Esterline Technologies Q3 Profit Rises, But Misses View

(RTTNews) - Esterline Technologies Corp (ESL), an engineered products maker for aerospace and defense customers, Thursday reported a marginal increase in profit for the third quarter, as revenues increased and expenses dropped. Nonetheless, earnings for the quarter missed estimates, while revenues trumped expectations.

Bellevue, Washington-based Esterline's third-quarter profit inched up to $38.9 million or $1.19 per share from $38.2 million or $1.20 per share last year.

Adjusted earnings from continuing operations for the quarter was $44.9 million or $1.38 per share. On average, ten analysts polled by Thomson Reuters expected earnings of $1.40 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 11.1 percent to $531.1 million from $478.1 million last year. Analysts had a consensus revenue estimate of $516.57 million for the quarter. The company recorded revenue growth across all three segments.

Gross margin for the third quarter dropped to 34.4 percent from 37.4 percent last year. SG&A expense, as a percent of sales, declined to 17.9 percent from 21.3 percent last year.

New orders in the third quarter increased 15.4 percent to $534.4 million over the prior year.

ESL closed Thursday's trading at $117.31, up $0.05 or 0.04%, on the NYSE.