(Previous story incorrectly stated that revenue guidance was below expectations)
Esterline Technologies Corp. (ESL) Thursday reported first-quarter net earnings of $25.1 million or $0.80 per share, up from $22.78 million or $0.73 per share in the same quarter last year. The company's latest quarter sales, however, missed analysts' expectations.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
However, revenues for the quarter dropped to $457.96 million, from $470.88 million in the prior year, while nine analysts expected revenues of $467.07 million.
For the full year 2013, the company reaffirmed its earnings guidance and continues to expect per share earnings in a range between $5.45 and $5.80 on revenues in the $2.1 billion range. Analysts, based on consensus, currently expect the company to report full-year earnings of $5.58 per share on revenues of $2.07 billion.
by RTT Staff Writer
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