logo
  Join        Login             Stock Quote

Esterline Technologies (ESL) Posts Better-Than-Expected Q1, Lifts 2012 Profit View

 March 01, 2012 04:26 PM
 


Esterline Technologies Corp. (NYSE:ESL), a manufacturing company serving aerospace and defense customers, reported better-than-expected first quarter earnings helped by strong growth in its commercial aerospace business, particularly from its Engineered Materials platform.

Earnings for the first quarter were $22.79 million or $0.73 per share, down from $29.99 million or $0.97 per share last year. The latest quarter results included about $0.25 per share of acquisition-related accounting charges to recognize the fair value of the Souriau acquired inventory as expense.

Sales grew to $470.88 million from $370.8 million. Analysts had expected profit of $0.46 per share on revenue of $476.73 million.

[Related -What The Market Wants: Did Bond Traders Blink First?]

Sales from Avionics & Controls declined to $179.57 million from $192.47 million, while Sensors & Systems sales grew to $171.67 million from $77.06 million. Advanced Materials sales increased to $119.64 million from $101.28 million.

As Esterline's December guidance to investors anticipated, gross margins in the first quarter were impacted by acquisition-related accounting and declined to 33.6% from 35.6%. Excluding acquisition-related accounting, gross margin improved to 36.3%.

Looking ahead into the full year 2012, the company increased its earnings guidance by $0.10 to a range of $5.10 to $5.40 per share, while Street predicts $5.14 per share.

ESL closed Thursday's regular session down 1.22% at $64.16.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageRussell 2000 Showing Relative Weakness at the New Highs

A quick “Quad Index” Grid shows us that the small-cap Russell 2000 is showing relative strength to the read on...

article imageThe Poster Boy For Liberal Economics Discovers The Tax Factor

Paul Krugman seems to be having a supply-side-economics moment… sort of. Raising taxes, the NY Times read on...

article imageMacroprudential Policy And Distribution Of Risk

There is very little doubt that housing prices and leverage played a strong role in the global financial read on...

article imageIs the World Turning Japanese?

Many really think so, but reality suggests read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.