Esterline reports 3.8% YoY increase in revenue for fiscal 2Q 2017

Esterline Corporation (NYSE: ESL) reported consolidated revenue of USD 509.2m during the second fiscal quarter ended March 31, 2017, an increase of 3.8% compared with USD 490.3m in the year-ago period, the company said.

Higher revenue in the second quarter of fiscal 2017 was the result of an increase in organic sales volume in the company´s Avionics & Controls and Sensors & Systems segments.

Earnings from continuing operations in the quarter were USD 35.1m, or USD 1.17 per diluted share, compared with prior-year earnings from continuing operations of USD 17.0m, or USD 0.57 per diluted share. The increase in earnings from continuing operations was primarily due to contributions from higher sales, improved margins and lower SG&A, as well as receipt of a USD 5.2m business interruption insurance payment.

Adjusted earnings from continuing operations for the second fiscal quarter of 2017 were USD 36.1m, or USD 1.20 per diluted share. In the comparable period of the prior year, adjusted earnings from continuing operations were USD 27.3m, or USD 0.92 per diluted share.

Esterline is a specialty manufacturer serving the global aerospace and defense markets.