HIGHLIGHTS

• Third quarter total production of 57,647 Boe per day, up 98% from the third quarter of 2020
• Oil production of 34,035 Bbl per day, up 52% from the third quarter of 2020
• Third quarter GAAP cash flow from operations of $94.4 million. Excluding changes in net working capital, cash flow from operations was $122.3 million, up 253% from the third quarter of 2020
• Total capital expenditures of $63.2 million during the third quarter, excluding the closing of our previously-announced Permian acquisition on August 2, 2021
• Free Cash Flow (non-GAAP) of $55.4 million, post-preferred stock dividends. See “Non-GAAP Financial Measures” below
• Announced $154.0 million Williston Basin acquisition in October; closed on the acquisition of Permian Basin properties on August 2, 2021
• Updated 2021 guidance includes increased annual production, reduced unit costs, reduced capital expenditures and improved pricing differentials

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced the company’s third quarter results and provided updated 2021 guidance.

MANAGEMENT COMMENTS

“The third quarter again demonstrated Northern’s stellar business execution,” commented Nick O’Grady, Northern’s Chief Executive Officer. “We delivered record free cash flow yet again and closed a significant Permian acquisition in the third quarter. In October, we announced the signing of another meaningfully accretive transaction, as we relentlessly seek to increase shareholder value. We see significant additional opportunities to further benefit shareholders and remain dedicated to building a diversified, low-leverage entity, with steadily increasing cash returns.”

THIRD QUARTER FINANCIAL RESULTS

Oil and natural gas sales for the third quarter were $259.7 million, up 15% over the second quarter. Third quarter GAAP net income, inclusive of a $71.8 million non-cash net mark-to-market loss on derivatives, was $12.6 million or $0.19 per diluted share. Third quarter Adjusted Net Income was $64.1 million or $0.84 per diluted share, which was reduced by $20.8 million (or $0.27 per diluted share) by the net deferred tax effect from adjustments primarily related to changes in the mark-to-market values of derivatives. Adjusted Net Income was up from $27.5 million or $0.51 per diluted share in the third quarter of 2020. Adjusted EBITDA in the third quarter was $136.1 million, up 65% from the third quarter of 2020. See “Non-GAAP Financial Measures” below.

PRODUCTION

Third quarter production was 57,647 Boe per day, a 6% increase from the second quarter of 2021 and a 98% increase from the third quarter of 2020. Oil represented 59% of total production in the third quarter. Oil production was 34,035 Bbl per day, a 2% increase over the second quarter of 2021 and a 52% increase over the third quarter of 2020. Northern had 6.5 net wells turned in-line during the third quarter, compared to 10.5 net wells turned in-line in the second quarter of 2021. Northern’s Marcellus production made up 21% of total volumes in the third quarter, and were up quarter-over-quarter with the first EQT-operated pad coming online. Northern’s Permian production made up 4% of volumes in the third quarter, reflecting a partial quarter impact from recently closed acquisitions, and are expected to ramp substantially in the fourth quarter.

PRICING

During the third quarter, NYMEX West Texas Intermediate (“WTI”) crude oil averaged $70.54 per Bbl, and NYMEX natural gas at Henry Hub averaged $4.31 per million cubic feet (“Mcf”). Northern’s unhedged net realized oil price in the third quarter was $64.91, representing a $5.63 differential to WTI prices. Northern’s unhedged net realized gas price in the third quarter was $4.33 per Mcf, representing approximately 100% realizations compared with Henry Hub pricing.

OPERATING COSTS

Lease operating costs were $43.2 million in the third quarter of 2021, or $8.15 per Boe, down over 5% on a per unit basis compared to the second quarter of 2021. The reduction in unit costs was driven by increased low-cost Marcellus and Permian production, partially offset by lower new completions and higher processing costs associated with strong NGL prices. Third quarter general and administrative (“G&A”) costs totaled $5.5 million or $1.04 per Boe. This includes $0.7 million of legal and other transaction expenses in connection with the Permian and Williston acquisitions and $0.7 million of non-cash stock-based compensation. Northern’s G&A costs excluding these amounts totaled $4.1 million or $0.78 per Boe in the third quarter, down 44% versus the third quarter in the prior year.

CAPITAL EXPENDITURES AND ACQUISITIONS

Capital spending for the third quarter was $63.2 million, down 8% from the second quarter of 2021. Spending was made up of $53.0 million of total drilling and completion (“D&C”) capital on organic and ground game assets, and $10.2 million of ground game acquisition spending and other items. These amounts exclude our unbudgeted acquisitions, such as the Permian acquisition that closed in August 2021. Our Williston Basin spending made up 73% of the total capital expenditures for the quarter, the Permian made up 20%, the Marcellus made up 5% and other items made up 2%. On the ground game acquisition front, Northern closed on 6 transactions during the third quarter totaling 2.2 net wells, 1,077 net mineral acres, and 182 net royalty acres (standardized to a 1/8 royalty interest).

WILLISTON BASIN ACQUISITION

On October 7, 2021, Northern announced that it entered into a definitive agreement to acquire non-operated interests across over 400 producing wellbores located primarily in Williams, McKenzie, Mountrail and Dunn Counties, ND for a purchase price of $154.0 million in cash, subject to typical closing adjustments. Northern has updated corporate guidance for the assets to be acquired in the guidance section below, which assumes a mid-to-late November closing date.

LIQUIDITY AND CAPITAL RESOURCES

Northern had total liquidity of $343.0 million as of September 30, 2021, consisting of cash of $2.0 million, and $341.0 million of committed borrowing availability under the revolving credit facility.

As of September 30, 2021, Northern’s total borrowings were $869.0 million, down $119.8 million since September 30, 2020. Total borrowings consist of $550.0 million in senior unsecured notes and $319.0 million outstanding on Northern’s revolving credit facility.

On November 3, 2021, Northern completed its regularly scheduled borrowing base redetermination, increasing both its elected commitment and borrowing base. Northern’s lending syndicate voted unanimously to increase the borrowing base to $850.0 million. Northern has chosen a $750.0 million elected commitment amount. Pro forma for this increase, as of September 30, 2021, we had $431.0 of committed borrowing availability under the revolving credit facility. The new borrowing base does not include any reserve value for Northern’s pending Williston Basin acquisition.

STOCKHOLDER RETURNS

On August 3, 2021, Northern’s Board of Directors declared a regular quarterly cash dividend for Northern’s common stock of $0.045 per share for stockholders of record as of September 30, 2021, which was paid on October 29, 2021. This represented a 50% increase from the prior quarter.

On October 7, 2021, Northern Management announced its plan to submit a request to Northern’s Board of Directors for a 33.3% increase to the quarterly common stock dividend to $0.06 per share upon closing of the Williston Basin acquisition that is expected to close in mid-November 2021.

On October 15, 2021, Northern’s Board of Directors declared all current and accrued cash dividends for Northern’s Series A Preferred Stock, to be paid on November 15, 2021, in the total amount of $7.2 million.

2021 FULL YEAR GUIDANCE
(all forecasts are provided on a 2-stream production basis)

THIRD QUARTER 2021 RESULTS

The following tables set forth selected operating and financial data for the periods indicated.

HEDGING

Northern hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position. The following table summarizes Northern’s open crude oil commodity derivative swap contracts scheduled to settle after September 30, 2021.

The following table summarizes Northern’s open natural gas commodity derivative swap contracts scheduled to settle after September 30, 2021.

The following table presents Northern’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented, which is included in the revenue section of Northern’s statement of operations:

CAPITAL EXPENDITURES & DRILLING ACTIVITY

THIRD QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL

In conjunction with Northern’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Friday, November 5, 2021 at 10:00 a.m. Central Time.

Those wishing to listen to the conference call may do so via webcast or phone as follows:

Webcast: https://78449.themediaframe.com/dataconf/productusers/nog/mediaframe/46821/indexl.html
Dial-In Number: (866) 373-3407 (US/Canada) and (412) 902-1037 (International)
Conference ID: 13723773 - Northern Oil and Gas, Inc. Third Quarter 2021 Earnings Call
Replay Dial-In Number: (877) 660-6853 (US/Canada) and (201) 612-7415 (International)
Replay Access Code: 13723773 - Replay will be available through November 12, 2021

UPCOMING CONFERENCE SCHEDULE

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on Northern’s properties and properties pending acquisition; Northern’s ability to acquire additional development opportunities; potential or pending acquisition transactions; Northern’s ability to consummate pending acquisitions, and the anticipated timing of such consummation; the projected capital efficiency savings and other operating efficiencies and synergies resulting from Northern’s acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness; changes in Northern’s reserves estimates or the value thereof; disruptions to Northern’s business due to acquisitions and other significant transactions; infrastructure constraints and related factors affecting Northern’s properties; ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry; general economic or industry conditions, nationally and/or in the communities in which Northern conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; Northern’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products and prices.

Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Non-GAAP Financial Measures

Adjusted Net Income, Adjusted EBITDA and Free Cash Flow are non-GAAP measures.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern’s (KCS) (NYSE:KSU) Board of Directors on November 5, 2021 declared a regular dividend of $0.25 per share on the outstanding KCS 4% non-cumulative preferred stock. The dividend is payable on January 18, 2022 to preferred stockholders of record at the close of business on December 31, 2021.

The Board of Directors also declared a regular dividend of $0.54 per share on the outstanding KCS common stock. This dividend is payable on January 19, 2022, to common stockholders of record at the close of business on December 31, 2021.

In the event the Company’s pending merger with Canadian Pacific Railway Limited, pursuant to the merger agreement dated September 15, 2021, closes before the record dates set forth above for such dividends, such dividends will not be paid. In such event, KCS common stockholders who receive CP common stock in the merger will be eligible to receive the CP dividend payable to holders of record of CP common stock on December 31, 2021, assuming they remain record holders of CP common stock on such date.

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

KCS: Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.

New capital accelerates the company's efforts to generate zero-carbon electricity from fusion at commercial scale

EVERETT, Wash.--(BUSINESS WIRE)--Helion, a clean energy company committed to creating a new era of plentiful, zero-carbon electricity from fusion, today announced the close of its Series E raise of $500 million. The round was led by Sam Altman, whose involvement in the company as investor and chairman dates back to 2015. Existing investors, including Dustin Moskovitz, Mithril Capital and Capricorn Investment Group also participated in the round. The funding includes the opportunity for an additional $1.7 billion dollars tied to Helion reaching key performance milestones.

The capital will be used to complete the construction of Polaris, Helion’s seventh generation fusion generator. Building on the achievements of Helion’s pulsed non-ignition fusion technology and the performance of its six predecessors, Polaris is expected to be the first fusion device capable of demonstrating net electricity production. Helion plans to reach this milestone in 2024, paving the way for future fusion power plants.

“This funding ensures that Helion will be the first organization to generate electricity from fusion,” said Dr. David Kirtley, Founder and CEO of Helion Energy. "Our 6th prototype demonstrated that we can reach this pivotal milestone. In just a few years we will show that the world can count on fusion to be the zero-carbon energy source that we desperately need."

In June of this year Helion published results confirming it had become the first private fusion company to heat a fusion plasma to 100 million degrees Celsius, a critical milestone on the path to commercial electricity from fusion. This was followed by Helion breaking ground in July 2021 for the Polaris facility in Everett, Washington, an event in which Helion’s leadership, Governor Jay Inslee and other Washington state elected officials participated.

“I’m delighted to be investing more in Helion, which is by far the most promising approach to fusion I’ve ever seen,” said Sam Altman, the CEO of OpenAI and former President of Y Combinator, who now serves as Helion’s executive chairman. “With a tiny fraction of the money spent on other fusion efforts, and the culture of a startup, this team has a clear path to net electricity. If Helion is successful, we can avert climate disaster and provide a much better quality of life for people.”

About Helion

Helion is a fusion energy company focused on generating zero-carbon electricity from fusion. By building on the successes of its latest fusion prototypes, Helion is building the world’s first fusion electricity demonstration facility. Their pulsed non-ignition technology will be capable of low-cost 24/7 power generation that replaces the energy sources the world currently relies on, enabling a future with limitless, reliable and affordable clean electricity.

Scott Krisiloff
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HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL) today announced that it has priced an underwritten public offering of $50 million aggregate principal amount of 8.25% senior notes due 2028. The Company has granted the underwriters a 30-day option to purchase an additional $7.5 million aggregate principal amount of senior notes in connection with the offering. The Company intends to use the net proceeds from this offering for general corporate purposes, including the potential acquisition of upstream assets. The offering is expected to close on or about November 10, 2021, subject to satisfaction of customary closing conditions.

B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering. EF Hutton, division of Benchmark Investments, LLC, is acting as lead manager, and Aegis Capital Corp., Boenning & Scattergood, Inc., Colliers Securities LLC, Newbridge Securities Corporation, Revere Securities LLC, Wedbush Securities Inc. and B.C. Ziegler and Company are acting as co-managers for the offering.

The offering is being made pursuant to an effective shelf registration statement of the Company previously filed with the Securities and Exchange Commission (the SEC). The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying prospectus may be obtained by sending a request to B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209; Telephone: (703) 312-9580, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Tellurian Inc.

Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL.”

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

Statements in this press release related to the Company’s public offering of senior notes and all other statements other than statements of historical fact are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. Tellurian urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the “Risk Factors” section of the preliminary prospectus supplement for the offering and of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and other filings with the SEC for further information on risks and uncertainties that could affect the Company’s business, financial condition and results of operations. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. Tellurian undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.

Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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Current CFO David Black to Retire After 30 Years at BWXT and Serve as Special Advisor to CEO

LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT--BWX Technologies, Inc. (NYSE: BWXT) announced today that as part of BWXT’s executive succession planning process, Robb A. LeMasters has been named senior vice president and chief financial officer effective November 15, 2021. LeMasters will succeed David S. Black, who will retire after 30 years of service to BWXT.

Black began at BWXT as general accounting manager for the Nuclear Environmental Services Division. He assumed positions of greater responsibility with the company, culminating with his appointment as senior vice president and chief financial officer in 2015. Black will remain with the company through April 1, 2022, working as a special advisor to Rex Geveden, president and chief executive officer.

“Congratulations to David on his extraordinary career with BWXT. He has been a tremendous asset to this company. In that vein, I am very grateful that David has agreed to stay aboard until April next year to assist with our CFO transition process,” said Geveden. “David has made an indelible impression on our company and its culture. He led us into the modern era of BWXT, and his commitment to our success is evident in BWXT’s impressive growth since 2015.”

“Looking ahead, we are extremely fortunate to have someone internal to BWXT who is fully prepared to assume the role of CFO,” Geveden continued. “Robb’s extensive background and capabilities have been integral to our revitalized strategy for future growth and our renewed focus on investor relations.”

LeMasters, who is currently senior vice president and chief strategy officer for BWXT, served as a member of BWXT’s board of directors and its audit and finance committee from 2015 to 2020, as well as the compensation committee from 2017 to 2020. Prior to joining BWXT, he was a managing director at Blue Harbour Group and a founding partner of Theleme Partners.

Previously, he was a partner at The Children’s Investment Fund and a vice president in the Relative Value/Event-Driven Group at Highbridge Capital Management. He began his career as an analyst at Morgan Stanley & Co. in the mergers and acquisitions group and subsequently joined Forstmann Little & Co. as a private equity analyst. He earned a bachelor’s degree from the Wharton School at the University of Pennsylvania and a Master of Business Administration from the Harvard Business School.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

Investor Contact
Mark Kratz
Vice President, Investor Relations
980.365.4300
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Media Contact
Jud Simmons
Director, Media & Public Relations
434.522.6462
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LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it will release its third quarter 2021 financial results after market close on Monday, November 15th. This release will be followed by a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

The call can be accessed via a live webcast accessible on the Events Calendar page of Romeo Power’s Investor Relations website at https://investors.romeopower.com/. An archive of the webcast will be available shortly after the call for twelve months following the call.

About Romeo Power

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. To keep up with everything Romeo Power, please follow the company on social @romeopowerinc or visit romeopower.com.

For Investors
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For Media.
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EAST AURORA, N.Y.--(BUSINESS WIRE)--Moog Inc. (NYSE: MOG.A and MOG.B) announced today financial results for the quarter and fiscal year ended October 2, 2021.

Fourth Quarter Highlights

• Sales of $724 million, up 2% from a year ago;
• GAAP diluted earnings per share of $1.07, up 32%, including $0.18 of one-time adjustments;
• Operating margins of 8.7%;
• Effective tax rate of 19.0%; and
• $63 million cash flow from operating activities.

Full-Year 2021 Highlights

• Sales of $2.9 billion, down 1% from a year ago;
• GAAP diluted earnings per share of $4.87, including $0.18 of one-time adjustments, up 1% from adjusted results a year ago;
• Operating margins of 9.5%;
• Effective tax rate of 22.8%; and
• $293 million cash flow from operating activities.

Fiscal 2022 Guidance

• Sales of $3.0 billion, a 6% increase;
• Forecast diluted earnings per share of $5.50, plus or minus $0.20;
• Forecast full year operating margins of 10.3%;
• Forecast tax rate of 25.5%; and
• Forecast $338 million cash flow from operating activities.

Segment Results

Aircraft Controls segment sales in the quarter were $298 million, 8% higher year over year. Total commercial aircraft revenues were $99 million, up 23%. Sales from the Genesys acquisition and strong sales to Airbus for the A350 compensated for lower 787 sales to Boeing. Commercial aftermarket sales increased 25% on strong 787 activity.

Military aircraft revenues in the quarter were up 2% to $199 million. OEM revenues were 12% higher, to $144 million. Increased funded development and acquired sales from the Genesys acquisition offset lower F-35 Joint Strike Fighter sales. Military aftermarket sales of $55 million were off 16% when compared to a very strong quarter last year.

Full-year Aircraft Controls segment sales were $1.16 billion, down 4%. Total military aircraft sales increased 8%, to $782 million. Military OEM sales, led by F-35 program sales and foreign military sales, were $574 million, an increase of 22%. Military aftermarket sales were off 17%, with the decrease tied to lower F-35 spares and V-22 repair volume. Sales to commercial customers were down 22%, with aftermarket down 7% year over year, all related to COVID challenges.

Space and Defense segment sales in the quarter were $200 million, down 3% year over year. Space sales of $81 million were 3% lower on weakness in sales for launch vehicles, hypersonics, and satellite engines. Defense sales were down 4%, at $119 million, mainly tied to weaker sales of security products and missile controls.

Space and Defense sales for the year increased 4%, to $799 million. Space sales were $333 million, up 13%, driven by increases across space vehicles and avionics. Defense sales of $466 million were off 2% on lower sales of security products and missile controls.

Industrial Systems segment sales in the quarter were $226 million, in line with last year’s fourth quarter, excluding foreign exchange adjustments. Industrial automation sales were up 11% on strength across the portfolio tied to increases in global capital spending. Energy sales increased 10% year over year as off-shore production activity picked-up in the quarter. Sales into simulation and test applications were mostly flat. Medical product sales decreased 17% on slowing demand for OEM components used for sleep therapy and imaging.

Full-year Industrial Systems segment sales were $892 million, down 2%. Industrial automation sales of $427 million were 5% higher. Energy sales were down 6%, at $120 million. Simulation and test sales were 13% lower as the flight simulator market has not rebounded from the effects of the pandemic. Sales of medical pumps and associated products, at $255 million, were 7% lower after the surge experienced last year.

Consolidated 12-month backlog was $2.1 billion, up 24% from a year ago.

“As we entered fiscal ’21, we projected that COVID would be with us throughout the year and anticipated top and bottom results similar to the second half of fiscal ’20,” said John Scannell, Chairman and CEO. “Looking back on the year, our business performed much better than this. As we now enter fiscal ’22, we’re optimistic about the future, while remaining realistic about the challenges. We anticipate sales of just over $3 billion and earnings per share of $5.50, plus or minus $0.20, representing an increase of 6% on the top line and 13% on the bottom line.”

In conjunction with today’s release, Moog will host a conference call on Friday November 5, 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

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 press release 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 are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. In evaluating these forward-looking statements, you should carefully consider the factors set forth below.

Although it is not possible to create a comprehensive list of all factors that may cause actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties that arise from time to time are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC and include the following:

COVID-19 PANDEMIC RISKS

• We face various risks related to health pandemics such as the global COVID-19 pandemic, which have had 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;
• If we are unable to adequately enforce and protect our intellectual property or defend against assertions of infringement, our business and our ability to compete could be harmed; 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 currency, political and trade risks and adverse changes in local legal and regulatory environments could impact our results of operations;
• 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

• 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.

While we believe we have identified and discussed above the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial 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. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this report, except as required by law.

Results shown in the previous table include charges associated with the COVID-19 pandemic, as well as a charge associated with the purchase of a single premium non-participating group annuity contract from Metropolitan Tower Life Insurance Company and the related transfer of future benefit obligations and annuity administration for certain retirees and beneficiaries under the Moog Inc. Employees' Retirement Plan. COVID-19 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:

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.

Operating Profit and Margins - as adjusted are as follows: