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|FOR IMMEDIATE RELEASE|
|Contact:||Investor Relations John Hobbs |
|Media Michelle DeGrand|
ESTERLINE REPORTS FISCAL 2018 SECOND QUARTER FINANCIAL RESULTS
|||Fiscal 2018 Second Quarter Results|
|||Sales of $517.6 million|
|||Income from continuing operations of $24.0 million, or $0.80 per diluted share|
|||Free cash flow of $62.0 million year to date|
|||Company reports record backlog of $1.46 billion|
BELLEVUE, Wash., May 3, 2018 Esterline Corporation (NYSE:ESL) (www.esterline.com), a leading specialty manufacturer serving global aerospace and defense markets, today reported results for the fiscal 2018 second quarter ended March 30, 2018.
Consolidated second quarter revenue was $517.6 million, an increase of 1.7% from the prior-year result of $509.1 million.
Consolidated earnings from continuing operations in the second fiscal quarter of 2018 were $24.0 million, or $0.80 per diluted share, compared with $34.4 million, or $1.15 per diluted share, in the 2017 period. Adjusted earnings from continuing operations for the second fiscal quarter of 2017 were $35.3 million, or $1.18 per diluted share, excluding discrete advanced displays integration and compliance costs.
Esterlines baseline operational performance is on track with our expectations through the first half of fiscal 2018, said Curtis Reusser, Esterlines Chairman, President & CEO. We are gaining traction with our customers and healthy booking activity has driven our backlog to new highs. In addition, a large customer has asked us to work closely with them on a new development effort. We had not contemplated the required investment for this new development activity in our original plans for the year and we are adjusting our outlook accordingly. These trends are encouraging and are laying a foundation for progress that should support long-term growth.
He added, The company is continuing to produce excellent cash flow, allowing us to remain flexible in executing our disciplined capital allocation strategy. From a strategic perspective, the sale of the Kirkhill business, completed during the second quarter, positions our Advanced Materials businesses to deliver expanded operating margins and improved results going forward and led to an increased guidance range for free cash flow.
The following information was filed by Esterline Technologies Corp (ESL) on Thursday, May 3, 2018 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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