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Esco Technologies Inc (ESE) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2020

SEC Filings

Esco Technologies Inc

CIK: 866706 Ticker: ESE

 

EXHIBIT 99.1

NEWS FROM

 

For more information contact:

Kate Lowrey

Director, Investor Relations

ESCO Technologies Inc.

(314) 213-7277

 

ESCO ANNOUNCES FISCAL 2020 RESULTS

 

- GAAP EPS $3.90 (Includes Technical Packaging Gain and Pension Termination Charge) –

- Adjusted EPS $2.76 (Tops Consensus Estimate)

- Net Debt of $10 Million, Leverage Ratio 0.47x, Liquidity of $725 Million -

 

ST. LOUIS, November 19, 2020 – ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the fourth quarter (Q4 2020) and fiscal year (2020) ended September 30, 2020.

 

COVID-19 Update

 

Vic Richey, Chairman and Chief Executive Officer, commented, “As we continue to manage through the COVID-19 global pandemic, we remain focused on the health and safety of our employees, customers and suppliers, thereby securing the financial well-being of the Company.

 

“Our 2020 results reflect the importance of maintaining diversity across our end-markets, as this diversity, coupled with our strong balance sheet and substantial liquidity will support our long-term growth. Because of our multi-segment platform, we were able to partially mitigate COVID-19’s impact on sales and earnings as we reported 2020 sales of $733 million with an Adjusted EBITDA of $137 million and Adjusted EPS of $2.76 per share. Additionally, we generated record cash flow in 2020 and paid down our net debt to $10 million resulting in a 0.47 leverage ratio at September 30th. Driven by effective cost management, solid operating execution, and acquisition contributions, we delivered solid performance in a challenging year.

 

“I’m confident that our well-tested operating model and our track record of taking action to reduce spending and resize the business will position us for solid earnings growth as our end-markets return to normal.

 

“Our deep and experienced leadership team has us well-positioned for the future and we continue to invest in growth initiatives both organically and through acquisition. The fundamentals of our portfolio remain strong and our goal remains the same – to create long-term shareholder value.”

 


The following information was filed by Esco Technologies Inc (ESE) on Thursday, November 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Esco Technologies Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Acquisitions
Acquisitions (Details)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Additional Information (Details)
Business Segment Information - Capital Expenditures (Details)
Business Segment Information - Depreciation And Amortization (Details)
Business Segment Information - Geographic Information Long-Lived Assets (Details)
Business Segment Information - Geographic Information Net Sales (Details)
Business Segment Information - Identifiable Assets (Details)
Business Segment Information - Net Sales And Earnings Before Income Tax (Details)
Capital Stock
Capital Stock (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt (Details)
Debt (Tables)
Debt - Additional Information (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Derivative Liabilities At Fair Value (Details)
Derivative Financial Instruments - Outstanding Derivative Financial Instruments (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Changes In Carrying Amount Of Goodwill (Details)
Income Tax Expense
Income Tax Expense (Tables)
Income Tax Expense - Additional Information (Details)
Income Tax Expense - Components Of Income From Continuing Operations Before Income Taxes (Details)
Income Tax Expense - Principal Components Of Income Tax Expense (Benefit) From Continuing Operations (Details)
Income Tax Expense - Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations (Details)
Income Tax Expense - Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Liabilities (Details)
Income Tax Expense - Total Income Tax Expense (Benefit) (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Leases
Leases (Tables)
Leases - Additional Information Related To Leases (Details)
Leases - Components Of Lease Costs (Details)
Leases - Future Minimum Lease Payments For Operating And Capital Leases Under Asc 840 (Details)
Leases - Reconciliation Of Future Undiscounted Cash Flows To The Operating And Finance Lease Liabilities, And The Related Rou Assets (Details)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Related Parties
Related Parties (Details)
Retirement And Other Benefit Plans
Retirement And Other Benefit Plans (Tables)
Retirement And Other Benefit Plans - Additional Information (Details)
Retirement And Other Benefit Plans - Schedule Of Expected Benefit Payments (Details)
Retirement And Other Benefit Plans - Schedule Of Funded Status (Details)
Retirement And Other Benefit Plans - Schedule Of Net Periodic Benefit Cost (Details)
Retirement And Other Benefit Plans - Schedule Of Reconciliation Of Benefit Obligation (Details)
Retirement And Other Benefit Plans - Schedule Of Reconciliation Of Fair Value Of Plan Assets (Details)
Revenues
Revenues (Tables)
Revenues - Contract Assets And Liabilities (Details)
Revenues - Disaggregation Of Revenues (Details)
Revenues - Remaining Performance Obligations (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Schedule Of Outstanding Restricted Share Awards (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Summary Of Significant Accounting Policies Calculation Of Earnings Per Share (Details)
Technical Packaging Divestiture (Details)
Technical Packaging Divestiture (Tables)
Technical Packaging Divesture
Ticker: ESE
CIK: 866706
Form Type: 10-K Annual Report
Accession Number: 0001104659-20-130486
Submitted to the SEC: Mon Nov 30 2020 4:09:37 PM EST
Accepted by the SEC: Mon Nov 30 2020
Period: Wednesday, September 30, 2020
Industry: Communications Equipment

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