Esterline Reports 3Q Earnings of $8.4 Million on $140.5 Million Sales
By Michelle DeGrand on
BELLEVUE, Wash., Sept. 4, 2003 — Esterline Technologies (NYSE/ESL www.esterline.com), a leading specialty manufacturer serving aerospace/defense markets, today reported third quarter (ended August 1) performance in line with earlier forecasts. Income from continuing operations was $8.4 million, or $.40 per diluted share, including a foreign currency gain of approximately $2.0 million net of tax, or $.09 per share, on sales of $140.5 million. Midway through the quarter, Esterline acquired Weston Aerospace from The Roxboro Group PLC for £55.0 million (approximately $95.3 million at the closing exchange rate, including acquisition costs). The foreign currency gain resulted when Esterline hedged the purchase price using foreign currency forward contracts. Year-ago income from continuing operations was $6.9 million, or $.33 per diluted share, on $112.4 million sales.