ESCO Technologies Inc. (ESE) Tuesday reported an increase in second quarter profit on higher revenues, boosted by strong business at its Utility Solutions Group. Earnings came in above Street estimates, while revenues fell short of expectations. ESCO also warned that its earnings for fiscal 2009 would be less than that it expected earlier.
Second quarter net earnings of ESCO increased to $10.40 million or $0.39 per share from $6.08 million or $0.23 per share in the year-ago quarter.
Net earnings from continuing operations were $10.61 million $0.40 per share, up from $6.56 million or $0.25 per share in the year-earlier quarter.
On average, nine analysts polled by Thomson Reuters expected earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude one-time items.
Loss from discontinued operations was $209 million or $0.01 per share, compared to a loss from discontinued operations of $479 million or $0.02 per share in the corresponding quarter last year.
Quarterly sales rose 14.7% to $154.16 million from $134.40 million in the same quarter a year ago, however, below Street estimates of $155.34 million.
Sales at Utility Solutions group increased 27.4% to $94.07 million, while Filtrations segment dropped to $26.38 million from the year-ago quarter. Sales from test segment almost remained unchanged at $33.72 million.
New orders received during the quarter were $156.7 million, compared to $162.5 million orders received in the year-earlier quarter.
For fiscal year 2009, ESCO now expects earnings in the range of $1.90 - $2.00 per share and adjusted earnings in the range $2.32 to $2.42 per share. Revenues are anticipated at about $650 million for the year. The Street currently expects earnings of $1.97 per share, on revenues of $676.53 million for fiscal 2009.
Previously, ESCO expected earnings in the range of $2.00-$2.15 per share, adjusted earnings in the range of $2.42-$2.57 per share, and revenue in the range of $680 million - $690 million.
ESE closed Tuesday's regular trading at $42.46, down $1.49 or 3.39%, on a volume of 0.31 million shares. In after-hours trading, the stock gained $0.51 or 1.20%, to trade at $42.97.
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