):$520.00

Moog delivered a robust 3Q exceeding consensus on nearly every account, with North America Small and Mid Cap

sales of $1,117M, up ~15%, and adj. EPS of $3.72, reflecting solid operational Industrials

performance augmented by a tariff refund and tax benefits. Roughly half of the Tomohiko Sano AC

earnings increase was attributable to stronger business performance on higher (1-212) 622-1099

sales, with the other half driven by a $30M IEEPA tariff refund contributing ~$0.70 tomohiko.sano@jpmorgan.com

per share. Management characterized the IEEPA recovery as a pull-forward of Ethan Coyle

tariffs incurred in 2H25 through 1H26, reinforcing its one-time nature. The (1-212) 270-0613

backlog increased ~23% to $3.3bn and we believe the quarter reflects genuine ethan.coyle@jpmchase.com

momentum despite the outsized contribution from non-operational items. Brendan Shea, CFA

(1-212) 622-0770

• Broad-Based Segment Strength: DC Cooling and Defense Lead the Beat: brendan.shea@jpmorgan.comJ.P. Morgan Securities LLC

Sales rose across all four segments, with three up in the high teens and Military

Aircraft up high single digits. Space & Defense sales grew ~17% to $336M on

broad defense demand led by missile controls and space vehicles. Military Key Changes (FYE Sep)

Aircraft advanced ~9% to $245M on strong aftermarket and continued MV-75 Prev Cur Δ

progress. Commercial Aircraft increased ~17% to $254M on higher volume Adj. EPS - 26E ($) 10.90 11.71 7.4%

and pricing.