Esterline Technologies (ESL) Misses Q3 EPS by 22c, Miss on Revenues; Lowers FY17 EPS High-End of Range Below Consensus

Esterline Technologies (NYSE: ESL) reported Q3 EPS of $1.08, $0.22 worse than the analyst estimate of $1.30. Revenue for the quarter came in at $503.8 million versus the consensus estimate of $522.38 million.

• Sales of $503.8 million in the third fiscal quarter; $1.47 billion year-to-date
• Third fiscal quarter earnings from continuing operations of $31.3 million; adjusted earnings from continuing operations of $32.5 million
• Third fiscal quarter GAAP earnings from continuing operations of $1.04 per diluted share; adjusted earnings per diluted share of $1.08
• Free cash flow of $96.7 million year-to-date
• Company updates full-year guidance

Full-Year Outlook

The company noted that its fiscal 2017 full-year expectation for sales is approximately $2.0 billion. For GAAP earnings from continuing operations, the company narrowed its guidance range to $4.30 to $4.50 per diluted share, from $4.30 to $4.70 per diluted share. The expectation for full-year adjusted earnings from continuing operations, which exclude certain compliance and integration costs, was adjusted similarly to a range of $4.50 to $4.70 per diluted share, from the prior range of $4.50 to $4.90 per diluted share. The company also updated its guidance for fiscal 2017 full-year EBITDA to a range of $300 million to $310 million. Full-year free cash flow is expected to be in excess of 100% of net income and in a range of $130 million to $150 million.

GUIDANCE:

Esterline Technologies sees FY2017 EPS of $4.30-$4.50, versus the consensus of $4.95.

For earnings history and earnings-related data on Esterline Technologies (ESL) click here.

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