ESTERLINE SEES STRONGER PERFORMANCE; INCREASES FULL-YEAR EPS GUIDANCE TO $4.55 - $4.80
Improved Outlook Driven by Stronger than Expected Current Tone of Business
Bellevue, WA – January 26, 2011 -- Esterline Corporation (NYSE: ESL www.esterline.com), a leading specialty manufacturer serving the aerospace and defense markets, announced today that it has adjusted its view of fiscal 2011 to incorporate generally stronger than anticipated current business trends.
As a result, the company said it is now comfortable with full-year earnings guidance in a range of $4.55 to $4.80 per diluted share versus its prior guidance of $4.40 to $4.65 per diluted share. The increase is expected to be achieved through stronger than anticipated aftermarket demand, as well as generally improving conditions in the company’s Avionics & Controls segment and to a lesser extent its Sensors & Systems segment.
Brad Lawrence, Esterline CEO, said, “… the pace and tenor of our business is clearly better than we had previously forecasted. While we intend to remain prudent in our planning, we’re pleased to see better trends in a number of areas, including our aircraft spare parts business.”
The company noted that it expects to report its first quarter financial results after the close of market on February 24 and plans to provide additional detail on its current business trend and its outlook for the remainder of fiscal 2011 at that time.
Esterline Corporation is a leading world-wide supplier to the aerospace and defense industry specializing in three core areas: Avionics & Controls, Sensors & Systems, and Advanced Materials. Operations within the Avionics & Controls segment focus on high-technology electronics products, cockpit systems integration and avionics solutions for military and commercial aircraft and land- and sea-based military vehicles. The segment also specializes in secure communication systems, specialized medical equipment, and other industrial applications. The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, electrical power distribution equipment, and other related systems principally for aerospace and defense customers. Operations within the Advanced Materials segment focus on engineered materials and defense technologies, including high-temperature resistant materials and components used for a wide range of military and commercial aerospace purposes and combustible ordnance and warfare countermeasure products.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should" or "will," or the negative of such terms, or other comparable terminology. These forward-looking statements are only predictions based on the current intent and expectations of the management of Esterline, are not guarantees of future performance or actions, and involve risks and uncertainties that are difficult to predict and may cause Esterline's or its industry's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Esterline's actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements due to risks detailed in Esterline's public filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
Contact: Brian D. Keogh (425) 453-9400