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FOR IMMEDIATE RELEASE
Investor Relations John Hobbs
Media Michelle DeGrand
ESTERLINE REPORTS FISCAL 2018 THIRD QUARTER FINANCIAL RESULTS
Fiscal 2018 Third Quarter Results
Sales of $499.9 million
Income from continuing operations of $29.7 million, or $1.00 per diluted share
Free cash flow of $80.1 million year-to-date
Reiterate FY18 full-year revenue, earnings and cash flow guidance
BELLEVUE, Wash., August 2, 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 third quarter ended June 29, 2018.
Consolidated third quarter revenue was $499.9 million compared with the prior-year result of $504.1 million. Prior-year results included $23.4 million in sales from the recently divested Kirkhill business.
Consolidated earnings from continuing operations in the third fiscal quarter of 2018 were $29.7 million, or $1.00 per diluted share. The results for the third quarter period of 2017 were $31.8 million, or $1.06 per diluted share. Adjusted earnings from continuing operations for the third fiscal quarter of 2017 were $33.0 million, or $1.10 per diluted share, excluding discrete advanced displays integration and compliance costs.
We completed the quarter ahead of our most recent expectations, said Curtis Reusser, Esterlines Chairman, President & Chief Executive Officer. Our avionics team successfully mitigated a significant portion of the effect of a previously reported 13-day work stoppage in Montreal. We expect to recapture the balance of the impacted sales volume in the fiscal fourth quarter. In addition, other Esterline businesses fulfilled more orders in the third quarter than planned, shifting some sales from the fourth quarter into the third. We remain focused on driving revenue growth across our global operations, supported by a very healthy backlog and year-to-date book-to-bill ratio of 1.15.
The following information was filed by Esterline Technologies Corp (ESL) on Thursday, August 2, 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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