Moog Inc. reported consolidated earnings results for the first quarter ended January 2, 2016. For the quarter, the company announced net sales of $568.5 million, down 10% from $630.5 million last year, on weaker industrial and energy markets. Net earnings attributable to common shareholders were $26.2 million or $0.71 per basic and diluted share against $35.3 million or $0.86 per diluted share last year. Earnings before income taxes were $35.7 million against $49.4 million last year. Total operating profit was $51.6 million against $65.7 million last year. Net cash used in operating activities was $0.5 million against net cash provided by operating activities of $78.5 million last year. Purchase of property, plant and equipment was $12.3 million against $20.2 million last year.

Projections for fiscal 2016 were also updated based on a weakening outlook for the industrial and energy businesses. The company is reducing its sales forecast for the year by $100 million which will result in sales of $2.47 billion, net earnings of $124 million and earnings per share of $3.35, plus or minus $0.15 per share.