Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ESCO Reports Second Quarter Fiscal 2023 Results

St. Louis, May 09, 2023 (GLOBE NEWSWIRE) -- ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the second quarter ended March 31, 2023 (Q2 2023).

Operating Highlights

  • Q2 2023 GAAP EPS increased 8 percent to $0.69 per share compared to $0.64 per share in Q2 2022.   Q2 2023 Adjusted EPS increased 17 percent to $0.76 per share compared to $0.65 per share in Q2 2022.
  • Q2 2023 Sales increased $24.2 million (11.8 percent) to $229.1 million compared to $204.9 million in Q2 2022.
  • Q2 2023 Entered Orders increased $15.1 million (6 percent) over the prior year period to $251.6 million (book-to-bill of 1.10x), resulting in record ending backlog of $741 million.
  • Net cash used by operating activities was $5 million YTD 2023, as cash flow was negatively impacted by higher working capital requirements, with higher accounts receivable being driven by increased sales and higher inventory related to timing and supply chain issues.  
  • Net debt (total borrowings less cash on hand) was $113 million, resulting in a 0.86x leverage ratio and $582 million in liquidity at March 31, 2023.

Bryan Sayler, Chief Executive Officer and President, commented, “Q2 was another solid quarter operationally, as ESCO delivered double-digit revenue growth, expanded operating margins, and achieved 17 percent adjusted earnings per share growth.   It has been an exciting time for me to step into the CEO role. The business has clear momentum and secular growth drivers that should carry us through this year and beyond. We continue to see exciting developments across our aerospace and defense portfolio, with commercial aerospace, military aerospace and Navy customers driving high levels of business activity. We also see growth drivers continue to solidify in the utility and renewable energy markets, which makes us feel good about the long-term prospects for our Utility Solutions Group. Our Test business had a slightly down quarter but serves a variety of strong end markets and offers broad capabilities that give us confidence in its long-term outlook. It is an exciting time to be at ESCO and I look forward to working with leadership across the company as we move our businesses forward.     

“Entered orders remained strong in the quarter, with solid growth in commercial aerospace and renewables.   All three segments had book-to-bills above 1.0 and for the second consecutive quarter, we achieved record ending backlog at $741 million.

“Our teams across the company continue to do an excellent job driving growth and delivering solid operating results while navigating challenges related to inflation, supply chain constraints and labor shortages. Even with our strong performance year-to-date, we are still managing some past-due backlog challenges driven by these factors. I’d like to personally thank all of our employees for their dedication, persistence, and tremendous efforts. Their commitment is key to our solid results.”

Segment Performance

Aerospace & Defense (A&D)

  • Sales increased $14.2 million (17 percent) to $99.0 million in Q2 2023 from $84.8 million in Q2 2022. Sales growth was driven by commercial aerospace, which increased $8.1 million (27 percent) to $38.2 million in the quarter. In addition, defense aerospace and Navy also delivered solid sales growth.  
  • Q2 2023 EBIT increased $4.5 million to $18.8 million from $14.3 million in Q2 2022. Adjusted EBIT increased $5.1 million (35.2 percent) in Q2 2023 to $19.6 million (19.8 percent margin) from $14.5 million (17.1 percent margin) in Q2 2022.
  • Entered Orders increased $17 million (18 percent) to $112 million in Q2 2023 compared to $95 million in Q2 2022.   The orders strength was driven by commercial OEM build rate increases, market share gains at Mayday, a large aftermarket order at PTI, and $7 million in acquired backlog related to CMT. A&D’s book-to-bill of 1.13x in the quarter resulted in record ending backlog of $435 million.

Utility Solutions Group (USG)

  • Sales increased $15.0 million (23 percent) to $79.2 million in Q2 2023 from $64.2 million in Q2 2022. Doble’s sales increased by $10.5 million (19 percent) driven by a strong quarter for condition monitoring products, services, and high voltage test equipment at Phenix.   NRG sales increased $4.5 million (47 percent) on continued strength in the renewables end-market.
  • EBIT increased $2.8 million in Q2 2023 to $14.1 million from $11.3 million in Q2 2022. There were no adjustments to Q2 2023 EBIT of $14.1 million (17.8 percent margin), which also increased $2.8 million from Q2 2022 Adjusted EBIT of $11.3 million (17.7 percent margin). Margins were unfavorably impacted by product mix and increased event costs as trade show activity continued to normalize post-COVID.
  • Entered Orders decreased $2 million (2 percent) to $85 million in Q2 2023. The decrease in orders was primarily driven by an $8 million (11 percent) decrease at Doble related to the timing of a large multi-year DUC contract renewal in the prior year Q2. Order strength continues across the Doble portfolio, highlighted by significant condition monitoring orders. NRG orders increased by $6 million (54 percent) related to continuing strength in both wind and solar, and with significant orders by solar resource monitoring (SRM) customers in the U.S. and Europe. USG’s book-to-bill of 1.07x in the quarter resulted in an ending backlog of $143 million, which is up $26 million compared to prior year.

Test

  • Sales decreased $4.9 million (9 percent) to $51.0 million in Q2 2023 from $55.9 million in Q2 2022, with sales increases in Europe more than offset by declines in the U.S. and Asia. There were disruptions in test and measurement project execution in China related to re-opening of the economy after prior zero-COVID policies.
  • EBIT decreased $1.3 million in Q2 2023 to $7.2 million (14.2 percent margin) from $8.5 million (15.2 percent margin) in Q2 2022 related to lower volume in China. There were no adjustments in either year for the Test segment.  
  • Entered Orders decreased $0.1 million to $55.3 million in Q2 2023 compared to $55.4 million in Q2 2022. Despite the slight decrease in orders, it was a solid orders quarter for Test with a book-to-bill of 1.09x, which resulted in an ending backlog of $163 million.

Share Repurchase Program
During Q2 2023, the Company repurchased approximately 81,000 shares for $7.1 million. $8.1 million was paid in the quarter related to the Q2 shares purchased and included $1.0 million related to December purchases that settled in January. Year-to-date, the company has repurchased approximately 138,000 shares for $12.2 million.

Dividend Payment
The next quarterly cash dividend of $0.08 per share will be paid on July 19, 2023 to stockholders of record on July 5, 2023.

Business Outlook – 2023
The strength of our first half results gives us added confidence in our ability to deliver solid revenue and earnings growth in 2023 and we are again increasing our earnings guidance. We now expect current year adjusted EPS in the range of $3.55 to $3.65 (11 to 14 percent growth). This is based on sales in a range of $930 to $950 million (8 to 11 percent annual growth). Consistent with prior years, revenues and Adjusted EPS are expected to grow sequentially throughout the year. Our expectation is for Q3 Adjusted EPS to be in the range of $0.96 to $1.01 per share (8 to 13 percent growth).

Board of Directors
Effective June 30, 2023, and consistent with the succession plan previously announced, Vic Richey will retire from his roles as a director of the Company, the Executive Chair of the Board, and an employee of the Company. Related to this change, independent director Robert Phillippy has been appointed to serve as Chair of the Board. James Stolze will remain a director but has resigned his position as Lead Director. In addition, given that the role of Board Chair will be held by an independent director, the position of Lead Director has been eliminated by the Board. Patrick Dewar has been appointed to serve as Chair of the Audit and Finance Committee.   All of the foregoing changes are effective June 30, 2023.

Conference Call
The Company will host a conference call today, May 9, at 4:00 p.m. Central Time, to discuss the Company’s Q2 2023 results. A live audio webcast and an accompanying slide presentation will be available on ESCO’s investor website at https://investor.escotechnologies.com. For those unable to participate, a webcast replay will be available after the call on ESCO’s investor website.

Forward-Looking Statements
Statements in this press release regarding Management’s expectations for fiscal 2023, the effects of continuing inflationary pressures, higher interest rates, pressures related to supply chain performance and labor shortages, our guidance for 2023 including revenues, revenue growth, Adjusted EPS, Adjusted EBIT and Adjusted EBITDA margin; the effects of acquisitions, and any other statements which are not strictly historical, are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. securities laws.

Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022; the availability and acceptance of viable COVID-19 vaccines by enough of the U.S. and world’s population to curtail the pandemic; the continuing impact of the COVID-19 pandemic and the effects of known or unknown COVID-19 variants including labor shortages, facility closures, shelter in place policies or quarantines, material shortages, transportation delays, termination or delays of Company contracts, and the inability of our suppliers or customers to perform; the impacts of natural disasters on the Company’s operations and those of the Company’s customers and suppliers; the timing and content of future contract awards or customer orders; the appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; weakening of economic conditions in served markets; the success of the Company’s competitors; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties; the success of the Company’s acquisition efforts; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; changes in the costs and availability of certain raw materials; labor disputes; changes in U.S. tax laws and regulations; other changes in laws and regulations including but not limited to changes in accounting standards and foreign taxation; changes in interest rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration of recently acquired businesses.

Non-GAAP Financial Measures
The financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share (EPS) excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.

EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT and EBITDA are also measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

About ESCO Technologies
ESCO is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products for the aviation, Navy, space, and process markets worldwide and composite-based products and solutions for Navy, defense, and industrial customers. ESCO is the industry leader in RF shielding and EMC test products; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit the Company’s website at www.escotechnologies.com.
   
   

   

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES 
Condensed Consolidated Statements of Operations (Unaudited) 
(Dollars in thousands, except per share amounts) 
   
     Three Months
Ended
March 31, 2023
 Three Months
Ended
March 31, 2022
 
         
Net Sales$229,136 204,928  
Cost and Expenses:     
 Cost of sales 142,296 128,375  
 Selling, general and administrative expenses 53,877 47,959  
 Amortization of intangible assets 7,030 6,510  
 Interest expense 2,269 1,020  
 Other expenses (income), net 314 (604) 
  Total costs and expenses 205,786 183,260  
         
Earnings before income taxes 23,350 21,668  
Income tax expense 5,472 5,085  
         
  Net earnings$17,878 16,583  
         
   Diluted - GAAP$0.69 0.64  
         
   Diluted - As Adjusted Basis$0.76(1)0.65 (2)
         
   Diluted average common shares O/S: 25,895 26,045  
         
(1)Q2 2023 Adjusted EPS excludes $0.07 per share of after-tax charges consisting of $0.04 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges and $0.01 of restructuring charges within the A&D segment.
         
(2)Q2 2022 Adjusted EPS excludes $0.01 per share of after-tax charges associated with the NEco acquisition inventory step-up charge and Corporate acquisition related costs.

   
   

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES 
Condensed Consolidated Statements of Operations (Unaudited) 
(Dollars in thousands, except per share amounts) 
   
     Six Months
Ended
March 31, 2023
 Six Months
Ended
March 31, 2022
 
         
Net Sales$434,637 381,938  
Cost and Expenses:     
 Cost of sales 268,679 236,680  
 Selling, general and administrative expenses 105,179 94,594  
 Amortization of intangible assets 13,891 12,977  
 Interest expense 3,927 1,753  
 Other expenses (income), net 712 (571) 
  Total costs and expenses 392,388 345,433  
         
Earnings before income taxes 42,249 36,505  
Income tax expense 9,644 8,398  
         
  Net earnings$32,605 28,107  
         
   Diluted - GAAP$1.26 1.08  
         
   Diluted - As Adjusted Basis$1.36(1)1.11 (2)
         
   Diluted average common shares O/S: 25,919 26,098  
         
(1)YTD Q2 2023 Adjusted EPS excludes $0.10 per share of after-tax charges consisting of $0.06 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges and $0.02 of restructuring charges within the A&D segment.
         
(2)YTD Q2 2022 Adjusted EPS excludes $0.03 per share of after-tax charges associated with the Altanova & NEco acquisition inventory step-up charges and Corporate acquisition related costs.

    
    

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Business Segment Information (Unaudited)
(Dollars in thousands)
   
    GAAP As Adjusted 
    Q2 2023 Q2 2022 Q2 2023 Q2 2022 
Net Sales          
 Aerospace & Defense$98,982  84,821  98,982  84,821  
 USG 79,161  64,191  79,161  64,191  
 Test 50,993  55,916  50,993  55,916  
  Totals$229,136  204,928  229,136  204,928  
            
EBIT           
 Aerospace & Defense$18,795  14,349  19,595  14,489  
 USG 14,061  11,314  14,061  11,331  
 Test 7,226  8,494  7,226  8,494  
 Corporate (14,463) (11,469) (12,963) (11,344) 
  Consolidated EBIT 25,619  22,688  27,919  22,970  
  Less: Interest expense (2,269) (1,020) (2,269) (1,020) 
  Less: Income tax expense(5,472) (5,085) (6,001) (5,150) 
  Net earnings$17,878  16,583  19,649  16,800  
               
Note 1: Adjusted net earnings were $19.6 million in Q2 2023 which excludes $0.07 per share of after-tax charges consisting of $0.04 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges and $0.01 of restructuring charges within the A&D segment.
            
Note 2: Adjusted net earnings were $16.8 million in Q2 2022 which excludes $0.01 per share of after-tax charges associated with the NEco acquisition inventory step-up charge and Corporate acquisition related costs.
            
EBITDA Reconciliation to Net earnings:   Q2 2023 Q2 2022 
    Q2 2023 Q2 2022 - As Adjusted - As Adjusted 
Consolidated EBITDA$38,162  34,808  40,462  35,090  
Less: Depr & Amort (12,543) (12,120) (12,543) (12,120) 
Consolidated EBIT 25,619  22,688  27,919  22,970  
Less: Interest expense (2,269) (1,020) (2,269) (1,020) 
Less: Income tax expense (5,472) (5,085) (6,001) (5,150) 
Net earnings$17,878  16,583  19,649  16,800  
            

   
   

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Business Segment Information (Unaudited)
(Dollars in thousands)
   
    GAAP As Adjusted 
    YTD Q2 2023 YTD Q2 2022 YTD Q2 2023 YTD Q2 2022 
Net Sales          
 Aerospace & Defense$181,965  155,065  181,965  155,065  
 USG 150,206  127,676  150,206  127,676  
 Test 102,466  99,197  102,466  99,197  
  Totals$434,637  381,938  434,637  381,938  
            
EBIT           
 Aerospace & Defense$31,331  24,304  32,330  24,639  
 USG 30,192  24,705  30,192  25,172  
 Test 12,637  12,459  12,637  12,459  
 Corporate (27,984) (23,210) (25,691) (22,905) 
  Consolidated EBIT 46,176  38,258  49,468  39,365  
  Less: Interest expense (3,927) (1,753) (3,927) (1,753) 
  Less: Income tax expense(9,644) (8,398) (10,401) (8,653) 
  Net earnings$32,605  28,107  35,140  28,959  
               
Note 1: Adjusted net earnings were $35.1 million in YTD 2023 which excludes $0.10 per share of after-tax charges consisting of $0.06 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges and $0.02 of restructuring charges within the A&D segment.
            
Note 2: Adjusted net earnings were $29.0 million in YTD Q2 2022 which excludes $0.03 per share of after-tax charges associated with the Altanova & NEco acquisition inventory step-up charges and Corporate acquisition related costs.
            
EBITDA Reconciliation to Net earnings:   YTD Q2 2023 YTD Q2 2022 
    YTD Q2 2023 YTD Q2 2022 - As Adjusted - As Adjusted 
Consolidated EBITDA$71,086  62,550  74,378  63,657  
Less: Depr & Amort (24,910) (24,292) (24,910) (24,292) 
Consolidated EBIT 46,176  38,258  49,468  39,365  
Less: Interest expense (3,927) (1,753) (3,927) (1,753) 
Less: Income tax expense (9,644) (8,398) (10,401) (8,653) 
Net earnings$32,605  28,107  35,140  28,959  
            

   
   

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
   
    March 31,
2023
 September 30,
2022
       
Assets     
 Cash and cash equivalents$48,221 97,724
 Accounts receivable, net 180,817 164,645
 Contract assets 128,205 125,154
 Inventories 185,753 162,403
 Other current assets 27,144 22,696
  Total current assets 570,140 572,622
 Property, plant and equipment, net 154,020 155,973
 Intangible assets, net 401,717 394,464
 Goodwill 505,194 492,709
 Operating lease assets 41,418 29,150
 Other assets 10,113 9,538
   $1,682,602 1,654,456
       
Liabilities and Shareholders' Equity    
 Current maturities of long-term debt$20,000 20,000
 Accounts payable 79,619 78,746
 Contract liabilities 119,970 125,009
 Other current liabilities 77,466 94,374
  Total current liabilities 297,055 318,129
 Deferred tax liabilities 81,150 82,023
 Non-current operating lease liabilities 37,657 24,853
 Other liabilities 44,945 48,294
 Long-term debt 141,000 133,000
 Shareholders' equity 1,080,795 1,048,157
   $1,682,602 1,654,456

   
    

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
     
  Six Months
Ended
March 31, 2023
 Six Months
Ended
March 31, 2022
Cash flows from operating activities:    
Net earnings$32,605  28,107 
Adjustments to reconcile net earnings to net cash    
(used) provided by operating activities:    
Depreciation and amortization 24,910  24,292 
Stock compensation expense 5,309  3,428 
Changes in assets and liabilities (67,140) (41,451)
Effect of deferred taxes (1,145) 8,627 
Net cash (used) provided by operating activities (5,461) 23,003 
     
Cash flows from investing activities:    
Acquisition of business, net of cash acquired (17,901) (15,592)
Capital expenditures (10,305) (20,715)
Additions to capitalized software (5,918) (4,727)
Net cash used by investing activities (34,124) (41,034)
     
Cash flows from financing activities:    
Proceeds from long-term debt 68,000  88,000 
Principal payments on long-term debt and short-term borrowings (60,000) (46,000)
Dividends paid (4,128) (4,150)
Purchases of common stock into treasury (12,217) (17,878)
Other (2,374) (2,719)
Net cash (used) provided by financing activities (10,719) 17,253 
     
Effect of exchange rate changes on cash and cash equivalents 801  (1,130)
     
Net decrease in cash and cash equivalents (49,503) (1,908)
Cash and cash equivalents, beginning of period 97,724  56,232 
Cash and cash equivalents, end of period$48,221  54,324 

   
   

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Other Selected Financial Data (Unaudited)
(Dollars in thousands)
   
Backlog And Entered Orders - Q2 2023 Aerospace & Defense USG Test Total
 Beginning Backlog - 1/1/23$422,551  137,286  158,584  718,421 
 Entered Orders 111,677  84,571  55,328  251,576 
 Sales  (98,982) (79,161) (50,993) (229,136)
 Ending Backlog - 3/31/23$435,246  142,696  162,919  740,861 
           
           
           
Backlog And Entered Orders - YTD Q2 2023 Aerospace & Defense USG Test Total
 Beginning Backlog - 10/1/22$408,269  128,156  158,597  695,022 
 Entered Orders 208,942  164,746  106,788  480,476 
 Sales  (181,965) (150,206) (102,466) (434,637)
 Ending Backlog - 3/31/23$435,246  142,696  162,919  740,861 

   
   

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures (Unaudited)
   
EPS – Adjusted Basis Reconciliation – Q2 2023     
 EPS – GAAP Basis – Q2 2023$0.69   
 Adjustments (defined below) 0.07   
 EPS – As Adjusted Basis – Q2 2023$0.76   
       
 Adjustments exclude $0.07 per share consisting of executive management transition costs
 at Corporate, CMT acquisition inventory step-up charges and restructuring charges within
 the A&D segment in the second quarter of 2023.     
 The $0.07 of EPS adjustments per share consists of $2.3M of pre-tax charges 
 offset by $529K of tax benefit for net impact of $1,771K.     
       
EPS – Adjusted Basis Reconciliation – Q2 2022     
 EPS – GAAP Basis – Q2 2022$0.64   
 Adjustments (defined below) 0.01   
 EPS – As Adjusted Basis – Q2 2022$0.65   
       
 Adjustments exclude $0.01 per share consisting of NEco acquisition inventory 
 step-up charges and Corporate related acquisition costs in the second quarter of 2022.
 The $0.01 of EPS adjustments per share consists of $282K of pre-tax charges 
 offset by $65K of tax benefit for net impact of $217K.     
       
EPS – Adjusted Basis Reconciliation – YTD Q2 2023     
 EPS – GAAP Basis – YTD Q2 2023$1.26   
 Adjustments (defined below) 0.10   
 EPS – As Adjusted Basis – YTD Q2 2023$1.36   
       
 Adjustments exclude $0.10 per share consisting of executive management transition costs
 at Corporate, CMT acquisition inventory step-up charges and restructuring charges within
 the A&D segment in the first six months of 2023.     
 The $0.10 of EPS adjustments per share consists of $3,292K of pre-tax charges
 offset by $757K of tax benefit for net impact of $2,535K.     
       
EPS – Adjusted Basis Reconciliation – YTD Q2 2022     
 EPS – GAAP Basis – YTD Q2 2022$1.08   
 Adjustments (defined below) 0.03   
 EPS – As Adjusted Basis – YTD Q2 2022$1.11   
       
 Adjustments exclude $0.03 per share consisting of Altanova & NEco acquisition inventory
 step-up charges and Corporate related acquisition costs in the first six months of 2022.
 The $0.03 of EPS adjustments per share consists of $1,107K of pre-tax charges
 offset by $255K of tax benefit for net impact of $852K.     

       
   
SOURCE ESCO Technologies Inc.
Kate Lowrey, Vice President of Investor Relations, (314) 213-7277


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.