Thursday, engineered product maker Esterline Technologies Corp. (ESL), reported a modest increase in second quarter earnings, as revenues improved year-on-year. Going forward, the company reduced its earnings outlook for the full year. Esterline shares plunged over 10% in after market trade, following the announcement of results.
The Bellevue, Washington-based company's second quarter net income rose to $25.71 million or $0.86, up from $25.19 million or $0.84 per share in the prior-year period. Eight analysts polled by Thomson Reuters expected the company to earn $0.96 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues grew to $359.5 million from $358.03 million shares a year ago, but came in below the Street estimate of $371.05 million.
For the first half of fiscal 2009, Esterline reported net earnings of $52.66 million or $1.76 per share, compared to $56.17 million or $1.88 per share in the corresponding period last year. Year-to-date revenues dipped to $669.22 million from $715.36 million last year.
New orders for the first six months of 2009 were $676.3 million, compared with $788.1 million for the same period in 2008. Orders in the first six months of 2009 include $41.0 million in backlog acquired in the Racal and NMC transactions.
Robert Cremin, Esterline chief executive officer, said, "...our customers are reducing inventory levels, which is a clear change from just three months ago."
Citing the current uncertainty in the industry, the company cut its full-year earnings guidance range to $3.00 - $3.20 per share. Analysts currently expect earnings of $3.66 per share for the year.
ESL closed Thursday's regular trading at $29.24, up $0.88 or 3.10% on a volume of about 0.497 million shares. In after hours, the share lost $3.49 or 11.94%, trading at $25.75.
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