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500 108th Avenue NE
Bellevue, WA 98004
NYSE symbol: ESL
FOR IMMEDIATE RELEASE
ESTERLINE REPORTS RECORD FOURTH QUARTER RESULTS
Income from continuing operations $41.4 million, or $1.38 per share, on $404.4 million sales
BELLEVUE, Wash., December 11, 2008 Esterline Corporation (NYSE: ESL www.esterline.com), a leading specialty manufacturer serving aerospace/defense markets, today reported fiscal 2008 fourth quarter and full-year results for the period ended October 31, 2008. Net income from continuing operations for the quarter was a record $41.4 million, or $1.38 per diluted share, on sales of $404.4 million. For the same period last year, income from continuing operations was $20.5 million, or $.76 per diluted share, on sales of $355.7 million. (Continuing operations exclude results from Esterlines Muirhead Aerospace subsidiary, divested on November 3, 2008.)
For the full year ended October 31, 2008, Esterline reported net earnings from continuing operations of $113.5 million, or $3.80 per diluted share, on sales of $1.48 billion, compared with net earnings from continuing operations of $87.8 million, or $3.34 per diluted share, on $1.21 billion in sales in 2007. Full year 2007 results included an after-tax gain of $26.2 million, or $1.00 per diluted share, due to an insurance recovery.
Robert W. Cremin, Esterline CEO, said, with strong organic growth we recorded another solid year, benefiting from improved performance across the board in each of our three operating segments. Cremin said that top-line organic growth was 14% and 17% respectively for the fourth quarter and full year, when compared to same-period 2007 results. He pointed out that fourth quarter earnings were bolstered by the recently strengthening U.S. dollar. Noting that aerospace pricing is primarily denominated in U.S. dollars, Cremin said that with nearly half of our manufacturing operations outside the U.S.most notably in Canada, France and the U.K.the headwind we faced for most of the year has shifted in our favor.
The following information was filed by Esterline Technologies Corp (ESL) on Thursday, December 11, 2008 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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