Esterline Technologies Corp (ESL) SEC Filing 10-K Annual report for the fiscal year ending Friday, October 30, 2009

Exhibit 99.1

ESTERLINE REPORTS FY09 EARNINGS FROM CONTINUING OPERATIONS

$107.2 MILLION – $3.58 PER SHARE – ON $1.43 BILLION SALES

Performance Includes an $.08 Fourth Quarter Tax Benefit

BELLEVUE, Wash., December 10, 2009 — Esterline Corporation, (NYSE: ESL, www.esterline.com), a leading specialty manufacturer serving aerospace/defense markets, today reported fiscal 2009 fourth quarter and full-year results for the period ended October 30, 2009. Income from continuing operations for the quarter was $37.9 million, or $1.26 per diluted share, on sales of $394.7 million. Earnings include year-end tax adjustments resulting in a benefit of $.08 per share. Year-ago income from continuing operations was $41.4 million, or $1.38 per diluted share, on sales of $404.4 million. Including discontinued operations, fourth quarter fiscal 2009 net earnings were $34.5 million, or $1.15 per share, compared with $43.9 million, or $1.46 per share, last year.

For the full year, Esterline reported income from continuing operations of $107.2 million, or $3.58 per diluted share, compared with $113.5 million, or $3.80 per diluted share last year. Net earnings were $119.8 million, or $4.00 per share in FY2009, compared with $120.5 million, or $4.03 per share last year. FY2009 net sales were $1.43 billion compared with $1.48 billion a year ago.

Brad Lawrence, Esterline CEO, said the company’s performance “…exceeded our expectations due primarily to a strong finish from our Canada-based avionics operation where R&D investments in the new T-6B military trainer cockpit and C-130 avionics retrofit programs are beginning to pay off.” Lawrence added that the seamless integration of UK-based Racal Acoustics, acquired earlier in the year, enabled that operation to “…outperform our first-year expectations.”

He also said that a tight focus on cost control and pricing discipline at all of our operations “…helped us sustain margins and keep a lid on expenses during the year.”

(more)