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|FOR IMMEDIATE RELEASE|
|Contact:||Brian D. Keogh|
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 companys 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.
The following information was filed by Esterline Technologies Corp (ESL) on Thursday, December 10, 2009 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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