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|FOR IMMEDIATE RELEASE|
|Contact: Michelle DeGrand|
ESTERLINE REPORTS FISCAL 2017 SECOND QUARTER RESULTS
|||Sales of $509.2 million in the second fiscal quarter, up 3.8% year-over-year|
|||Earnings from continuing operations of $35.1 million; adjusted earnings from continuing operations of $36.1 million|
|||GAAP earnings from continuing operations of $1.17 per diluted share; adjusted earnings per diluted share of $1.20|
|||Free cash flow of $62.3 million|
|||Company reiterates full-year guidance for sales, earnings and free cash flow|
BELLEVUE, Wash., May 4, 2017 Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving the global aerospace and defense markets, today reported results for the second fiscal quarter ended March 31, 2017. The company reported consolidated revenue of $509.2 million during the quarter, an increase of 3.8% compared with $490.3 million in theyear-ago period. Higher revenue in the second quarter of fiscal 2017 was the result of an increase in organic sales volume in the companys Avionics & Controls and Sensors & Systems segments.
Earnings from continuing operations in the second fiscal quarter of 2017 were $35.1 million, or $1.17 per diluted share, compared with prior-year earnings from continuing operations of $17.0 million, or $0.57 per diluted share. The increase in earnings from continuing operations was primarily due to contributions from higher sales, improved margins and lower SG&A, as well as receipt of a $5.2 million business interruption insurance payment. Adjusted earnings from continuing operations for the second fiscal quarter of 2017 were $36.1 million, or $1.20 per diluted share (see Table 1 below). In the comparable period of the prior year, adjusted earnings from continuing operations were $27.3 million, or $0.92 per diluted share.
Curtis Reusser, Esterlines Chief Executive Officer, said, Our solid second quarter results extend the momentum we have been building over the past several quarters. While we still have a second-half performance ramp required to reach our full-year expectations, we were pleased to see a 30% year-over-year increase in adjusted earnings per share in the second quarter. We also submitted our final report to the U.S. government related to meeting the requirements under our Consent Agreement, and our cash flows continue to be very strong. We view these accomplishments as a testament to the underlying strength and increasing earnings power of our organization.
The following information was filed by Esterline Technologies Corp (ESL) on Thursday, May 4, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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