Wednesday, engineered products and systems producer ESCO Technologies Inc. (ESE) reported a rise in its profit for the fourth quarter as revenue rose 40.1% from the year-ago quarter. The company has also provided full fiscal year 2009 guidance.
The St. Louis, Missouri-based company's net earnings for the fourth quarter grew to $24.5 million or $0.93 per share from $16.6 million or $0.64 million in the comparable quarter last year.
On an adjusted basis earnings for the quarter rose 40.3% to $0.87 per share from $0.62 per share in the prior-year quarter.
On average, seven analysts polled by First Call/Thomson Financial expected the company to earn $0.76 per share for the quarter. Analysts estimate typically exclude special items.
Net income from continuing operations for the quarter was $20.1 million or $0.76 per share, up from $15 million or $0.57 per share reported in the year-ago quarter.
Total net sales for the fourth-quarter increased 40.1% to $196.0 million from $140 million in the year-ago quarter. Analysts expected the company to report revenue of $192.61 million for the quarter.
For the year-to-date period, the company's net earnings were $46.7 million or $1.78, higher than $33.7 million or $1.28 per share reported last year.
Net income from continuing operations rose to $47.4 million or $1.80 per share from $30.4 million or $1.15 per share in the year-ago period.
Total net sales for the period was $623.8 million, grew 40.3% from $444.7 million in the same period of last year.
Looking ahead, for the full year 2009, the company expects revenues in the range of $680 million-$690 million and earnings in the range of $2.00-$2.15 per share. On an adjusted basis earnings are expected to be $2.42-$2.57 per share. Analysts currently expect the company to earn $1.80 per share on revenue of $619.48 million for the full year.
ESE ended Wednesday's trading at $30.39, losing $2.20 or 6.75% on the NYSE.
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