News Column

ESCO Announces Third Quarter 2014 Results

August 7, 2014

ST. LOUIS, August 7, 2014 - ESCO Technologies Inc. (NYSE: ESE) (ESCO or the "Company") today reported its operating results for the third quarter ended June 30, 2014. The 2014 results and earnings guidance are presented on a Continuing Operations -As Adjusted basis, consistent with the 2013 presentation. The 2014 outlook excludes approximately $2 million, or $0.05 per share, of anticipated charges to complete the exit and relocation of Crissair's Palmdale, California (Filtration segment) operation into the Canyon Engineering facility in Valencia, California. This move is expected to be completed by September 30, 2014. The move costs incurred through June 30, 2014 impacted third quarter results by ($0.01) per share, and cumulatively, ($0.03) per share for the nine months year-to-date. Management believes EPS from Continuing Operations -As Adjusted is more representative of the Company's 2014 ongoing performance and allows shareholders better visibility into the Company's underlying operations. All references to Continuing Operations exclude Aclara Technologies LLC, which was divested on March 28, 2014. Aclara's results for all periods presented are included as Discontinued Operations as described below. EPS Summary EPS from Continuing Operations -As Adjusted for the quarter ended June 30, 2014 was $0.44 per share and reflects the add-back of $0.01 per share of non- operating charges related to the Crissair consolidation. This compares to EPS from Continuing Operations -As Adjusted of $0.33 per share in the third quarter of 2013, which reflects the add-back of $0.09 per share related to prior year's actions. Management previously provided EPS guidance from Continuing Operations - As Adjusted in the range of $0.36 to $0.41 per share for the third quarter of 2014. For the nine months ended June 30, 2014, EPS from Continuing Operations - As Adjusted was $1.14 per share, which reflects a $0.03 per share add-back of non- operating charges, compared to EPS from Continuing Operations - As Adjusted of $0.88 per share in the comparable nine months of 2013, which reflects a $0.23 per share add-back of non-operating charges. Continuing Operations Highlights * Q3 2014 sales increased $14 million, or 12 percent to $130 million compared to $116 million in Q3 2013. During 2014, Q3 Filtration sales increased $4 million (7 percent), Test sales increased $9 million (23 percent), and Utility Solutions Group (USG, or Doble) sales increased $1 million (4 percent) compared to prior year Q3; * Q3 2014 gross margin was 39 percent compared to 40 percent in Q3 2013 resulting from the increased Test segment sales which carry a lower margin compared to Filtration and Doble; * Q3 2014 SG&A increased $1.9 million compared to Q3 2013. This is the result of the addition of Canyon Engineering and higher engineering (new product development), and sales and marketing (market expansion opportunities) costs incurred at Doble and Test; * The effective tax rate in Q3 2014 was 24 percent compared to an expected rate of 32 percent. The lower rate is due to the favorable impact of additional research credits and foreign tax credits recognized; * The effective tax rate in Q3 2013 used for calculating EPS from Continuing Operations - As Adjusted was 33 percent. The Q3 2013 GAAP effective tax rate of 39 percent included $2.2 million of Doble-Lemke restructuring charges (German facility closure) with very little corresponding tax benefits; * GAAP EPS from Continuing Operations was $0.43 per share in Q3 2014, compared to $0.24 per share in Q3 2013; * Through June 30, 2014, net cash provided by operating activities (continuing operations) was $23 million, resulting in $40 million of cash on hand and $48 million of debt outstanding for a net debt position of $8 million; * Orders received in Q3 2014 were $150 million resulting in a book-to-bill ratio of 1.15x, and an order backlog of $293 million (7 percent increase in Q3 2014) at June 30, 2014; * Each operating segment posted a positive book-to-bill and increased its June 30, 2014 backlog during the current quarter and nine month year-to-date periods. Chairman's Commentary - FY 2014 Vic Richey, Chairman and Chief Executive Officer, commented, "With three quarters of the year behind us, I'm pleased with our operating performance as we've met, or exceeded nearly all of our financial goals set at the beginning of the year. When compared to prior year, our sales, EBIT, EPS, cash flow and orders have all shown meaningful increases, and each of our operating segments has contributed to this success. "With our current mix of businesses, we have far less volatility and considerably better visibility, which allows us to focus our full attention on execution and growth. As our third quarter and year-to-date results validate, we continue to prove that the Company can be more profitable and more predictable than in the past. "We recently completed our July operational meetings at all our business units and I came away pleased with our outlook for the remainder of 2014 and our future growth opportunities. As we wrap up 2014, I believe our market leadership positions across the three segments, along with the breadth of our new product offerings, have allowed us to grow organically at a meaningful level. "We intend to supplement our organic growth through disciplined acquisitions around our existing core, and we continue to prudently explore acquisition opportunities. Additionally, we continue to invest in new products and solutions which will allow us to retain and expand our leadership positions in all of our operations. "I continue to maintain a favorable view of our future and our goal remains the same - to increase long-term shareholder value." Dividend Payment The next quarterly cash dividend of $0.08 per share will be paid on October 16, 2014 to stockholders of record on October 2, 2014. Business Outlook - Fiscal Year 2014 Based on current expectations, Management believes 2014 EPS from Continuing Operations - As Adjusted will be at the high end of the previously communicated range of $1.50 to $1.60 per share. Fourth quarter 2014 EPS from Continuing Operations - As Adjusted is expected to be in the range of $0.44 to $0.48 per share. The 2014 annual effective tax rate is expected to be approximately 33 percent as a result of the favorable impacts recognized in Q3 2014. Discontinued Operations As previously announced the Company completed the Aclara divestiture on March 28, 2014 and used the proceeds to significantly pay-down its outstanding debt. The results of operations for Aclara prior to its divestiture, and the net loss on sale are reflected in the financial statements as Discontinued Operations and Assets Held for Sale. The Company and the buyer have not yet reached agreement on the final working capital adjustment. Capital Allocation - Share Repurchase The Company has sufficient available liquidity under its existing credit facility to support its strategy of profitable organic growth, accretive acquisitions around its existing core businesses, and opportunistic repurchases of outstanding shares. The Company expects to accelerate the realization of shareholder value through these various means. The Company's Capital Allocation Strategy includes allocating approximately 40 percent of annual free cash flow to provide a cash return to shareholders through ongoing dividends and opportunistic share repurchases. The balance will be used to support growth initiatives such as research and development, capital spending, and merger and acquisition initiatives. The existing credit facility will also be used to support acquisition activities where the purchase price exceeds annual free cash flows. The goal of this strategy is to continue investing in growth, supplemented by prudently returning cash to shareholders, while maintaining reasonable levels of debt. During the quarter ended June 30, 2014, the Company has spent $3.6 million to repurchase 106,000 shares on the open market. Subsequent to quarter-end, in July 2014, the Company spent an additional $5.0 million on share repurchases, bringing the total to $8.6 million and 253,000 shares. Additionally, the Board of Directors has extended the repurchase authorization through September 30, 2015.  Corporate Governance Update - New Board Member To further enhance Corporate Governance and to facilitate board refreshment and director succession, as well as seeking new and relevant experience to supplement existing director oversight, the Company has added one additional board member effective August 5, 2014, as described in a separate release dated August 7, 2014. Analyst and Investor Day ESCO will host its first Analyst & Investor Day in New York City on September 9, 2014.  The meeting will feature presentations by Executive and Operating management related to corporate strategy, segment operations and growth initiatives.  Analysts and institutional investors are invited to attend the meeting, which will be held from 9:00 a.m. to 12:00 p.m. Eastern Time.  The meeting will be webcast live and available for replay following the event on the company's website at www.escotechnologies.com.  For more information or if you would like to register to attend the event, please contact Kate Lowrey at Reservations@escotechnologies.com. Conference Call The Company will host a conference call today, August 7, at 4:00 p.m. Central Time, to discuss the Company's third quarter 2014 results from Continuing Operations. A live audio webcast will be available on the Company's website at www.escotechnologies.com. Please access the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available for seven days on the Company's website noted above or by phone (dial 1-888-843-7419 and enter the pass code 37618976). Forward-Looking Statements Statements in this press release regarding the amount of the Company's expected 2014 growth, tax rates, and EPS from Continuing Operations - "As Adjusted", EPS, the costs and timing of the exit and relocation of Crissair's operations, the Company's ability to increase shareholder value, the success of acquisition efforts, the success of new products and solutions, the size, number and timing of growth opportunities in the future, the specific actions initiated as a result of the Capital Allocation Strategy including but not limited to the declaration of dividends and share repurchases, the long-term success of the Company, and any other statements which are not strictly historical are "forward-looking" statements within the meaning of the safe harbor provisions of the federal 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, 2013; and the following: the success of the Company's competitors; site readiness issues with Test segment customers; weakening of economic conditions in served markets; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties; unforeseen charges impacting corporate operating expenses; delivery delays or defaults by customers; the performance of the Company's international operations; material changes in the costs and availability of certain raw materials; termination for convenience of customer contracts; timing and content of future contract awards and customer orders; containment of engineering and development costs; performance issues with key customers, suppliers and subcontractors; labor disputes; the impacts of natural disasters on the Company's operations and those of the Company's customers and suppliers; changes in laws and regulations, including but not limited to changes in accounting standards and taxation requirements; costs relating to environmental matters arising from current or former facilities; financial exposure in connection with Company guarantees of certain Aclara contracts; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the Company's successful execution of profit improvement initiatives and restructuring activities. Non-GAAP Financial Measures The financial measures EBIT, EBIT margin, EPS - "As Adjusted" and EPS - from Continuing Operations "As Adjusted" are presented in this press release. The Company defines EBIT as earnings before interest and taxes from continuing operations, EBIT margin as a percent of net sales, EPS - "As Adjusted" and EPS - from Continuing Operations "As Adjusted" as GAAP EPS less the Filtration segment restructuring charges (representing $0.01 per share during the third quarter of 2014, and $0.03 per share during the first nine months of 2014). EBIT, EBIT margin, EPS - "As Adjusted" and EPS - from Continuing Operations "As Adjusted" are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes that EBIT and EBIT margin are useful in assessing the operational profitability of the Company's business segments because they exclude interest and taxes, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The Company believes that the presentation of EBIT, EBIT margin, EPS - "As Adjusted" and EPS - from Continuing Operations "As Adjusted" 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. ESCO, headquartered in St. Louis, provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. In addition, the Company provides diagnostic instruments, services and the world's premier library of statistically significant apparatus test results for the benefit of energy generation, transmission, and delivery companies and industrial power users worldwide. Further information regarding ESCO and its subsidiaries is available on 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 | |Three Months | | Ended | | Ended |          |June 30, 2014|   |June 30, 2013| +-------------+ +-------------+ Net Sales     130,495     116,922 Cost and Expenses:   Cost of sales   79,608     69,556 Selling, general and   administrative expenses   33,492     31,546   Amortization of intangible assets   1,682     1,506   Interest expense   147     778   Other (income) expenses, net   283     2,903 --------------- ---------------     Total costs and expenses   115,212     106,289 --------------- --------------- Earnings before income taxes   15,283     10,633 Income taxes   3,693     4,119 --------------- --------------- Net earnings from continuing     operations   11,590     6,514 Loss from discontinued operations, net of tax   benefit of $1,171 in 2013   0     (1,617) --------------- ----------------- Net loss from discontinued     operations   0     (1,617) --------------- -----------------     Net earnings $ 11,590     4,897 --------------- --------------- Earnings (loss) per share:     Diluted - GAAP       Continuing operations   0.43     0.24       Discontinued operations   0.00     (0.06) --------------- ---------------       Net earnings $ 0.43     0.18 --------------- ---------------     Diluted - As Adjusted Basis       Continuing operations $ 0.44 (1)   0.33 (2) --------------- --------------- Average common shares O/S:     Diluted   26,702     26,749 --------------- --------------- Adjusted basis includes $0.2 million (or $0.01 per (1) share) of add   back adjustments for restructuring charges incurred at Crissair   during the third quarter of fiscal 2014. Adjusted basis includes $2.7 million (or $0.09 per (2) share) of add back adjustments for restructuring charges   incurred at ETS and Doble Lemke during the third quarter of fiscal   2013. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited)  (Dollars in thousands, except per share amounts) +-------------+ +-------------+ | Nine Months | | Nine Months | | Ended | | Ended |          |June 30, 2014|   |June 30, 2013| +-------------+ +-------------+ Net Sales     379,707     345,478 Cost and Expenses:   Cost of sales   231,325     209,204 Selling, general and   administrative expenses   99,182     96,799   Amortization of intangible assets   5,047     4,541   Interest expense   1,493     1,997   Other (income) expenses, net   423     3,748 --------------- ---------------     Total costs and expenses   337,470     316,289 --------------- --------------- Earnings before income taxes   42,237     29,189 Income taxes   12,551     11,810 --------------- --------------- Net earnings from continuing     operations 29,686     17,379 Earnings (loss) from discontinued operations, net of tax expense (benefit) of   $5,713   and $(6,825), respectively   9,858     (10,677) Loss on sale of discontinued operations,   net of tax benefit of $9,499   (50,442)     0 --------------- --------------- Net loss from discontinued     operations   (40,584)     (10,677)     Net (loss) earnings $ (10,898)     6,702 --------------- --------------- Earnings (loss) per share:     Diluted - GAAP       Continuing operations   1.11     0.65       Discontinued operations   (1.52)     (0.40) --------------- ---------------       Net (loss) earnings $ (0.41)     0.25 --------------- ---------------     Diluted - As Adjusted Basis       Continuing operations $ 1.14 (1)   0.88 (2) --------------- --------------- Average common shares O/S:     Diluted   26,718     26,752 --------------- --------------- (1) Adjusted basis includes $0.7 million (or $0.03 per share) of add   back adjustments for restructuring charges incurred at Crissair   during the first nine months of fiscal 2014. (2) Adjusted basis includes $5.6 million (or $0.23 per share) of add   back adjustments for restructuring charges incurred at ETS and   Doble Lemke during the first nine months of fiscal 2013. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Business Segment Information (Unaudited) (Dollars in thousands) +-----------------+ +--------------+ +-----------------+ |  Three Months | | | |  Three Months | | Ended | |  Adjustments | | Ended | | June 30, | | | | June 30, |        | GAAP | | |  | As Adjusted | +-----------------+ +--------------+ +-----------------+         2014   2013   2014   2013   2014   2013 --------- --------- ------ ------- --------- --------- Net  Sales   Filtration $ 57,733   53,763           57,733   53,763   Test   45,029   36,562           45,029   36,562 Utility Solutions   Group   27,733   26,597           27,733   26,597 --------- --------- ------ ------- --------- ---------     Totals $ 130,495   116,922   0   0   130,495   116,922 --------- --------- ------ ------- --------- --------- EBIT   Filtration $ 10,294   10,689   216 (1)     10,510   10,689   Test   5,775   3,844       506 (2) 5,775   4,350 Utility Solutions   Group   5,725   5,132       695 (3) 5,725   5,827   Corporate   (6,364)   (8,254)       1,500 (4) (6,364)   (6,754) --------- --------- ------ ------- --------- --------- Consolidated     EBIT   15,430   11,411   216   2,701   15,646   14,112 Less: Interest     expense   (147)   (778)           (147)   (778) --------- --------- ------ ------- --------- --------- Earnings     before income taxes from     Cont Ops $ 15,283   10,633   216   2,701   15,499   13,334 --------- --------- ------ ------- --------- ---------   Note:  The above table is presented on a continuing operations             basis.   Note:  Depreciation and amortization expense was $4.1 million        and $3.9 million for the quarters ended June 30, 2014        and 2013, respectively.   (1) Includes $0.2 million (or $0.01) of restructuring     charges at Crissair during the third quarter 2014.   (2) Includes $0.5 million (or $0.01) of restructuring     charges for ETS during the third quarter 2013.   (3) Includes $0.7 million (or $0.03) of restructuring     charges for Doble Lemke during the third quarter 2013.   (4) Includes $1.5 million (or $0.05) of restructuring charges for Doble Lemke during the     third quarter 2013. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Business Segment Information (Unaudited) (Dollars in thousands) +-------------------+ +--------------+ +-------------------+ |  Nine Months | | | |  Nine Months | | Ended | |  Adjustments | | Ended | | June 30, | | | | June 30, |        | GAAP | | |  | As Adjusted | +-------------------+ +--------------+ +-------------------+         2014   2013   2014   2013   2014   2013 ---------- ---------- ------ ------- ---------- ---------- Net  Sales   Filtration $ 171,608   153,741           171,608   153,741   Test   125,531   112,678           125,531   112,678 Utility   Solutions Group   82,568   79,059           82,568   79,059 ---------- ---------- ------ ------- ---------- ----------     Totals $ 379,707   345,478   0   0   379,707   345,478 ---------- ---------- ------ ------- ---------- ---------- EBIT   Filtration $ 29,878   30,384   723 (1)     30,601   30,384   Test   12,883   6,922       3,370 (2) 12,883   10,292 Utility   Solutions Group   18,891   14,735       695 (3) 18,891   15,430   Corporate   (17,922)   (20,855)       1,500 (4) (17,922)   (19,355) ---------- ---------- ------ ------- ---------- ---------- Consolidated     EBIT   43,730   31,186   723   5,565   44,453   36,751 Less: Interest     expense   (1,493)   (1,997)           (1,493)   (1,997) ---------- ---------- ------ ------- ---------- ---------- Earnings before     income taxes from     Cont Ops $ 42,237   29,189   723   5,565   42,960   34,754 ---------- ---------- ------ ------- ---------- ----------   Note:  The above table is presented on a continuing operations             basis.   Note:  Depreciation and amortization expense was $12.2 million         and $11.6 million for the nine-month periods ended June 30,         2014 and 2013, respectively.   (1) Includes $0.7 million (or $0.03) of restructuring     charges at Crissair during the first nine months of 2014.   (2) Includes $3.4 million (or $0.08) of restructuring     charges for ETS during the first nine months of 2013.   (3) Includes $0.7 million (or $0.03) of restructuring     charges for Doble Lemke during the first nine months of 2013.   (4) Includes $1.5 million (or $0.05) of restructuring     charges for Doble Lemke during the first nine months of 2013. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) +--------+ +-------------+ |June 30,| |September 30,|        | 2014 | | 2013 | +--------+ +-------------+ Assets   Cash and cash equivalents $ 40,215   42,850   Accounts receivable, net   92,165   91,980   Costs and estimated earnings on     long-term contracts   22,643   20,717   Inventories   93,965   90,228   Current portion of deferred tax assets   19,473   23,349   Other current assets   18,544   15,930   Assets held for sale - current   0   108,867 ---------- ---------------     Total current assets   287,005   393,921   Property, plant and equipment, net   74,585   75,536   Intangible assets, net   181,683   180,217   Goodwill   283,317   282,949   Other assets   8,949   9,469   Assets held for sale - other   0   150,236 ---------- ---------------       $ 835,539   1,092,328 ---------- --------------- Liabilities and Shareholders' Equity   Current maturities of long-term debt $ 20,000   50,000   Accounts payable   30,327   38,537   Current portion of deferred revenue   18,377   17,508   Other current liabilities   59,077   60,726   Liabilities held for sale - current   0   63,585 ---------- ---------------     Total current liabilities   127,781   230,356   Deferred tax liabilities   78,202   99,795   Other liabilities   19,530   22,437   Long-term debt   28,000   122,000   Liabilities held for sale - other   0   16,026   Shareholders' equity   582,026   601,714 ---------- ---------------       $ 835,539   1,092,328 ---------- --------------- ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (Dollars in thousands) +-------------+  | Nine Months | | Ended |   |June 30, 2014| +-------------+ Cash flows from operating activities:    Net loss $ (10,898)    Adjustments to reconcile net loss      to net cash provided by operating activities:          Net loss from discontinued operations   40,584          Depreciation and amortization   12,234          Stock compensation expense   3,695          Changes in current assets and liabilities   (18,210)          Pension contributions   (2,080)          Change in uncertain tax position liability   (1,694)          Other   (995) ---------------            Net cash provided by operating activities -   22,636 continuing operations ---------------            Net cash used by operating activities -    (1,629) discontinued operations ---------------            Net cash provided by operating activities    21,007 --------------- Cash flows from investing activities:    Capital expenditures   (8,116)    Additions to capitalized software   (6,305) ---------------        Net cash used by investing activities - continuing operations   (14,421) ---------------        Net cash provided by investing activities - discontinued operations   123,512 ---------------        Net cash provided by investing activities   109,091 --------------- Cash flows from financing activities:    Proceeds from long-term debt   62,000    Principal payments on long-term debt   (186,000)    Dividends paid   (6,378)    Purchases of common stock into treasury   (3,607)    Other   14 ---------------      Net cash used by financing activities   (133,971) --------------- Effect of exchange rate changes on cash and cash equivalents   1,238 --------------- Net decrease in cash and cash equivalents   (2,635) Cash and cash equivalents, beginning of period   42,850 --------------- Cash and cash equivalents, end of period $ 40,215 --------------- ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Other Selected Financial Data (Unaudited) (Dollars in thousands) +-----------+ +---------+ +----------+ +---------+ Backlog And Entered Orders  | USG | | Test | |Filtration| | Total | - Q3 FY 2014 | | | | | | | | +-----------+ +---------+ +----------+ +---------+   Beginning Backlog - $ 23,375   93,338   156,125   272,838 4/1/14   Entered Orders   32,779   54,544   63,057   150,380   Sales     (27,733)   (45,029)   (57,733)   (130,495) ------------- ----------- ------------ -----------   Ending Backlog - 6/30/14 $ 28,421   102,853   161,449   292,723 ------------- ----------- ------------ ----------- +-----------+ +---------+ +----------+ +---------+ Backlog And Entered Orders  | USG | | Test | |Filtration| | Total | - YTD Q3 FY 2014 | | | | | | | | +-----------+ +---------+ +----------+ +---------+   Beginning Backlog - $ 24,047   90,427   157,675   272,149 10/1/13   Entered Orders   86,942   137,957   175,382   400,281   Sales     (82,568)   (125,531)   (171,608)   (379,707) ------------- ----------- ------------ -----------   Ending Backlog - 6/30/14 $ 28,421   102,853   161,449   292,723 ------------- ----------- ------------ ----------- Note: The above table is presented on a continuing operations basis and excludes Aclara. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures (Unaudited) EPS - Adjusted Basis Reconciliation - Q3 FY 2014   EPS from Continuing Ops - GAAP Basis - Q3 2014 $ 0.43   Adjustments (defined below)   0.01 ------   EPS from Continuing Ops - As Adjusted Basis - Q3 2014 $ 0.44 ------ Adjustments exclude $0.01 per share consisting of restructuring   costs associated with the Filtration segment facility   consolidation. EPS - Adjusted Basis Reconciliation - YTD Q3 FY 2014   EPS from Continuing Ops - GAAP Basis - YTD Q3 2014 $ 1.11   Adjustments (defined below)   0.03 ------   EPS from Continuing Ops - As Adjusted Basis - YTD Q3 2014 $ 1.14 ------ Adjustments exclude $0.03 per share consisting of restructuring   costs associated with the Filtration segment facility   consolidation. EPS - Adjusted Basis Reconciliation - FY 2014   EPS from Continuing Ops - GAAP Basis - FY 2014 $ 1.45     1.55   Adjustments (defined below)   0.05     0.05 ------ -----   EPS from Continuing Ops - As Adjusted Basis - FY 2014 $ 1.50     1.60 ------ ----- Adjustments exclude $0.05 per share consisting of restructuring   costs associated with the Filtration segment facility   consolidation. SOURCE ESCO Technologies Inc.Kate Lowrey, Director of Investor Relations, (314) 213-7277 This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: ESCO Technologies Inc via GlobeNewswire [HUG#1846728]


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