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FOR IMMEDIATE RELEASE
|Contact:||Brian D. Keogh|
ESTERLINE REPORTS FOURTH QUARTER AND FULL FISCAL YEAR RESULTS
Reports Fourth Quarter Sales of $502 million, EPS of $0.62 Including $(0.59) of Discrete Items Issues Guidance for First Quarter and Full Fiscal Year of 2012
BELLEVUE, Wash., December 8, 2011 Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving the global aerospace/defense markets, today reported results for its fiscal 2011 fourth quarter and fiscal year ended October 28, 2011, and initiated forward-looking guidance for the first quarter and full fiscal year of 2012.
For the fourth quarter of fiscal 2011, Esterline reported sales of $502.4 million and income from continuing operations of $19.4 million, or $0.62 per diluted share. The company noted that results for the fourth quarter include certain after-tax discrete items of $18.3 million, or $(0.59) per share, as detailed in Table 1. Year-ago fourth quarter sales were $430.5 million, with income from continuing operations of $49.3 million, or $1.60 per diluted share.
Brad Lawrence, Esterlines Chief Executive Officer, said, We are in the early innings of a commercial aerospace industry upcycle and Esterline is in a strong position to benefit. Lawrence said that although the companys fourth quarter and the outlook for next year reflect the anticipated softening of global defense markets and a number of discrete items, he emphasized that fiscal 2011 was one of the strongest years in our history and we expect to grow about 20% in fiscal 2012. He added that Esterline generated about $190 million of cash in 2011 that will enable us to deploy capital in a variety of ways to support growth and enhance shareholder value.
The following information was filed by Esterline Technologies Corp (ESL) on Thursday, December 8, 2011 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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